Shares in Anglo-Australian mining company Rio Tinto PLC slipped in the UK after it reported that heavy flooding in Queensland is impacting on its coal mining operations.
Rio Tinto said Wednesday it has declared force majeure on some sales contracts because of the heavy rain. The clause excludes the company from liability for unforeseen events beyond its control, meaning it can miss contracted deliveries without penalty.
The shares fell 20.5 pence, or 0.45 per cent, to 4,552.5 pence in midday trade in London.
Rio Tinto Ltd stock closed at $85.45 in Sydney on Wednesday before the company's announcement.
Monsoonal rains in Queensland, coming on top of significant rainfall last month, have affected transport links.
Rio Tinto says ongoing adverse weather means it can't provide an estimate of the full impact or duration of the force majeure declaration.
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