Blaming the plummeting price of silver, officials with Wallace's Galena Mine in Idaho's panhandle announced July 16 that they were laying off 126 employees.
Speaking in a gymnasium of Wallace High School, packed with Galena Mine staff, senior vice president of U.S. Silver and Gold Steve Long said the low price of silver and slumping sales have curtailed production at Galena. He also said the board of directors of U.S. Silver and Gold would take a 20 percent pay cut.
This morning's Coeur d'Alene Press reports that the layoff will affect more than 30 percent of Galena Mine employees, including hourly and salary staff, reducing the payroll to approximately 225 employees.
Meanwhile, the Press reports that the mine is seeking to develop the silver/copper Silver Halo area, with a higher grade potential.
"Until [silver] prices come back up, that is when we will gear up," said Long.