The Canadian mining company Black Iron Inc, which is implementing the Shymanivske iron ore project, has supported the signing of an agreement between Ukraine and the U.S. on the joint development of mineral resources. This is stated in the company's press release.
Black Iron hopes that the conclusion of the agreement between Ukraine and the U.S. will help in the realization of its new mining project. It is noted that its successful construction and operation will create a "roadmap" for the development of investments under this agreement.
Additionally, due to the lack of companies and operators with experience in launching such large-scale mining activities in Ukraine, Black Iron has good opportunities to participate in Ukraine's post-war reconstruction.
According to the company, the project has already made good progress in engineering and obtaining permits. It is also strategically located in central Ukraine (Krivyi Rih) and is surrounded by seven operating iron ore mines with institutional financial support.
The Black Iron project is financially supported by the global mining company Anglo American, as evidenced by an investment and royalty sale agreement signed between the parties in November of last year.
Black Iron's CEO Matt Simpson noted that the implementation of the project is an investment in the country's reconstruction.
"The Shymanivske iron ore project is expected to attract $1.2 billion in development capital during the project's implementation period and, according to estimates, will contribute $2.2 billion to the Ukrainian economy. It will create thousands of jobs, introduce new innovative technologies, revive industrial infrastructure, and demonstrate to the world that Ukraine is open for business," he said.
In January of this year, Black Iron leased 248 hectares of land in Krivyi Rih. The company leased the key area for the development of the Shymanivske iron ore project. In December 2024, the company began the process of obtaining the necessary permits for iron ore extraction at the Shymanivske deposit.
