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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 and quality iron ore products. With two mining and processing facilities: Scully Mine in Wabush, NL, Canada, and Sydvaranger, in Kirkenes, Norway, Tacora is servicing high demand from customers throughout Europe, the Middle East, and Asia.

With core values as the foundation of the Canadian and Norwegian operations, establishing a high-performance organization is essential.   Passionate about innovation and excited about the future demand for high-quality iron fines produced in both locations. A collaborative approach to projects, delivery of performance improvement initiatives, and the entrepreneurial mindset of the company are all essential to develop growth opportunities.  The highest priority is zero harm, the foundation to allow an operation and an organization to reach high performance and be sustainable long term and provide economic benefits for the communities where we operate.

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. Operations were successfully restarted with the first production in June 2019.  Tacora 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.

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 an agreement, Cargill to purchase 100% of the high-grade iron ore concentrate produced by Scully Mine through to the end of 2022.

The Company’s equity investors include: funds managed by Proterra Investment Partners LP; Aequor Holdings LLC; Cargill Inc.; Orion Mine Finance; MagGlobal LLC and The Tschudi Group.