29th Mar 2019 09:01
LONDON (Alliance News) - Rio Tinto PLC has been forced to declare force majeure on some of its Australian contracts due to cyclone Veronica, Reuters said on Friday.
The cyclone, which hit Western Australia earlier this week, has caused damage to some port facilities, Reuters said.
A force majeure, Reuters added, is when a company is forced to tell a partner it cannot meet contractual obligations due to forces outside of its control.
https://uk.reuters.com/article/us-australia-cyclone-rio-tinto/rio-tinto-declares-force-majeure-on-some-iron-ore-contracts-after-cyclone-idUSKCN1RA0FH
Rio Tinto shares were up 2.3% in London early Friday at 4,482.00 pence.
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