Torrential rain in the Australian state of Queensland has
halted exports from mines accounting for 40 per cent of global coking
coal capacity, raising the prospect of higher prices for the key
As early as last week, Macarthur Coal
sued for force majeure as continuous rains depleted the miners’ stocks
of steel-making coals on its Coppabella and Moorvale mining sites.
The Queensland Resources Council (QRC) warned that the
non-stop downpours could significantly reduce the state’s annual mining
output of $38 billion as QRC head Michael Roche told ABC that some $3
billion could be taken away monthly if the bad weather continues.