VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/25/13 -- Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the "Company") is pleased to announce that The Kami Mine Limited Partnership ("Kami LP"), has concluded a Community Participation Agreement with the NunatuKavut Community Council ("NCC") with respect to the development of the Kami Iron Ore Project (the "Kami Project") located in Western Labrador and related rail infrastructure. The Kami LP, held 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. ("HBIS"), holds a 100% interest in the Kami Project.
The NCC represents approximately 6,000 Southern Inuit who reside in communities along the southern coast and interior waterways of Labrador.
The Community Participation Agreement sets out the basic positions of each of the Kami LP and the NCC and addresses such matters as environmental permitting, training and employment, business opportunities and community initiatives. Kami LP will provide NCC with capacity funding for the review of permits, participation in any follow-up or monitoring programs, and training initiatives. In return, NCC will support the Kami Project and not take any action which would delay or interfere with the Kami Project.
Todd Russell, President of the NCC said "Respectful relationships can be developed between aboriginal peoples and industry, it just takes understanding, respect and a willingness to do so. This agreement is an example of what can be achieved when we work together. It provides clarity and stability for the company and NCC and is a good foundation on which to build. We look forward to working with our partners at Alderon to implement this agreement and to ensure that our people can avail of the opportunities that the agreement presents. This is indeed good news and I thank all those who worked so hard to bring this agreement to fruition."
Mark J. Morabito, Executive Chairman of Alderon said: "Alderon acknowledges the importance of building relationships, based on mutual trust and respect, with those Aboriginal groups whose traditional territories or asserted or recognized legal rights are within or proximate to the Kami Project. To achieve this objective, Alderon is committed to dealing collaboratively with each Aboriginal group to develop and implement a meaningful engagement process. We look forward to continuing to work with NCC and other Aboriginal groups to address potential project effects as we move forward with the development of the Kami Project. We believe that this agreement will contribute to a long-term and mutually beneficial association between NCC, Alderon and the Kami LP."
Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John's and Labrador City. The Kami Project, owned 75% by Alderon and 25% by HBIS, is located within Canada's premier iron ore district and is surrounded by four producing iron ore mines. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon's strategic partner in the development of the Kami Project and China's largest steel producer.
Most Popular Stories
- Networks Vie for U.S. Hispanic TV Viewers
- Ad Counts Rise in 2013 for Hispanic Magazines
- 2014 World Cup Official Noisemakers Quieter than Vuvuzelas
- Saab Gets Back into the Game; U.S. Auto Sales Soar
- Dell Offers Undisclosed Number of Employee Buyouts
- Authorities Close to Deal with JPMorgan Chase over Madoff Response
- Apple Activates Customer-Tracking iBeacon
- 2013 Tech Gift Guide: iPad Mini Still Hot; Chromecast a Great Low-Cost Option
- It's No Yolk: Food-tech Startups Take Aim at Replacing Eggs
- A Biography of Jonathan Ive, Apple's Creative Chief