 An accident on 16 August 1929 killed to miners, and from that season the ministry decided to terminate the subsidies and halt production due to the company's lack of profitability.The company hired three to four men to stay in the town each winter, including a telegraphist.As of 1 January 1929 Kings Bay owed NOK 6.2 million plus interest of NOK 3.6 million to the government and NOK 8.8 million to Aalesunds Kreditbank.