GRANDE CACHE, A.B. — A new buyer has been found for Grande Cache Coal after the coal mine in Western Alberta went into receivership nearly a year ago.
The mine, which is located near the town of 3,500 in the Rocky Mountains, closed in December 2015 because of low coal prices. Grande Cache Coal went into receivership last January after its Chinese owner defaulted on paying off a debt of roughly $500 million.
On Monday, the mine’s receiver Deloitte, LLP went before an Alberta Court seeking approval to sell the mine to a new buyer. The mine announced on its website that the Court approved the sale of GCC’s assets to SonicField Global Limited on January 8, 2018, with a view to closing a transaction by the end of May 2018.
SonicField has said it wants to reopen the mine, and the coal mine is accepting expressions of interest for a number of jobs. Details around the sale won’t be made public until three months after the deal is closed.