China Coal Mines Must Post “Safety Bond” From ’06 – Xinhua

From Xinhua, via Morningstar:

When a new law takes effect Jan. 1, China’s coal mines will have to post “safety bonds” to finance possible payouts in the event of miner deaths in a mishap, as well as other accident-related expenses, the Xinhua News Agency reported.

Coal mines with an annual production capacity of 30,000-90,000 metric tons inclusive will have to post CNY1.5 million-CNY2 million bonds, Xinhua reported Sunday, quoting the State Administration of Work Safety.

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December 26, 2005, 7:16 AM
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Categories: Law