A total of 29 people were working underground when the mine collapsed on Friday in Pingyi County, Shandong Province.
One worker was dead, four managed to escape, and seven others were rescued.
Ma Congbo, chairman of Yurong company that owns the mine, drowned himself by jumping into the water when working together with the rescue team in the early hours today.
Zhang Shuping, mayor of Linyi city, said more than 700 rescuers are trying to rescue 17 workers who are still trapped underground.
According to China Earthquake Networks Centre, the collapse was caused by an earthquake measuring 4 on the Richter scale in Pingyi County.
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