Rio Tinto Declares Force Majeure Due to Australian Flooding

Bloomberg reported that Rio Tinto has declared force majeure on coal contracts due to extensive flooding in Australia.

As quoted in the market report:

The Blackwater rail network, which carries the second- largest tonnages in Queensland state, may be closed for as much as 10 days starting Jan. 29, Aurizon Holdings Ltd. (AZJ), the network operator, said today in an e-mailed statement. The line, which transports coal to the state’s port of Gladstone, was closed on Jan. 26, according to Aurizon.

To view the whole Bloomberg report, click here.