The province has struck a deal with a company based out of Mumbai, India to purchase the facility.
Minister of Natural Resources Michael Gravelle says he can't release much about the deal but notes several Provincial Ministries were involved.
He says Economic Development and Trade, Ministry of Northern Development and Mines and the Ministry of Energy all played a crucial role in securing the deal.
Gravelle says he hopes to have everything finalized by the end of this month.
The company plans to invest more than 250-million dollars to convert the facility to dissolve wood pulp for rayon fibre.
Aditya Birla Group is a major world-wide company which has 130,000-employees in 36-country's.
The company also owns 2-dissolve pulp mill's in New Brunswick, similar to the one that will be established in Terrace Bay.
Terrace Bay Mayor Michael King says the move will create 275 mill jobs, 335 more in the woodlands and a total of 1,900 jobs.
