Letto told the Aurora that the CCAA (Companies Creditors Arrangement Act) has approved the offer from Tacora Resources. That means they can now move forward and close the deal with Cliffs Natural Resources to purchase the mines.
"It's a matter of finalizing and formalizing the deal that's been negotiated over the past year or so," he told the Aurora.
According to Letto that should take about another three weeks.
Letto says after the deal is completed he expects Tacora to explain the plans they have for production at the mine and the timeline they expect to get the facility operational.
Letto says to his knowledge the company plans to bring the operation back into production, and also will explore the possibility of extracting iron ore from the existing tailings.
Letto also noted that the Pointe Noire pellet plant was not part of this deal.
One of the big questions on the minds of people is when will the company start hiring?
Letto says he's been told that once the deal is finalized the company has plans to come to Wabush and consult with the people in the area to explain their intentions for the operation and their staffing requirements.
It's been a long time in the making, Letto told the Aurora but "After just over three years of uncertainty, this is a significant step for Wabush."