SYDNEY (Reuters) – Australia's huge Cyclone Yasi forced a copper refinery and coal mines to shut and paralyzed sugar and coal exports as it began pounding the northeast coast on Wednesday, threatening to further inflate world sugar, copper and coal prices.
The edge of the cyclone, one of the most powerful recorded, came ashore in north Queensland state, heading directly for sugarcane fields and threatening a 300,000-tonnes-a-year copper refinery in the coastal city of Townsville.
"We've shut everything down and that situation is likely to carry on for several days until a clearer picture emerges," said Josh Euler, a spokesman for the refinery owner, Xstrata.
Global miners BHP Billiton and Peabody Energy have also shut several coal mines located in coal-rich Queensland ahead of the cyclone, whose center is due to hit land early on Thursday.
BHP's Peak Downs, South Walker Creek and Broadmeadow coal mines were all shut, which have a combined capacity of over 15 million tonnes of coal per year of coking coal. Peabody closed its Burton mine, which produces 2.7 million tonnes of coal per year.
Earlier this week, a 30,000 tonnes-a-year nickel refinery at Yabulu shut down ahead of the cyclone, and the major coal export terminals of Dalrymple Bay and Gladstone stopped loading ships.
Shipping in and out of the region has come to a standstill, with ports along hundreds of kilometers of coastline closed and bulk carriers retreating from the cyclone zone to safe anchorages.
Copper prices climbed to a record high of nearly $10,000 a tonne on Wednesday, fueled by tight supplies and optimism over growing demand. Any further disruptions to supply would only add pressure to the price.
.
.
Popular Posts
-
Rare Images of Hitler's Wife Eva Braun Eva Braun made up as jazz singer Al Jolson Braun sunbathing and semi-nude behind umbrella H...
-
Luis Morales III Pilot + Autopsy + Cocaine, Aaliyah date of, cause of death; Luis Morales III pilot autopsy revealed cocaine. Aaliyah was ki...
-
Hal Steinbrenner $670,494 Harold Steinbrenner Sued for $670,494 in Taxes New York Yankees co-owner and managing partner Harold Steinbrenner ...
-
Andrew Luck gay teammate, A week after a prominent NFL offensive player exercised his right to express disagreement with same-sex marriage,...
-
Target Cheaper Than Wal-Mart - Target actually has cheaper stuff than Walmart and the price disparity is the greatest in two years, accordin...
-
Bishop Eddie Long When accusations surfaced: September 2010 Famous Preacher Scandals , The wife of Eddie Long, the pastor of an Atlanta ...
-
Eric Myers, right, disappeared without a trace in 1991 to start a new life. Now he has a new family - husband Sean Lung, left Eric Myer...
-
Oldest people in the world Oldest people in the world. The following ten individuals are all tri-centinarians, that is, people who have li...
-
Amazing Spiderman Trailer 2012 Amazing Spiderman Trailer 2012. The first trailer of The Amazing Spider-Man was announced by Sony in August...