Alcoa of Australia declares force majeure
Alcoa of Australia said late Tuesday it is declaring force majeure under its alumina supply contracts as a result of an explosion at Apache Energy's Varanus Island facility and the disruption of gas supply to its Western Australia facilities.
Force majeure is a clause commonly found in commercial agreements, which states that one or both parties will not be liable for any delay in performance or non-performance of its obligations upon the occurrence of certain extraordinary events.