Ukrainian ferrous exploration firm, Black Iron, has announced that it’s completed the first round of formal offtakes for its mine in Kryviy Rih, Ukraine.
Multiple groups have participated in the offtake procedure, which gives them rights to purchase production from the Shymanivske mine, and a $60mn investment has been agreed to. Black Iron expects to derive 4mn mt of ferrous pellets annually from the project.
The Shymanivske mine has a measured mineral resource of 646mn mt, of which 355mt is graded at 32pc Fe and 19.5pc magnetic iron, while the remaining 290mn mt are graded at 31.1pc Fe and 17.9pc magnetic iron. This mine also has an inferred resource of 188mn mt, grading 30pc Fe and 18.4pc magnetic. The project is surrounded by five other mines and lies in proximity to ArcelorMittal’s iron ore complex operated by its Kryviy Rih subsidiary.