In November, Star Mountain Resources, Inc. completed the
acquisition of Balmat Holding Corporation – including St. Lawrence Zinc
Company, LLC and its mining operations in the Balmat mining district of New
York – after meeting all of the closing conditions of purchase agreements with
both Northern Zinc, LLC and HudBay Minerals, Inc. Following the announcement,
the company outlined plans to upgrade and modernize certain infrastructure
systems and develop additional access to the newly-acquired mining areas in
order to restart production in as little as six months.
Prospective shareholders were given an update on Star
Mountain’s progress earlier this week when the Watertown Daily Times
published an article highlighting the company’s recent
efforts to prepare to restart zinc production. Though the St. Lawrence Zinc
Company mine has been shuttered since 2008, there are no legal or regulatory
hurdles impeding the commencement of mining operations, leaving Star Mountain
free to move forward on an accelerated schedule. Last week, representatives
from the company met with St. Lawrence County officials to determine how local
agencies can assist with the hiring process.
“It will be a two-step process, finding the workforce and
training them,” Patrick J. Kelly, executive director of St. Lawrence County’s
Industrial Development Agency, told reporters following the meetings. “We have
agencies that have the expertise to help them identify a potential workforce.”
Initially, Star Mountain plans to hire about 50 employees,
but the company expects to staff the Balmat mine with as many as 150 employees
in the future. The schedule for additional hires will likely depend on the
amount of time it takes to recommence active mining operations at the property.
County legislator Joel L. LaPierre estimated that it would take roughly a year
to begin extracting zinc from the mine in a recent interview.
The Balmat mining complex – including a 4,000-foot-deep
mine, a 5,000-ton-per day flotation mill, an office building and necessary
infrastructure for mine operation – was originally shuttered as a result of
declining zinc prices, but forecasts for the coming months are promising.
According to Mark Osterberg, president and chief operating officer of Star
Mountain, zinc prices are set to increase beginning next year following the
closure of several zinc mines with depleted reserves.
To read the Watertown Daily Times article, visit
http://www.watertowndailytimes.com/news05/plans-to-reopen-st-lawrence-zinc-move-forward-20151130
For more information, visit www.starmountainresources.com
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