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Rio Tinto shares slip amid Australian floods

Rio Tinto shares slip amid Australian floods

Shares in Anglo-Australian mining company Rio Tinto PLC slipped after it reported that heavy flooding in Australia's Queensland state is impacting on its coal mining operations.
Rio Tinto said Wednesday it has declared force majeure on some sales contracts because of the heavy rain. The clause excludes the company from liability for unforeseen events beyond its control, meaning it can miss contracted deliveries without penalty.
Shares are down 1.1 percent at 4,524 pence ($69.65) in midday trade in London.
Monsoonal rains in Queensland, coming on top of significant rainfall last month, have affected transport links.
Rio Tinto says ongoing adverse weather means it can't provide an estimate of the full impact or duration of the force majeure declaration.


Updated : 2021-08-04 22:02 GMT+08:00