Black Iron has reached an agreement with the government of Ukraine to receive a land plot for the construction of a new mining and processing works near Krivoy Rog.
A corresponding memorandum of understanding has been signed with the Ministry of Defense.
The ministry agreed to provide the Canadian company with 1236 ha of lands adjacent to the Shimanovsky Ore Massive. In its turn the company will pay a compensation, which will be used to construct housing for the military.
Investments in the first stage of the mining project are estimated at $436 million.
The first stage will produce 4 million tons of iron ore raw materials per year. The second will increase output to 8 million tons and will require $312 million.
The construction is scheduled to begin next year. (Ukrainian metal)
