Bloomberg reported that Rio Tinto has declared force majeure on coal contracts due to extensive flooding in Australia.
As quoted in the market report:
The Blackwater rail network, which carries the second- largest tonnages in Queensland state, may be closed for as much as 10 days starting Jan. 29, Aurizon Holdings Ltd. (AZJ), the network operator, said today in an e-mailed statement. The line, which transports coal to the state’s port of Gladstone, was closed on Jan. 26, according to Aurizon.
Love It Or Hate It: 40% Of Electricity In The United States Is Generated From Coal. China uses even more.
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