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Montreal Company To Buy Balmat Zinc Mine

Story Published: Feb 22, 2013 at 2:18 PM EDT

Story Updated: Feb 22, 2013 at 3:21 PM EDT

A Canadian company says it's buying the idled zinc mine in Balmat.

Beaufield Resources of Montreal announced it has signed an exclusivity agreement and a non-binding letter of intent with HudBay Minerals to acquire the Balmat Zinc Mine.

Beaufield said it hopes to close the deal in 90 days.

Under the terms of the agreement, Beaufield would pay $12 million Canadian and up to $2 million Canadian in equity.

HudBay closed down the mine in 2008, putting 200 workers out of a job.

A previous purchase agreement from OMT Incorporated and New York Zinc fell through.

See news release
Tuesday, May 21, 2013
, Watertown, NY

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