Altius Minerals Corp. has a deal in place to acquire nearly 19 million common shares of the Alderon Iron Ore Corp. In doing so, Altius will own close to 52 million shares, representing about 39 per cent of the common shares.
They were purchased from Liberty Metals & Mining Holdings.
Alderon has a 75 per cent interest in Labrador’s Kami Iron Ore project, situated within the southern Labrador trough iron ore mining camp and close to the current mining operations of the Iron Ore Co. of Canada, the Bloom Lake mine and the Mont Wright mining complex.
Altius already holds a 3 per cent gross sales royalty in the project.
The preliminary economic assessment for the project indicates a significant resource with potential for a 24-year open-pit mine and concentrator project. The project has already been released from federal and provincial environmental assessments.
