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Ukrainian city council approves Black Iron plans to develop Shymanivske project

The Kryviy Rih city council in Ukraine granted Canadian company Black Iron Inc. permission to push ahead with development plans for its Shymanivske iron ore property, Black Iron said March 29.

The move follows a recent decision by the Dnepropetrvosk Ecology Department to lift suspensions on exploration in the area.

Black Iron's wholly-owned Ukrainian subsidiary, Shymanivske Steel LLC, will produce a detailed report on development plans for the leased land, which will be presented to the Council. The plan will include the location of the open pit and associated mine infrastructure.

Nikolay Bayrak, Black Iron's vice president of government and community relations, called the decision "a major milestone" in an extensive documentation process.

"I am very pleased by the strong support from City Council as 50 councilors voted in favor of awarding Shymanivske Steel the permission to initiate the land allotment process and only four councilors abstained from voting with none objecting," Bayrak commented.

A January 2014 feasibility study on Shymanivske outlined annual production of 9.9 million tonnes of 68% iron ore concentrate over a 14-year mine life.