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Anglo avoids penalties over Oz rainfall

By Daily Mail Reporter
Updated: 06:17 EDT, 31 December 2010

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Global miner Anglo American has declared 'force majeure' - an act of God - in Queensland after the Australian state was hit by record rainfall, inundating coal mines.

BHP Billiton followed suit, allowing both companies to break contracts without incurring penalties. Neither company saw its stock price hit by the flooding, with Anglo American closing up 10.5p at 3386p.

The greater impact will be on global energy markets. Queensland produces more than half of all exported coal, and prices are set to jump by around 20% in the first quarter of 2011.

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