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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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October 2, 2014
06:38 EDTAXXAlderon provides update on New Transmission Line
Alderon reports that Newfoundland and Labrador Hydro, a subsidiary company of Nalcor Energy has cleared 20 kilometers in preparation for the installation of a third transmission line from Churchill Falls to Labrador West. The New Transmission Line will supply power to the Kami Iron Ore Project as well as other end users in the Labrador West area. The construction timetables for the New Transmission Line and the Kami Project have been aligned and as such the remaining portion of the Transmission Line project will be executed upon completion of Alderon's financing plan. The construction of the New Transmission Line was confirmed in February in order to meet the power demands for new mining developments and improve reliability for all customers in the region. As an end user of the New Transmission Line, The Kami Mine Limited Partnership, an affiliate of Alderon, provided a security for its commitment to begin purchasing electrical power under the terms and conditions of the Power Purchase Agreement it signed with Hydro. Alderon provided an initial security deposit in the amount of $21.0M to Hydro and all project costs incurred to date are covered by this security deposit. Construction will proceed once additional financing is secured.

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