Xstrata has moved higher after agreeing an annual contract for thermal coal with Japan's Chugoku Electric at a record price.
The two have agreed a price of just under $130 a tonne, up 30% on last year's level and up on the previous high of $125 a tonne in 2008. The increase was expected - despite a demand slowdown in Japan following the devastating earthquake and tsunami - because of production problems in Australia after the Queensland floods.
Xstrata's shares have added 10.5p to 1467.5p on news of the record coal contract.
