IRON ORE DEVELOPMENT: Kami to generate $2.0-B in tax revenue for NL

LABRADOR – Vancouver-based Alderon Iron Ore says its Kamistiatusset (Kami) iron ore project will generate $2.0 billion in tax revenues for the province of Newfoundland and Labrador. These and other long term benefits to the province were outlined in an independent economic impact assessment prepared for Alderon by Strategic Concepts and Dr. Wade Locke of Memorial University.

The Kami project is expected to produce 8.0 million tonnes of iron concentrate per year for 16 years. Over that time it would also generate $1.6 billion in direct, indirect and induced incomes to workers and local businesses. It would contribution $13.6 billion to the provincial gross domestic product. There will be 24,000 person-years of employment during construction and operations.

Alderon has registered a 16-million-t/y project under the environmental assessment process, but the preliminary economic assessment considered only the 8-million t/y option. The company plans to examine the economics of enlarging the Kami project.

Please visit the website at AlderonIronOre.com.