Mr. Tayfun Eldem reports
ALDERON APPOINTS FINANCIAL ADVISOR TO ARRANGE TRANSACTION FOR THE DEVELOPMENT OF THE HIGH-GRADE KAMI IRON ORE PROJECT
Alderon Iron Ore Corp. has appointed Scotiabank as its financial adviser with respect to strategic transactions, and equity and debt financing for the construction and commissioning of the premium-quality Kami iron ore project, located in western Labrador.
Scotiabank is a leading provider of a full range of financial products and services to the global mining industry, and a leading lender to the sector that has maintained long-standing relationships throughout economic cycles.
"Alderon has selected Scotiabank because of their strong understanding of the mining industry, combined with their broad global presence and in-house technical expertise, that has allowed them to play a leading role in many high-profile international mining transactions," stated Alderon's president and chief executive officer, Tayfun Eldem. "Their expertise and support will be crucial in our efforts to conclude the financing or a strategic transaction for the near-term development of the Kami project," added Mr. Eldem.
With numerous milestones already in place including release from federal and provincial environmental assessments and receipt of mining and surface leases, conclusion of long-term offtake agreements for 100 per cent of its premium quality concentrates, securing of power and port access contracts, and completion of more than 50 per cent of detailed engineering, the Kami project remains a rare development opportunity in the iron ore industry. Alderon is now focusing on the final derisking step of completing financing for the Kami project.
About Alderon Iron Ore Corp.
Alderon is a leading iron ore development company in Canada. The Kami project, owned 75 per cent by Alderon and 25 per cent by HBIS Group through The Kami Mine LP, is located within Canada's premier iron ore district, the Labrador Trough, and is surrounded by three producing iron ore mines. The Kami product will be shipped through a newly commissioned multiuser, deepwater berth near the Port of Sept-Iles in Quebec.
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