How shipping challenges and a cash-flow crunch have pushed a St. Lawrence mine to the brink
CBC
Despite growing production and a thirsty market, logistical challenges and a cash crunch have pushed the fluorspar mine in St. Lawrence, N.L., to the brink, sending economic shockwaves throughout the Burin Peninsula.
More than 200 employees at Canada Fluospar Inc. received layoff notices this week, leaving just dozens of workers on site to maintain and secure the assets.
The sudden announcement that a court-appointed interim receiver — accounting and advisory firm Grant Thornton — had been installed to oversee the business while creditors scrambled to keep CFI from going bankrupt was being felt in homes all over the peninsula.
"It was a good job. I was home every night in my home," said St. Lawrence resident Daryl Doyle, who received his layoff Tuesday.
Doyle had worked on and off at the mine for nearly five years, most recently as a truck driver, moving concentrate.
"It was pretty good pay for this area," he said. "It's a big blow for a lot of people."
The Town of St. Lawrence is also in a pinch, with a large part of its 2022 operating budget now in jeopardy if CFI goes under.
CFI pays a grant in lieu of taxes to the town, with $450,000 expected from the company this year.
That's a large share of the $1.7-million annual budget for a town of just 1,100 citizens, according to the latest census.
"We're going to be doing everything in our power to ensure that our residents are not hit again by this," said Mayor Kevin Pittman.
If the worst-case scenario unfolds, Pittman said, the town may have to do some restructuring as well.
"But our current plan is not to lay this at the feet of our residents who are already hurting," he said.
According to an application this week to the Newfoundland and Labrador Supreme Court by Bridging Finance, which has provided $55 million in loans to CFI, the business was within days of exhausting all its cash, and having to cease operations completely.
Bridging Finance asked the court to appoint Grant Thorton as interim receiver, a request that was granted Monday by Chief Justice Raymond Whalen.
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