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BHP Billiton Mitsubishi Alliance Lifts Force Majeure
06/09/2008 - Force majeure is lifted across the BHP Billiton Mitsubishi Alliance (BMA) managed operations, effective June 5, 2008.
BHP Billiton announced that force majeure has been lifted across the BHP Billiton Mitsubishi Alliance (BMA) managed operations, which include BHP Billiton Mitsui (BMC). The change took effect June 5, 2008.
Force majeure was put in place on January 24, 2008 following extreme weather and flooding across the central Queensland coalfields. On February 25, 2008, BHP Billiton advised that its equity coal production loss from flooding at its BMA and BMC operations was estimated to be between 3.7 and 4.6 million tonnes.
Latest assessments indicate that BHP Billiton’s share of production loss is expected to be at the upper end of that range. BHP Billiton said that ongoing discussions with insurance assessors will continue to address claims arising from the events.
The extreme weather and declaration of force majeure also resulted in delivery delays for some of the 2007 sales contracts. Sales from BMA and BMC during the 2008 financial year are expected to include approximately 2.1 million tonnes (BHP Billiton share) of coal priced at the higher 2008 agreed prices. Approximately 1.4 million tonnes (BHP Billiton share) of coal that will be delivered in the first quarter of the next financial year will be sold at 2007 prices.
