Scully Mine

Our

Operations

We are Iron Ore.

Tacora Resources 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.

At Tacora, we drive progress – the right way; sustainably producing the most sought-after iron ore in the world.  In the most progressive places on the planet. With new approaches to old problems, we’re always planning for tomorrow.

Winter in Scully Mine Tacora

On July 18, 2017, Tacora completed the acquisition of the Scully Mine, an iron ore mine and processing facility located north of the Town of Wabush in Newfoundland and Labrador, Canada, together with the Wabush Lake Railway.

Scully Mine

The mine started operations in 1965 and eventually closed in 2014 under the restructuring 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.

Following the completion of a Feasibility Study (NI 43 – 101) for the Scully Mine in December 2017, as prepared by G Mining Services, Inc. (“GMS”) and Ausenco, Tacora focused on opportunities to finance the restart of the Scully Mine. On November 27th, 2018, Tacora announced it had closed on $212 million in private equity and senior secured debt financing, which together with up to $64 million in mining equipment debt financing, fully funded the restart of the Scully Mine. In addition, during the 2018 fiscal year, the Company amended the Cargill Offtake Agreement and finalized certain port access agreements and rail/transportation agreements in anticipation of the successful restart of the Scully Mine. During the course of the 2019 fiscal year, Tacora restarted mining operations and commercial production at the Scully Mine. On May 25th, 2019, ore was delivered to the crusher and the first mill was successfully started up on May 28th, 2019. 

During June 2019, the Tacora 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 Tacora announced that its first seaborne vessel shipment of iron ore concentrate produced at the Scully Mine departed the Port of Sept-Îles, 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, Tacora continued the process of ramping up commercial production (including bringing all six mills into operation).

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 with Cargill, who purchases 100% of the high-grade iron ore concentrate produced by the Scully Mine and Cargill has rolling options to extend this agreement over the life of the Scully Mine.

Scully Mine

On July 18, 2017, Tacora completed the acquisition of the Scully Mine, an iron ore mine and processing facility located north of the Town of Wabush in Newfoundland and Labrador, Canada, together with the Wabush Lake Railway.

The mine started operations in 1965 and eventually closed in 2014 under the restructuring 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.

Following the completion of a Feasibility Study (NI 43 – 101) for the Scully Mine in December 2017, as prepared by G Mining Services, Inc. (“GMS”) and Ausenco, Tacora focused on opportunities to finance the restart of the Scully Mine. On November 27th, 2018, Tacora announced it had closed on $212 million in private equity and senior secured debt financing, which together with up to $64 million in mining equipment debt financing, fully funded the restart of the Scully Mine. In addition, during the 2018 fiscal year, the Company amended the Cargill Offtake Agreement and finalized certain port access agreements and rail/transportation agreements in anticipation of the successful restart of the Scully Mine. During the course of the 2019 fiscal year, Tacora restarted mining operations and commercial production at the Scully Mine. On May 25th, 2019, ore was delivered to the crusher and the first mill was successfully started up on May 28th, 2019. 

During June 2019, the Tacora 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 Tacora announced that its first seaborne vessel shipment of iron ore concentrate produced at the Scully Mine departed the Port of Sept-Îles, 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, Tacora continued the process of ramping up commercial production (including bringing all six mills into operation).

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 with Cargill, who purchases 100% of the high-grade iron ore concentrate produced by the Scully Mine and Cargill has rolling options to extend this agreement over the life of the Scully Mine.

%

Local workforce

%

Of our workforce are women

Employees at Scully Mine (to date)

$195,812,585

Procured directly in the Labrador region. (2022)

%

Recycled water in the milling process

%

Hydroelectric renewable power

Tonnes scrap metal recycled

%

Reduction goal in GHG emissions

Less than 2%

Manganese in the final concentrate

6 Million

Tonnes of nameplate capacity