After a false start last fall, the St. Lawrence fluorspar mine has been acquired by a company that wants to start it back up. And that’s music to the ears of the town, the Burin Peninsula, and the provincial government.

The sale, approved yesterday by the Supreme Court, is expected to close by Friday.

Phil Clarke, who is with Grant Thornton, is the court-appointed monitor who oversaw the process and purchase. About $140 million is owed to creditors but just how that process will play out remains to be seen. Clarke says unsecured creditors may not see any of that money.

He doesn’t know when the mining operation will resume. Close to 300 people were employed at the time of closure.

Clarke says there will be an opportunity for people to be rehired.

The Government of Newfoundland and Labrador is in it for about $20 million but much of that it gets back is a question.