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  • Alderon Iron Ore Corp. (AXX) Confirms Nalcor Energy Will Supply Power To Kami Project 0 comments
    Jan 10, 2013 6:12 PM | about stocks: ENCC

    Alderon Iron Ore is a Canadian iron ore development company. Its 100% owned Kami Project is located within Canada's premier iron ore district (in Labrador) and is surrounded by four already-producing iron ore mines. Its project is also near a deep sea port that will provide year-round access to global markets.

    The company announced today that Nalcor Energy will supply power to its Kami project in Labrador. The deal includes completion of necessary engineering and design work for power infrastructure, the conclusion of a comprehensive power purchase agreement, and the receipt of any required environmental or other regulatory approvals for power infrastructure.

    This stage of the agreement between Alderon and Nalcor is expected to take 6-8 months to conclude.

    Alderon presented Nalcor with its anticipated annual requirements of between 60 and 70 megawatts of power for its operations. This assumes that Kami reaches commercial production. Once commercial terms are agreed upon, the formal power purchase will be signed by both parties subject to those environmental and regulatory approvals.

    Now that Nalcor has confirmed power will be available for the Kami project, a major infrastructure requirement has been met. The company can now move forward on its project development timeline.

    For further information about Alderon Iron Ore and its iron ore project in Labrador, please visit alderonironore.com

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    Stocks: ENCC
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