Black Iron Congratulates the U.S. and Ukraine on Their Minerals Deal and Aims to Help Pave the Way With Its Highly Advanced Ukraine New Mining Project
Black Iron Congratulates the U.S. and Ukraine on Their Minerals Deal and
Aims to Help Pave the Way With Its Highly Advanced Ukraine New Mining
Project
• U.S. and Ukraine entered into a landmark agreement to jointly develop
Ukraine's vast mineral resources.
• Black Iron (TSX:BKI) is developing the most advanced project to
construction in Ukraine.
• Black Iron's successful construction and operation will create a development
roadmap for investments under the U.S. - Ukraine Minerals Agreement.
TORONTO, ON / ACCESS Newswire / May 5, 2025 / Black Iron Inc. ("Black
Iron" or the "Company") (TSX:BKI)(OTCPK:BKIRF)(FWB:BIN) congratulates
Ukraine and the United States governments on signing a landmark agreement to
jointly develop Ukraine's vast mineral resources - a strategic move designed to
accelerate post-war reconstruction and reduce global dependency on hostile-state
supply chains. With potentially trillions of dollars worth of untapped mineral
resources and growing Western support, Ukraine is positioning itself as a future
powerhouse in the critical minerals sector. The challenge is that there hasn't been a
new large-scale mine constructed in Ukraine since the Soviet era.
Black Iron's high purity Shymanivske Iron Ore Project (the "Project") is one of the
most advanced mining developments in Ukraine and was on the brink of starting
construction prior to the outbreak of conflict in 2022. As one of the most advanced
large scale mining projects in Ukraine, the Project will pave the way by developing a
roadmap under which future investments under the U.S. - Ukraine Minerals
Agreement can follow. With a dearth of companies and operators experienced in
starting a Ukrainian mining operation of this scale, Black Iron is well-positioned to
participate in the post-war reconstruction of Ukraine. The Project is already well
advanced in its engineering and permitting, plus it is strategically located in central
Ukraine (Kryvyi Rih) and surrounded by seven operating iron ore mines with
institutional financial support. The Project itself has the financial support of global
miner Anglo American, as evidenced by the royalty investment and offtake agreement
entered into between the Company and Anglo American (see Company press release
of November 7, 2024).
Black Iron's CEO, Matt Simpson, commented, "This isn't just about building a mine -
it's about rebuilding a country. The Shymanivske Iron Ore Project is expected to inject
US$1.2 billion in development capital over the life of the Project and is estimated to
contribute US$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."
About Black Iron
Black Iron is an iron ore exploration and development company, advancing its 100%
owned Shymanivske Iron Ore Project located in Kryvyi Rih, Ukraine. Full mineral
resource details and projected project economics can be found in the NI 43-101
technical report entitled "(Amended) Preliminary Economic Assessment of the Re-
scoped Shymanivske Iron Ore Deposit" published in March 2020 with an effective
date of November 21, 2017 under the Company's profile on SEDAR at
www.sedar.com. The Project is surrounded by five other operating mines, including
Metinvest's YuGOK and ArcelorMittal's iron ore complex. Please visit the Company's
website at www.blackiron.com for more information.
For more information, please contact:
Matt Simpson
Chief Executive Officer
Black Iron Inc.
647-965-2138
Forward-Looking Information
This press release contains forward-looking information. Forward-looking
information is based on what management believes to be reasonable assumptions,
opinions and estimates of the date such statements are made based on information
available to them at that time. Forward-looking information may include, but is not
limited to, statements with respect to the U.S. and Ukrainian minerals agreement; the
development of the minerals sector in Ukraine; the war in Ukraine and associated
reconstruction projects; development of the Project; the royalty investment and
offtake agreement with Anglo American and the economic benefits of the Project.
Generally, forward looking information can be identified by the use of forward-
looking terminology such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the actual results, level
of activity, performance or achievements of the Company to be materially different
from those expressed or implied by such forward-looking information, including but
not limited to: the war in Ukraine; general business, economic, competitive,
geopolitical and social uncertainties; the actual results of current exploration
activities; other risks of the mining industry and the risks described in the annual
information form of the Company. Although the Company has attempted to identify
important factors that could cause actual results to differ materially from those
contained in forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward looking information. The Company does
not undertake to update any forward-looking information, except in accordance with
applicable securities laws. The Company notes that mineral resources are not mineral
reserves and do not have demonstrated economic viability.
SOURCE: Black Iron, Inc.