For thousands of other reports visit RSC's Mineral Intellingence Map
Tacora Resources Inc.
Summary
| Project: | Scully Mine | |
|---|---|---|
| Deposit: | Scully Mine | |
| Location: | Canada | |
| Commodities: | Iron-Manganese | |
| Date: | 2/5/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine in Care & Maintenance | |
| Report details: | 5-2-2018: Tacora Resources Inc. announces a Feasibility Study report for its Scully Mine deposit at the Scully Mine project. Feasibility Study results incl. After-tax NPV (8%) $1.12B, IRR 40.7%, payback period 2.6yrs. The Scully mine (“Scully Mine” or “Sc | |
| Resources: | (Reserve, P+P): 443.672Kt @ 34.83% Fe, 2.58% Mn at project | |
| CP/QP: | [Resources]: Rejean Sirois (G Mining Services Inc.) | |
| ABSTRACT: | The Scully mine (“Scully Mine” or “Scully” or the “Project”) is located 5 km from Wabush and Labrador City in Newfoundland and Labrador. Tacora Resources Inc. (“Tacora”) plans to restart production of the Scully Mine in 2018. This report contains the plans and information to restart the project adhering to the standards and reporting regulations of the National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). No previous NI 43-101 technical reports have been issued on the property by any previous owner. Emphasis is placed on redesigning and upgrading the concentrator facilities to increase production rates and reduce manganese content to below 2%. Iron ore was first reported in the Wabush area in 1933. In 1956, Picklands Mather & Company (“PM”) began work on the project and started the first intensive geological, metallurgical and economic investigation. A pilot plant was built and successfully produced 100,000 tonnes of concentrate. The Scully Mine was operated by PM, a subsidiary of Moore-McCormack Resources, from 1965 to 1986 when PM was acquired by Cleveland-Cliffs Inc. (“Cliffs”) who operated it from 1986 until being put on care and maintenance in February 2014. For most of its life, the mine was a joint venture owned by Stelco (37.9%), Dofasco (24.3%), Inland Steel (15.1%), Acme Steel (15.1%) and Cliffs (7.7%) but after various mergers and acquisitions in the North American steel industry the ownership was consolidated between Cliffs, ArcelorMittal and U.S. Steel Canada whereby each company respectively owned a joint venture percent ownership of 26.8%, 28.6% and 44.6%. Cliffs exercised their right of first refusal in February 2010 to acquire 100% ownership of the property for approximately USD 88 million. | |
Full Report
opaxe is a smart software platform that reconfigures and redistributes information and produces business insights to help mining professionals and investors make better decisions. We utilise technology and machine learning for data collection and human intelligence for the value-added services.
Full Report