The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
Jonathon Naylor Editor Hudbay no longer has a buyer for its idle Balmat zinc mine in New York State. Montreal-based Beaufield Resources announced last week that it has pulled out of a plan to purchase the property. Beaufield said the decision was made 'due to the current financial and market conditions for resource companies.' The junior miner said it will resume its focus on exploration at other properties. Just last month, Beaufield signed an exclusivity agreement and a non-binding letter of intent with HudBay to acquire Balmat for C$12 million and up to C$2 million in initial equity of Beaufield. Hudbay suddenly closed Balmat in 2008 because of rising operating costs and declining zinc prices. The move left about 225 people out of work. According to the Watertown Daily Times, an earlier deal for two other Canadian companies to acquire the mine for $14 million also failed this year. Balmat is located near the town of Gouverneur, New York, and is about three hours driving time from Montreal, where Beaufield has its office.
