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Black Iron continues negotiations on Shymanivske iron ore project in Ukraine, mulling new potential projects
KYIV. Sept 21 (Interfax-Ukraine) – Despite the ongoing war in Ukraine, Black Iron Inc.’s team (Canada) has progressed the Shymanivske iron project through discussions with Ukraine’s Ministry of Defense regarding land transfer for the project, execution of a Ukraine Government investment support agreement, and project permitting.
The company said in a press release that land adjacent to Black Iron’s Shymanivske ore body required for the location of the project’s future process plant, waste rock stockpiles and tailings impoundment is owned by Ukraine’s central government and is being used by its Ministry of Defense for training purposes. Discussions with Ukraine’s Ministry of Defense have led to an agreement on a provisional amount of money Black Iron will need to pay as compensation to secure such land.
"Efforts are now focused on structuring a binding contract to transfer this land upon there being peace in Ukraine that may entail other government agencies," the company said.
In addition, Black Iron is also in discussions with Ukraine’s government for an investment support agreement, which would include several benefits such as stabilization of law and an exemption from needing to pay import duties on equipment required for project construction.
Black Iron’s management has completed an extensive report covering several aspects of the Project such as estimated new jobs created, tax payments and social benefits. Prior to submitting this document, some changes will need to be made to Ukraine’s legislation for Black Iron to qualify, and work is currently well advanced in this regard, according to the press release.
"To ensure our permits remain in good standing, work is currently ongoing in Ukraine to update geological and mine plans. Finally, while Black Iron’s stakeholders wait for peace in Ukraine to advance its Shymanivske Project to construction, management has been reviewing new potential projects to generate shareholder value," the company said.
