chinavtm mining (00893) announced that after submitting the application in early November 2024, Aba Mining has obtained the necessary approval from the Wenchuan Emergency Management Bureau to resume operations at the Maoling-Yanglongshan iron mine.
According to the announcement from Zhitong Finance APP, chinavtm mining (00893) announced that after submitting the application in early November 2024, Aba Mining has received the necessary approval from the Wenchuan Emergency Management Bureau to restore operations at the Maoling-Yanglongshan iron mine. As disclosed in the announcement, the application to resume operations was made after a thorough investigation of the incident and the implementation of several recommended preventive measures to enhance workplace safety and operations. Therefore, the Maoling-Yanglongshan iron mine has now resumed operations, and based on the current assessment, management anticipates that operational capacity will gradually return to pre-production levels within three to four weeks from the date of government approval, taking much less time than the initially expected two months (as disclosed in the announcement).
Although the overall time for the Maoling-Yanglongshan iron mine to resume operations and optimize capacity recovery is shorter than initially expected, management remains cautious and has enhanced supervision to strengthen the implementation of safety measures. Management will continue to focus on workplace safety and closely monitor the overall production process.
Due to the incident and the impact of implementing major safety enhancement measures on the overall capacity and operational plans of the Maoling-Yanglongshan iron mine in the second half of the fiscal year ending December 31, 2024 (the '2024 fiscal year'), management may need to consider these factors when conducting the annual asset impairment test for the 2024 fiscal year according to international financial reporting standards. Management will update the results of this assessment in its annual performance announcement for the 2024 fiscal year.
The board of directors has been committed to ensuring workplace safety through ongoing operational monitoring, communication with contractors, and the implementation of any additional necessary improvement measures for the safety of employees and contractors. The group will continue to closely monitor the situation and will provide necessary updates when there are any significant developments.