VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/16/13 -- Alderon Iron Ore Corp. (TSX: ADV)(NYSE MKT: AXX) ("Alderon" or the "Company") is pleased to announce that the new multi-user deep water dock at the Port of Sept-Iles, Quebec is on time and on budget, with construction scheduled to wrap up in late March 2014. With 95% of project costs now known and incurred, the Port is confident that the project will be delivered on the $220 million budget.
"We are enormously pleased that the Port of Sept-Iles has made such great progress allowing our project development timeline to remain in place with mine construction expected to commence by Q4 of this year and production beginning by the end of 2015," says Tayfun Eldem, President and CEO of Alderon. "The on time completion of the new port facility will provide shipping services for up to 8 million tonnes of iron ore annually based on our agreement and will secure our access to international markets at the agreed upon budget that Alderon signed up for."
"We're also very happy with the proactive support and cooperation of the teams from Pomerleau and Sandvik Canada, which have worked closely with our team to complete construction of the country's biggest bulk port terminal," said Port President and CEO Pierre D. Gagnon.
To view the images accompanying this press release, click on the following links:
For additional information about the Port of Sept-Iles and Alderon's agreement with the Port, please refer to Alderon News Releases dated February 14, 2012 and July 16, 2012 respectively. For a copy of the Port of Sept-Iles Press Release, please visit our website at:
About the Port of Sept-Iles
Boasting a variety of state-of-the-art facilities, the Port of Sept-Iles is the leading iron ore port in North America, with an annual volume of nearly 30 million tons. Sept-Iles' port facilities play a vital and strategic role in the operations of many businesses from the region's primary sector. The Port's annual economic impact is estimated at nearly $1 billion, with some 4,000 direct and indirect jobs. Through its activity, the Port of Sept-Iles therefore remains a significant source of wealth creation in Quebec and the rest of Canada.
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 Hebei Iron & Steel Group Co., Ltd. ("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.
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