Ukrainian iron ore market’s new player Black Iron plans IPO this year

Black Iron, a Canadian iron ore exploration and development company with projects located in Krivoy Rog, Ukraine, has announced that has filed a preliminary prospectus with securities regulatory authorities in each of the provinces of Canada, excluding Quebec, in connection with a proposed initial public offering (IPO) of its common shares.
 
In October 2010, Black Iron completed the acquisition of the issued and outstanding securities of Black Iron (Cyprus) Ltd (formerly named Geo-Alliance Ore East Ltd) and its subsidiaries, which hold  iron ore mining and exploration permits in the Shymanivske project and the Zelenivske project in Ukraine's Dnepropetrovsk region, valid until November 1, 2024 and November 1, 2014 respectively.
 
According to Black Iron, the Shymanivske project contains 345 million mt of measured and indicated resources at a grade of 31.83 percent iron and 469 million mt of inferred resources at a grade of 31.05 percent iron. The project is located near the major city of Krivoy Rog, Ukraine, and is in close proximity to target markets including Asia, western Europe, Russia, Turkey and the Middle East.
 
In addition, the Shymanivske project is surrounded by five other operating mines including ArcelorMittal's iron ore complex. Existing infrastructure, including access to power, rail and port facilities, allows for a quick development timeline to production.
 
Black Iron intends to further explore and develop the Shymanivske project into an iron ore mine and to conduct further exploration on the Zelenivske project to determine its potential.