Alderon Iron Ore Corp. (TSX:ADV)(NYSE MKT:AXX) and the Innu Nation of Labrador are pleased to announce that The Kami Mine Limited Partnership an affiliate of Alderon, has signed an Impacts and Benefits Agreement with respect to the development of the Kami Iron Ore Project located in western Labrador. The IBA is a life-of-mine agreement that establishes the sharing of benefits that will ensure a continued positive relationship between the Innu Nation and the Kami LP. The IBA represents full and final settlement to the Innu Nation.
“The successful conclusion of the IBA further strengthens Alderon and the Kami LP’s positive working relationship with the Innu Nation,” says Mark Morabito, Executive Chairman of Alderon. “This IBA is the result of over three years of consultation and negotiation and we look forward to a beneficial future for both parties as we continue to develop the Kami Project.”
“We are pleased with this IBA as it gives financial benefits to the Innu people and opportunities for business contracts and jobs as well as environmental protection for Innu traditional pursuits,” says Innu Nation Grand Chief Prote Poker.
By entering into the IBA, the Innu Nation has given its consent and support to the Kami Project in keeping with the provisions of the Agreement. In return, the Innu Nation will benefit through economic opportunities for community members including employment, training, business opportunities and financial benefits. The IBA also provides for various measures to ensure environment and cultural heritage protection, including the establishment of an environmental monitoring committee. The IBA does not contain any restrictions that would prevent the Kami LP from entering into agreements with other Aboriginal groups.
The Innu Nation asserts constitutionally protected aboriginal rights over the area of the Kami Project and is currently engaged in negotiations with Canada and Newfoundland and Labrador to complete a Final Land Rights and Self Government Agreement.
Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City. The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. Its port handling facilities are located in Sept-Iles, the leading iron ore port in North America. 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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