Seven killed in Zhaojin's gold mine accident in eastern China, state media CCTV reports

Seven people were killed in a gold mine accident in China's eastern Shandong province, and authorities were investigating, state-run CCTV reported, sending shares of the mine owner, Zhaojin Mining Industry (1818), slid as much as 8 percent on Tuesday.

The stock opened 6.12 percent lower and extended losses, hitting an intraday low of HK$31.6, before closing at HK$32.6, down 5.83 percent.

The accident occurred on Saturday when a cage fell down a mine shaft, CCTV reported late on Monday night.

The emergency management and public security departments were investigating the cause of the accident, and whether there had been an attempt to cover it up, the report added.

The mine is owned by leading gold producer Zhaojin Mining Industry, according to the Qichacha company registry. Shares of the company were down 5.8 percent. A person who answered Zhaojin's main phone line told Reuters that the matter was under investigation and declined to answer further questions.

China's emergency management ministry on Monday held a meeting on preventing accidents during the upcoming Lunar New Year holiday. It announced inspections of mines, chemical companies, and other hazardous operations.

Also on Saturday, an explosion at a biotech company in northern China killed eight people.

Following the accident, the company said its management immediately activated its emergency response plan, with disposal and follow-up work now under way.

The company said that the incident had limited impact on overall performance. From 2020 to 2024, Canzhuang Gold Mine recorded an average annual gold output of about one tonne and an average annual total profit of around 60 million yuan (HK$67.76 million).

The board expressed deep condolences to those who lost their lives, extended sincere sympathies to the victims’ families, and apologised for the social impact caused.
 

Reuters and staff reporter