Alderon Iron Ore Corp. (TSX:ADV,NYSE:AXX) announced it signed an agreement with the Sept-Îles Port Authority to ship 8 million metric tonnes of iron ore annually.

As quoted in the press release:

Pursuant to the Port Agreement, Alderon has reserved an annual capacity of 8 million metric tonnes of iron ore that it can ship through the Port. In order to finance the estimated $220 million cost of the new multi-user dock facility, the Port required binding commitments from the potential end-users to provide a portion of the necessary funds. This buy-in payment will constitute an advance on Alderon’s future shipping fees (wharfage and equipment fees) and, as a result, Alderon will receive a discount on its shipping fees until the full amount of the buy-in payment has been repaid through the discount.

Click here to read the Alderon Iron Ore Corp. (TSX:ADV) press release.