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Tacora Resources Inc. (Tacora) is an innovative iron ore mining and mineral processing company focused on the acquisition, development and operation of iron ore reserves and assets which allow for the sale of high-grade iron ore products throughout the world.  With two mining and processing facilities in Scully Mine in Wabush, NL, Canada, and Sydvaranger, Kirkenes, Norway, Tacora is servicing high demand from customers throughout Europe, the Middle East, and Asia.

Our core values are the foundation of the Company and its high-performance culture with safety being the highest priority. We are passionate about innovation and excited about the future of iron ore. Empowering our people in a collaborative way to ensure achievement of performance improvement initiatives, efficient project execution and entrepreneurial thinking allow the Company and the communities which we operate in to sustainably grow and prosper.

The Company is privately owned by a collection of world class mining investors including Proterra Investment Partners, Cargill, Aequor Holdings, Orion, MagGlobal and the Tschudi group.

Scully Mine Background

Scully mine and concentrator are located in Wabush, Labrador, Newfoundland. The mine started operations in 1965 and eventually closed in 2014 under the re-structuring of Cliff Natural Resources.  During that period of operation, the mine had produced between 2.7 million and 6 million tons of iron ore concentrate annually which was shipped to Pointe Noire to be pelletized.

In July 2017, Tacora Resources Inc. purchased the Scully Mine, with a 6 million tonne per year iron ore concentrate capacity. During the course of the 2019 fiscal year, the Company restarted mining operations and commercial production at the Scully Mine. On May 25, 2019, ore was delivered to the crusher and the first mill was successfully started up on May 28, 2019. During June 2019, the Company successfully commissioned its concentrator and produced its first batch of wet concentrate, undertook its first mine blast and celebrated its first loaded train. On August 30, 2019, the Company announced that its first seaborne vessel shipment of iron ore concentrate produced at the Scully Mine departed the Port of Sept-Iles, Quebec, with a payload of 69,770 wmt of premium concentrate bound for a customer in Europe. Throughout the remainder of the 2019 fiscal year, the Company continued the process of ramping up commercial production (including bringing all six mills into operation).

During the 2020 fiscal year, the Company continued its focus on ramping up production at the Scully Mine.  The Company’s short-term strategy is to improve the Scully Mine and achieve name plate production capacity of six Mtpa of high-grade iron ore concentrate in the first half of 2022, on a run rate basis. Scully mine produces product with a concentrate grade as set out in the initial Feasibility Study at 65.9% Fe, a level that exceeds the specifications of both the industry’s standard 62% benchmark as well as the industry’s high grade 65% benchmark, with respect to both grade and quality.

Tacora has worked closely with various stakeholders including the Government of Newfoundland and Labrador and the United Steelworkers (USW) to bring mining jobs back to Labrador West. Today, over 325 employees are with the Tacora team.  The entrepreneurial nature of Tacora and appetite for new technology were key factors in the success of the re-start and contribute to the long-term success.