Ivanhoe’s Kipushi zinc mine in the DRC officially reopens
The restart marked exactly a century since the mine first went into production.
The chief executive officer of South Korean zinc producer Young Poong Corp. and another senior staff member were arrested over a fatal accident last year at the company’s Seokpo smelter.
The District Court of Daegu approved the arrest of CEO Park Young-min, and Bae Sang-yoon, the head of the smelter, on Thursday. Prosecutors allege the executives violated the Serious Accidents Punishment Act, and are criminally liable for the accident that occurred in December.
A spokesman at Young Poong confirmed Park and Bae had been arrested, but said the firm doesn’t expect any disruption to production.
Young Poong, Korea’s No. 2 zinc producer, has been rattled by a series of industrial accidents in recent years, including a fatal arsenic poisoning and a worker getting heatstroke. It’s also involved with legal disputes with its decades-long partner Korea Zinc Co., as well as the government over allegedly breaching environmental regulations.
The company was hit with a plant suspension order in 2020 for violating the Water Environment Conservation Act, although that’s since been put on hold while it appeals the decision.
Young Poong’s shares have plunged almost 40% this year, dropping 3.3% on Thursday and then partially rebounding to close at 315,500 won on Friday.
(By Heesu Lee)
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