Sean Cleary, CEO of Strategic Resources, presents the company’s ambitious plan to lead Canada’s green steel transformation with its fully permitted BlackRock Project in Quebec. Speaking at The Mining Investment Event 2025, Cleary outlines the company’s three-phase, $1.5 billion project that will deliver clean, high-value steelmaking inputs to global markets.
🔹 Phase 1 – Pellet Plant (Port Saguenay)
• 4Mt/year high-purity iron ore pellet facility under development
• Backed by Société Générale to raise $300M in project debt
• Full environmental permitting in place with ongoing engineering and final investment decision expected in early 2026
• Strategic partnerships with the Cree Nation, Innu Nations, and the Quebec Government (40% ownership)
🔹 Phase 2 – Direct Reduction Facility
• Permitted to produce 750,000 tonnes of DRI or HBI
• Adds virgin iron units for electric arc furnace steelmaking
• Estimated CAPEX: $500 million, partially funded from Phase 1 cash flow
🔹 Phase 3 – Mine + Additional Furnace Capacity
• Fully permitted mine and concentrator at Chibougamau
• Adds high-purity pig iron, ferrovanadium, and titanium to product portfolio
• Projected to bring total CAPEX to $1.5 billion
📍 Located at the federal Port Saguenay, the project has deep sea access to Atlantic and global steel markets. Strategic Resources is uniquely positioned to become Canada’s leading vertically integrated supplier of low-carbon steelmaking inputs.
🔑 Key Highlights:
✅ Fully permitted multi-phase project for green steel
🌎 Deep sea port access via Port Saguenay
💸 $500M project financing in motion with major investors: Orion Mine Finance, Quebec Government, Lumina Group
🤝 Agreements with Cree and Innu Nations, strong government relations
⚒️ Products: High-purity iron ore pellets, DRI, HBI, pig iron, ferrovanadium, and titanium
♻️ Essential infrastructure for the global green steel revolution
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