Caixin
Nov 24, 2021 06:28 PM
BUSINESS

China’s Top Potash Producer Issues Profit Warning After Unlawful Mining Payout

What’s new: Qinghai Salt Lake Industry Co. Ltd., China's largest potash fertilizer producer, has warned of a fresh hit to its annual profit after it pays a further 111 million yuan ($17 million) in compensation for environmental damages to a Northwest China coalfield, after local authorities accused the firm of mining there unlawfully.

A Monday notice from the ecology and environment bureau of Qinghai province's Haixi Mongol and Tibetan autonomous prefecture asked Salt Lake to pay 195 million yuan for the environmental damage caused by the mining activity.

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