As with the Low Mill, the High Smelt Mill was also built by the Earl of Cumberland. This was apparently done in order to ease the load on the Low Mill. In some publications, the High Smelt Mill has also been referred to as the Old Moor Mill, and was constructed in 1637 operating until 1650. It was located directly across from the Cupola Smelt Mill on the opposite side of Dukes New Road which at the time had not yet been built. The grid reference for its location is SE 02486638.

The mill was located close to the mines on the Out Moor (also referred to as the High Moor), making it easier than having to transport ore three miles along Old Moor Lane to Yarnbury, and then down to the Low Mill. It had only one ore hearth and also had two peat houses in addition to the main building. This would suggest that peat was the main source of fuel for the hearth which could be collected from the moor rather than having to transport wood from elsewhere. To power the bellows, a small mill stream was brought across the moor which would operate a waterwheel. Whilst the mill was in an ideal location to process ore directly from the mines, it was susceptible to loss of waterpower due to frost or drought. In contrast, the Low Mill could continue operating year round thanks to a constant supply of water from underground.

It is thought that the High Smelt Mill was demolished sometime after the Cupola Mill was constructed, and there are barely any remains aside from some small heaps of slag and the outfall from the waterwheel.