China's Hebei Iron & Steel has reduced its overall investment commitment to Alderon Iron Ore Corp., which has one of several planned iron ore mining operations on the Quebec Labrador border. The Vancouver company said Hebei now plans to spend a total of $182.2 million for Alderon shares and part ownership in its Kami iron ore project, down $11.8 million from the agreement reached in April. The reduction reflects the lower value of Alderon shares, which have fallen 33 per cent since the original deal. Now Hebei will pay $62.2 million for 19.9 per cent of Alderon's common shares, $26.1 million less than under the April scenario.
