VOCM News has learned that a buyer has been found for the St. Lawrence fluorspar mine.

The proposal will go before the Supreme Court this morning.

The successful bidder has not yet been identified. Nor is it known what their plan is for the mine, or how much they’re putting up.

However, the province, industry analysts and the town remain optimistic it will be re-started, given the healthy global demand for the mineral, not to mention being one of the only suppliers on the continent.

The news comes three days before the deadline to identify a preferred bidder.

Several extensions have been granted along the way and, if the preferred bidder is acceptable to the court, another will be sought to close the deal.

Canada Fluorspar filed for interim receivership in February, halting production and laying off about 250 workers, as it sought to avoid bankruptcy.

That freed up $6.5 million to keep the operation warm while the company and creditors worked on a restructuring plan and search for new investors.

The interim cash came from the provincial government and major creditor Bridging Finance Inc. on a 50-50 split.

The $3.25 million loan from the government would be in addition to $17 million initially approved in 2011 by the PC government. That plan was re-worked and re-approved by the Liberals in 2017.

To date, the province has received more than $1 million in interest payments from the now-insolvent Canada Fluorspar, with the balance of the loan still due by the end of this year. If the operation fails or defaults on the loan, the province still has a second security position over the company’s assets behind Bridging Finance.

The mine was reactivated in 2018, but experienced a number of setbacks over the past two years, not the least of which was the impact of the pandemic.

The inability to continue with construction and expansion of the mine, as well as issues with a new docking terminal, were also factors leading to lost revenue.

Fluorspar is used in the manufacture of aluminum, gasoline, insulating foams, refrigerants, steel and even uranium fuel.