The firm overseeing the sale of the St. Lawrence fluorspar mine says there was global interest in the property.
And not all of the proposals had continued operations in mind, according to the court-appointed monitor, Grant Thornton.
As VOCM News first reported yesterday, an unnamed investor who wants to restart the mine has been chosen.
Lawyer and Grant Thornton VP Phil Clarke was asked if their plan to resume production swayed the selection.
He says they always consider the intentions of the potential purchaser with operating bids considered generally better than liquidating bids, noting that’s a “rule of thumb” with insolvencies but also one of many factors.
The Supreme Court, which must still approve the sale, yesterday granted more time to get it done.
The transaction is expected to close in late October, much to the relief of the mine’s 250 or so workers, the town of St. Lawrence and surrounding communities.
(Photo via Town of St. Lawrence.)
St. Lawrence Mayor Cautiously Optimistic
The town of St. Lawrence is cautiously optimistic following the announcement that the successful bidder on the fluorspar mine intends to reopen it.
Mayor Kevin Pittman calls the announcement “good news,” but says until more details are released, they are cautiously optimistic as they don’t know the buyer or structure of the deal.
He says they’ve been wondering if it would be mothballed or activated, so it’s a relief that production should take place.
Pittman says about 30 percent of mine employees were from St. Lawrence, with many others from elsewhere on the Burin Peninsula, so they are excited to bring workers back to the area.
