Tacora Resources raises $212 mln in PE, debt to restart Scully Mine
Tacora Resources Inc has secured US$212 million ($280 million) in private equity and senior secured debt financing to restart the Scully Mine, an iron ore concentrate maker in Wabush, Newfoundland and Labrador. The equity investors included Cargill Inc. Tacora's main backer is U.S. private equity firm Proterra Investment Partners. Tacora, which acquired Scully's assets last year, previously raised US$64 million in mining equipment debt financing. The Grand Rapids, Minnesota-based company said it will now begin hiring, commercial contracts and capital projects. Tacora earlier in 2018 launched an initial public offering in Canada intended to raise up to $144 million.
27 November 2018•5 mins read
