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Sabtu, 29 Januari 2011

The Australian $8bn coal hit wipes year's growth in Queensland

Lost coal production in Queensland will cost up to $8 billion by July according to miners, drowning a full year of state economic growth in the flood disaster.

The Queensland Resources Council yesterday predicted that coal production for the March quarter would crash by between 25 and 50 per cent. Queensland's gross state product for 2010-11 would take a hit of at least $4.5bn, rising to $8bn on the QRC's worst-case scenario.
The fallout for the $50bn coal industry, the nation's biggest single export earner, is an ominous pointer to how high the final bill will climb.

Treasurer Wayne Swan, who today is expected to release preliminary federal costings, this week said Queensland produced 80 per cent of Australia's coking coal, which in turn accounted for 10 per cent of total exports and 2 per cent of GDP.

Releasing the first industry-wide analysis of flood costs, QRC chief executive Michael Roche said it was "not a pretty outlook" for coal producers and the overall economy in Queensland.

Queensland Treasurer Andrew Fraser will release an update to the 2010-11 state budget today, incorporating running costs of the disaster.

The QRC's assessment of the damage to the coal industry is based on published financial reports and direct feedback from the mining companies, ranging from multinationals BHP Billiton and Rio Tinto to local players such as Macarthur Coal .    more ...
Posted by Saham Pilihan at 06.31

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