Kennecott to close Alaskan zinc mine

Kennecott, the U.S. subsidiary of RTZ, is ceasing production at its 53% owned Greens Creek zinc-lead-silver mine, near Juneau, Alaska.

The closure, which will eliminate 230 jobs, is due to low metal prices. The 1,100-ton-per-day mine began in 1989 and was developed as a joint venture among Kennecott, Hecla Mining (NYSE), CSX Energy and Exalas Resources. In 1992, the mine produced 40,480 tons of zinc, 6.98 million oz. of silver and 16,610 tons of lead.

Development work and engineering studies will continue at the mine in the event that higher metal prices trigger a re-opening, Kennecott reports.