USGS releases first study to assess global earthquake risk to mineral supplies
Earthquakes have the potential to substantially affect mining operations, leading to supply chain disruptions that adversely affect the global economy.
West Africa-focused Avocet Mining said Wednesday that two paramilitary police officers were killed and other two suffer injuries after unknown aggressors assaulted a convoy carrying fuel to its Inata gold mine in northern Burkina Faso.
According to initial reports, one of the gendarme escorts was the target of the attack, but no groups or person had been identified as the author at the time this article was published.
While Avocet said it would review security measures to ensure the safety of the mine and its employees, shares in the company dropped more than 10% on the news before closing 2.16% lower to 22.17p.
Burkina Faso is Africa’s No.4 gold producer and the precious metal accounts for about 20% of gross domestic product. Occasionally, the nation has been hit by jihadist groups-led attacks, particularly along its remote northern border with Mali.
Other than Avocet, there are roughly two dozen miners operating in the country, including Iamgold and Semafo.
Earlier this month, the company warned it might file for insolvency of its subsidiary Societe des Mines de Belahouro (SMB), which operates the Inata gold mine, after the unit’s standstill agreement with its creditors expired.
