Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Jiangxi Copper’s subsidiary has suspended its plant in Shandong province after a fatal copper furnace accident, according to a company statement on Monday.
Shandong Humon Smelting, controlled by top copper producer Jiangxi Copper, said three workers were killed and fourteen were injured.
There was an unexpected spill from the plant’s side-blown copper furnace, the company said, without giving the date of incident.
Production has been halted amid an ongoing investigation, the gold-copper producer said.
Humon produced 203,023 metric tons of copper last year, according to its annual report.
Jiangxi Copper became the controlling shareholder of Humon in 2019.
(By Julian Luk; Editing by Kirsten Donovan)
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