Canadian iron ore exploration and development com-pany Black Iron has secured a US$75 million finance facility from Cargill to advance its Shymanivske project located in Kryviy Rih, Ukraine.
Once it is completed, the project “will produce a higher quality 68% iron content magnetite pellet feed that will put it among the top 4% of global production by iron content. This is estimated to be capable of cutting emis-sions generated in steel production by 30% compared to more commonly consumed hematite fines,” a PR spokesperson for Black Iron said in a statement.
As part of the deal, Cargill will take the offtake rights on the initial 4 million tonnes of production per year from the Shymanivske project, he said.
Black Iron says the Shymanivske deposit is located less than 2 km from two open pit iron ore mines run by ArcelorMittal and Metinvest/Evraz Steel.