Mining analysts say Cyclone Veronica is likely to boost the global iron ore price as operation and port shutdowns restrict exports from WA's Pilbara.
The red alert for Port Hedland in Western Australia was lifted on Monday as the cyclone weakened to a category two system.
Mining companies had closed down their operation over the weekend and were assessing the damage to their operations on Monday.
Fortescue Metals Group chief executive Elizabeth Gaines said the company estimateddisruption to its shipping at between 1.5 to 2 million tonnes, if the port reopened in the next 24 hours.
"Once we have had an opportunity to fully assess the situation we will determine our ability to mitigate and offset this impact," she said.
https://www.google.com.au/amp/s/amp.smh.com.au/business/companies/cyclone-veronica-makes-her-presence-felt-in-pilbara-resources-sector-20190325-p517cn.html
Mining analysts say Cyclone Veronica is likely to boost the...
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