Alderon Iron Ore Corp. (TSX:ADV) (NYSE MKT:AXX) is pleased to announce that The Kami Mine Limited Partnership an affiliate of Alderon, has signed a Grant-in-lieu of Municipal Taxes Agreement with the Town of Wabush with respect to the development of the Kami Iron Ore Project located in western Labrador.
“This Agreement is the result of our continuous positive working relationship with the local communities and marks the final municipal agreement required for our Kami Project,” says Tayfun Eldem, President & CEO of Alderon. “This Agreement will aid Wabush to continue providing the services that residents, businesses and future Kami Project employees rely on. We are very pleased at the support we have received from Wabush.”
“We are confident that the Agreement now in place with the Kami Project will only brighten the future of both the community and industry,” says Wabush Mayor Colin Vardy. “The Kami Project will ultimately fill the void from the idling of Wabush Mines.”
Under the terms of the Agreement, the Kami LP will pay to Wabush an annual grant-in-lieu of municipal taxes on the Kami Project mining operations that will be located within the boundary of the Town of Wabush and its Municipal Planning Area. Kami LP will also provide a capital projects disbursement to the Town, with the funds going towards required infrastructure needs. Payments under the Agreement will commence after initial production occurs at the Kami Project. As long as Kami LP makes the payments required under the Agreement, the Town will not seek to charge or assess Kami LP for any municipal taxes in relation to the Kami Project or the business carried on by the Kami LP on the Kami Project.
Alderon is also pleased to announce that the Labrador City and Wabush municipal plan amendments to rezone lands within the Kami Project area are now in force. The footprint of the Kami Project’s future operations in Labrador is located entirely within the Municipal Planning Areas of the Town of Labrador City and the Town of Wabush. The Towns published these amendments in the March 14, 2014 edition of the Newfoundland and Labrador Gazette following their registration by the Provincial Department of Municipal Affairs. These amendments were necessary to permit mineral extraction and mineral workings within the Project area.
In addition, Alderon is pleased to confirm that following the release of the Kami Project from the Federal and Provincial Environmental Assessment Process, it has received the federal Navigable Waters Protection Act Approval pursuant to subsections 5(1) and (3) of the Navigable Waters Protection Act and the federal Fisheries Act Authorization pursuant to Sections 35(2)(b) of the Fisheries Act. Alderon has now satisfied its obligation to Hebei Iron & Steel Group to receive the environmental assessment and related approvals for the Kami Project prior to March 31, 2014.
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. 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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