Australian miners BHP and Rio Tinto analyzed the impact of Cyclone Veronica, which disrupted operations after it hit the Pilbara coast in Western Australia last week.
Both companies lowered their annual iron ore production by millions of tons.
On Monday, Rio Tinto estimated a production loss of 14 million tonnes.
"Rio Tinto Pilbara's 2019 shipments are expected to be at the bottom of the 338 and 350 million tonnes provided targets," the company said in a statement.
The next day, BHP issued a statement saying that their annual forecast of 273-283 million tons could be affected by about 6-8 million tons.
The statement added that their work has not yet returned to full capacity after the storm caused a shutdown of their port facilities.
“Despite the fact that initial inspections did not reveal significant damage to our operations, isolated flooding both on the site and on the sections of the railway leading to the port limited train traffic,” they said.
“Consequently, the port is currently operating at reduced rates and is not expected to return to full capacity before the end of this month.”
Both stocks continued to rally on Tuesday as a result of a global cut in iron ore supplies.
Australian miners assess damage after cyclone
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Azovpromstal® 4 April 2019 г. 13:03 |
