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COAL NEWS: LATEST HEADLINES
07 October 2008 11:30 AM London Time
Richards Bay Coal's Exports Decline on Rail Stoppages
Oct. 6 (Bloomberg) -- South Africa's Richards Bay Coal Terminal, the
world's biggest coal-export facility, shipped 7.2 percent less coal
last month compared with a year earlier after rail accidents cut
deliveries to the port.
The terminal, on South Africa's northeast coast, exported 5.32
million metric tons of the fuel, it said today in an e- mailed
response to questions. That compares with 5.73 million tons in
September 2007. In August this year the terminal shipped 5.28
million tons.
The two rail lines that take coal to the port were closed twice in
September after carriages derailed. Richards Bay received 4.42
million tons of coal by rail during the month, down from 5.78
million tons in August. Stocks fell 24 percent to 2.92 million tons,
below a target of 3 to 4 million tons.
During the month, 59 ships were loaded at the terminal and 548
trains arrived, more than 300 less than a month earlier.
Richards Bay Coal is owned by South Africa's biggest coal exporters,
including Anglo American Plc, BHP Billiton Ltd. and Xstrata Plc.
While it's the world's biggest coal-export terminal, Australia's
Newcastle port ships more of the fuel from two terminals.
The price of coal exported from the port fell 8.9 percent to a
four-month low of $132.80 a ton in the week ended Oct. 3, according
to McCloskey Group Ltd.
At the rate coal has been shipped so far this year, Richards Bay
will export 58.49 million tons, according to the port. It has the
capacity to ship 76 million tons.
source: Bloomberg 06 October 2008
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