FOWLER — After sitting idle for nearly a decade, the former St. Lawrence Zinc Co. mine is being refurbished and is expected to start extracting zinc early next year.
Titan Mining Corp., Toronto, recently secured the remaining $50 million needed to get the mine operating by selling 35.75 million stock shares at a price of $1.40 a share on the Toronto Stock Exchange.
Keith A. Boyle, Titan’s chief operating officer, said the financing was the last major hurdle. The mine will be called Empire State Mines and will operate as a subsidiary of Titan. “That was the final piece,” Mr. Boyle said Wednesday. “We are off and running. There’s nothing left to do on the financial side.”
He said the New York Power Authority played a key role in getting the mine reopened by providing low-cost power. In December 2014, NYPA awarded the mine 4 megawatts of low-cost hydropower generated at the St. Lawrence-FDR Dam, Massena.
“They were a catalyst in helping restart the operation with the low-cost power that will be provided,” Mr. Boyle said. Crews from Dumas Construction, a Toronto company that has a U.S. subsidiary, started working at the site on Monday and have hired several local people. The company was involved in the mine in 2006 and again in 2008.