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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Alderon Iron Ore Corp    IRON   CA01434T1003

ALDERON IRON ORE CORP

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Alderon Iron Ore : strategic partnership with Schneider Electric

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01/12/2019 | 01:22pm EDT

Alderon Iron Ore Corp and the Kami Mine Limited Partnership have signed a memorandum of understanding (MoU) with Schneider Electric Canada

The MoU provides for the Kami LP to evaluate the lease or purchase of equipment from Schneider Electric for use in the Kami iron ore project, which is located in western Labrador, Canada. The MoU also provides that Schneider Electric will assist the Kami LP in its capital raising efforts by making introductions and facilitating discussions with potential financing sources for the Kami project, including funding from export credit agencies in regions where Schneider Electric manufactures its equipment. This assistance is expected to help the Kami LP raise the capital required to start construction of the Kami project.

Tayfun Eldem, president and CEO of Alderon, said: "We have chosen Schneider Electric because of their vast array of product and service offerings in power and energy management, process control and mine digitisation. The Kami LP will leverage Schneider Electric's sustainable solutions to optimise energy usage and operating costs for the Kami project's mining and processing operations. With this partnership, the Kami LP could reduce capital spending and equipment cost targets from its September 2018 updated feasibility study, tap into a broader range of ECAs, and accelerate the project schedule."

David Willick, Schneider Electric's vice president and mining, metals and minerals segment leader in North America, added: "We are pleased to be a part of the Kami project and look forward to helping Alderon create an efficient and fully digital advanced mine, using our Schneider Electric EcoStruxure architecture."

The Kami LP and Schneider Electric need to enter into definitive documentation in order for the transactions set out in the MoU to proceed, including agreements for the purchase of equipment. There is no certainty that the transactions contemplated in the MoU will be concluded.

About Schneider Electric

Schneider Electric is leading the Digital Transformation of Energy Management and Automation in Homes, Buildings, Data Centres, Infrastructure and Industries. With global presence in over 100 countries, Schneider Electric is the undisputable leader in Power Management - Medium Voltage, Low Voltage and Secure Power and Automation Systems. We provide integrated solutions, combining energy, automation and software. In our global Ecosystem, we collaborate with the largest Partner, Integrator and Developer Community on our Open Platform to deliver real-time control and operational efficiency. We believe that great people and partners make Schneider a great company our commitment to Innovation, Diversity and Sustainability ensures that Life Is On everywhere, for everyone and at every moment.

Media Contact
Company Name: ABC Private Limited
Contact Person: Media Relations
Email: Send Email
Phone: 8745857610
Country: India
Website: https://www.schneider-electric.co.in/en/



Copyright © 2019 Get News. All rights reserved., source Press Releases

Stocks mentioned in the article
ChangeLast1st jan.
ALDERON IRON ORE CORP -2.86% 0.34 Delayed Quote.36.00%
SCHNEIDER ELECTRIC SE 0.06% 68.34 Real-time Quote.14.37%
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Managers
NameTitle
Tayfun Eldem President, Chief Executive Officer & Director
Kate-Lynn Genzel Chief Financial Officer
David James Porter Independent Director
Adrian W. Loader Independent Director
Andrew Furey Independent Director
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