The new owners of the Manhattan Gold Mine are planning to close the mine in 2020.
The New York Times reports that the mining operation will be closed in 2018.
New York Mayor Bill de Blasio said in a statement to the Times that the decision will “make New York the last gold mine in the country not to employ a skilled workforce.”
He added that the closure “will mean the end of New York’s Gold Rush, which was once the nation’s economic engine and will be the most devastating blow to our economy since the Great Depression.”
The mines, located in Brooklyn, Queens and Staten Island, were originally slated to close in 2019.
But de Blasio signed a deal with the Goldmans last year to open the mine to private investors, in exchange for the Mine and Metallurgy Corp. (MMMC) taking over the operation and leasing the property to the city.
The deal has also allowed the Mine to move its operations to a new facility in New Jersey.
The mine was originally slated for completion in 2020, but the mine’s lease expired in December 2018.
The company has since put out a call for new proposals.
A spokesperson for the city told the Times the announcement was made by Mayor Bill De Blasio, who “has been working to close this mine and keep it open to help rebuild our economy.”