Rio Tinto Declares Force Majeure on Some Iron-Ore Contracts
29 March 2019 - 04:34PM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--Rio Tinto PLC (RIO.LN) said it has issued force majeure
notices to some buyers of its iron ore after a tropical cyclone
lashed the coast of northwest Australia, disrupting exports of the
steelmaking commodity.
Rio Tinto, one of the world's biggest shippers of iron ore, said
Friday it was assessing damage caused by tropical cyclone Veronica
to its Cape Lambert A port facility and that it is working with its
customers to minimize any disruption in supplies.
That shipping terminal has a capacity of more than 85 million
metric tons a year.
Rail and port operations at Rio Tinto's other export hubs, Port
of Dampier and Cape Lambert B, have resumed and are ramping up, the
mining company said in an emailed statement.
It said further details will be released in its quarterly
operational report on April 16.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
March 29, 2019 01:19 ET (05:19 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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