Zijin suspends production in two mines
By Richard Fu |
August 11, 2010, Wednesday
|
Print Edition
Print Edition
ZIJIN Mining Group Co yesterday said it has suspended production at two mines in Shandong Province at the request of the local government for safety checks.
This could signal a raft of stronger measures from the government aimed at mining and metals companies following a number of severe accidents and environmental disasters in recent months nationwide. Zijin, based in Fujian Province, was held accountable for a major toxic spill at its hometurf Zijinshan mine last month.
The government of Yantai, Shandong, on Saturday ordered an immediate halt to operations at all non-coal underground mines in the city following a fatal fire at a separate mine.
Annual output at Zijin's Longkou Jinfeng unit, which had a planned output of 340 kilograms of gold this year and produced 161kg in the first half, will be affected, the company said in a filing to the Hong Kong stock exchange.
Work at Zijin's Longkou Jintai unit, engaged in mine exploration, was also halted.
The mines will reopen after rectification and a government inspection, said Zijin, China's largest gold producer.
Meanwhile, Zijin reported a 40 percent increase in first-half net profit owing to higher gold and copper output and lower income tax. Still, it has lowered its full-year output guidance - from 31.1 tons to 30 tons for gold and from 100,000 tons to 90,000 tons for copper - due to last month's leakage that poisoned almost 2,000 tons of fish at the Zijinshan mine.
This could signal a raft of stronger measures from the government aimed at mining and metals companies following a number of severe accidents and environmental disasters in recent months nationwide. Zijin, based in Fujian Province, was held accountable for a major toxic spill at its hometurf Zijinshan mine last month.
The government of Yantai, Shandong, on Saturday ordered an immediate halt to operations at all non-coal underground mines in the city following a fatal fire at a separate mine.
Annual output at Zijin's Longkou Jinfeng unit, which had a planned output of 340 kilograms of gold this year and produced 161kg in the first half, will be affected, the company said in a filing to the Hong Kong stock exchange.
Work at Zijin's Longkou Jintai unit, engaged in mine exploration, was also halted.
The mines will reopen after rectification and a government inspection, said Zijin, China's largest gold producer.
Meanwhile, Zijin reported a 40 percent increase in first-half net profit owing to higher gold and copper output and lower income tax. Still, it has lowered its full-year output guidance - from 31.1 tons to 30 tons for gold and from 100,000 tons to 90,000 tons for copper - due to last month's leakage that poisoned almost 2,000 tons of fish at the Zijinshan mine.
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