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Stock Market & Financial Investment News

News Breaks
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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December 9, 2014
06:34 EDTAXXAlderon announces cash preservation program including workforce reductions
Alderon reports that it has implemented a comprehensive cash preservation program that will allow the company to maintain a healthy working capital position into 2017 without the need to access equity or debt financing during the intervening period, aside from the financing required to commence construction at the Kami Iron Ore Project. Measures associated with this program include a number of voluntary vendor payment deferrals and relief from debt servicing requirements such as those outlined in the transaction with Liberty Metals & Mining Holdings described below, and workforce reductions. The company has kept its core team of executives intact which will allow it to continue to advance the Kami Project construction financing efforts and to commence construction in a rapid and seamless manner once such financing has been obtained.

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