Canadian Black Iron to buy a land plot for buiding a plant in Krivoy Rog

Canadian Black Iron to buy a land plot for buiding a plant in Krivoy Rog

The company plans to buy a plot of land for a new mining and processing plant at the Shimanovsky iron ore deposit

As reported on the website of the Canadian company Black Iron, the parties have already agreed on the amount of the transaction and is now preparing to sign a contract.

The plot of land that Black Iron plans to use to house its future enrichment plant is now owned by the Department of Defense.

As stated in the company's message, the parties are now discussing a binding agreement on the transfer of land after the establishment of peace in Ukraine.

However, Black Iron is negotiating with the government for an investment support agreement that would include a number of incentives, such as exemption from import duties on equipment for the project.

Thus, the report says that while Black Iron shareholders are waiting for peace in Ukraine to bring the Shymanovsky project to the construction stage, management is considering new potential projects to increase shareholder value.

Recall that in 2010 the Canadian Black Iron for $13 million bought the Cypriot company Geo-Alliance Ore East from Viktor Pinchuk's EastOne. Geo-Alliance Ore East held a license to develop the Shimanovsky iron ore deposit.

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