On October 31, Canadian iron ore exploration and development company Black Iron issued the results of its preliminary economic assessment (PEA) for its Shymanivske iron ore project in Kryviy Rih, Ukraine.
The PEA outlines the production possibility of 7.3 million mt per year iron ore pellet plant feed or 7.6 million mt per year of iron ore pellets over a 28-year mine life.
Black Iron's preliminary plan is to construct the mine and concentrator to produce pellet feed for start-up in late 2015 and use cash generated from operations to potentially construct a pellet plant or increase pellet feed production three to five years after the start of production. Black Iron continues to advance the technical and metallurgical aspects of the project and will commence a feasibility study once the PEA report is finalized.
Shymanivske Project contains 345 million mt of measured and indicated resources grading 32 percent iron and 469 million mt of inferred resources grading 31 percent iron.