SHANGHAI, Mar. 15 (SMM) - China Daye Non-Ferrous Metals Mining announced in a statement that a breach occurred at northwestern corner of tailings pond at Tonglvshan mine of the company on March 12, flooding about 266,667 square meters of fish pond. Two people were reported dead and one was reported missing after the accident.
Currently, operation of tailings pond has been suspended, while other production remains normal, and cause of incident is under investigation. The expert team has already mapped out the plan to revamp it, which would start from March 14.
SMM learns that the tailings pond will likely suspend operation for about three months for the accident. The company produced about 30,000 tonnes (Cu content) of copper ore in 2016, a small share in China’s total output of 1.40-1.50 million tonnes. Hence, the impact from the partial dam failure will be mainly on market sentiment.
After the accident, the company applied for Stock Exchange of Hong Kong (SEHK) to suspend trading from 9:00 am on March 13, and the application of trading resumption was made to the exchange from 9:00 am on March 14.