Agreement with the US on mineral resources could boost Black Iron project in Ukraine

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 United States on the joint development of mineral resources. This is stated in the company’s press release.

Black Iron hopes that the agreement between Ukraine and the United States will help implement its new mining project. As noted, its successful construction and operation will create a development roadmap for investments under this agreement.

In addition, due to the lack of companies and operators with experience in launching such large-scale mining activities in Ukraine, Black Iron is well positioned to participate in the post-war reconstruction of Ukraine.

According to the company, the project is already well advanced in terms of engineering and permitting. It is also strategically located in central Ukraine (Kryvyi Rih) and surrounded by seven operating iron ore mines with institutional financial support.

The Black Iron project itself has the financial backing of global mining company Anglo American, as evidenced by an investment and royalty sale agreement signed between the parties last November.

Black Iron CEO Matt Simpson noted that the project is a contribution to the country’s reconstruction.

“The Shymanivske Iron Ore Project is expected to attract $1.2 billion in development capital over the life of the project and is estimated to 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 this year, Black Iron leased 248 hectares of land in Kryvyi Rih. The company has leased a 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 the extraction of iron ore at the Shymanivske deposit.