Queensland, Australia's floods have halted deliveries from the world’s largest supplier of coking coal, a key ingredient for steelmaking. An 01/02/11 report by the Macquarie Group provides that Australia's torrential floods could create a shortage for quality coal that could trigger a worldwide scramble by steelmakers.
"Global mining deals have more than doubled this year to $142 billion," reports Rebecca Keenan and Shani Raja for Bloomberg.com on 12/23/10. "That’s the highest since 2007’s $151 billion." Additionally, India's Tata Steel Ltd. states that quality coking global assets are "too few and far between," as stated by its managing director in a report to the Business Standard.
The race to lock in coking coal mining interests heats up as China's steelmaking demands rapidly increase. Global coal mining and steelmaking firms also actively bid on interests in Australia-based Riversdale Mining Limited's coking coal mining projects in Mozambique.
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