Under the memorandum of understanding (MoU), Envest will obtain and oversee procured equipment from Schneider Electric. While the pair said the transaction is expected to provide up to US$35 million for power infrastructure, neither disclosed further details.

Envest officials said it and Kami will also examine potentials regarding additional financial solutions for other equipment for the mine.

"We are thrilled to partner with Envest due to their industry expertise and comprehensive energy solutions for large industrial projects," Alderon president and CEO Tayfun Eldem said.

"The partnership will help us establish one of the elements of a broader equipment financing solution for the Kami project."

Alderon added that it is currently focusing on the final de-risking step of completing Kami's financing, which comes for the miner as the demand is rising for premium iron ore. It owns 75% of the operation in the Labrador Trough, while the remaining 25% is held by HBIS Group through The Kami Mine Limited Partnership.

Production from Kami, which has an estimated 23-year mine life, will be shipped through a newly commissioned multi-user, deep-water berth near the Port of Sept-Îles in Québec.