8th Mar 2016 12:47
LONDON (Alliance News) - Glencore PLC Tuesday said it has been informed of a geotechnical failure on the north wall of the KOV open pit mine at the Katanga operation in the Democratic Republic of Congo and said seven people remain missing.
Glencore shares were down 8.5% to 156.30 pence per share on Tuesday afternoon.
Glencore said it was informed of the incident by Katanga Mining Ltd, which operates the Katanga mine. Glencore holds a 75.3% stake in the company. Katanga Mining, in its own statement, said mining operations have been suspended, adding an unknown amount of damage to the dewatering infrastructure in the pit is expected to have occurred.
"We understand that seven persons, who were believed to have been working on the ongoing dewatering of the pit in the vicinity of the failure, are currently unaccounted for. In addition, an unknown amount of damage to the dewatering infrastructure in the pit is expected to have occurred," said Glencore.
"Katanga has mobilised its search and rescue team and the process of locating the unaccounted for personnel is in progress, as well as an assessment of the damage and recoverability of the affected infrastructure. The families of the missing workers are in the process of being contacted and will be offered full support," the FTSE 100-listed company added.
By Joshua Warner; [email protected]; @JoshAlliance
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