Alderon Iron Ore announces deal to use new dock facility at Quebec port
July 16, 2012 - 10:59 AM
VANCOUVER - Alderon Iron Ore Corp. (TSX:ADV) will spend more than $20-million to use a new deep-water dock being built in Quebec for the Sept-Iles Port Authority.
Alderon will pay two instalments of $10.23 million each plus ongoing fees to use the dock to ship up to eight million tonnes of iron ore annually.
"We are extremely pleased to have concluded this port agreement, which represents another significant milestone in the development of our Kami Iron Ore Project," CEO and president Tayfun Eldem said Monday in a news release.
The agreement includes a base fee schedule regarding wharfage and equipment fees for iron ore loading for Alderon's shipping operations.
Alderon's Kami project is located in western Labrador and is surrounded by four producing iron ore mines.
Alderon is a Canadian iron ore development company with offices in Vancouver, Toronto, Montreal, St. John's and Labrador City.
Its shares gained one cent Monday to trade at $2.28 at the Toronto Stock Exchange.
News from © The Canadian Press, 2012