The Department of Natural Resources says it will discuss the next steps for the Kami Iron Ore project in Labrador with its new owner, Sprott Resource Lending.

Sprott acquired Alderon’s share of the project after the company defaulted on a US $14-million loan.

Alderon’s Board of Directors resigned en masse this week.

The Department of Natural Resources says Kami remains a good project, and it appreciates the efforts of Alderon in moving the project forward.

Meanwhile, the department says it is in touch with other mining operators in Labrador West daily, and the companies have made adjustments to their operations to ensure the health and safety of workers.

Government says while the markets remain volatile, the price of iron ore has held steady and it’s working with mining companies to minimize the impact of the pandemic on their industry.