Alderon Iron Ore released that it has implemented a comprehensive cash preservation program. The program allows the company to maintain a healthy working capital position into 2017 without the need to access equity or debt financing, which includes a number of voluntary vendor payment deferrals, relief from debt servicing requirements and workforce reductions. |
Meantime, it continues to advance financing efforts for the Kami iron ore project in northeastern Canada, of which construction will be commenced once such financing is obtained.
In the Kami project, Alderon and Heibei Iron & Steel Group of China own 75% and 25% interests respectively.