Black Iron Inc., a TSX-listed company, is advancing the most development-ready, foreign-funded mining project in Ukraine – the Shymanivske high-grade iron ore project in Kryvyi Rih. Strategically located near five operating iron mines, the Shymanivske project marks a significant milestone for Ukraine’s mineral sector and the broader U.S.-Ukraine economic partnership on natural resources.
With 100% ownership of a high-quality deposit and a planned production of ultra-premium 68% iron concentrate, Black Iron’s project is designed to meet the growing global demand for sustainable steelmaking. Its high-grade product will enable steel producers to reduce greenhouse gas emissions by approximately 30% compared to standard grades.
“Ukraine has the resources, technical expertise, and strategic position to play a major role in Europe’s green transition,” said Matt Simpson, CEO of Black Iron Inc. “Our project not only demonstrates the country’s investment potential, but also supports Ukraine’s integration into non-fuel minerals supply chains. We’re proud to help set the standard for responsible mining development in Ukraine.”
Black Iron’s presence brings fresh momentum to the implementation of the newly launched U.S.-Ukraine economic partnership. The project’s offtake and funding agreement with Anglo-American, combined with its low projected production costs and strong ESG profile, positions it as a blueprint for future mining investment in Ukraine.
“Black Iron represents the bold, long-term investment Ukraine needs as it advances toward recovery and modernization,” said Irina Paliashvili, President & CEO of USUBC. “By responsibly developing one of the country’s most strategic mineral assets, Black Iron is not only contributing to Ukraine’s economic resilience, but also to global energy security. We are proud to welcome Black Iron to USUBC and look forward to supporting the next phase of their investment strategy.”