The sale of the former Rambler mine has been approved by the Supreme Court.

Australia-based AuTECO Minerals Limited will pay about $65 million for the business, calling it “a rare and outstanding acquisition.”

It includes the Ming Mine and Nugget Pond gold and copper processing sites, as well as concentrate storage facility at the nearby deep water port in Goodyear’s Cove.

The operation has been shut down since February when financiers stopped funding it due to mounting losses when supply couldn’t keep up with demand.

Rambler sought creditor protection from the courts, triggering a sale and solicitation process, with the focus on finding a bidder who would continue on with the operation, as opposed to winding it down.

Hundreds of people benefit either directly, or indirectly, from operation of the mine—the Baie Verte Peninsula’s largest private employer.

The sale is expected to close in late October, with work already ramping up on-site.