The idled St. Lawrence fluorspar mine has a new buyer, breathing new hope and optimism into the Burin Peninsula region.
Supreme Court Justice Alexander MacDonald approved the sale this morning, erasing more than a year of stress and uncertainty over the future of the mine and its roughly 250 workers.
The identity of the buyer and the purchase price remain sealed by court order, at least until the transaction closes, which is expected to happen on Friday.
All parties and lenders, including the provincial government which has about $20 million tied up in the restructuring, support the sale—largely based on the benefits of that, as opposed to losses for everyone, including the community, if it failed.
![](https://media.socastsrm.com/wordpress/wp-content/blogs.dir/900/files/2022/08/st-lawrence-canada-fluorspar-mine.jpg)
(Photo via Canada Fluorspar.)
But there’s also the acknowledged potential value of the mine and the fluorspar mineral itself, which is in demand around the world in the manufacture of aluminum, insulation, steel and refrigerants—not to mention direct access to international shipping lanes.
This was the second kick at the can to save the mine after an initial sale fell through last fall, moving it from warm in cold idle.
Work now begins to close the deal by Friday and ramp up the operation, as well as pay back secured creditors, including the province, still owed money by the former Canada Fluorspar.
It’s not clear yet when the mine will resume full operations.