IRON ORE: New Millennium sells part of port to owner of Scully mine

NEWFOUNDLAND – Calgary-based New Millennium Iron Corp. (NML) has agreed to sell a portion of its multi-user wharf capacity to Tacora Resources of Grand Rapids, Minn. The agreement calls for Tacora to purchase the rights to 6.5 million tonnes of the 15-million-tonne annual wharf capacity reserved by NML under the terms of its July 2012 contract with the Sept-Iles Port Authority. Tacora purchased the idle Scully iron ore mine near Wabush, NL, in July 2017, and is planning to re-open it. The agreement with New Millennium is dependent on Tacora completing finance arrangements and securing the necessary permits and operating licences. At the time of its closure in 2014, the Scully mine was capable of producing about 6 million t/y of ore. Tacora has a website at www.TacoraResources.com, but little information is available.