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Alderon Iron Ore Corp. (TSX:ADV,NYSE MKT:AXX) announced that its affiliate, The Kami Mine Limited Partnership, has signed a benefits agreement with the Province of Newfoundland and Labrador regarding the development of the Kami Iron Ore Project in western Labrador. In addition, Kami LP has received its surface and mining leases, which will allow Kami to commence construction on the Kami project.Project for commencement of construction.
Alderon Iron Ore Corp. (TSX:ADV,NYSE MKT:AXX) announced that its affiliate, The Kami Mine Limited Partnership, has signed a benefits agreement with the Province of Newfoundland and Labrador regarding the development of the Kami Iron Ore Project in western Labrador. In addition, Kami LP has received its surface and mining leases, which will allow Kami to commence construction on the Kami project.
As quoted in the press release:
The Agreement covers the entire life of the Kami Project including construction, operation and decommissioning. The Agreement sets out employment, procurement and training benefits. Under the terms of the Agreement, the Kami LP has committed to provide full and fair opportunity and first consideration for Provincial residents and suppliers. The Kami LP has also agreed to establish an education and training fund commencing after the Kami Project achieves commercial production.
Alderon CEO, Tayfun Eldem, said:
The Agreement secures significant long-term benefits for the people of Newfoundland and Labrador, infusing billions of dollars into the provincial economy and creating direct employment for 800 workers at the peak of construction and 400 during the operations phase. By finalizing this Agreement and receiving the Leases, we have met all the conditions of release from both the Federal and Provincial environmental assessment processes. Once the financing plan is complete, we will be ready to commence construction.
Click here to read the Alderon Iron Ore Corp. (TSX:ADV) press release
