Wednesday, April 24, 2024 | St. Lawrence County, NY
BALMAT -- The Balmat zinc mine is changing hands in a deal worth close to $40 million. Titan Mining Corporation recently announced the deal to acquire the mine from Star Mountain Resources Inc., …
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BALMAT -- The Balmat zinc mine is changing hands in a deal worth close to $40 million.
Titan Mining Corporation recently announced the deal to acquire the mine from Star Mountain Resources Inc., which in early 2016 filed federal paperwork announcing intent to take upwards of $80 million in zinc from the mine.
The sale was done for $1 million on the closing date and another $2 million over the next two years. All in all, the mine is being sold for a total of $39.8 million, according to a press release.
The initial $1 million is being used to pay a Development Authority of the North Country loan, plus $500,000 in accrued interest.
WWNY is reporting the mine’s new owners could create 150 jobs.
