The proposed plan, which is subject to approval from the board, comes after the completion of required engineering work.
With progress on pre-construction engineering works, the company has temporarily halted work by its contractor WorleyParsons Canada Services.
Alderon president and CEO Tayfun Eldem said: "While all our requisite pre-construction engineering work, permits and agreements are now completed in preparation for the start of construction, we continue to work on finalizing our financing plan."
The company recently entered into an agreement with Metso Minerals Canada for the development of the Kami Iron Ore project.
Metso will provide equipment, including the AG Mill, Ball Mill, Car Dumper and the primary gyratory crusher.
