The nation’s largest rare earth mine took a long but tentative step back from the dead Friday after receiving Delaware bankruptcy court approval of a $20.5 million cash deal for Molycorp Minerals LLC that also covered more than $100 million of potential environmental liabilities.

Judge Christopher S. Sontchi approved the Chapter 11 sale motion after Molycorp’s attorney Vincent J. Marriott III of Ballard Spahr LLP reported resolutions of all objections to the transaction, at least for now.

“Plenty of parties will assert interest in the proceeds” and possible litigation, Marriott said.

Molycorp Minerals LLC’s trustee is represented by Vincent J. Marriott III, Tobey M. Daluz, Matthew G. Summers, Leslie C. Heilman and Laurel D. Roglen of Ballard Spahr LLP.

Read the full article here. Subscription may be required.