User:Kcett89/sandbox
| Company type | Public |
|---|---|
| TSX: ADV NYSE: AXX | |
| Industry | Mining, Iron Production |
| Headquarters | Canada, |
Key people | Tayfun Eldem, (President & CEO) Mark Morabito, (Executive Chairman) Danny Williams, (Special Advisor) |
| Products | Iron ore, Iron concentrate |
| Website | www.alderonironore.com |
Alderon Iron Ore Corp. (TSX: ADV, NYSE: AXX, formerly Alderon Resource Corp.) is a Canadian exploration and development company in the iron ore sector focused in the southern Labrador Trough geological belt in southwestern Newfoundland & Labrador near the Quebec Border.[1]
History[edit]
The company entered the iron ore industry in 2010 after it acquired the rights to The Kamistiatusset (“Kami”) property from Altius Resources. The company is headquartered in Montreal with offices in Vancouver, Toronto, St John’s and Labrador City.[1]
In 2012 Alderon appointed former Newfoundland & Labrador Premier Danny Williams as a special advisor to the company to aid with development of the Kami Project.[2]
Operations[edit]
Kamistiatusset[edit]
The Kamistiatusset (“Kami”) Project is an iron ore project currently in advanced-stage exploration composed of primarily of magnetite and hematite iron oxide. It is located in the Labrador Trough in southwestern Newfoundland & Labrador near Labrador City, NL, Wabush, NL and Fermont, PQ. The project is wholly owned by Alderon.[1]
In 2012, Alderon entered into an agreement with Hebei Iron & Steel whereby Hebei will invest $194 Million and purchase 60% of the mine’s annual production for a near 20% stake in Alderon and 25% interest in the property.[3]
Current NI 43-101 compliant resource estimates are 1.1 Billion tonnes Measured and Indicated at 29.8% iron and 227.4 Million tonnes Inferred at 29.5% iron. Mine production is targeted to begin in 2015 producing 8 million tonnes of iron concentrate per year at 65.5% Iron.[4]
The Kami Property is expected to generate $1.6 Billion in income and $2 billion in local tax revenues for the province over the first phase of the project.[3][4]
In July 2012 Alderon secured port access with the nearby port town of Sept-Iles. The company has been given shipping access of 8mtpa of iron ore for 20 years by agreeing to aid in the financing of a new $220 million multi-user dock facility. Alderon’s payment will be provided by means of a bridge loan from Liberty Metals & Mining Holdings LLC (a subsidiary of Liberty Mutual Insurance) to be repaid once the Hebei deal closes.[3][5]
Alderon has completed its final drill program and is now in preparation to conduct a feasibility study on the property as it moves closer to production.[3]
External Links[edit]
See Also[edit]
References[edit]
- ^ a b c Kozar, Robin B. (25 April 2011). "Alderon Resource Corp. Location & Experiance Point to Iron Ore Development Success on the Labrador Trough". RBC Capital Markets - Equity Research: 16–17.
{{cite journal}}: CS1 maint: date and year (link) - ^ "Danny Williams named mining company advisor". CBC News. Retrieved 9 August 2012.
- ^ a b c d Grace, Kevin Michael. "Strength to strength — Alderon derisks, secures partners, port for 2015 iron ore production". Financial Post. Retrieved 9 August 2012.
- ^ a b "IRON ORE RESOURCE: Kami M&I tops 1 billion tonnes at 30% Fe". Canadian Mining Journal. Retrieved 9 August 2012.
- ^ Brown, Eldon (17 July 2012). "Alderon Iron Ore Corp. A Place in the Port". National Bank Financial - the NBF Daily Bulletin: 1–2.
{{cite journal}}: CS1 maint: date and year (link)