Black Iron expects Economy Ministry to support investment agreement on Shymanivske Iron Ore Project, counts on new leadership of Defense Ministry to transfer land

KYIV. Sept 18 (Interfax-Ukraine) – The Canadian mining company Black Iron Inc. with assets in Ukraine, expects support for the investment agreement on the Shymanivske Iron Ore Project transferred to the Ministry of Economy as part of state support for projects with significant investments, the so-called “investment nannies.”

“Black Iron has recently received feedback that the Ministry of Economy is currently reviewing the agreement to support the company’s investments (investment agreement) and generally supports it. The next steps are to receive written comments on the proposed investment agreement from the Ministry of Economy, finalize the text in the mandatory document, which will be sent to the Cabinet of Ministers of Ukraine for approval and signing,” the company stated in a press release on Monday.

As explained, Black Iron Inc. expects that this investment agreement, in addition to VAT and import duty benefits, will facilitate obtaining the necessary rights to allocate land.

The company positively assesses the appointment of new Minister of Defense of Ukraine Rustem Umerov, who previously worked at the State Property Fund and was involved in the sale of state assets to private investors, and before that worked as an investment banker at ASTEM, so he has practical experience working with the international investment community.

The press release indicates growing interest in continuing to reconstruct Ukraine in a more environmentally friendly way, including through production and use of green steel. It is noted that Black Iron is ideal for the production of high-purity iron ore necessary for the production of crude steel, which is produced by the direct reduction of iron process.

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