SOURCE: Industrial Info Resources

Industrial Info Resources

January 03, 2011 05:00 ET

Wild Australian Weather Could Cost Mining Companies Millions, an Industrial Info News Alert

PERTH, AUSTRALIA--(Marketwire - January 3, 2011) - Researched by Industrial Info Resources (Sugar Land, Texas) -- 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) (London, England), Cockatoo Coal Limited (ASX:COK) (Sydney, Australia) and Macarthur Coal Limited (ASX:MCC) (Brisbane, Australia), have already declared a force majeure at some of their Queensland operations, allowing them to miss delivery deadlines due to circumstances beyond their control.

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