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Black Iron Renews Letter of Intent for Key Rail Capacity for the Shymanivske Project
Toronto, Ontario--(Newsfile Corp. - May 9, 2019) - Black Iron Inc. (TSX: BKI) (OTC Pink: BKIRF...
About this update from Black Iron Inc.
[{"type":"text","content":"Black Iron Renews Letter of Intent for Key Rail Capacity for the Shymanivske ProjectToronto, Ontario--(Newsfile Corp. - May 9, 2019) - Black Iron Inc. (TSX: BKI) (OTC Pink: BKIRF) (FSE: BIN) (\"Black Iron\" ) has renewed its Letter of Intent (\"LOI\") with Ukraine's National Railway to provide up to 10 Mtpa of capacity to move product from the railway line located within two kilometers of Black Iron's Shymanivske Project (\"the Project\") to Port Yuzhny, a deep water port in the Black Sea. As Black Iron moves closer to commencing construction of the Project, it is renewing LOIs for all vital infrastructure including rail, power and port capacity. Unlike many other start-up iron ore mines, the Project has ready accessibility to all essential infrastructure needed for its operation. Matt Simpson, Black Iron's CEO, commented, \"Renewing the LOI with Ukraine's National Railway is an important step in providing assurance to current and future investors in our Project. We are very fortunate to be able to access such high-quality infrastructure which is right on the doorstep of our Project. We appreciate the close cooperation we have received from all levels of government in Ukraine and from the National Railway.\"As previously announced by the Company, debt and equity finance discussions are ongoing with international finance institutions, resource companies and European based banks. Formalisation of a debt and/or equity funding package would be a significant step towards the commencement of construction of the Project.The Project is located in Kryvyi Rih, Ukraine, a highly developed iron ore mining region with well-established infrastructure. The Project's proximity and access to major infrastructure including paved roads, railway, powerlines and port as well as highly skilled low-cost labour force allow for a phased development approach at significantly reduced initial capital requirements and operating costs. Please see the Company's PEA (as defined below) for more information. The expected product from the Project is a high-grade (68% Fe) iron ore concentrate and can be used to produce high-quality iron ore blast furnace and direct reduction grade pellets. It can also be used as a feed for sinter production which is then processed to iron in blast furnaces. About Black IronBlack Iron is an iron ore exploration and development comp...