Alderon clinches power purchase agreement for Kami project
TORONTO (miningweekly.com) – TSX- and NYSE-listed Alderon Iron Ore on Tuesday said it had satisfied the remaining conditions to confirm electricity supply for the Kami iron-ore project, after its affiliate, The Kami Mine Limited Partnership, had entered into a power purchase agreement and security agreement with Newfoundland and Labrador Hydro (NLH), a subsidiary of Nalcor Energy.
The Labrador Trough-focused project developer had also received a $22-million loan from Liberty Metals & Mining Holdings to fund the first security deposit required under the security agreement.
"The power purchase agreement was a key infrastructure requirement and is critical in securing the previously announced debt financing and we are very pleased to have finalised it," Alderon president and CEO Tayfun Eldem said.
Last week, the Canadian federal government had completed and approved the environmental assessment for the $1.3-billion Kami iron-ore project, in western Labrador.
Canadian Environment Minister Leona Aglukkaq said in her notice of environmental assessment decision statement that the project posed no significant threat to the environment.
The decision statement sets out the Minister's conclusion that the Kami project was "not likely to cause significant adverse environmental effects".
As a result, the Kami project could now proceed subject to the terms and conditions included in any federal permits or authorisations.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Iritron delivers advanced automation, control, and optimisation solutions to the Mining, Minerals & Metals, Consumer Package Goods and...
VISIT SHOWROOM
At Airshrink - CiP, we surpass customer expectations with innovative MV and LV cable accessories, including heat shrink joints, terminations,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
