The MoU provides for the Kami LP to evaluate the lease or purchase of equipment from Schneider Electric for use in the Kami iron ore project, which is located in western Labrador, Canada. The MoU also provides that Schneider Electric will assist the Kami LP in its capital raising efforts by making introductions and facilitating discussions with potential financing sources for the Kami project, including funding from export credit agencies in regions where Schneider Electric manufactures its equipment. This assistance is expected to help the Kami LP raise the capital required to start construction of the Kami project.

Tayfun Eldem, president and CEO of Alderon, said: "We have chosen Schneider Electric because of their vast array of product and service offerings in power and energy management, process control and mine digitisation. The Kami LP will leverage Schneider Electric's sustainable solutions to optimise energy usage and operating costs for the Kami project's mining and processing operations. With this partnership, the Kami LP could reduce capital spending and equipment cost targets from its September 2018 updated feasibility study, tap into a broader range of ECAs, and accelerate the project schedule."

David Willick, Schneider Electric's vice president and mining, metals and minerals segment leader in North America, added: "We are pleased to be a part of the Kami project and look forward to helping Alderon create an efficient and fully digital advanced mine, using our EcoStruxure architecture."

The Kami LP and Schneider Electric need to enter into definitive documentation in order for the transactions set out in the MoU to proceed, including agreements for the purchase of equipment. There is no certainty that the transactions contemplated in the MoU will be concluded.