The Cascade Coal Company, the first formal coal mining company to operate in the Bow Valley, opened a coal seam in the fall of 1883 along the Cascade River four kilometres east of Banff. Coal mined by the Cascade Coal Co. was sold locally for heating and cooking. Work in the mine was short-lived, however. The Cascade Coal Co. closed the mine in the winter of 1883 with plans to re-open it in the spring. Instead, the owners of the Cascade Coal Co. decided to sell the workings, which were bought by a group of businessmen who would go on to form the Canadian Anthracite Coal Co. and operate mines at Canmore and Anthracite, a coal-mining town located west of Canmore.