Project developer Alderon Iron Ore has settled a dispute with Newfoundland and Labrador Hydro regarding a C$21-million letter of credit it posted for the construction of a new transmission line to the Labrador West area.
Under the settlement, Alderon subsidiary the Kami Mine Limited Partnership will receive a C$11.5-million refund, plus accrued interest, as well as a C$750 000 restart credit should it decide to proceed with the flagship Kami project within the next five years.
