Alderon secures power for Kami project

Alderon Iron Ore (TSX: ADV; NYSE: AXX) says it has confirmed a power supply for its Kami iron ore project in the Labrador Trough, checking off another milestone this year.

The company recently announced it signed a power purchase agreement (PPA) with Newfoundland and Labrador Hydro, a subsidiary of Nalcor Energy, concluding a process that has been ongoing since 2011.

The PPA will come into effect once the provincial government builds the transmission line from Churchill Falls to Labrador West. This new transmission line is necessary to ensure Alderon has enough power to operate its 75%-held Kami project.

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