Tacora Resources Inc., CCAA

Tacora Resources Inc., a Wabush, Newfoundland and Labrador-based iron ore mining and development company, obtained CCAA protection on October 10, listing approximately $427 million in liabilities.

The filing follows years of liquidity issues and operational challenges, including volatility in iron ore prices, increased operational costs due to reduced production levels and the wildfires in Quebec in June 2023 which restricted transportation.

The company will use the restructuring proceedings to secure financing and preserve the value of the Scully Mine. Cargill Inc. has agreed to provide a DIP loan of up to $75 million to the company during the proceedings.

FTI is the monitor.

Counsel is Stikeman Elliott for the company, Cassels for the monitor, Goodmans for Cargill, and Langlois for Québec North Shore and Labrador Railway Inc.

By: Dina Milivojevic