Jiangxi Copper’s Yongping mine suspended after fatal accident

Jiangxi Copper has suspended operations at its Yongping mine, potentially affecting the company's copper output, after an explosives accident killed three people and injured nine.

Jiangxi Copper has suspended operations at its Yongping mine, potentially affecting the company’s copper output, after an explosives accident killed three people and injured nine.

A mix-load vehicle of explosives exploded in the open pit of the mine, Xinhua news agency reported on Thursday March 21.

The Yongping mine makes up around 8% of Jiangxi Copper’s total mining capacity in China, which is around 210,000-220,000 tonnes in metal contained, according to statistics supplied by UOB Kay Hian (Hong Kong) Research.

“This will negatively affect Jiangxi Copper’s share price today,” Helen Lau, a senior analyst at UOB Kay Hian said from Hong Kong.

Jiangxi’s provincial government has ordered Yongping mine’s management to suspend operations till they find out cause of the accident, Xinhua reported. The government also ordered the same type of vehicle should not be used in all other mines., it added.

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