Tacora Resources, which operates the Scully Mine in Wabush, is seeking creditor protection from the Ontario Superior Court.

The company has reached an agreement for a $75 million debtor-in-possession facility with Cargill Incorporated that it says should allow Tacora to continue operating as it completes a sales and investment solicitation process.

The mine employs some 410 people.

Tacora acquired the defunct Scully Mine in 2017. The mine closed in 2014 following the restructuring of Cliff Natural Resources.

Tacora is seeking an extension to the Stay Period at a hearing scheduled for October 19. A copy of the initial order and further information on the Companies’ Creditors Arrangement Act has been posted on the monitor’s website.