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China Daye racks up 45.2M yuan loss from Tonglvshan mine dam failure

China Daye Non-Ferrous Metals Mining Ltd. said March 6 that the year-ago partial dam failure at the northwestern corner of the tailings pond at its Tonglvshan copper mine in China's Hubei province led to a direct loss of about 45.2 million Chinese yuan to the company.

An investigation into the incident commissioned by the government of Huangshi city revealed that the dam failed after the illegal entry and exploitation of mineral resources at the tailings pond by Daye Quantang Dam No.3 Delafossite mine, collectively owned by the Quantang village in Daye City.

The illegal exploitation led to the formation of goaf areas underneath the dam body of the tailings pond, which eventually caused the collapse. A goaf is the space created when the mineral has been partially or wholly removed.

The company said March 6 that it has received compensation of 21.00 million yuan from insurance.

The Tonglvshan mine resumed normal operations in April 2017.

As of March 6, US$1 was equivalent to 6.31 Chinese yuan.