Grande Cache coal mine sale approved by Calgary court
Mine was shut down in 2015 after prices dropped and company was facing $500M in debt
The sale of the Grande Cache coal mine has been approved by a Calgary court.
Hundreds of jobs were wiped out when the metallurgical coal mine northwest of Edmonton shut down in 2015 after prices dropped and the company was facing $500 million in debt.
The mine was forced into receivership a year ago.
With steelmaking coal prices now rebounding, Sonicfield Global, one of the mine's lenders, plans to restart operations after the purchase closes in June.
A representative of the buyer is expected to be in Grande Cache next week to hold open houses and consult with the community.
Details around the sale won't be made public until three months after the deal is closed.
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