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.
China aims to shut down more than 1,000 non-coal mining sites this year to preempt accidents as these production facilities do not meet the required safety standards, state-run newspaper Guangming Daily reported on Monday.
Some of the mines, which produce ferrous and non-ferrous metals, either have huge hidden safety hazards even after being ordered to shut or rectify but have failed to so far; or are located less than 300 metres from a neighbouring open mining pit, the paper said.
Tailings, or waste-mine dams, that have hit their maximum designed capacities are also targeted for closure.
The report did not give a size of mining capacity of these targeted sites.
The paper, citing a document from the China’s Cabinet, said the number of these non-coal mines fell by a quarter in 2018 versus 2012, but they are still plentiful and most of these are small in scales and prone for accidents.
(By Chen Aizhu; Editing by Uttaresh.V)
