Canada’s Black Iron Inc has signed a memorandum of understanding with Glencore, the Anglo-Swiss mining giant, to finance and develop Shymanivske iron ore deposits in Dnipropetrovsk.

Canada’s Black Iron Inc has signed a memorandum of understanding with Glencore, the Anglo-Swiss mining giant, to finance and develop Shymanivske iron ore deposits in Dnipropetrovsk. One of the world’s largest iron deposits, Shymanivske has an estimated 833 million tons of reserves, with ore grading at 32% iron. The nonbinding memorandum contemplates Glencore funding all or part of construction in return for iron. A first phase envisages $436 million investment to produce 4 million tons of iron a year. Black Iron’s CEO Matt Simpson says: “I am pleased to welcome Glencore as an external investor for the construction of the Shimanivske project, as well as their agreement to work with us to provide additional funding.”