Iron

Alderon Iron Ore Corp. (TSX:ADV,NYSE MKT:AXX) reported that The Kami Mine Limited Partnership, an affiliate of Alderon, has finished the engineering work needed in order to commence construction at the Kami Iron Ore Project in western Labrador. The commencement of construction will still be subject to the completion of Alderon’s financing plan as well as to project sanction by the Board of Directors of Alderon.

Alderon Iron Ore Corp. (TSX:ADV,NYSE MKT:AXX) reported that The Kami Mine Limited Partnership, an affiliate of Alderon, has finished the engineering work needed in order to commence construction at the Kami Iron Ore Project in western Labrador. The commencement of construction will still be subject to the completion of Alderon’s financing plan as well as to project sanction by the Board of Directors of Alderon.

As quoted in the press release:

In light of the required pre-construction engineering being complete, Alderon has temporarily suspended any further work by its Engineering, Procurement and Construction Management (“EPCM”) contractor, WorleyParsons Canada Services Ltd. (“WorleyParsons”). The internal Kami LP project team will take over management of all works in progress and continue advancing the Kami Project in preparation for the start of construction once the Company’s financing plan is completed. The Company continues to advance all of the elements of its financing plan, including debt, equity and additional off-take arrangements.

Alderon CEO, Tayfun Eldem, said:

While all our requisite pre-construction engineering work, permits and agreements are now completed in preparation for the start of construction, we continue to work on finalizing our financing plan. We would like to thank WorleyParsons for their excellent work in seeing us to this point in the development of our Kami Project. We have the in-house experience and expertise to continue with the next steps, but expect WorleyParsons to resume its role as the EPCM contractor for the Kami Project once a decision to commence construction is reached.

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

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