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BHP says tugboat strike could cost iron ore exporters $100M/day in lost sales

  • BHP Billiton (BHP +1.6%) says potential strike action by tugboat workers at Australia's Port Hedland would cost iron ore exporters A$100M/day (US$94M) in lost sales.
  • The warning follows a strike vote by the Maritime Union of Australia after an agreement couldn't be reached with employers over a new pay deal.
  • Port Hedland, in the Pilbara region of northwest Australia, has grown into one of the world's largest iron ore export terminals in recent years; it exported 34.8M metric tons last month, a 33% Y/Y increase.
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