Major Zimplats Platinum Mine Collapses in Zimbabwe

All Africa reported on Monday that Zimplats (ASX:ZIM) CEO, Alex Mhembere, confirmed the collapse of a major underground mine in the country. The CEO stated that the mine collapsed because of rising deterioration of ground conditions, according to All Africa.

As quoted in the press release:

According to reports the South African-based Impala Platinum, which is the parent company of Zimplats, saw its shares drop by close to three percent as a result of the accident. This was the second mining accident involving a platinum mining company in two years. In 2012 more than 70 miners were rescued at Mimosa Mine after they had been trapped underground for days following the collapse of the conveyor equipment.

Click here to read the full All Africa article.