The Canadian Press reported that Alderon Iron Ore Corp 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 USD 10.23 million each plus ongoing fees to use the dock to ship up to eight million tonnes of iron ore annually.

Mr Tayfun Eldem CEO and president said that "We are extremely pleased to have concluded this port agreement, which represents another significant milestone in the development of our Kami Iron Ore Project.”

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.

Source - Canadian Press

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