Black Iron Inc. has entered into a $4 million royalty and offtake agreement with Anglo American to develop its Shymanivske Iron Ore Project in Ukraine.

Target Information

Black Iron Inc. (TSX: BKI; OTC: BKIRF; FWB: BIN) is excited to announce the signing of a legally binding royalty and offtake agreement with Anglo American for a $4 million investment related to its Shymanivske Iron Ore Project in Kryvyi Rih, central Ukraine. The project is being developed in two phases, with Phase 1 expected to produce approximately 4 million tonnes per annum and Phase 2 projected to increase production to around 8 million tonnes per annum.

The proceeds from this transaction will primarily be allocated to creditor payments and general working capital to support the company amidst the ongoing conflict in Ukraine. Some key terms of the agreement include a gross revenue royalty of 1.0% and 1.5% based on iron ore pricing, along with offtake rights that grant Anglo American access to a significant portion of the project’s production.

Industry Overview

The iron ore mining industry in Ukraine presents unique opportunities and challenges as the country has significant mineral reserves and is strategically positioned in Europe. Ho