Business Services Industry
Wesfarmers shrugs off Rio's price cut.
Australasian Business Intelligence, October, 2006
Byline: Marsha Jacobs
Oct 25, 2006 (The Australian Financial Review - ABIX via COMTEX) -- Wesfarmers does not believe that Rio Tinto's latest coal contract will set a new price benchmark for coking coal. Rio Tinto recently agreed to supply coking coal at $US83 per tonne, compared with the current benchmark price of $US115 per tonne for hard coking coal. The Curragh mine operated by Wesfarmers produces the same type of coal as Rio's Hail Creek mine, and a Wesfarmers spokesman says the conglomerate sees the Rio deal as a one-off which will not have much influence on upcoming contract negotiations. However, a possible downgrade of Curragh's coal classification could sharply reduce Wesfarmers' earnings.
Publication Date: 26 October 2006...
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