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Alderon enters partnership with Schneider Electric to develop Kami Iron Ore Project

Mining News - Published on Mon, 14 Jan 2019

Image Source: GlobeNewswire
Alderon Iron Ore Corp announced that it and The Kami Mine Limited Partnership have signed MOU with Schneider Electric Canada Inc, a global and Canadian leader committed to providing safe and reliable energy. The MOU provides for The Kami LP to evaluate the lease or purchase of equipment from Schneider Electric for use in the Kami Iron Ore Project, located in western Labrador. The MOU also provides that Schneider Electric will assist The Kami LP in its capital raising efforts by making introductions and facilitating discussions with potential financing sources for the Kami Project, including funding from export credit agencies in regions where Schneider Electric manufactures its equipment. This assistance is expected to help The Kami LP raise the capital required to start construction of the Kami Project.

The Kami LP and Schneider Electric need to enter into definitive documentation in order for the transactions set out in the MOU to proceed, including agreements for the purchase of equipment. There is no certainty that the transactions contemplated in the MOU will be concluded.

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Posted By : Rabi Wangkhem on Mon, 14 Jan 2019
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