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Mine explosion could cost more than 5 billion roubles
Published: 12 May, 2010, 11:19
TAGS: Manufacturing, Markets, Russia and the global economy, Economy
The explosions at the Raspadskaya coal mines in Mezhdurechensk which have claimed the lives of at least 60 people, could cost Russia more than 5 billion roubles ($165 million).
Kemerovo Region Governor Aman Tuleyev said that the explosions which rocked the mine producing a fifth of Russia’s coking coal output would have a significant economic impact.
Tuleyev said that damage stemming from two explosions on May 8, which has cost at least 60 lives, with a further 30 still believed missing, was extensive and that the mine would take time to resume operations.
"Rebuilding the first section of the mine will take nearly four months, and restoring the second part two months. This is our tentative forecast."
Raspadskaya CEO, Gennady Kozovoy said that the recovery of the mine after the explosions would take years.
The Governor also noted the mine is central to Russia’s steelmaking and smelting industries because of the quality of the coal produced there, which is also transported to key Russian smelting locations, Lipetsk, Magnitogorsk and Niznhy Tagil.
"Virtually the whole metallurgical industry depends on the Raspadskaya mine. We will now have to think how to restructure our entire coal production work."
Tentative estimates of the economic impact currently stand at more than 5 billion roubles according to Tuleyev.
"We have calculated that damage caused as a result of the destruction of buildings on the surface stands at 700 million rubles, and inside the mine approximately five billion rubles. But these estimates are not final."
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