Singapore-registered Fluorspar Holdings PTE Ltd is the new owner of the St. Lawrence fluorspar mine.

The Supreme Court of Newfoundland and Labrador approved the sale of the Canada Fluorspar (NL) Inc and its mine in St. Lawrence on Tuesday, June 6 and the $25 million sale closed today.

The provincial government says the buyer is a subsidiary of AMED Funds, a group with private equity funds of more than US $1.4 billion in assets in its management.

Now that the sale is complete, the new owner can begin the process of restarting the idled mine.

The provincial government will receive close to $4 million from the proceeds of the sale to help repay a loan of $3.25 million, plus interest, that was provided to CFI to keep operations going during the sales and investment solicitation process.

The province agreed with the buyer to provide up to, but not more than, $3.785 million toward the costs associated with a water treatment management plan at the site to help with the restart of the mine something that is expected to reach into the tens of millions of dollars in expenditures. The province says the funds will help to ensure the restart of the mine, jobs and economic activity in the region.