Officials from a Grand Rapids-based mining company said it has secured enough financing to reopen its mine in Canada.

Tacora Resources said in a news release Tuesday that it had closed on $212 million in private equity and senior secured debt financing that will allow them to restart the Scully Mine in Wabush, Newfoundland and Labrador.

Tacora already had $64 million in mining equipment debt financing, the company said.

The Scully Mine was formerly owned and operated by Cleveland-Cliffs until early 2014 when it closed operations and left, calling the venture unprofitable.

Matt and Larry Lehtinen, the former owners of the Magnetation operations near Grand Rapids, formed Tacora in 2017, buying the Scully Mine assets in June of that year.

Tacora will have an offtake agreement with Cargill through 2033, Tacora said.

Larry Lehtinen was CEO of Magnetation while his son, Matt Lehtinen, was president. At its peak in 2014, Magnetation had more than 500 employees, but closed its plant and filed for Chapter 11 bankruptcy in 2015 as iron ore prices plummeted.

Magnetation was sold to Tom Clarke in 2016, who pulled it out from bankruptcy as ERP Iron Ore before it also filed for bankruptcy in July 2018

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