Alderon Iron to Sell Stake to Hebei

Reuters reported Alderon Iron Ore Corp (TSX:ADV) will sell a stake in itself and in its Kami iron ore project to China’s Hebei Iron & Steel Group, for $195.4 million.

As quoted in the market news:

The deal will give Hebei (000709.SZ) a 19.9 percent stake in Alderon, which is headquartered in Vancouver, British Columbia. Hebei will also get a 25 percent interest in a new partnership that will be established to own the Kami project.

Click here to read the full Reuters report.