Alderon Iron Ore Corp. (ADV.TO) announced the continuing progress towards sanction of the Kami iron ore project, with the recent closing of the $119.9 million financing from Hebei Iron and Steel Group Co., Ltd. and the advancement of the Environmental Assessment process.
The Federal Government provided significant assistance throughout the transaction process with Hebei, Alderon said in a statement. "Senior executives of Alderon were able to meet with several Federal Government officials to discuss the Hebei transaction, including those from the Department of Foreign Affairs and International Trade."
An Economic Impact Assessment of the Kami project said it will generate $10 billion in direct, indirect and induced incomes to workers and local businesses as well as $7.2 billion in total Newfoundland and Labrador provincial and federal tax revenues.
ADV shares were down six cents at $1.34 on volume of 170,000.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
