Alderon Iron Ore (TSX:IRON) (“Alderon” or the “Company”) releases an update to the independent Economic Impact Assessment (“EIA”) of the Kamistiatusset (“Kami”) Iron Ore Project, located in the Labrador Trough, Canada’s premier iron ore district. The EIA outlines significant economic benefits and positive implications for the economies of Newfoundland and Labrador, Quebec and Canada.
Mark Morabito, Chairman and CEO of Alderon, said:
“China’s bid to reduce harmful emissions is driving an increase in domestic steel mills switching to high-grade iron ore products with fewer impurities.
For the type of iron ore concentrate that the Kami Project will produce (in the order of 65% Fe), there is already a significant spread to the normal Platts 62% iron ore index price, that, on September 1, 2017, was pegged at US$23.50 per tonne; this spread has widened over the last 18 months and prices for high-grade ore are expected to continue to increase as environmental regulation becomes more stringent.”