Labrador MP Optimistic in Tacora Financial Restructuring

The MP for Labrador is optimistic that Tacora can come out of the financial restructuring process stronger, and she is working to ensure that local small businesses are not adversely affected.

Tacora briefed Yvonne Jones on the ongoing situation after the mining company filed for creditor protection.

Tacora took over the Scully Mine near Wabush in 2017 after the former owner of Cliff Natural Resources underwent restructuring.

Jones says she received confirmation from Tacora that it will continue mining operations as normal, and that jobs and benefits will be protected. However, Jones says she is concerned for local businesses who are creditors of Tacora, many of which are small businesses and are not in a position to carry accumulated debt for a long period of time.

She says she’s working with the Labrador West Chamber of Commerce and the independent monitor to set up a briefing session for local businesses.

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