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Rabu, 05 Januari 2011

The Wall Street Journal Floods Hit Key Coal Area

Torrential rains in Australia halt production of steel-making coal, pushing up world prices


Severe flooding in Australia has interrupted coal production, pushing up prices and threatening to constrain world-wide steel output and lead to higher steel prices in some parts of the world.

Torrential rains in the northeastern state of Queensland, the world's biggest exporter of seaborne coal, have idled dozens of mines and shut rail lines and roads needed to transport coal. The floods have already cost coal companies an estimated $1 billion from lost production, according to the Queensland Resources Council.

In recent weeks, Queensland-based Macarthur Coal Ltd., St. Louis-based Peabody Energy Corp., and the world's biggest miners, Rio Tinto, BHP
Posted by Saham Pilihan at 05.49

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