Xstrata declares 'force majeure' on some Australian coal shipments after storm |
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Published
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Tue, 12 Jun 2007 15:57
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LONDON (Thomson Financial) - Xstrata PLC has declared 'force majeure' on some of its coal shipments from Australia's Newcastle port following heavy rains and flooding, a company spokesman said.'The 'force majeure' will apply to some shipments but not all,' he told Thomson Financial News.Declaring 'force majeure' relieves Xstrata of performing certain obligations under its contracts.Xstrata's mines in the Hunter Valley region, which were shut for at least two days because of the severe storm, are now 'back up and running', the spokesman added.He failed to say the size of the coal deliveries affected by the 'force majeure'.BHP Billiton PLC also declared 'force majeure' on its coal deliveries, while Rio Tinto PLC is still assessing the storm damage on its coal mines.Newcastle, the world's leading coal export port, resumed shipments earlier today, said Keith Powell, the port's spokesman.He said three vessels, including two bulk coal carriers have set sail with 55 vessels waiting to load coal, at anchor off the port, and a further nine about to arrive.monicca.egoy@thomson.commbe/jlcCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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