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A coal mine in Grande Cache is bankrupt, delivering another setback to the town northwest of Edmonton that once relied heavily on the steelmaking coal producer as its economic engine.

Grande Cache Coal has attempted to calm fears at the municipality — which is dealing with shrinking tax revenues as residents leave and businesses shutter — with assurances the mine will reopen this summer.

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“Grande Cache’s legacy is the coal mine; it will always be the coal mine,” said Yvonne Rempel, a town councillor. “Is our community still struggling? Absolutely, but it’s also the downturn in the economy…

“As council, we’re doing our best to stabilize what we already have and continue to work with industry and see what we can do to move things forward.”

Grande Cache Coal declined to comment, but the company sent a letter to the town warning it was heading into receivership, which would allow it to restructure, and that the mine would reopen in July.