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Alderon Iron Ore Corp.
Summary
| Project: | Kami | |
|---|---|---|
| Deposit: | Kami | |
| Location: | Canada | |
| Commodities: | Iron | |
| Date: | 9/26/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Feasibility Study | |
| Project Stage: | Pursuing Environmental Approval | |
| Report details: | 26-9-2018: Alderon Iron Ore Corp. announces a Feasibility Study report for its Kami deposit at the Kami project. Feasibility Study results incl. post-tax NPV of US $866M (8%), IRR of 18.2%, 23yr LOM at project. MONTREAL, QUÉBEC, Alderon Iron Ore Corp. (TS | |
| Resources: | (Reserve, P+P): 517.2Mt @ 28.8% Total Fe | |
| CP/QP: | [Overall Report]: Angelo Grandillo, Jeffrey Cassoff (BBA Inc.) | |
| ABSTRACT: | MONTREAL, QUÉBEC, Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the “Company”) is pleased to announce that it and The Kami Mine Limited Partnership (“The Kami LP”) have received the results of the updated Feasibility Study (“FS”) on the Rose Deposit of the Kamistiatusset (“Kami”) Iron Ore Project in western Labrador. The updated FS was completed by BBA Inc. (“BBA”), located in Montreal, Québec. The updated FS once again demonstrates the strong economics of the Kami Project which will produce a premium-quality iron ore concentrate with higher Fe content and ultra-low impurities relative to the 62%- Fe grade benchmark. Coupled with the sustained demand for high-grade iron ores, the robust project economics form the foundation of Alderon’s relaunch of its project financing efforts. The Technical Report (the “Report”) summarizing the results of the updated FS and prepared in accordance with National Instrument (“NI”) 43-101 will be filed on SEDAR and Alderon’s website within 45 days of this news release. The results of the updated FS are based on 100% ownership of the Kami Project. The Kami Project is held through The Kami LP, as to 75% by Alderon and 25% by HBIS Group Co. Ltd. (“HBIS”). The results of the updated FS disclosed in this news release are expressed in US Dollars and pre-tax (except where otherwise indicated). “The updated FS is the final de-risking event prior to project finance that can be added to Alderon’s achievements, which include release from the Federal and Provincial environmental assessments, agreements for Power Purchase with Newfoundland and Labrador Hydro and for ship-loading services with Port of Sept-Îles, off-take agreements for 100 per cent of production, and a strategic partnership with HBIS,” stated Tayfun Eldem, President and CEO of Alderon. “China’s drive to curb air pollution has led to significant steel sector restructuring and supply side reforms resulting in a steady demand for higher-grade and lower-impurity ores as steelmakers strive to lower emissions and boost blast furnace efficiency. The projected quality of Kami concentrates with 65.2% Fegrade and ultra-low levels of alumina and phosphorus is perfectly positioned to meet the needs of Chinese steelmakers and serve as a sweetener for the base load of lower-grade ores from Australia,” explained Mr. Eldem. “Timing of this milestone for Alderon cannot be better as it brings us closer to advancing the premiumgrade iron ore project into production, at a time when high-grade material is selling at a strong premium,” stated Mark Morabito, Chairman of Alderon. | |
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