Tacora Resources
Tacora Resources is a private Canadian iron ore producer operating the Scully Mine in Newfoundland and Labrador, selling premium 65.5% Fe magnetite concentrate to global steel producers exclusively through a Cargill off-take agreement running through 2033.
- Company typePrivate
- Founded2017
- HeadquartersBrossard, Canada
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Tacora Resources does
Tacora Resources Inc. is a private Canadian iron ore mining and mineral processing company that operates the Scully Mine in Wabush, Newfoundland and Labrador. The company produces a premium high-grade magnetite iron ore concentrate at 65.5% Fe with low silica (<3%) and low manganese (<2%) content, positioning the product for steelmakers seeking to improve blast furnace efficiency and reduce emissions per tonne of steel. Scully Mine has a nameplate capacity of 6 million tonnes per year, and Tacora reports approximately 328 employees (as of March 2021), 90% of whom are based in Labrador West. The company emerged from CCAA restructuring in September 2024 with a strengthened balance sheet and a stated plan to realize production growth. Tacora generates revenue by selling concentrate, with 100% of Scully Mine output purchased and globally marketed by a Cargill subsidiary under a long-term off-take agreement extended through 2033 and transported via rail to the deep-water Port of Sept-Iles, Quebec. Pricing is not publicly disclosed; transactions flow through the Cargill channel to end customers across Europe, Middle East, and Asia. A secondary potential revenue stream from manganese byproduct, currently being tested for conversion to battery-grade manganese sulfate in China, is in development with funding support from ACOA and could diversify the single-commodity revenue base into the critical minerals and EV battery supply chain.
Tacora Resources firmographics
Firmographics- Name
- Tacora Resources
- Legal name
- Tacora Resources Inc.
- Website
- https://tacoraresources.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Tacora Resources is a private Canadian iron ore producer operating the Scully Mine in Newfoundland and Labrador, selling premium 65.5% Fe magnetite concentrate to global steel producers exclusively through a Cargill off-take agreement running through 2033.
- Ownership category
- akta.pro rank
Tacora Resources industry classification
Industry- Product category
- Iron Ore Mining
- NAICS
- Iron Ore Mining (212210)
- SIC
- Metal Mining (1000), Wholesale-Metals & Minerals (No Petroleum) (5050)
- akta.pro primary industry
- Iron Ore Beneficiation & Concentration (Crushing, Screening, Washing, Magnetic Separation) (IMAKAAAD)
- akta.pro secondary industries
- Manganese Ore Mining & Concentrates (IMAKAFAF), Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI), Industrial Minerals Trading (Phosphate, Potash, Sulfur, Borates, Barite, Talc) (IMAKAJAF)
Keywords
Where Tacora Resources is headquartered
LocationHeadquarters
- HQ city
- Brossard
- HQ country
- Canada
- HQ region
- North America
Offices3 records
Markets served
Tacora Resources business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D
Revenue model
- Iron Ore Concentrate Sales: Production and sale of high-grade iron ore concentrate (65.5% Fe, low silica, low manganese) to global steel producers. 100% of production is purchased and marketed globally by a Cargill subsidiary under a long-term off-take agreement.
- Manganese Byproduct: Manganese is a byproduct of iron ore production. Tacora is testing manganese byproduct at a facility in China to refine it into high-quality concentrate, which could create a second revenue stream.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels6 records
Tacora Resources product offering
Product offeringCore offering
Tacora Resources acquires, develops, and operates iron ore reserves, producing high-grade magnetite iron ore concentrate (65.5% Fe content with low silica and low manganese) at the Scully Mine in Wabush, Newfoundland and Labrador, Canada. The company has a nameplate capacity of 6 million tonnes per year and sells 100% of its production under a long-term off-take agreement with a Cargill subsidiary for global distribution to steel manufacturers. It also generates manganese as a byproduct being tested for battery applications.
Product overview
Tacora Resources is an innovative iron ore mining and mineral processing company that operates as a single-product producer focused on high-grade iron ore. The company's core product is its Magnetite Iron Ore Concentrate (65.5% Fe) produced at the Scully Mine in Wabush, NL, which is a premium sinter feed product with low silica and ultra-low levels of alumina and phosphorous. The company also generates Manganese as a secondary byproduct during iron ore processing. 100% of the iron ore concentrate is purchased and marketed globally by Cargill. The company's product portfolio is simple and unified, centered on sustainable, high-quality iron ore production for the global steel-making industry, with emerging potential for manganese sulfate production supporting the green economy.
Differentiator
Problem solved
Functional benefit
Products and services
- Tacora Premium Concentrate (Magnetite Iron Ore Concentrate) High-grade magnetite iron ore concentrate with 65.5% Fe content, low silica (<3%), and low manganese (<2%) content, produced at the Scully Mine in Wabush, Newfoundland and Labrador. Sold to global steel producers exclusively through Cargill under a long-term off-take agreement extending through 2033.
- Manganese Byproduct Manganese separated out as a secondary byproduct during iron ore processing at Scully Mine, being developed into a high-quality manganese sulfate concentrate for potential use in lithium-ion battery cathodes for electric vehicles and energy storage systems.
Quantifiable outcome
- 5,500 tonnes of CO2 emissions saved in two months through Veolia water treatment partnership
- +4 more outcomes
Companies that use Tacora Resources
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles2 records
Tacora Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Tacora Resources partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- VeoliacoreVeolia deployed mobile water treatment systems at Scully Mine site, reducing need for boiler-heated water, cutting chemical use, and saving over 5,500 tonnes of CO2 emissions in two months while generating $1.3M in operating cost savings.
- Innu NationcoreIndigenous partnership agreement for consultation, employment, business, environment and culture. Innu Nation provides Impact and Benefit Agreement (IBA) ensuring employment and business contracting opportunities for Innu members.
- CargillcoreCargill purchases 100% of high-grade iron ore concentrate produced by Scully Mine and markets it globally. Extended off-take agreement through 2033. Cargill has made an equity investment in Tacora and provides advance payments facility for business improvements.
- Société Ferroviaire et Portuaire de Pointe-Noire (SFPPN)corePort terminal operator at Dock 30 of Port of Sept-Iles, Quebec. Strategic logistics partner for loading and shipping iron ore concentrate via deep-water port facilities.
- Quebec North Shore and Labrador RailroadcoreRail transportation services provider connecting Scully Mine to port facilities for iron ore shipping.
- United Steelworkers (USW)coreCollective Bargaining Agreement covering restart of Scully Mine. Union partnership ensuring good union jobs for workers and families in Labrador West.
- Mining NLminorIndustry association for Newfoundland and Labrador mining sector. Graham Letto, General Manager of Stakeholder Relations, appointed to Mining NL Board of Directors.
Scale indicators8 records
Recent moves9 records
Expansion highlights6 records
Tacora Resources competitors and assessment
Company assessmentDirect peers
- Champion Iron: Canadian iron ore producer operating the Bloom Lake mine in Quebec with high-grade hematite concentrate (66%+ Fe). Closest comparable in product positioning (premium-grade iron ore for green steel), geographic proximity (Canadian shield), and target customer base (global steel mills).
- Iron Ore Company of Canada: Operates iron ore mines and processing facilities in Labrador City, NL — directly adjacent to Tacora's Scully Mine — producing concentrate and pellets for global steel markets. Same Labrador Trough geology, same logistics infrastructure (QNS&L railway, Port of Sept-Iles).
- Labrador Iron Ore Royalty Corp: Holds royalty interests in Iron Ore Company of Canada's Labrador operations and provides direct exposure to Labrador iron ore economics. Comparable geographic asset base and customer mix (global steel producers via IOC's offtake structure).
Broad incumbents
- Cleveland-Cliffs: Largest flat-rolled steel producer in North America and a significant iron ore miner in the U.S. and Canada (including former Wabush operations). Comparable vertically integrated iron ore/steel exposure but at much larger scale and broader product portfolio.
- ArcelorMittal: Global steelmaker with substantial captive iron ore mining operations across the Americas, Africa, and Europe. Overlaps with Tacora as both a buyer and competitor of high-grade iron ore concentrate in global seaborne markets.
- Vale SA: One of the world's largest iron ore producers, supplying high-grade fines and pellets (Carajás Mine, 65%+ Fe) to global steel markets. Competes with Tacora for the same premium-grade iron ore customer segment across Asia, Europe, and the Middle East.
- Rio Tinto: Operates the Iron Ore Company of Canada (Tacora's Labrador neighbor) and Pilbara mines, producing iron ore for global steel mills. Overlaps in product positioning (high-grade concentrate/pellets) and target customers, with vastly greater scale and diversification.
- BHP Group: Global mining major with Pilbara iron ore operations supplying predominantly Chinese steel mills. Competes with Tacora in the seaborne iron ore market and represents the scale benchmark for iron ore producers.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Tacora Resources social profiles
Digital presenceTacora Resources compliance and trust
Trust signalCompliance2 records
Tacora Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Tacora Resources leadership team
Management profileNumber of profiles
Profiles6 records
Tacora Resources subsidiaries and ownership
Company hierarchySubsidiaries2 records
Tacora Resources funding detail
Funding detailFunding overview
Funding rounds4 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Tacora Resources M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Tacora Resources
What does Tacora Resources do?
Tacora Resources acquires, develops, and operates iron ore reserves, producing high-grade magnetite iron ore concentrate (65.5% Fe content with low silica and low manganese) at the Scully Mine in Wabush, Newfoundland and Labrador, Canada. The company has a nameplate capacity of 6 million tonnes per year and sells 100% of its production under a long-term off-take agreement with a Cargill subsidiary for global distribution to steel manufacturers. It also generates manganese as a byproduct being tested for battery applications.
Is Tacora Resources a public or private company?
Tacora Resources is a private company. It is classified as private equity controlled and is currently operating.
When was Tacora Resources founded?
Tacora Resources was founded in 2017. It employs 101 to 250 people.
Where is Tacora Resources based?
Tacora Resources is headquartered in Brossard, Canada, in the North America region.
How does Tacora Resources make money?
Two revenue lines are on record. Iron Ore Concentrate Sales are the primary driver. The others are manganese Byproduct.
Who are Tacora Resources's main competitors?
Direct peers on record are Champion Iron, Iron Ore Company of Canada and Labrador Iron Ore Royalty Corp. Broad incumbents are Cleveland-Cliffs, ArcelorMittal, Vale SA, Rio Tinto and BHP Group.
Does Tacora Resources have an API?
No public API is recorded for Tacora Resources.
What industry is Tacora Resources in?
Tacora Resources's product category is Iron Ore Mining. Its primary akta.pro industry code is IMAKAAAD, Iron Ore Beneficiation & Concentration (Crushing, Screening, Washing, Magnetic Separation), with a secondary code of IMAKAFAF, Manganese Ore Mining & Concentrates. Its NAICS code is 212210 and its SIC code is 1000.