The volatility and uncertainty created by the outbreak of the Covid-19 pandemic has scuppered a potential deal that Canadian junior Alderon Iron Ore agreed with a Chinese partner and has now left the company scratching for money to repay a loan due by the end of this month.
Alderon said on Thursday that Beijing-headquartered Tunghsu had terminated the previously announced letter of intent to acquire a 26% to 38% interest in the Kami Mine Limited Partnership (Kami LP) for between $15-million and $23-million.