Monday, July 19, 2010

Copper News - Zijin Closes Plant After Leak

Copper News - Zijin Closes Plant After Leak

Zijin Mining Group Co. has closed a copper plant at Shanghang, in China’s Fujian province, after a “substantial leakage of waste water” was discovered by government investigators.

A plant manager, deputy plant manager and environmental safety officer at the Zijinshan Copper Mine plant were detained by police, the company said in a statement to the Hong Kong stock exchange today. Duties of the deputy plant manager and environmental safety officer have been suspended.

Zijin could face fines of around 500m yuan (US$70m) as well as suffering losses of around 700m yuan (US$100m) as a result of the leak.

Fujian provincial authorities plan to legal action against government officials and Zijin executives, according to the Xinhua News Agency after the company ignored an order issued last September to repair a reservoir leak.

Zijin also plans to invest 100 million yuan (US$14m) in a water plant the state is building near to its mine.

The company could be fined 500m yuan by the China Securities Regulatory Commission for not immediately disclosing the pollution, while lost production could cost it another 350m yuan with compensation to local fishermen affected by the leak costing a further 350m on top of that.

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kunal dusane said...

MCX intraday news,Prices of the steel-making ingredient for immedite delivery have slumped 60 percent over the past year as demand particularly from China slowed rapidly.