In a recent turn of events, Alderon Iron Ore Corporation, a Canadian iron ore development firm, and the Kami Mine Limited Partnership have reportedly signed a MOU (Memorandum of Understanding) with the world leader in providing reliable and safe energy solutions Schneider Electric Canada Incorporation.
According to sources familiar with the deal, the Memorandum of Understanding allows the Kami Mine Limited Partnership to assess equipment purchase or lease from Schneider Electric Canada Incorporation for usage in the Kami Iron Ore Project, based in western Labrador.
According to the MOU, Schneider Electric would be assisting Kami LP for raising capital by the way of fostering introductions and arranging discussions with latent funding foundations for the Kami Iron Ore Project, encompassing investment from ECAs (Export Credit Agencies) located in regions where Schneider Electric develops its equipment. Reportedly, the financial assistance so generated is projected to aid The Kami LP in raising the capital needed for initiating the construction activities of the project.
David Willick, VP & North American Mining, Metals and Minerals Segment Leader of Schneider Electric, was quoted stating that the company is rather pleased to become a part of the Kami Iron Ore Project and it looks forward to assisting Alderon in creating an efficient and completely digitally advanced mine, employing the EcoStruxure architecture.
Tayfun Eldem, CEO and President of Alderon, was quoted stating that Alderon has selected Schneider Electric due to its wide range of services and products in the domains of power & energy management, mine digitization, and process control. Eldem noted that the Kami LP would capitalize on Schneider Electric’s sustainable solutions to optimize operational costs and energy utilization for the mining and processing tasks of the Kami Project.
According to credible sources, the Schneider Electric and the Kami LP are needed to enter into definitive contracts for the transactions demarcated in the MOU to progress, together with agreements for the procurement of equipment. However, market analysts claim that there is no certainty that the transactions considered in the MOU would be finalized.