Last week was a big one for Canadian iron ore development company Alderon Iron Ore (TSX:ADV). The company announced on Tuesday that its affiliate, the Kami Mine Limited Partnership, has secured an offtake agreement with a subsidiary of Glencore (LSE:GLEN). That's important as it means 100 percent of initial production from the Kami project is now committed to end users. Led by an experienced management team that includes iron industry veteran Tayfun Eldem, Alderon has been busy working towards developing its Kami project in the Labrador Trough. Results from a feasibility study for Kami were announced back in January 2013, and they indicate a mine life of 30 years with a concentrate production rate of 8 million tonnes per year grading 65.2-percent iron. Capital costs sit at US$1.27 billion, excluding sustaining capital. This year, Alderon has gained approval for its environmental plans, signed a life cycle services agreement with mining equipment provider Metso Minerals Canada and completed all required engineering work to begin construction at the mine site. The company is now looking to conclude financing for Kami and commence construction. To be sure, this week's agreement with Glencore will help in that regard. Eldem told Iron Investing News, "this is a significant achievement for us in the sense that we are looking to conclude the financing for our project, and having 100 percent of production pre-commited sends a very strong signal of confidence to potential lenders." The CEO explained further, "lenders at the end of the day want to know that they can get paid back if they loan money, and the only way a producer is going to be able to pay them back is through the sale of their product and the revenue that it generates that in turn allows them to pay down their debt."