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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://ibn.fm/MMAPI).

“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://ibn.fm/foEdf).

“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://ibn.fm/nZ1XO).

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.

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