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TORONTO - Black Iron Inc. (TSX:BKI) has positioned itself at the forefront of developing Ukraine’s mineral resources, following a recent U.S.-Ukraine agreement aimed at joint mineral development initiatives. The Toronto-based company’s Shymanivske Iron Ore Project is one of Ukraine’s most advanced mining developments and is gearing up for construction in the central region of Kryvyi Rih.
This move comes as Ukraine and the United States have signed a landmark agreement to cooperatively tap into Ukraine’s extensive mineral wealth, a strategic endeavor to bolster post-war reconstruction and decrease reliance on supply chains from adversarial states. Black Iron’s project, which was on the cusp of commencing construction prior to the conflict in 2022, is anticipated to serve as a model for subsequent investments under this bilateral minerals agreement.
Black Iron’s project, surrounded by seven operational iron ore mines, has made significant progress in engineering and permitting. It has received institutional financial backing, including a notable royalty investment and offtake agreement with global mining giant Anglo American (JO:AGLJ), as per the company’s announcement on November 7, 2024.
The CEO of Black Iron, Matt Simpson, stated that the Shymanivske Iron Ore Project represents more than just a mining initiative; it is a significant contributor to the rebuilding of Ukraine. The project is expected to inject approximately $1.2 billion in development capital and contribute an estimated $2.2 billion to the Ukrainian economy throughout its lifespan. Additionally, it promises to create thousands of jobs, introduce innovative technologies, revitalize industrial infrastructure, and signal to international investors that Ukraine is primed for business.
Black Iron, which is solely focused on the advancement of its 100% owned Shymanivske Project, is surrounded by other prominent mines, including those operated by Metinvest and ArcelorMittal (NYSE:MT). The company has provided full mineral resource details and projected economics in its NI 43-101 technical report available on SEDAR.
This information is based on a press release statement from Black Iron Inc. detailing the current status and future prospects of their mining project in Ukraine.
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