Wild Australian Weather Could Cost Mining Companies Millions
Industrial Info Resources announced that Queensland’s flooding will prevent many coal-mining companies to be able to deliver on their deadlines
Industrial Info Resources announced that Queensland’s flooding will prevent many coal-mining companies to be able to deliver on their deadlines.
The story is quoted as saying:
Eastern Australia has been hammered with wild weather over the holiday season. Queensland’s coal-producing regions have experienced the worst of the weather. The state has been suffering through the worst flooding in 50 years and is currently expecting a damage bill of more than $1 billion. Several of the area’s major coal mining companies, including Rio Tinto Limited (NYSE:RIO) ), Cockatoo Coal Limited (ASX:COK) and Macarthur Coal Limited (ASX:MCC) , have already declared a force majeure at some of their Queensland operations, allowing them to miss delivery deadlines due to circumstances beyond their control.