MeMyselfAndI
May 10th 2010, 06:40 PM
http://blogs.forbes.com/billions/2010/05/10/deadly-explosion-hits-billionaires-coal-mine/
<The death toll from explosions in a Russian mine partially owned by billionaire Roman Abramovich reached more than 30 early this morning. The search continues for trapped miners Sky News reported.
The first explosion occurred late Saturday and reportedly was caused by methane gas (See pictures of the damage). Among the victims are rescuers who were caught in a second blast, which occurred hours later. Reported estimates of those still trapped range from 58 to 83 miners.
Raspadskaya is Russia's largest underground coal mine. The explosion comes about a month after an explosion at a Massey Energy Company mine in West Virginia killed 29 miners and ignited a criminal investigation into the safety procedures. Methane gas is the apparent cause of both accidents. A 2008 CDC report explains that methane gas is a natural by-product of coal mining, but needs to be ventilated with fresh air. An unexpected build-up of the explosive gas can lead to these devastating accidents.
Abramovich's Millhouse bought a stake in Highland Gold, a UK mining company that operates the Russian Raspadskaya mine, in 2007 and later sold a portion to two billionaire business partners, Alexander Frolov and Alexander Abramov.
At the time we published our list of the world's billionaires in March, Abramovich ranked no. 50 with a net worth of $11.2 billion. Only a tiny amount, less than $100 million, came from Highland despite the fact that he and his firm had been the largest shareholders.
These days he is well-known for his opulent lifestyle; he owns U.K. soccer team Chelsea, the world's biggest private yacht, a personal jet and several homes. But the mogul actually comes from quite humble origins, as noted in our recent piece on some of the most notable self-made billionaires, Rags to World's Richest.>
The current death toll is at 32, with many more still trapped underground, their condition unknown. Now, this is the biggest mine-related emergency in Russia yet, but God knows not the only one. Overall, at least 500 Russian miners have been killed on the job in the past two years before this.
Here is why this happens. Back in 2008, the federal government has, finally, pressured the mining bosses to install methane build-up sensors in their mines. Before, the deadly gas would pour in, and the workers would have no idea, before it's too late. Deaths were even more frequent back then. Now, after the sensors were put in, the bosses saw that having to stop all work, evacuate the miners, and, basically, shut down the whole operation for hours, after an alarm, was hurting their profits. They were losing money every time this happened. So, they started covering the gas sensors with jackets, or pieces of material, so they wouldn't go off so often. As a result their profits went up again. So did the number of lives lost in the mines. Miners in Russia are paid about $200 a month. Most have families to feed. They don't have unions (last man, who organized mine workers in the Urals back in the 90s, was murdered back in 2003, beaten to death and his body thrown into a deserted mine). Is the situation in mining in the US similar? Tell me it's better...
<The death toll from explosions in a Russian mine partially owned by billionaire Roman Abramovich reached more than 30 early this morning. The search continues for trapped miners Sky News reported.
The first explosion occurred late Saturday and reportedly was caused by methane gas (See pictures of the damage). Among the victims are rescuers who were caught in a second blast, which occurred hours later. Reported estimates of those still trapped range from 58 to 83 miners.
Raspadskaya is Russia's largest underground coal mine. The explosion comes about a month after an explosion at a Massey Energy Company mine in West Virginia killed 29 miners and ignited a criminal investigation into the safety procedures. Methane gas is the apparent cause of both accidents. A 2008 CDC report explains that methane gas is a natural by-product of coal mining, but needs to be ventilated with fresh air. An unexpected build-up of the explosive gas can lead to these devastating accidents.
Abramovich's Millhouse bought a stake in Highland Gold, a UK mining company that operates the Russian Raspadskaya mine, in 2007 and later sold a portion to two billionaire business partners, Alexander Frolov and Alexander Abramov.
At the time we published our list of the world's billionaires in March, Abramovich ranked no. 50 with a net worth of $11.2 billion. Only a tiny amount, less than $100 million, came from Highland despite the fact that he and his firm had been the largest shareholders.
These days he is well-known for his opulent lifestyle; he owns U.K. soccer team Chelsea, the world's biggest private yacht, a personal jet and several homes. But the mogul actually comes from quite humble origins, as noted in our recent piece on some of the most notable self-made billionaires, Rags to World's Richest.>
The current death toll is at 32, with many more still trapped underground, their condition unknown. Now, this is the biggest mine-related emergency in Russia yet, but God knows not the only one. Overall, at least 500 Russian miners have been killed on the job in the past two years before this.
Here is why this happens. Back in 2008, the federal government has, finally, pressured the mining bosses to install methane build-up sensors in their mines. Before, the deadly gas would pour in, and the workers would have no idea, before it's too late. Deaths were even more frequent back then. Now, after the sensors were put in, the bosses saw that having to stop all work, evacuate the miners, and, basically, shut down the whole operation for hours, after an alarm, was hurting their profits. They were losing money every time this happened. So, they started covering the gas sensors with jackets, or pieces of material, so they wouldn't go off so often. As a result their profits went up again. So did the number of lives lost in the mines. Miners in Russia are paid about $200 a month. Most have families to feed. They don't have unions (last man, who organized mine workers in the Urals back in the 90s, was murdered back in 2003, beaten to death and his body thrown into a deserted mine). Is the situation in mining in the US similar? Tell me it's better...