Future of St. Lawrence Zinc in Question
It's been almost three years since St. Lawrence Zinc idled it's mining operation, putting close to 200 miners out of work.
At the time the price of zinc had dropped to about $.80 cents per pound. Now, despite the changing economy and a zinc price that has rebounded to $1.09 per pound, the mine still remains in maintenance mode with no immediate sign of reopening.
Industry analysts say while zinc demand is rising, it's not enough to create a supply crunch that could help boost prices.
Vice President John Vincinc tells us the company reviews it's assets on a regular basis to see if there are ways to optimize the value. In his words, "With regards to the Balmat Mine, there are no plans at this time to restart operations at the mine."
County Industrial Development Agency Executive Director Raymond Fountain says stable and higher zinc prices are necessary to allow resuming production at the mine to be profitable.
"You need consistent pricing so that you can plan for the future and know you'll have a marketable product at a price that will allow you to be open and be profitable," says Fountain
Tuesday, July 29, 2014, Watertown, NY