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

UPDATE 1-Aurizon resets timetable for repair to Australian rail coal lines

Published 07/04/2017, 03:31 pm
Updated 07/04/2017, 03:40 pm
© Reuters.  UPDATE 1-Aurizon resets timetable for repair to Australian rail coal lines
AZJ
-

(Adds detail on scheduled re-openings)

SYDNEY, April 7 (Reuters) - Australian rail operator Aurizon Holdings Ltd AZJ.AX said on Friday that repair work will take longer than expected on its cyclone damaged Blackwater coal haulage line and would reopen on Monday at reduced capacity.

Multiple landslides and flooding knocked out the rail network when Cyclone Debbie ripped through the state of Queensland, a major coking coal mine area, last week. The cutoff in exports of coking coal, a key steelmaking ingredient, has left steelmakers in China, the world's biggest producer, scrambling for supplies, even looking as far as the United States. is the second-busiest coal line in the area after Goonyella, which is expected to be out for another four weeks, Aurizon said.

"Recovery and repairs are being undertaken at multiple sites along the Goonyella corridor, including at Black Mountain which experienced significant landslides," it said.

Queensland accounts for more than 50 percent of global seaborne coking coal supplies, with prices rising on fears that stockpiles held by steelmakers will start to run down. note was the first update it has provided to the market since Monday. It had previously forecast Blackwater to come back on line this week, while there is no change to the Goonyella time table. The much smaller Newlands and Moura rail networks are expected to be operational next week.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Cyclone-hit rail lines in Australia lead to reduction in coking coal supplies

http://tmsnrt.rs/2nvcZK0

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

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.