Tacora finds buyer for Wabush iron ore
Tacora Resources Inc. announced Tuesday it has entered into a five-year agreement with Cargill for the iron ore from the Wabush Scully Mine.
The agreement Tacora entered with Cargill is that the multinational company will purchase all of the high-grade iron ore concentrate produced by Tacora through 2022.
Tacora is a recent player on the mining landscape, and is focused on “the acquisition and revitalization of iron ore assets,” according to the company. Cargill operates in 70 countries and mostly works in the food and iron ore and steel sectors.
The company also announced it had recently finished acquiring the assets of the Scully Mine in Wabush, which means the collective agreement it recently signed with the United Steelworkers is now in effect.
Tacora president Matt Lehtinen said the company has formed a great working relationship with the United Steelworkers, and worked closely with the union to structure a new collective agreement in an effort to bring mining jobs back to Labrador West.
“This region has a rich tradition in iron ore mining and with the continued support of all stakeholders, the people of Labrador West can look forward to seeing Scully’s valued iron reserves come back into production,” Lehtinen said.
Labrador West MHA Graham Letto said he has worked closely with the Department of Natural Resources and the Department of Municipal Affairs and Environment to find a new owner for the mines.
“I am very pleased that Tacora has made significant progress in reaching an agreement to purchase the assets of the Scully Mine and I will continue to provide my support to their efforts to reopen the mine and provide employment to the people of Wabush and Labrador West,” Letto said.