Howden introduces 'world first' mining rescue product

miner

Howden Broking Group has launched a standalone product that mitigates the costs of rescue in the event of a mine collapse.

The ‘Minero' product, which Howden claims is the first of its type in the industry, was developed by the Hyperion broking arm in conjunction with Argo, which is backed by Lloyd's chain of security.

Minero is designed to mitigate the risks associated with rescuing miners and is an end-to-end product that covers the costs of the resources, equipment, logistics and personnel required for a rescue operation, supports affected employees and their families and helps manage company reputation, in order to prevent trading losses and protect share price and shareholder value.

In Mexico 6800 miners at Industrias Peñoles subsidiaries Fresnillo and Minas Peñoles are already signed up to the Minero product.

Industrias Peñoles, home to the world's oldest and second largest silver mining company, has become the product's anchor client. Focused initially on hard rock exploration, there is significant growth potential for Minero, with over 25 000 precious metal mines worldwide.

While much reduced in frequency, there are still 20 to 30 disasters per year globally, with a potential cost to the industry of over $1bn (£603m), according to Howden.

Commenting on the product launch, Adrian Colosso, Howden chief executive, said: "Howden has a longstanding reputation for innovation, and responding to industry trends and demands, and the Minero product highlights our ability to see an unresolved client issue and provide a real solution.

"Importantly, it has come to fruition as a result of the Howden team working collaboratively with Argo, and in turn with Lloyd's - a great example of how the industry can work together to support the development of the market.

"We're delighted to be offering Minero as a world first - a complete and bespoke product that can support the mining industry in every aspect of a rescue, so that absolute focus can be given to ensuring the well-being of a workforce in the event of a mine collapse."

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