Devastating North Queensland floods to hit company earnings

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Incitec Pivot additionally up to date the market on the flood affect, revealing that the rail closure between Townsville and its Phosphate Hill facility would hit earnings.

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Incitec Pivot’s Phosphate Hill facility produces phosphate fertilisers that are transported by rail to Townsville, from the place they’re then despatched elsewhere in Australia or abroad. Phosphate Hill is about 250 kilometres south of Mt Isa.

The corporate stated it had began a progressive shut down of vegetation at Phosphate Hill over the weekend, and would proceed to “run every plant for so long as attainable given storage and enter constraints”.

The extent of the harm to farms attributable to the monsoonal rain that hit north west Queensland is thoughts boggling. Queensland Premier Annastacia Palaszcuk stated lately she had seen “a sea of useless cattle” as she toured devastated areas, whereas some estimates of the losses have been put at a minimal of 300,000 head.

Wondoola Station, about 300 kilometres north of Mt Isa, is the worst affected of the 4 AACo properties. It has a herd of about 30,000 primarily cows and calves, and AACo warned that the property is anticipated to incur “excessive losses” of livestock.

Severe flooding stretches across a vast area of the Queensland Gulf in north west Queensland.

Extreme flooding stretches throughout an enormous space of the Queensland Gulf in north west Queensland.Credit score:Hugh Killen (AACo).

AACo stated its different stations severely impacted by the floods had been Canobie, Dalgonally and Carrum.

“Present situations are nonetheless difficult and a reputable evaluation of the affect on livestock and infrastructure will solely be attainable as soon as the flood waters have began to recede,” AAco stated.

The corporate doesn’t consider the flooding will have an effect on its capacity to fulfil its provide obligations, or the continued rollout of its branded beef technique.

Whereas the Queensland Gulf nation is experiencing extreme flooding, AACo stated south western Queensland and the Barkly area of the Northern Territory, the place most of its properties are situated, are persevering with to obtain under common rainfall and excessive warmth.

“As flagged within the firm’s half-year outcomes, the seasonal situations will considerably improve station working bills, significantly grain, feeding and transport prices,” it stated.

Darren is the mining and agribusiness reporter for The Age and The Sydney Morning Herald.

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