NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

UPDATE 1-Aurizon warns Australian coal rail lines could be out for weeks after cyclone

Published 03/04/2017, 10:40 am
Updated 03/04/2017, 10:50 am
© Reuters.  UPDATE 1-Aurizon warns Australian coal rail lines could be out for weeks after cyclone
BHP
-
BHPB
-
GLEN
-
AZJ
-
SMR
-

(Adds Stanmore Coal statement, more details)

SYDNEY, April 3 (Reuters) - Australian coal haulage group Aurizon Holdings Ltd AZJ.AX said on Monday some Queensland rail lines used by miners including BHP Billiton Ltd BHP.AX BLT.L could be closed for repairs for up to five weeks in the wake of Cyclone Debbie.

Queensland is the world's largest producer of coking coal, used in steelmaking, and the rail outages mean the miners will be unable to get the coal to port for shipping.

Aurizon said its Blackwater rail line could open by the end of this week and the Newlands line within two to three weeks, but its Goonyella line could be closed for up to five weeks. Alternative routes for Goonyella coal were currently being studied, the company said.

BHP and Glencore PLC GLEN.L representatives could not immediately comment on the impact the rail outages would have on shipments.

Stanmore Coal Ltd SMR.AX on Monday said its Isaac Plains coal mine had restarted operations, but warned that delays due to the lack of rail access and potentially extended shipping queues might affect its sales during April and May.

Aurizon in February said it expected to haul 200 to 212 million tonnes of coal in the financial year ended June 30.

The company said on Monday that the temporary closures of the rail lines would have a negative impact on volumes and earnings in its haulage business but did not provide further details.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.