On May 23, 2018, we published revised versions of our Privacy Policy and User Agreements. Please read these updated terms and take some time to understand them. Your use of our services is subject to these revised terms.
Yes, I Agree.

Black Iron Inc. (TSX: BKI) (OTC: BKIRF) (GR: BIN) Sees 2019 as Pivotal Year for Shymanivske Iron Ore Deposit in Ukraine

  • Black Iron and subsidiary of Glencore plc sign MOU to finance construction of Shymanivske Iron Ore Deposit
  • Excellent infrastructure, with paved road to site, confirmed power and rail and port capacity, allows for a relatively low cost and phased build
  • Project is expected to produce an ultra-high-grade, 68-percent iron ore concentrate with few impurities at very low cost
  • Black Iron’s iron pellet feed product is expected to sell for a significantly higher price than benchmark iron ore

Black Iron Inc. (TSX: BKI) (OTC: BKIRF) (GR: BIN), a Canadian iron ore exploration and development company, is optimistic that construction could begin at its ultra-high-grade Shymanivske Iron Ore Project in Ukraine toward the end of the year. In an upbeat discussion with NNW’s Stuart Smith last month, CEO Matt Simpson, P.Eng., reminded stakeholders of the great strides that Black Iron made in 2018 and the huge leaps that the company is making this year (http://nnw.fm/lFPk2).

“We had some major milestones … with our real focus on relaunching the company,” Simpson said in the NNW interview, adding that Black Iron is looking at an ideal construction start date by the end of 2019. Discussions to secure the surface rights for the project are “well advanced,” he added.

One of the biggest milestones came in the form of a signed memorandum of understanding for the purpose of securing funds for construction of the Shymanivske Iron Ore Project with a subsidiary of commodities giant Glencore plc (OTC: GLCNF) (OTC: GLNCY). The non-binding MOU contemplates Glencore making an investment to help fund construction in exchange for securing the offtake of up to the full phase one planned annual production of four million tons, with terms and amount still to be negotiated (http://nnw.fm/f9EfH).

“I am excited to welcome Glencore as an offtake investor for construction of the Shymanivske Project as well as their agreement to work with us to help secure additional financing,” Simpson said in a news release. “Glencore’s involvement significantly strengthens our capability and draws on their extensive international network, experience and market knowledge.”

Black Iron’s Shymanivske iron ore deposit is situated in the southern part of the historic KrivBass iron ore mining district, a highly developed iron ore mining region with well-established infrastructure and nearby skilled labor forces. Surrounded by seven producing iron ore mines, the Shymanivske project will produce an ultra-high-grade, 68-percent iron ore concentrate with few impurities at very low cost. Use of ultra-high-grade 68-percent iron content product in the production of steel is a value-added offering to customers, since it increases blast furnace productivity and reduces greenhouse gas emissions generated per ton of steel produced (http://nnw.fm/XnK16).

Black Iron’s Shymanivske iron ore deposit is a true turnaround investment, Simpson said in his interview with NNW’s Smith.

“One thing that’s really unique and rare with this project … is that it’s almost agnostic to whatever the commodity price of iron ore is,” Simpson stated. “It’s very, very rare that you find a project, even in the 10-year downside pricing scenario, that still provides an after-tax rate of return in excess of 20 percent … we’re sitting on almost 70 percent after-tax return on this project at today’s iron ore prices. So very, very robust economics.”

For more information, visit the company’s website at www.BlackIron.com

The technical and scientific contents of this article have been reviewed and approved by Matt Simpson, P.Eng., CEO of Black Iron, who is a Qualified Person as defined by NI 43-101.

About NetworkNewsWire

NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.

To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 77948 (U.S. Mobile Phones Only)

For more information, please visit https://www.networknewswire.com

Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer

NetworkNewsWire (NNW)
New York, New York
212.418.1217 Office


Select A Month

NetworkNewsWire Currently Accepts



Bitcoin Cash

Bitcoin Cash

Doge Coin






USD Coin

USD Coin

Contact us: 212.418.1217