Canadian mining company Black Iron Inc. has initiated the process of obtaining permits for iron ore extraction under its Shimanovskoye Iron Ore Project in Kryvyi Rih, Ukraine. According to documents obtained by Interfax-Ukraine, the company’s subsidiary, Shimanovskoye Steel LLC, has applied for authorization to mine iron ore from the northern section of the Shimanovskoye open pit.
The proposed open-pit mine will span 660 by 390 meters and reach a depth of 80 meters, with plans to extract 4.5 million tons of ore annually. The total overburden volume is estimated at 5.13 million cubic meters, including 1.31 million cubic meters of ore. The project will operate year-round, leveraging nearby infrastructure, including rail, power, and port facilities.
Black Iron has prioritized this venture through an investment agreement with the Ukrainian government. A critical hurdle remains obtaining a land plot managed by Ukraine’s Ministry of Defense, though discussions have progressed, and a preliminary compensation amount has been agreed upon.
The company is also exploring additional potential projects and has a history of partnerships, including a 2013 agreement with Ukraine’s Metinvest group. While Metinvest later withdrew from the project, Black Iron continued development, citing the region’s rich resources and existing mining operations, such as ArcelorMittal’s iron ore complex, as key advantages.
The Shimanovskoye Iron Ore Project is designed to produce premium iron ore with an iron content above 68%. Initial capital investment is estimated at $452 million for the first phase and $364 million for the second, with plans to build a plant capable of producing up to 8 million tons annually.
