Australia's top iron ore port braces for direct cyclone hit
Reuters: Sydney, Feb 26 2013, 09:26 IST
to evacuate.
"Rapid and powerful flooding is very likely as severe tropical Cyclone Rusty crosses the coast," it said
The ports of Dampier and Cape Lambert, about 200 km south of Port Hedland and used by Australia's biggest iron ore miner Rio Tinto , have also been closed as a precaution against the storm.
Rio Tinto is targeting shipments of 260 million tonnes of ore through these ports this year.
Iron ore prices <.IO62-CNI=SIP> have pulled back to just under $152 a tonne since hitting a 16-month peak of $158.90 last Wednesday.
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