Iron ore weakness to continue into 2025 and beyond, says Fitch Solutions’ BMI
Looking beyond 2024-2025, BMI analysts maintained their view that iron ore prices will likely follow a multi-year downtrend.
Rescue work continues after 18 people were trapped underground as a gold mine in northwest China’s Xinjiang Uygur Autonomous Region collapsed on Saturday.
Approximately 40 people were working underground at the time of the accident in Yining County in the Ili Kazak Autonomous Prefecture. Twenty-two miners have been rescued.
“Now, the accurate location of the trapped people has been determined. However, the complex situation underground and the unstable surrounding rocks have brought many difficulties to the rescue work. The 18 people remain out of contact,” Lu Wei, chief safety officer of Xinjiang Nonferrous Metals Industry (Group) Co., Ltd told Xinhua News.
The mine is operated by Western Gold Mine.
Last September, 19 miners died after the collapse of a coal mine in the Qinghai region.
In December 2021, two miners died after a coal mine flooded in Shanxi province.
