China's Zi­jin Min­ing pays out over deadly dam col­lapse

The Pak Banker - - I Nternational -

HONG KONG: China's Zi­jin Min­ing said Tues­day it would pay about 7.5 mil­lion US dol­lars to help vic­tims of a dam col­lapse near a tin mine that killed at least 22 peo­ple.

The com­pany, China's top gold pro­ducer, said its board ap­proved sub­sidiary Xinyi Zi­jin giv­ing the 50 mil­lion yuan to the Xinyi City govern­ment to ex­press its "deep sor­row and re­gret" over the in­ci­dent in Septem­ber.

In a state­ment to the Hong Kong Stock Ex­change it said the money was "in or­der to as­sist vic­tims" down­stream from Xinyi Zi­jin Yinyan Tin Mine to be able to re­build, and to "ful­fill the com­pany's so­cial re­spon­si­bil­ity."

Zi­jin Min­ing


it backed Xinyi Zi­jin "to take all mea­sures (in­clud­ing dis­posal of as­sets and eq­uity) to raise funds to set­tle claims made by the vic­tims of the dis­as­ter in pri­or­ity."

Zi­jing Min­ing shares fell about two per­cent to 6.86 Hong Kong dol­lars (88 US cents) by the break.

It said Tues­day it ac­cepted a pro­vin­cial govern­ment re­port find­ing it and Xinyi Zi­jin re­spon­si­ble for the fa­tal dam col­lapse due to safety and con­struc­tion vi­o­la­tions, which were ag­gra­vated by a typhoon.

About three dozen peo­plein­clud­ing lo­cal govern­ment work­ers-were "be­lieved to be re­spon­si­ble" for the ac­ci­dent in south­ern Guan­dong prov­ince, the of­fi­cial Xin­hua news agency re­ported, pro­vin­cial au­thor­i­ties.

The cases of 15 peo­ple were passed to court of­fi­cials "for fur­ther pos­si­ble penal­ties," Xin­hua said.

Zi­jin Min­ing made head­lines ear­lier this year af­ter a toxic spill at a cop­per mine it op­er­ates in the coun­try's south­east con­tam­i­nated a ma­jor river, killing nearly 2,000 tonnes of fish.

In a sep­a­rate state­ment Tues­day, Zi­jin Min­ing said the govern­ment fined its chair­man Chen Jinghe and ex­ec­u­tive di­rec­tor Zou Laichang a com­bined 1.16 mil­lion yuan over the July ac­ci­dent. In Oc­to­ber, the com­pany said it had been fined 9.56 mil­lion yuan over the same in­ci­dent. -Afp


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