A visionary move in sustainable metallurgy

Strategic Resources Inc, a Canada-based mineral development company, is positioning itself at the forefront of the green steel revolution. Speaking to Proactive’s Stephen Gunnion, CEO Sean Cleary outlined an ambitious blueprint centered around the BlackRock project, located in Quebec’s Port Saguenay. The company intends to supply high-grade iron ore pellets tailored for electric arc furnaces, a cleaner alternative to conventional steelmaking methods. This initiative supports global efforts to decarbonize heavy industry, and it places Strategic Resources among a growing list of companies redefining the mining sector through environmental innovation.

Steel’s Carbon Conundrum — & the EAF Solution

Traditional steelmaking via blast furnaces is carbon-intensive, accounting for roughly 7–9% of worldwide CO₂ emissions, according to the International Energy Agency. Electric arc furnaces, by contrast, offer a way to reduce those emissions by up to two-thirds, especially when powered by clean energy. However, the effectiveness of EAFs hinges on the availability of ultra-pure iron ore feedstock. Strategic Resources plans to address this bottleneck. Its proposed pellets will be chemically refined and engineered to meet stringent purity requirements, enabling steelmakers to produce high-quality outputs with minimal environmental impact.

Port Saguenay: A Geostrategic Advantage

The BlackRock project is located in Port Saguenay, an emerging industrial hub on the Saint Lawrence River. The location offers several key advantages: deepwater port access for global shipping routes, proximity to abundant hydroelectric power, and nearby natural gas pipelines. These features enable low-cost, low-emission operations. “Our location is one of our biggest strengths,” said Cleary. “We’re close to clean power, we’re on a major export route, and we have the infrastructure in place to build something exceptional.” The port's existing facilities and support from local authorities further enhance its appeal as a base for long-term operations.

Project Scale, Financing, & Timeline

The capital cost for Phase 1 of the BlackRock project is projected to come in just under $500 million. This phase includes mine development, pelletizing plant construction, and associated infrastructure. Strategic Resources expects to make a final investment decision by late 2025 or early 2026. Permitting processes are ongoing, and environmental assessments are being conducted in line with Quebec’s regulations. If timelines are met, construction will begin in 2026 with commercial operations slated for 2028. Once operational, the plant could produce around 3 million metric tons of high-grade pellets annually, enough to supply multiple steelmakers in North America and Europe.

Supply & Offtake Partners: Javelin & Tacora

In support of the BlackRock venture, Strategic Resources has signed key agreements with two industry heavyweights. Javelin Global Commodities, a leading international trading firm, will manage offtake and global sales of the finished pellets. Their experience in commodity logistics and market access is expected to unlock premium markets for Strategic’s output. Meanwhile, Tacora Resources, an iron ore mining specialist, will provide both supply chain input and technical expertise. Tacora’s operational knowledge will help optimize pellet production, ensuring quality standards align with EAF steelmaking needs. Together, these alliances reduce project risk and create a commercially viable path to market.

Complementary Assets: Finland’s Mustavaara Project

Cleary also drew attention to the company’s Mustavaara project in Finland, which aligns with its long-term strategy. The site contains vanadium-bearing magnetite, suitable for EAF applications and potential vanadium recovery, a critical mineral used in grid-scale battery storage. While still in early development, Mustavaara represents an opportunity to expand Strategic Resources’ geographic footprint and product diversification. “It’s not just about one project,” Cleary noted. “We’re building a platform for cleaner steel inputs across regions.” Finland’s stable jurisdiction and its alignment with European climate goals make Mustavaara a strategic hedge against single-asset dependency.

Key Takeaways:

• Strategic Resources’ BlackRock project in Quebec aims to produce 3 million metric tons of high-purity iron ore pellets annually by 2028 for use in electric arc furnaces.

• The project leverages access to hydroelectricity, natural gas, and Saint Lawrence River logistics to significantly reduce CO₂ emissions.

• Key agreements with Javelin Global Commodities and Tacora Resources strengthen the project’s supply, marketing, and technical frameworks.