New Transmission Line a Boon to Alderon’s Kami Project

Alderon Iron Ore Corp. (TSX:ADV,NYSEMKT:AXX) announced that the government of Newfoundland and Labrador said yesterday that it will go forward with building a third transmission line between Churchill Falls and Labrador West. The line is important to Alderon because it will “ensure there is enough transmission capacity to deliver the power to the Kami Project.”

As quoted in the press release:

The confirmation regarding the New Transmission Line paves the way for the conclusion of the Power Purchase Agreement which is the remaining condition for a confirmed supply for the Kami Project.

Tayfun Eldem, president and CEO of Alderon, commented:

Access to power is crucial for the Kami Project and we are proud to be a part of the leading iron ore industry in Labrador. We are particularly pleased that the Kami Project will contribute to the continued economic prosperity of the region. The announcement of a third transmission line paves the way to execute on our Power Purchase Agreement, which will greatly assist with the ongoing process for the previously announced debt financing for the Kami Project.

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