Alderon Resource Corp.

Published : December 09th, 2014

Canada iron ore miner Alderon to cut jobs, defer payments to save cash

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Keywords :   Canada | China | Debt | Iron |

Canada iron ore miner Alderon to cut jobs, defer payments to save cash

Dec 9 (Reuters) - Alderon Iron Ore Corp, the company with the most advanced project in Canada's iron ore-rich Labrador Trough region, said on Tuesday it will cut jobs and defer an interest payment as iron ore prices remain at five-year lows.

Alderon declined to say how many jobs it will cut but said it will not reduce its core executive team as it continues to seek financing to develop its $1.3 billion, construction-ready Kami project. The Montreal-based company employs around 20 to 30 people, spokeswoman Evelyn Cox said.

"We are working more closely than ever with our partner Hebei Iron and Steel on increasing Chinese participation in the project in order to increase access to available capital from China," Mark Morabito, Alderon's Executive Chairman said in a statement.

Hebei, China's biggest steelmaker, owns 25 percent of the Kami project. Alderon, which is looking to raise $1 billion in debt to build the project, owns the rest.

Alderon is the latest company in the Trough region, a mineral-rich belt running through northern Quebec and Labrador provinces, to take steps to preserve funds after iron ore prices nearly halved this year to below $70 a tonne. Cliffs Natural Resources is planning to close its Bloom Lake mine in the area and Labrador Iron Mines in July halted operations for this year due to low prices.

Alderon said investor Liberty Metals & Mining Holdings, which has lent it C$22 million ($19.24 million), has agreed to Alderon deferring two upcoming interest payments to end-2018.

Alderon's stock rose 1.9 percent to 27 Canadian cents on the Toronto Stock Exchange on Tuesday. Two years ago the stock was above $2.

(1 = 1.1432 Canadian dollars) (Reporting by Nicole Mordant in Vancouver; Editing by James Dalgleish)

Read the rest of the article at finance.yahoo.com
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Alderon Resource Corp.

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Alderon Resources is a exploration company based in Canada.

Its main exploration property is KAMI in Canada.

Alderon Resources is listed in Canada and in United States of America. Its market capitalisation is CA$ 64.1 millions as of today (US$ 47.6 millions, € 45.1 millions).

Its stock quote reached its highest recent level on February 18, 2011 at CA$ 4.20, and its lowest recent point on January 22, 2016 at CA$ 0.07.

Alderon Resources has 132 134 061 shares outstanding.

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Nominations of Alderon Resource Corp.
4/27/2011Appoints Former Iron Ore Company General Manager as COO
Project news of Alderon Resource Corp.
12/9/2014Canada iron ore miner Alderon to cut jobs, defer payments to...
9/8/2011Releases Positive Preliminary Economic Assessment
4/5/2011(Kami)Announces Initial Iron Ore Resource at Kami
3/2/2011in Resource World Magazine
2/16/2011Iron-ore junior Alderon sees interest
Corporate news of Alderon Resource Corp.
5/6/2016Alderon reports 1Q loss
11/6/2015Alderon Appoints Chief Financial Officer
11/5/2015Alderon reports 3Q loss
10/2/2015Alderon Announces Voluntary Delisting from NYSE MKT
8/11/2015Alderon Provides Corporate Update
6/18/2015Alderon Announces AGM Results
3/27/2015Files 2014 Annual Financial Statements and Annual Report
3/27/2015Alderon Files 2014 Annual Financial Statements and Annual Re...
12/19/2014Alderon Appoints Interim CFO
12/9/2014Alderon Implements Cash Preservation Program
11/18/2014Alderon Receives 2014 Developer of the Year Award
11/13/2014Alderon Appoints Two New Hebei Directors to the Board
10/2/2014Alderon: Update on New Transmission Line
9/30/2014Alderon Announces Changes to the Board of Directors
8/20/2014Alderon Provides Project Financing Update
7/30/2014Alderon Announces AGM Results
7/29/2014Alderon Announces Off-Take Transaction With Glencore
6/30/2014Alderon Completes Required Engineering to Commence Construct...
6/11/2014Alderon Signs Life Cycle Services Agreement with Metso
5/29/2014Alderon Appoints Former BHP Billiton Iron Ore President, and...
5/27/2014Alderon Signs Benefits Agreement With Province of Newfoundla...
5/21/2014Alderon Receives Ministerial Approval for Several Environmen...
5/8/2014Alderon Announces Adoption of Advance Notice Policy
7/12/2011Iron ore to stay above $150
7/6/2011Strengthens Mining Team With Addition of Former Iron Ore Com...
6/9/2011Targets 800 Million to 1 Billion Tonne Resource at 28 to 32%...
5/13/2011featured by Peter Grandich
5/11/2011Intersects 29% Iron Over 227 Meters at North Rose
4/19/2011Confirms Iron at North Rose with 31% Iron Over 204 Meters
4/18/2011Clarifies Technical Disclosure
3/9/2011Clarifies March 9, 2011 Trading Activity
2/3/2011Commences Winter Drill Program at Kami
1/22/2011Confirms Iron at Mills Lake with 30% Iron Over 193 Meters
1/12/2011featured by Peter Grandich
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