GLNCY Glencore Plc (PK)

By Alistair MacDonald 

A mine partially owned by Glencore PLC collapsed in the Democratic Republic of Congo on Thursday, killing at least 19 people who were mining illegally, the London-listed company said.

Illegal mining is a significant problem in parts of Africa and India, where companies and local authorities often struggle to cope with the matter.

The accident occurred at the Kamoto Copper Co., a majority-owned Glencore company. Glencore shares fell 4.9% to GBP2.64 ($3.35) in London.

"Kamoto Copper Company has observed a growing presence of illegal artisanal miners throughout its industrial mining concessions in the Kolwezi area," Glencore said in a written statement. It added: "This has led to daily intrusions onto its concession by on average 2,000 illegal artisanal miners per day."

Edward Sterck, a mining analyst for BMO Capital Markets, said security at Glencore's operations needs to be increased.

In parts of the developing world, as many people mine illegally as legally, but deaths in this sector often aren't classified as mining fatalities in government statistics.

South Africa's Department of Mineral Resources, for instance, said a record-low 73 miners died in South Africa in 2016. But the Mines Rescue Service, a local organization that helps free trapped miners, found the bodies of an additional 18 people who died while working illegally in South Africa mines that year.

Thursday's deaths are the latest in another deadly year for mining. In January, the collapse of a mining waste dam owned by Vale SA killed about 270 people in Brazil. In February, a truck owned by a Glencore contractor in the Congo crashed and spilled sulfuric acid on two vehicles, killing about 20 people. Mutanda Mining Sarl, a Glencore copper company, employed the contractor.

Write to Alistair MacDonald at alistair.macdonald@wsj.com

(END) Dow Jones Newswires

June 27, 2019 18:27 ET (22:27 GMT)

Glencore (PK) (USOTC:GLNCY)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024

Glencore (PK) (USOTC:GLNCY)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024