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Alderon inks MOU with Schneider Electric over Kami equipment, financing

Alderon Iron Ore Corp. may partner with Schneider Electric Canada Inc., a unit of Schneider Electric SE, to source equipment and project financing for the Kami iron ore project in Newfoundland and Labrador.

Alderon said in a Jan. 9 release that it and Kami Mine LP signed a nonbinding memorandum of understanding with Schneider Electric to consider the latter's equipment for Kami. Schneider Electric may also help Alderon in sourcing funding for Kami.

The partnership may lead to lower capital spending than outlined in a 2018 feasibility study for the project. In the study, Alderon pegged Kami's capital expenditures at US$982.4 million for an operation with a 23-year mine life and average production of about 7.8 million tonnes of concentrate per year. Alderon estimated life-of-mine operating costs at US$30.72/t of concentrate.

An Alderon spokesperson said a timeline for a possible definitive agreement covering the partnership had not yet been publicly set.

Kami is 75% owned by Alderon and 25% owned by HBIS Group Co. Ltd.