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Sale Pending For Local Zinc Mine

Story Published: Jul 12, 2012 at 5:12 PM EDT

Story Updated: Jul 12, 2012 at 9:20 PM EDT

The mine has been idled for the last four years when Canadian-based HudBay put nearly 200 miners out of a job.

Under the proposed purchase agreement, OMT Incorporated and New York Zinc, a privately held mining company, have combined to assume ownership of the mine from HudBay for $14 million.
 
The name would change from St. Lawrence Zinc to the Wildcat Zinc Corporation.

The actual closing hinges on a number of conditions and regulatory approvals.

Does it mean the zinc mine may resume production anytime soon?

HudBay officials would only tell us the company "had entered into an exclusive agreement and confidentiality agreement with another party."

Our calls to New York Zinc President Mike Hoffman were not returned.

A source says the $14 million transaction would see HudBay receive $4 million at the time of the closing, another $5 million when the first 10,000 tons of ore are mined from the Balmat operation and the remaining $5 million when full-time commercial production begins.
Wednesday, May 22, 2013
, Watertown, NY

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