European banks will be able to provide Black Iron with a loan of $250-300 million for the construction of a mining and processing works at the Shimanovsky ore massive near Kriviy Rih.
The banks have not been named.
Black Iron has been engaged in the GOK construction for almost 10 years – the asset was bought in October 2010.
Investments in the first stage are estimated at $436 million, including $260 million of borrowed funds.
The first stage has to produce 4 million tons of iron ore raw materials, just like the second stage, for which $312 million will be needed. (Ukrainian metal)