New buyer confirmed for fluorspar mine in St. Lawrence

A new buyer has been confirmed for Canada Fluorspar Inc. and its fluorspar mine in St. Lawrence.

Rudolph de Bruin, Director of Fluorspar Holdings Pte Ltd has been confirmed as the buyer.

On June 6, the Supreme Court of Newfoundland and Labrador approved the sale of the company to the buyer, a private company registered in Singapore, for $25 million.

With the sale in place, the new operator can now engage with employees, contractors, and suppliers over the coming months to restart the idled mine.

The fluorspar mine in St. Lawrence is the only mine of its kind in North America. Fluorspar is integral to lithium batteries, solar panels and steel. Prior to its closure in February 2022, the mine produced acidspar grade fluorspar and shipped its product year-round to global customers in Canada, the United States, Europe and Asia.

The Provincial Government will receive close to $4 million from the proceeds of the sale.