Commodities like sugar and coal will see very low production in Northeast Australia as a result of regional flooding, heavy rains immediately forecast and the beginning of a three-month rainy season, according to the Sydney Morning Herald.
"Very few mines escaped some impact from the recent monsoonal low," Michael Roche, Queensland Minerals Council chief executive, told the publication.
He said a large number of open-cut coalmines have suffered damage and estimated as much as $1 billion in coal exports have been postponed.
''The real challenge will be when the mines get back into production and we see what ability there is in the system to do some catch-up," Roche said. ''Then we will find out how much of that $1 billion is temporary and how much of it is gone forever.''
About 20 percent of the region's sugarcane crop has been destroyed. Farmers cannot grow the vital sweetener in time for next season's harvest. This year's crop is likely to plunge to record lows, according to the prediction of the top executive official of Canegrowers, the industry's trade association.
''The thing we are all very fearful of is that we've only just started our wet season," Brent Finlay, president of the rural lobby group AgForce, told the publication. "We've got three months of cyclone season to go.''
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