UKRAINE – Black Iron of Vancouver and Metinvest BV, Ukraine’s largest mining and steel producer, have signed a deal to jointly develop Black Iron’s Shymanivske and Zelenivske iron ore projects in Kryvyi Rih. Metinvest will make an initial investment of US$20 in a subsidiary of Black Iron for the purpose of advancing the projects.
Each company will participate in funding the projects proportionate to their interests in the subsidiary, BKI Cyprus. Black Iron will hold 51% of the Shymanivske project and Metinvest 49%. Total development costs for the project are estimated at US$1.01 billion. After the project reaches full production, Metinvest may increase its interest to 51%.
The Shymanivske project has a measured and indicated resource of 646 million tonnes averaging 31.6% Fe, and an additional 188 million tonnes of inferred resource grading 31.1% Fe. Learn more about it at BlackIron.com.