New life is about to be breathed into an old pit, as Tacora Resources Inc. announced today the Scully Mine will restart operations next summer. The company is expecting to create 260 jobs, and will start looking for those workers right away. A hiring information session is expected to take place Tuesday night, 6:30 p.m. at the Arts and Cultures Centre in Labrador City.
“It’s the life breathed back into our community again,” said Wabush Mayor Ron Barron. “Let’s get the show going and get people working.” Premier Dwight Ball was in Labrador West on Tuesday to make the announcement alongside Tacora CEO Larry Lehtinen.
“The work starts today, the hiring process starts today,” Ball said. “The next step and the way forward for Wabush starts today.” Lehtinen said the Scully mine has a future “decades and decades” long, with an expected annual production between 6 and 6.5 million tonnes of iron ore, which will be 65.9 per cent iron content.
He said he’s hoping to have “the first concentrate product hitting the railcar” in June 2019, and that the mine will be operating at full tilt in 2020. Tacora says the mine will operate for at least 25 years, with all of its product sold to metal supplier Cargill for the first 15 years.
Tacora secured a private investment of $212 million US, along with $64 million US in mining equipment debt financing to restart the mine. “It’s not easy raising that kind of sum of money,” Lehtinen said.
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