Iron was the most important mineral to be extracted in northern New York. Large deposits of iron ore are located in the northeastern Adirondacks.

However, mining companies needed more than iron ore to produce iron and be successful. Other resources, such as fuel, flux, and power were needed to transform raw iron ore into more usable forms.

Abundant amounts of these ingredients could be found in the Lake Champlain region. Forests provided wood, which was converted into charcoal to fuel forges and furnaces. Limestone was used as flux - a substance that helped remove impurities. Water was the main source of power and was provided by the many rivers in the region.