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Stock Market & Financial Investment News

News Breaks
March 17, 2013
20:06 EDTAXXAlderon closes C$119.9M contribution by Hebei Iron & Steel Group
Alderon to announced that Hebei Iron & Steel Group has contributed the remaining C$119.9M of its initial investment and Alderon has contributed the Kami iron ore project to a limited partnership which is owned 25% by HBIS and 75% by Alderon. HBIS is China's largest steel producer. This concludes HBIS's initial strategic investment, first announced on April 13, 2012, into both Alderon and its Kami Project for an aggregate amount of C$182.2 million, in exchange for 19.9% of the outstanding common shares of Alderon and a 25% interest in the Kami Limited Partnership which was established to own the Kami Project. Alderon has the remaining 75% interest in the Kami Limited Partnership.
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July 29, 2014
09:24 EDTAXXAlderon announces off-take transaction with Glencore
Alderon Iron Ore announced that The Kami Mine Limited Partnership, an affiliate of Alderon, has entered into an off-take agreement with a subsidiary of Glencore, with respect to an off-take transaction pursuant to which Glencore will acquire all of actual annual production from the Kami Project that has not been allocated to Hebei Iron & Steel Group Co., Ltd. Under the terms of the Off-Take Agreement, Glencore will be obligated to purchase, upon the commencement of commercial production, 40% of the actual annual production from the Kami Project up to a maximum of 3.2M tonnes of the first 8M tonnes of iron ore concentrate produced annually at the Kami Project. The term of the Off-Take Agreement will continue until Kami LP has delivered 48M tonnes of iron ore concentrate to Glencore, which is expected to be 15 years after the commencement of commercial production.

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