June 22, 2022

NEWS RELEASE

Investment in technology upgrades at Tacora Resources Inc. supports mining industry

Government of Canada investment supports clean, inclusive recovery and long-term economic growth  

June 22, 2022 · Wabush, Newfoundland and Labrador · Atlantic Canada Opportunities Agency (ACOA)

A key part of Canada’s economic recovery is supporting businesses as they adapt, grow and recover from the COVID-19 pandemic. Small and medium-sized businesses and the organizations that support them represent the backbone of regional economies. They generate well-paying jobs and are a source of pride for their communities. To do so, businesses and entrepreneurs need a strong foundation, built on technological innovation, inclusivity, and clean growth to create the workforce of the future.

Federal investment supports business growth

Today, Yvonne Jones, Member of Parliament for Labrador, announced a repayable investment of $3.3 million through the Jobs and Growth Fund (JGF) for Tacora Resources Inc. to improve productivity and create more jobs at its iron ore processing plant in Wabush. The announcement was made on behalf of the Honourable Ginette Petitpas Taylor, Minister of Official Languages and Minister responsible for ACOA.

Tacora Resources Inc. is adding two new Manganese Reduction Circuit (MRC) process lines – advanced technology equipment to improve processing and increase efficiency. The equipment uses separation processing technology to remove manganese and silica, resulting in a higher grade iron ore. High quality iron ore can benefit the environment by reducing steel plant emissions when it is used in ‘green steel’ production. Tacora Resources Inc. is contributing $6.2 million towards the initiative.

Launched in July 2021, the Jobs and Growth Fund (JGF) provides $700 million over three years to Canada’s regional development agencies to support a regional response and stimulate economic recovery following the COVID-19 crisis by investing in projects that will help to create jobs. Through the JGF, the Government of Canada aims to support the transition to a green economy, foster an inclusive recovery, enhance competitiveness, and create jobs in every corner of the country. 

Quotes

“The vitality of our business communities across Atlantic Canada is key to our economic recovery. We’ll continue to invest in our local businesses and the organizations that support them to create good jobs, support inclusive and clean growth opportunities, and build resiliency for years to come.”

- The Honourable Ginette Petitpas Taylor, Minister of Official Languages and Minister responsible for ACOA

“The mining industry is a key pillar of Labrador’s economy and provides employment and business opportunities for many of our residents. This investment in Tacora Resources is helping the company make important upgrades that will improve productivity, create jobs and contribute to a strong, competitive mining industry for years to come.”

- Yvonne Jones, Member of Parliament for Labrador

“Tacora Resources is very pleased to partner with ACOA on the MRC project of two additional manganese circuits that will help us reach our full production potential and produce a superior iron ore concentrate that is in great demand around the globe. Tacora’s investment in the Scully Mine will ensure long-term sustainability for the operation, providing stability and secure employment for the people of Labrador West – together we will win!

- Joe Broking, President and CEO, Tacora Resources Inc.

Quick facts

• Tacora Resources Inc. is an international iron ore mining and mineral processing company. It operates the Scully Mine near Wabush, Labrador, which produces high grade iron ore concentrate that is sold on the global iron ore commodities market.
• This project, along with other ongoing initiatives to upgrade the company’s processing plant in Wabush, is expected to create up to 80 new jobs.
• This initiative builds on manganese separation processing technology originally developed with $2.1 million in support from ACOA in 2010 and commercialized at the Scully Mine in Wabush.
• Newfoundland and Labrador’s mining industry had an estimated gross value of $6 billion in mineral shipments last year and provides direct employment to approximately 8000 people in the province.
• In Atlantic Canada, ACOA is delivering $70 million of the $700-million national Jobs and Growth Fund (JGF) to eligible businesses, non-profit organizations, community economic development partners, and Indigenous-led organizations and businesses, with projects that:
  • support the transition to a green economy
  • foster an inclusive recovery
  • preserve Canada’s competitiveness and future-proof businesses through digital adoption
  • strengthen capacity in sectors critical to Canada’s recovery and growth
• For more information on the application process, eligibility criteria and eligible expenses, or to apply for the JGF, reach out to your regional development agency.
• Canada’s regional development agencies are continuing to deliver targeted support for economic recovery in the region. Application intake is open through ACOA for the Canada Community Revitalization Fund, Jobs and Growth Fund, Aerospace Regional Recovery Initiative and Tourism Relief Fund.
  
  

Associated links

• Jobs and Growth Fund
• Tacora Resources Inc.

Contacts

Marianne Blondin

Press Secretary

Office of the Minister of Official Languages and of the

Atlantic Canada Opportunities Agency

[email protected]

Paul McGrath

Director of Communications

Atlantic Canada Opportunities Agency

709-689-5731

[email protected]

Graham Letto
Manager, Community and Government Relations
Tacora Resources Inc.
709-280-2489
[email protected]

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