Alderon Iron Ore (TSX: ADV; NYSE: AXX) is further down the road in its quest to build the Kami iron mine in the famed Labrador Trough.
The company announced it has secured a deal with the Town of Labrador City for the development of the mine.
It’s a deal that signals support in the community and gives the town more revenue to help it cope with coming growth in the region as its iron wealth continues to be exploited.
Alderon says the agreement is similar to those signed by other mining companies as it calls for Alderon to pay the town an annual grant based on operations at Kami — a mine that will be located in the municipal planning area of the town.
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