A new buyer has been confirmed for the Canada Fluorspar mine in St. Lawrence. 

On June 6, the Supreme Court of Newfoundland and Labrador approved the sale of CFI to a private company registered in Singapore for $25 million, which closed today, June 13. The buyer is a subsidiary company of AMED Funds, a group of private equity funds with over US$1.4 billion in assets under management, including significant fluorspar investments and projects. AMED Fund’s team is composed of experienced professionals in the mining and exploration industry with an impressive track record and network of partners.

Industry Minister Andrew Parsons made the announcement in St. Lawrence Tuesday.

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. As a sponsor partner of AMED Funds and the buyer, Mr. de Bruin brings decades of mining experience to CFI.

The fluorspar mine in St. Lawrence is the only mine of its kind in North America. The mine is a significant employer in the region and an economic generator for the province. Fluorspar is integral to lithium batteries, solar panels and steel. Before 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. That will repay a loan of $3.25 million, plus interest, that it provided to CFI to sustain its operations during the sales and investment solicitation process. The Provincial Government 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 assist with the restart of the mine. This project is expected to reach into the tens of millions of dollars in expenditures.