Each one in plain English, with the numbers worked through for a shareholder.
5 Oct 2015listing compliance notice▼ BadMajor
Alderon says it will voluntarily remove its shares from the NYSE MKT (expected Form 25 filing October 13, 2015, effective about 10 days later) and file a Form 15F to end its SEC reporting obligations, expected effective 90 days after filing. It ties this to an ongoing cash conservation program (releases of December 9, 2014 and August 11, 2015), lower listing and legal costs, and NYSE MKT minimum share price rules. Shares stay on the TSX, where most trading occurs; OTC quotation in the US is expected but not assured. The Kami Project is still described as 75% Alderon and 25% HBIS.
A transfer agent notice says the annual general meeting will be held June 18, 2015 in Vancouver (venue to be determined), with a May 14, 2015 record date. No agenda or results are given. Routine notice. The cover page now ticks Form 20-F rather than Form 40-F as in earlier filings, but the filing gives no explanation.
A transfer agent notice moves the annual and special shareholder meeting from the previously announced June 19, 2014 to July 29, 2014 in Montreal, with a new record date of June 23, 2014 (previously May 16, 2014). The filing does not say what the special business is or why the date changed.
Kami LP received Ministerial approval for three environmental plans (General Environmental Protection Plan, Valued Ecosystem Component Environmental Protection Plan and Environmental Effects Monitoring Plan), which meet three conditions of the provincial EA release required before construction starts. The company says construction is planned for later this year.
An amended transfer agent notice changes the June 19, 2014 meeting from an annual meeting to an annual and special meeting; record date stays May 16, 2014. The filing does not say what the special business is.
A transfer agent notice says the annual general meeting will be held June 19, 2014 in Montreal, with an amended May 16, 2014 record date. The meeting date moves from the June 20 pattern of 2013 only in the sense of being a new year's meeting. Routine notice with no agenda or results.
Kami LP signed the Power Purchase Agreement with NL Hydro (Feb 25, 2014), resolving the power thread, after the province confirmed on Feb 13, 2014 it will build the third transmission line. Kami LP must post US$65.0M of letter-of-credit security deposits; the first (stated as $21.0M in one place and $22.0M-loan-funded; the remaining deposits are described as $44.0M) was funded by a $22.0M loan from Liberty Metals & Mining at 8% interest, secured by a mortgage over the Kami Project, maturing Dec 31, 2018, and convertible into Alderon shares at $2.376 from 12 months after issue. Convertible debt could dilute shareholders if converted; the company calls the PPA critical to the previously announced debt financing, which is not yet described as secured.
The federal Minister of Environment's decision, posted February 18, 2014, concluded the Kami Project is not likely to cause significant adverse environmental effects, so with the provincial release of January 10 the company says it can move ahead with plans to start construction; this resolves the federal EA thread. Separately, director Danny Williams resigned from the Board (he served since March 2012) but stays on as a consultant and special advisor.
A retransmission of the January 10, 2014 news release on the provincial environmental assessment release; the text appears identical, with no new facts. The release is dated January 13, 2014 (the cover and exhibit headers show a 2013 date, apparently a typo).
On January 10, 2014 the Newfoundland and Labrador Cabinet released the Kami Project from the provincial environmental assessment, resolving the provincial approval that was awaiting Cabinet in December. Federal release is still needed, with the Minister's decision due in February 2014 under the Project Agreement, and the company says it now looks to a provincial decision on the new Churchill Falls to western Labrador transmission line.
20 Dec 2013regulatory community update● NeutralMajor
Alderon says a power purchase agreement with NL Hydro is ready to sign but waits on the provincial government's decision to expand transmission capacity from Churchill Falls to Labrador West. The CEO says that approval is critical to securing the previously announced debt financing. Environmentally, the provincial decision awaits Cabinet and the federal review ended November 27, 2013 with no new issues found; a federal decision is expected early Q1 2014 (no later than 12 weeks from November 27). Premier Dunderdale's support is reported via a news interview, not a commitment in a filing. This ties the power agreement and financing to a government decision still outstanding.
Alderon says the Newfoundland and Labrador environment minister gave a final decision on the EIS on September 30, 2013, finding no further work needed, with a recommendation to Cabinet next. The federal report is due for a 30-day review before end of October, and a final federal decision is due within 12 weeks after that. Alderon has bids for the primary crusher, Pointe-Noire car dumper and stacker/reclaimer, and plans more long-lead equipment orders; it targets production by end of 2015. Project financing, rail and power agreements are described as still being advanced, not completed.
The Kami partnership (75% Alderon, 25% Hebei Iron & Steel) signed a Community Participation Agreement with the NunatuKavut Community Council, which represents about 6,000 Southern Inuit. The partnership will provide capacity funding for permit review, monitoring and training; in return the council will support the project and not act to delay or interfere with it. Amounts are not stated. The release also describes the Kami LP as 75/25 owned, consistent with the Hebei deal having closed.
A transfer agent notice says Alderon will hold its annual general meeting on June 20, 2013 in Vancouver, with a May 16, 2013 record date for notice and voting. No agenda items or results are given. Routine notice.
Alderon thanked the federal government for helping with the Hebei deal and said the $119.9 million Hebei financing has recently closed, resolving the open question about whether the deal had closed. The release also cites an independent study estimating economic benefits (e.g. C$10.0B in incomes, C$7.2B in tax revenues) and about 800 peak construction jobs and 500+ full-time jobs. It says power is sufficient for the currently planned development, citing a January 10, 2013 release. Closing details (date, share issuance, LP formation) are not given in this filing.
Alderon said it submitted more than 2,000 pages of responses to information requests from governments, Aboriginal groups and the public, moving the Kami environmental assessment into its final stages. It continues the EIS filed in September 2012; the CEO says remaining steps are expected on schedule for construction to start in Q4 2013. This is not an approval.
CN is terminating its feasibility study for a new multi-user rail line and terminal in northern Quebec, citing anticipated delays in mine development projects in the Labrador Trough. Alderon says this does not affect the Kami schedule because its study is based on the existing QNS&L railway, and it will continue rail tariff discussions with QNS&L. Under its agreement with CN, the $1.5 million Alderon contributed last year is to be refunded. This ends the CN rail commitment made in August 2012.
Alderon announced it filed the Feasibility Study technical report on SEDAR and said there are no material differences between the results in the January 9 news release and the final report. This confirms the earlier headline numbers rather than changing them.
Alderon filed the full NI 43-101 technical report for the Feasibility Study (effective December 17, 2012), with consents from the qualified persons, as exhibits. It is the detailed version of the results announced on January 9; no new figures are summarised in the visible portion.
Alderon released its Kami Feasibility Study (Rose Deposit, effective Dec 17, 2012): 8 Mt/yr of concentrate at 65.2% iron, pre-tax NPV (8%) US$3.244 billion, pre-tax IRR 29.3%, initial capital US$1,272.9 million, operating cost US$42.17/t, 30-year mine life, payback 3.8 years. Compared with the 2011 PEA, capital is higher (US$989M before), IRR is lower (40.2% before) and mine life is longer (15.3 years before); NPV is slightly higher (US$3.07B before). For the first time it states Proven and Probable Reserves of 668.5 Mt at 29.5% iron, resolving the earlier 'no reserves' position, and Measured and Indicated resources of 1,093.2 Mt (15% cut-off). Plant start-up is still projected for Q4 2015, with permits and construction start expected around November 2013; the company says the results meet all threshold criteria under its Hebei agreements, which is the trigger for Hebei's C$120M partnership funding (the filing text does not state the closing status or payment timing).
Alderon said it would release the results of its Feasibility Study on the Rose Deposit of the Kami property before market open on January 9, 2013, with a conference call at 8:00am EST that day. This is only a scheduling notice; no study results are in it. It follows the Feasibility Study timing previously pushed to before the end of 2012.
25 Sept 2012regulatory community update▲ GoodMajor
Alderon submitted its Environmental Impact Statement (over 5,000 pages) for the Kami Project to the federal and provincial governments, on the Q4 2012 timetable (earlier than Q4 in the sense of being filed in September). The governments next post it and open a public review period; this is a submission, not an approval.
Alderon confirmed that Hebei has received all needed Chinese regulatory approvals for the share placement and Kami partnership deal, and both sides will work to close it shortly. The deal still needs Toronto Stock Exchange and NYSE MKT approval, so it has not yet closed.
Alderon cut the Hebei deal's total from C$194 million to C$182.2 million: the share price fell from C$3.42 to C$2.41, so the 19.9% share placement (still about 25,828,305 shares) now raises C$62.2 million instead of C$88.3 million, while Hebei's payment for the 25% Kami partnership interest rose from C$105.7 million to C$120 million. Liberty Metals & Mining's matching purchase of about 3,805,576 shares is expected to fall to C$9.2 million. Hebei said it expects the last outstanding Chinese approval (SAFE) by August 20, 2012; TSX and NYSE MKT approvals are still needed. Less cash comes in at closing than first announced, though the share count is unchanged.
Alderon committed to join a feasibility study with Canadian National Railway (CN) for a proposed multi-user rail line and port terminal facility linking the Labrador Trough to Sept-Iles, and will fund $1.5 million over the next twelve months to secure capacity on the new line; the funds would be refunded in certain circumstances. It says it remains committed to concluding an initial agreement with the existing Quebec North Shore and Labrador Railway and Chemin de fer Arnaud. This is a step on the open rail question, not a signed rail agreement.
Alderon released its final resource estimate for the Kami Project: Measured and Indicated 1.1 billion tonnes at 29.8% iron, plus Inferred 277.4 million tonnes at 29.5% iron (20% cut-off, based on 209 drill holes, effective July 11, 2012). This completes the upgrade the 2012 drilling was aiming for: the earlier estimate was Indicated 490Mt and Inferred 598Mt, and the Inferred figure has fallen as much of it moved into the higher-confidence categories. The CEO says these resources will form the basis of the Feasibility Study, now expected before the end of 2012 (previously Q3 2012). No reserves are stated.
Alderon said it finished its final pre-feasibility drill program on April 30, 2012: 32 holes totalling 12,300 metres, infill drilling at North Rose (below the up-to-18,000 metres previously planned). Results are still being used to try to upgrade resources, and the feasibility study remains expected in Q3 2012. The release also recaps the past year, including the pending Hebei deal and the roughly C$40 million Liberty Metals & Mining investment, and notes federal funding of up to C$55 million for a new dock at Sept-Îles.
Alderon released the first assay results from its 2012 infill drilling, mostly at North Rose, with intervals such as 255.2 metres at 30.1% iron and 129.4 metres at 32.6% iron. All results fall within the existing resource estimate (Indicated 490Mt at 30.0%; Inferred 598Mt at 30.3%); the drilling aims to upgrade resources to Measured and Indicated ahead of the feasibility study expected in Q3 2012. This continues the winter drill program and does not change the resource figures.
Alderon replaced its auditor: Davidson & Company LLP resigned at the company's request effective April 18, 2012, and KPMG LLP was appointed successor. The notice states there were no reservations in the prior auditor's reports and no reportable disagreements-type events in the period covered. The filing gives no reason for the change.
A transfer-agent notice lists Alderon's annual general meeting for June 6, 2012, with a record date of February 5, 2012 (as written in the notice) and the location to be announced. It carries no other business information.
