More good news for the Labrador mining industry.
Alderon has announced a “reboot” of the Kami project making use of the old Wabush Mines site.
Chairman Mark Morabito says the Kami Project will use the depleted Wabush Scully Mine site as a tailings pond which he says will bring much needed jobs and economic development ot the region.
Chair and CEO Mark Morabito says using the Scully mine will solve two problems and save money.
He says by filling the hole they’ll be remediating the mine, and addressing where to put their tailings at a cost savings of several hundreds of millions of dollars.
Construction is expected to take two years, with the life of the mine at 24 years. The decision to use the old Scully mine came as the result of a preliminary economic assessment that was conducted to find savings in light of a downturn in the mining industry.