The group of investors will buy the mine from Placer Mining
Specializing in remediation of closed deposits, the investment Group signed an agreement with Placer Mining. We are talking about purchasing from the company’s mine zinc Bunker Hill. It is located in Idaho and was stopped in the late 70s. It was the Bunker Hill was considered the most significant supplier of American zinc. The transaction value reaches $ 45 million. However, while the buyer is willing to pay only 3.65 million dollars. The remaining amount will be made after five years. The remaining commitments will be closed over the next five years.
Development of the field of Bunker Hill began in 1880. The mine operated for nearly one hundred years. Interestingly, it is not closed because of exhaustion of the zinc-containing reserves or ore with impurities of lead and silver. Case and not in lower profitability. The reason for the closure lies in the incredible pollution of the natural environment. In accordance with the studies of that time the inhabitants of the surrounding area of the mine was observed in lead poisoning. Also as a result of the activities of the mine, the environment has been poisoned by cadmium and arsenic.
In 1983 the company got into a program to clean up contaminated areas. At the moment the project has been completed. In the early 90s in the process of exploration has found significant reserves of raw materials. Presumably, their volume will exceed 60 million tons. The average content of zinc in the ore is about 6%. Despite the dismantling of the smelting plant and other surface facilities, underground economy is almost completely preserved. Also after stopping the activities of the mine pumping water and cleaning continued. So the mine can return to work after two years. This will require at least $ 100 million.