NEW YORK (TheStreet) -- George Gero, senior vice president and financial consultant RBC Capital Markets Global Futures, vice president precious metals strategist, warns investors to fasten their seatbelts as gold's volatile trading continues.
Tuesday, September 28, 2010
New Mining Rules in China Making Bosses go Down Shafts
In China, coal mine managers and chief engineers are required to accompany miners down into the shafts and tunnels, starting on October 7. The new rule has been set up with the intention that management should put themselves at risk as the miners do, to make sure the company complies with safety regulations.
One mining company in Guangxi has tried to circumvent the new rule by promoting seven employees as "assistants to managers," who would then go down into the mines instead of the managers.
But a spokesman for the State Administration of Work Safety publicly stated that such tactics would not be allowed.
More than 2600 miners died last year in work-related accidents. China's coal mining industry has become notorious for its pervasive corruption and lack of regulation.
One mining company in Guangxi has tried to circumvent the new rule by promoting seven employees as "assistants to managers," who would then go down into the mines instead of the managers.
But a spokesman for the State Administration of Work Safety publicly stated that such tactics would not be allowed.
More than 2600 miners died last year in work-related accidents. China's coal mining industry has become notorious for its pervasive corruption and lack of regulation.
Home Prices Expected to Take Big Hit Next Year
Home Prices Expected to Take Big Hit Next Year
Home prices ticked up in July for the fourth straight month, but many cities are bracing for declines in the year ahead. (Sept. 28)
Home prices ticked up in July for the fourth straight month, but many cities are bracing for declines in the year ahead. (Sept. 28)
Subscribe to:
Posts (Atom)
