Altius Minerals and Chinese partners picked for final bid on iron ore deposit

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ST. JOHN’S, N.L. – Newfoundland and Labrador’s provincial government has picked Altius Minerals Inc. (TSX:ALS) and its Chinese partners to hold exclusive final-stage negotiations for rights to the Julienne Lake iron ore deposit.

The talks will be held with the JL Alliance, a group that includes St. John’s-based Altius and two Chinese integrated steel companies that currently import iron ore from overseas for their operations.

Altius didn’t announce financial details of the offer from the JL Alliance or identify the Chinese companies by name.

A statement issued by the province’s natural resources ministry on Wednesday says the JL Alliance submitted a comprehensive proposal for development of a mine.

Altius already has mineral land rights in western Labrador near the Julienne Lake iron ore deposit. The company says it has agreed to contribute those mineral rights to the JL Alliance if the negotiations succeed.

The provincial government formally invited expressions of interest for the Julienne Lake deposit in October 2012 and invited six contenders to make detailed proposals.

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