Tacora Resources Announces Financing for Restart of Scully Mine

Updated: November 27, 2018 06:46 PM

Tuesday was a big day for Tacora Resources, which is based out of Grand Rapids. The iron mining company announced they have closed on $212 million dollars in financing for the restart of the Scully Mine.

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The mine is in Wabush, Newfoundland and Labrador, Canada. Tacora purchased the assets of the mine in July of 2017. 

Larry Lehtinen is the CEO. He said in a statement, "We are extremely pleased to have the Scully Mine restart fully financed and to move forward with hiring the workforce and implementing the various commercial contracts and capital projects to bring the Scully Mine back to life."

According to the press statement, Cargill has made an equity investment and extended its long-term off-take agreement with Tacora, as well.

Tacora plans on hiring 10 people for the Grand Rapids office.

Cleveland-Cliffs at one time owned the Scully Mine.

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