SunSirs: Alderon loses Kami iron ore project
May 07 2020 14:05:32 SunSirs (Molly)
According to foreign media reports, on Wednesday, Canadian Alderon Iron Ore Company lost its Kami iron ore project due to inability to repay $ 14 million in loans. The project has been taken over by the creditor Sprott Resource Lending Financial Company. Although Alderon has actively sought other solutions with Sprott.
Earlier this year, Tunghsu Group and Alderon signed a letter of intent to acquire 26% -38% of the Kami project and later withdrew their capital at the end of March. HBIS owns 25% of the Kami project.
The Kami iron ore project is located in Labrador, Canada, with an estimated reserves of 520 million tons. Once put into production, it can produce 65.2% iron concentrate powder.
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