Russian mine blast kills 30, drives up coal prices

Moscow - The official death toll from the mine blast in Russia's Kemerovo region stands at 30 and 60 others still remain in the coal mine. Rescue workers must still search through 300 kilometers of tunnels.

Another tragic mine blast has occurred but this time in Russia where at least 30 people have been killed and 60 more are still missing as rescue workers are attempting to find the dozens in more than 300 kilometers of tunnels, according to Ria Novosti. After two explosions hit the mine in the town of Mezhdurechensk, more than 70 people were injured in the time span of four hours on late Saturday and early Sunday. Local authorities assured families of the victims, injured and missing that there are plenty of rescue workers and more are arriving on the scene. “Work is continuing in the furthest areas. We need to search 311 kilometers of tunnels where people may be located. Rescue work is continuing, but unfortunately the work is becoming more difficult. There is less and less hope of finding anyone alive in further searches,” said Russian Emergencies Minister Sergei Shoigu. Xinhua reports that six of the 60 injured were found to be severely wounded and were sent immediately to Moscow hospitals by aircraft but more are expected as rescue work is currently underway. The latest mine incident has had a significant impact on the coal markets and the finances of the mine’s owner, according to Reuters. Coal shipments have not been stopped but coal inventories will run out in the next two or three days. "Judging by the number of casualties it's a huge explosion and obviously the news is critical for the company. Taking aside the disastrous number of casualties, the production will fall,” said Igor Lebedinets from VTB Capital. “In addition, I don't rule out the possibility of a big fine from regulators, compensation for the families.”