Black Iron Inc.
Black Iron is an iron ore exploration and development company, advancing its 100-per-cent-owned high-grade Shymanivske iron ore project in Central Ukraine. The Project is surrounded by seven other operating iron ore mines (adjacent to ArcelorMittal and Metinvest / Evraz).
Black Iron's Shymanivske mine will be ideally placed to deliver high grade 68% iron content pellet feed which sits at the top 4% purity in the world. Black Iron provides a unique opportunity for investors to profit from the Shymanivske project's projected low-cost operation while at the same time providing Environment, Social and Governance (ESG) focused investors a great chance to invest in a cause they can strongly support.
Ukraine is a mining-friendly jurisdiction with strong local and national support of Black Iron's project development. Ukraine is becoming increasingly business friendly: ranked 60th (out of 190 countries) by World Bank's "Ease of Doing Business Rank" (vs 150th in 2012).
Shymanivske Project in Ukraine
Black Iron's Shymanivske Project in Ukraine is a high-value investment opportunity offering an ultra high-grade iron ore concentrate (68% Fe) at low capital cost intensity. Production of steel using Black Iron's anticipated high grade 68% iron magnetite pellet feed reduces green house gas (GHG) emissions by ~30% as compared to more typically consumed 62% iron hematite fines. Black Iron can also easily further upgrade its product to direct reduction pellet feed as is required to produce steel using green hydrogen which is getting a lot of attention in the media as a promising technology to achieve carbon neutrality.
The Shymanivske iron ore deposit is located 330 km southeast from Kiev in central Ukraine, in the heart of the KrivBass iron ore mining district, 8 km from Kryvyi Rih, city of 750,000 people. The Shymanivske deposit is strategically located in close proximity to target markets of Western Europe, Turkey, Middle East and Asia, 20% to 25% shorter transport distance to growth markets of India and China as compared to North and South American mines. The Shymanivske deposit is surrounded by seven producing iron ore mines, adjacent to ArcelorMittal's iron ore mine & steel mill and Metinvest/Evraz's YuGOK iron ore mine.
NI 43-101 Mineral Resource Estimates
The large Shymanivske iron ore deposit contains a National Instrument 43-101-compliant mineral resource estimated to contain (cut-off grade of 10% magnetic iron):
Attractive Project Net Present Value (NPV) and Favourable Tax Rate
Major milestones targeted for completion by year end 2021
Major milestones targeted for completion in 2022
Top Ranked Project
Solid Plan to Finance Construction
Skilled Leadership Backed by Strong Ukraine Government Support
Exceptional Infrastructure = Scalable Build
Compelling Economics for Highly Sought After Product
Management and Directors
Matt Simpson, Chief Executive Officer and Director
Former General Manager, Mining for Rio Tinto's Iron Ore Company of Canada
Worked for Hatch designing global metallurgical refineries
Paul Bozoki, Chief Financial Officer
Former CFO of CD Capital Partners, operating in Ukraine
Stefan Gueorguiev, Project Director
Over 25 years experience in the engineering and construction of mineral processing plants including most recently as VP Projects & Construction for Polyus
Bill Hart, Senior Vice President Corporate Development
Over 30 years experience selling iron ore while working for Rio Tinto, Cliffs Natural Resources and most recently Roy Hill Holdings Ltd.
Pavlo Komarytsky, General Director, Shymanivske Steel
Extensive network of relationships in Ukraine
Bruce Humphrey, Chairman
Former Chairman of Consolidated Thompson Iron Ore and Chief Operating Officer of Goldcorp
Pierre Pettigrew, Director
Former Canadian Minister for Foreign Affairs and international Trade
John Detmold, Director
Chairman & Founder of Invecture Group, S.A. de C.V. which owns Frontera Copper Corporation
Dave Porter, Director
Former VP for Rio Tinto's Iron Ore Company of Canada and COO of Algoma Steel
Zenon Potoczny, Director
President of the Canada-Ukraine Chamber of Commerce & VP Operations for Ukrainian World Congress
On September 13, 2021, Black Iron Inc. provided update on the Shymanivske iron ore project, and progress with reaching binding offtake, land transfer and Ukraine government investment support agreements.
Environmental Resources Management (ERM) continues to advance the environmental and social impact assessment (EISA) with several field site investigations completed. Similarly, Wood PLC continues to make good progress on the Project's feasibility study which Black Iron anticipates completing in early 2022.