Queensland’s premier urged residents to remain vigilant as a weakened Cyclone Ita moved across the Australian state’s north with winds of 120 kilometers (75 miles) an hour. No deaths or injuries have been reported.
The drought across most of Australia’s Queensland state means coal producers are exporting record volumes into an oversupplied market, depriving them of the usual price gains caused by weather disruptions.
Anglo American Plc’s decision to quit plans for a coal port expansion in Australia leaves Indian billionaires G.V. Krishna Reddy and Gautam Adani as the last major investors left looking at extending the terminal.
Australia’s Hay Point port, the world’s biggest export harbor for coal, may almost double its shipping capacity after the development of two terminals at the Dudgeon Point site, North Queensland Bulk Ports Corp. says.