IRON ORE: Alderon moves Kami closer to construction

LABRADOR – The Kami Mine Limited Partnership (Kami LP), an affiliate of Alderon Iron Ore Corp. of Vancouver, has signed a benefits agreement with the province of Newfoundland and Labrador with respect to the development of the Kami iron ore mine.

The agreement sets out employment, procurement and training benefits over the life of the project. It also includes a gender equality and diversity plan to address opportunities for under-represented groups including women, visible minorities, aboriginal peoples and persons with disabilities.

At the same time Alderon announced that Kami LP has received its surface and mining leases, and construction at the site can begin. Kami LP has also been released from further processing obligations, including any requirements related to the construction and operation of a pellet plant.

The Kami project, owned 75% by Alderon and 25% by Hebei Iron and Steel Group, is located in western Labrador between the towns of Fremont, QC, and Wabush, NL. Commercial production is to being late in 2015 at a rate of 8.0 million t/y of concentrate grading 65.2% Fe. The capital cost of development is estimated at US$1.27 billion. The Rose deposits contains proven and probable reserves that total 668.5 million tonnes grading 29.5% Fe.

Additional details are available at AlderonIronOre.com.