Canadian iron ore exploration and development company Black
Iron (TSX: BKI) (OTC: BKIRF) (GR: BIN) this morning announced the company has
signed a non-binding Memorandum of Understanding (“MOU”) with a subsidiary of
Glencore plc (OTC: GLNCY) (OTC: GLCNF). Per the MOU, the parties agree to
engage in formal negotiations to finance the construction of the Shymanivske
Iron Ore Project. Areas for negotiation in the MOU include the contemplation of
Glencore making an investment to help fund construction of the project in
exchange for securing the offtake of up to the full phase one planned annual
production of four million tonnes, with the terms and amount to be discussed
further. The MOU permits the allocation of offtake to other equity investors,
as Black Iron is also currently in discussion with additional companies that
have shown interest in obtaining supply of the ultra high-grade iron ore
concentrate anticipated to be produced from the project in exchange for
construction financing. “I am excited to welcome Glencore as an offtake
investor for construction of the Shymanivske Project as well as their agreement
to work with us to help secure additional financing. Glencore’s involvement
significantly strengthens our capability and draws on their extensive
international network, experience and market knowledge,” Black Iron CEO Matt
Simpson stated in the news release.
To view the full press release, visit http://ibn.fm/AtbTp
About Black Iron Inc.
Black Iron is an iron ore exploration and development
company, advancing its 100 percent owned Shymanivske project located in Kryviy
Rih, Ukraine. The Shymanivske project contains a NI 43-101 compliant resource
estimated to be 646 Mt Measured and Indicated mineral resources, consisting of
355 Mt Measured mineral resources grading 31.6 percent total iron and 18.8
percent magnetic iron, and Indicated mineral resources of 290 Mt grading 31.1
percent total iron and 17.9 percent magnetic iron, using a cut-off grade of 10
percent magnetic iron. Additionally, the Shymanivske project contains 188 Mt of
Inferred mineral resources grading 30.1 percent total iron and 18.4 percent
magnetic iron. Full mineral resource details can be found in the NI 43-101
compliant technical report entitled “Preliminary Economic Assessment of the
Re-scoped Shymanivske Iron Ore Deposit” effective November 21, 2017, under the
company’s profile on SEDAR. The Shymanivske project is surrounded by five other
operating mines, including ArcelorMittal’s iron ore complex. For more
information, visit the company’s website at www.BlackIron.com.
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