Miners killed in China : at least 74 dies

From New York Times Feb 22, 2009
http://www.nytimes.com/2009/02/23/world/asia/23miners.html?hp

Okay, here is what happened.
China is known as having the most dangerous mining industry measured by the death rates.
This accident happened in the Tunlan Coal Mine in Shanxi province.
Xinhua( China's state news agency) reported thatt he blast or an explosion occured at 2:17AM.
The mining company was called the Shanxi coking Coal group.
This group, listed on the Shanghai Stock Exchange, is one of China's largest producers of coking coal. Which totals to be about five million tons a year.

Surprisingly, this coal mine was considered safe in China sinece it had no accident reports for the past 5 years.
ONLY 5 years.

This accident ranked itself for the 2nd deadliest accident since December of 2007, where it killed 105 miners.

However, due to the nature of being able to make tons of money, coal mine business seems to be attractive among the chinese.

There must be a way to manage these type of losses.
Because having 74 people being killed in a single accident seems very serious.
Government as well as other types of institutions must figure out the way to avoid these riks.
Risk managers in China should be able find a big niche market just by consulting with these large coal mining companies and providing them with an idea of safety standard.