Saleine Mines sold to Canadian Salt

A wholly-owned subsidiary of the Quebec government’s Soquem, Seleine Mines, has been sold to Canadian Salt for $35 million.

The Saleine operation produces salt from a deposit situated on one of the Magdalen Islands in the Gulf of St. Lawrence. The mine has been in production since 1983, with the salt, used for de-icing, shipped to mainland Quebec, Newfoundland and the northeastern U.S.

Canadian Salt, a subsidiary of Morton Thiokol of Chicago, must keep the salt mine in operation for at least 10 years. It has agreed to modernize the mine during the next five years at a cost of $16 million and to boost annual production to 1.5 million tonnes from 1.25 million tonnes.