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Monday, September 23, 2024 12:00:00 PM
"The closing of this transaction marks a pivotal moment and a transformative phase for Tacora's future," said President and Chief Executive Officer Brian Penney. "Our entire team is excited to have the resources to execute our production and investment plans. With a new and powerful investor group, we look forward to driving value for all stakeholders as we execute our multi-year capital investment and ramp-up plan to achieve historic name-plate production of 6 million tonnes per annum of high-grade iron ore concentrate."
Tacora emerges from the Companies' Creditors Arrangement Act (Canada) ("CCAA") process with a $250 million equity injection, a strengthened balance sheet, and an improved business plan. As a result of the CCAA restructuring, Tacora benefits from several new competitive advantages:
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