Cape Breton Regional Council held an emergency meeting Thursday morning to discuss the future of the rail line between Sydney and St. Peter’s Junction.

The Cape Breton and Central Nova Scotia Railway plans to abandon that section of the line in October, but politicians and community stakeholders are joining forces to keep the rail line, saying it’s vital to Cape Breton’s economy.

Nova Scotia Transportation and Infrastructure Renewal Minister Geoff MacLellan and Cape Breton Regional Municipality Mayor Cecil Clarke have formed a working group, which includes all three levels of government and the private sector.

“We’re hearing from local stakeholders that this rail is absolutely necessary for the survival and development of the Port of Sydney, so we need a year, or year and a half,” says MacLellan. “I really think we can foster a plan together.”

U.S. parent company Genesee and Wyoming is abandoning the line when its annual $2-million provincial subsidy runs out in October.

The company says the run from Sydney to St. Peter’s isn’t viable and finding a new buyer would be difficult, but local businesses that depend on the rail line say their survival is at stake.

“We’ve asked all companies, would the discontinuation of rail service affect the viability of your business? And 100 per cent said ‘yes, absolutely,’” says Denis Lanoe of Copol International Ltd.

There is still a chance CN Rail could take over the line; a letter from the company to the province 21 years ago indicated it would take over the rail line if it was abandoned by a private operator.

“I wouldn’t suggest it’s legally binding, but I’ve reached out to CN,” says MacLellan. “I’ve spoken to one of their executives, Sean Finn, and he seemed more than accommodating to at least have a conversation and see where they can play a role.”

If the rail line is saved, MacLellan says its provincial subsidy will likely continue.

“I think with a non-partisan approach to this, using the minister, us as provincial representatives, and federal representatives being here, we should be able to come to some kind of solution,” says Progressive Conservative MLA Eddie Orrell.

It could take up to a year for the Utility and Review Board to formally approve the rail line’s abandonment.

With files from CTV Atlantic's Ryan MacDonald