The sale of a 75 per cent slice of the Donkin coal mine to a subsidiary of the Cline Group has been completed, according to the company that holds the remaining stake.
Officials with Cline said last month the purchase of the mine from Glencore Xstrata Plc was near, prompting hope in Cape Breton the mine could reopen.
If Donkin reopens, it could create 300 jobs and produce close to three million tonnes of coking and thermal coal per year. This would be a big boost for the local economy.
News of the sale was confirmed Wednesday in a release by Morien Resources Corp., which owns 25 per cent of the project.
The province said Wednesday it had approved the transfer of the lease on the mine property.
Hugh Kennedy, the chair of a local community liaison committee, says Cline Group has organized a public information session in Donkin for Tuesday.