Alderon Iron Ore’s (TSX:ADV) Kami project in Canada’s Labrador Trough reached another key milestone this week. The company announced Friday that the Government of Newfoundland and Labrador has released the project from the environmental assessment process, after meeting the requirements of the process. The project however still requires release from the federal environmental assessment process, which the company expects to happen early this year.
Stock in Alderon was up 5.08 percent on the news, in mid-day trading Friday.
As quoted in the press release:
“Release from EA is a huge milestone for the Kami Project. It is the culmination of over two years of hard work and commitment to meeting the Provincial regulatory requirements. Our next goal is to finalize access to power for the Project, which has also been in the works for over two years,” said Tayfun Eldem, President and CEO of Alderon.