The 80-year-old Verso Paper Corp. mill closing this month is being sold for scrap to a Canadian metal recycler for $60 million.
Verso spokesman Bill Cohen said Monday an agreement has been reached to sell the mill in Bucksport, Maine, to a subsidiary of Montreal-based American Iron and Metal.
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Earlier this month, Bucksport town manager Derik Goodine said he was hoping for a "December miracle" that would save the paper mill and its more than 500 jobs.
Cohen said he was uncertain how the mill would be used and how it might affect the employees, who will remain on the payroll until Dec. 31.
Pending sales of two shuttered Maine paper mills, in East Millinocket and Old Town, were announced this month.