The High Court has approved the sale by the receiver appointed over the Bula lead and zinc mine at Nevinstown, Co Meath to adjoining landowner, Tara Mines for €35 million euro.
Afterwards Michael Wymes, one of the two remaining directors of Bula (in receivership) said they would consider an appeal to the Supreme Court.
So far the 31 year old saga has resulted in massive legal bills estimated at between €15-20 million.
Receiver Laurence Crowley was appointed to October 1985 by the banks when the debt of Bula was €17 million. The sale of the mine will only partially discharge the debt now estimated to be over €76 million.
For Mr Wymes and his co-director Richard Wood it means huge legal bills. Both men are currently awaiting a Supreme Court hearing of their appeal against another High Court finding when it was held that debts owed to the banks by Bula were not statute barred.
The court was told last April that plans for the re-opening of Tara mine this month was predicated on the application before the courts for the sale of the ore body to be concluded.
Appproving the sale today, Mr Justice Roderick Murphy said the receiver belived the Tara offer represented the best available price for the mine in all the circumstances and is by far the best offer which it has been possible to obtain following an extensive and exhausive marketing campaign.
