MONTRÉAL, QUÉBEC – Alderon Iron Ore Corp. is pleased to announce that it and The Kami Mine Limited Partnership (“The Kami LP”) have signed a Memorandum of Understanding (“MOU”) with Schneider Electric Canada Inc. (“Schneider Electric”), a global and Canadian leader committed to providing safe and reliable energy. The MOU provides for The Kami LP to evaluate the lease or purchase of equipment from Schneider Electric for use in the Kami Iron Ore Project (“Kami Project”), located in western Labrador. The MOU also provides that Schneider Electric will assist The Kami LP in its capital raising efforts by making introductions and facilitating discussions with potential financing sources for the Kami Project, including funding from export credit agencies (“ECA”) in regions where Schneider Electric manufactures its equipment. This assistance is expected to help The Kami LP raise the capital required to start construction of the Kami Project.
“We have chosen Schneider Electric because of their vast array of product and service offerings in power and energy management, process control and mine digitization. The Kami LP will leverage Schneider Electric’s sustainable solutions to optimize energy usage and operating costs for the Kami Project’s mining and processing operations,” said Tayfun Eldem, Alderon’s President and CEO. “With this partnership, The Kami LP could reduce capital spending and equipment cost targets from its September 2018 updated feasibility study, tap into a broader range of ECAs, and accelerate the project schedule,” added Mr. Eldem.
“We are pleased to be a part of the Kami Project and look forward to helping Alderon create an efficient and fully digital advanced mine, using our EcoStruxure architecture,” said David Willick, Schneider Electric’s Vice President and Mining, Metals and Minerals Segment Leader in North America.
The Kami LP and Schneider Electric need to enter into definitive documentation in order for the transactions set out in the MOU to proceed, including agreements for the purchase of equipment. There is no certainty that the transactions contemplated in the MOU will be concluded.
About Schneider Electric Canada Inc.
Schneider Electric is leading the Digital Transformation of Energy Management and Automation in Homes, Buildings, Data Centers, Infrastructure and Industries. With global presence in over 100 countries, Schneider is the undisputable leader in Power Management – Medium Voltage, Low Voltage and Secure Power, and in Automation Systems. Schneider provides integrated efficiency solutions, combining energy, automation and software. In its global Ecosystem, Schneider collaborates with the largest Partner, Integrator and Developer Community on its Open Platform to deliver real-time control and operational efficiency. Great people and partners make Schneider a great company and its commitment to Innovation, Diversity and Sustainability ensures that Life Is On everywhere, for everyone and at every moment.
For more information on Schneider Electric, please visit www.schneider-electric.ca
About Alderon Iron Ore Corp.
Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS Group through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district, the Labrador Trough, and is surrounded by three producing iron ore mines. The Kami product will be shipped through a newly commissioned multi-user, deep-water berth near the Port of Sept-Îles in Québec.
For more information on Alderon, please visit our website at www.alderonironore.com
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