The company said the MOU provides for the Kami Mine to evaluate the lease or purchase of equipment from Schneider Electric for use in the Kami iron ore project located in western Labrador.
Alderon Iron Ore (TSX:IRON) has announced that it and the Kami Mine have signed a Memorandum of Understanding (MOU) with Schneider Electric Canada, a global and Canadian energy provider.
The company said the MOU provides for the Kami Mine to evaluate the lease or purchase of equipment from Schneider Electric for use in the Kami iron ore project located in western Labrador. The MOU also provides that Schneider Electric will assist the Kami Mine in its capital raising efforts by making introductions and facilitating discussions with potential financing sources for the Kami project, including funding from export credit agencies in regions where Schneider Electric manufactures its equipment. This assistance is expected to help The Kami Mine raise the capital required to start construction of the Kami Project.
President and CEO of Alderon, Tayfun Eldem said:
“We have chosen Schneider Electric because of their vast array of product and service offerings in power and energy management, process control and mine digitization. The Kami Mine will leverage Schneider Electric’s sustainable solutions to optimize energy usage and operating costs for the Kami project’s mining and processing operations. With this partnership, The Kami Mine could reduce capital spending and equipment cost targets from its September 2018 updated feasibility study, tap into a broader range of ECAs, and accelerate the project schedule.”