Despite the price of zinc having increased in recent months, Nyrstar will not be resuming operations at their three Smith County mines.
The company abruptly shut down the mines in Carthage, Gordonsville and Elmwood back in December, leaving employees without a job only a couple of weeks before Christmas. The closures came as a result of declining zinc prices — down 24% at the time the mines were shut down.
In the months since the closure of the mines, zinc prices have been on the rise, leading some to wonder if the mines will be sold and reopened.
According to an article published in The Financial Times, Nyrstar is extending the sale process of its zinc mines to attract more potential buyers as zinc prices continue to climb. Despite the recent increase in prices, the company is invested in exiting the zinc mining business as part of a larger restructuring process.
As the company awaits a new buyer for its mining operations, only a skeletal crew remains at each of the three mines in the county to ensure they don’t flood, in addition to a security crew.
The sale process of Nyrstar’s zinc mining operations probably won’t be completed until 2017, leaving those awaiting the reopening of the county’s three mines to have to wait at least a little while longer.
