Tugboat crews, including deckhands paid more than some New York bankers, are threatening to disrupt shipments from the world’s biggest iron ore port as they negotiate for increased wages and improved conditions.
According to BHP Billiton, the world’s largest mining company, Australian iron ore miners may collectively lose about AUD 100 million a day as a result of stoppages at Port Hedland. The port exports about half of the nation’s shipments, forecast to reach AUD 76.5 billion in the year through June 2015.
Mr Michael McCarthy, a chief strategist at CMC Markets in Sydney said that “Any tightening of supply, particularly at current levels, could see an iron ore price reaction that might offset any short-term revenue losses. It’s not an overwhelming negative.”
Source – News Zealand Herald
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