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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Atlas Iron Fpo (delisted) | ASX:AGO | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.045 | 0.045 | 0.046 | 0.00 | 01:00:00 |
By Stephen Bell
PERTH--A key port for exporting iron ore from Australia's Pilbara region expects to start shutting down Saturday as a low-pressure system threatens to develop into a cyclone.
"Current indications are that Port Hedland will experience gales from late Sunday night," the Port Hedland Port Authority said in a statement Friday.
"So we will expect to commence port evacuations from Saturday afternoon," it added.
The low-pressure system, located well to the north of the seaside resort of Broome, is expected to develop into a cyclone Saturday as it moves southwest roughly parallel to the North-West Australian coast.
It is forecast to intensify over the weekend and approach the resource-rich Pilbara coastal region on Monday, Australia's Bureau of Meteorology said.
Port Hedland has grown into one of the world's largest iron-ore export terminals in recent years as companies like BHP Billiton Ltd. (BHP.AU), Fortescue Metals Group Ltd. (FMG.AU) and Atlas Iron Ltd. (AGO.AU) expand production to satisfy Chinese demand for the steel-making ingredient.
"We are watching the development of this weather system very closely and have commenced planning for it," BHP said in a statement.
"At present, normal work arrangements apply," it added
Western Australia's cyclone season normally runs from December through March.
-Write to Stephen Bell at djnews@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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