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Chinese steelmaker adjusts investment in Canadian company, iron project
VANCOUVER – Alderon Iron Ore Corp. (TSX:ADV) says a Chinese company has reduced its investment commitment to Alderon, which is developing one of several planned iron ore mining operations on the Quebec-Labrador border. Hebei Iron & Steel Group Co., Ltd. now plans spend a total of $182.2 million, down $11.8 million from the agreement they reached in April. The reduction reflects the reduced value of Alderon shares, which have fallen in recent months.
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