The Canadian iron ore exploration and development company Black Iron Inc, which is promoting its project for the production of iron ore concentrate at the Shimanovskoye deposit located in Krivoy Rog in Ukraine, intends to start a new phase after an economic assessment.
A preliminary economic assessment of 100% own project was carried out to confirm the management's view that the project remained economically viable given the significant changes that have occurred in both iron ore sales prices and Ukrainian exchange rates.
Black Iron CEO Matt Simpson commented: “I am delighted to revitalize the Shimanovsky project as it is a mine based on a favorable 2014 feasibility study and was very close to being funded primarily from our former development partner Metinvest. ... Major international trading companies visited the site several times to negotiate an outflow prepayment agreement. Based on the current favorable exchange rate, which largely compensates for the lower iron prices, I am confident that the results of the economic assessment will demonstrate to both existing and new shareholders the reliability and economic attractiveness of the Shimanov project. ”
The Shimanovskoye project is surrounded by five other active mines, including the ArcelorMittal iron ore complex.
Black Iron evaluates the Shimanovskoye field
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