Deluge at Australian Coal Mines to Drive Gains in Global Prices
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Record rain and floods in north eastern Australia are disrupting coal output from Xstrata Plc and Rio Tinto Group mines. With more storms coming, prices are forecast to jump from the world’s biggest exporter of the fuel.
“It never stops raining,” said Peter Maguire, mayor of Queensland state’s Central Highlands Regional Council, home to Xstrata’s Rolleston mine, Rio’s Kestrel operation and BHP Billiton Ltd.’s Blackwater venture. “It’s forecast to rain until April-May.”