The Ukrainian government is delaying billions of dollars in investments from a Canadian mining company.

The Canadian company Black Iron, engaged in the extraction of iron ore from the Shymanivskoye deposit in Kryvyi Rih, once again called on the government of Ukraine to agree and sign the investment agreement. The draft of this agreement has been under review at the Ministry of Economy for four months, and the Ministry has not responded.

“The company hopes to receive a positive written response from its Ukrainian colleagues regarding the conclusion and support of this agreement by the Cabinet of Ministers,” Black Iron emphasized.

President Volodymyr Zelenskyy supports the Shymaniv mining and beneficiation plant’s multibillion-dollar development project. According to Black Iron, the Ukrainian government’s support of the investment agreement will be an essential signal for international investors.

Black Iron Inc. is a Canadian iron ore exploration and production company headquartered in Toronto, Canada. The estimated investment amount in the Kryvyi Rih project is $1.1B, and is based on projected production of eight million tons annually.