Black Iron Signs Land Lease Agreement With Kryvyi Rih City
Rhea-AI Summary
Black Iron (TSX:BKI, OTC:BKIRF) has signed a significant multi-year land lease agreement with Kryvyi Rih City for 248 hectares of land where its Shymanivske iron ore body is located. This lease is important for completing ongoing environmental and engineering studies required for the renewal of Special Permit No. 4537.
The leased area covers a substantial portion of the planned future mining pit and extends westward toward Ukraine central government-owned land, currently used by the Ministry of Defence as a training firing range. The company plans to acquire or lease part of this government land for its future processing plant, tailings, and waste rock stockpiles. Additional city-owned land will need to be leased to cover the remaining planned open pit area, with discussions already initiated.
Positive
- Secured critical 248ha land lease essential for mining operations
- Progress toward Special Permit No. 4537 renewal requirements
- Initiated discussions for additional land acquisition
Negative
- Additional land leases still required for complete project development
- Pending acquisition of Ministry of Defence land for processing facilities
Lease covers 248ha of Kryvyi Rih City owned land upon which a large portion of Black Iron's Shymanivske Iron Ore body is located
Land leased extends beyond envisaged iron ore pit boundaries close to Ministry of Defence land sought for future processing plant, tailings and waste rock stock piles
Lease of this land is essential for completing the technical and environmental studies required as part of mining permit renewal
TORONTO, ON / ACCESS Newswire / January 28, 2025 / Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI)(OTC PINK:BKIRF)(FWB:BIN) is pleased to announce the signing of a legally binding multi-year land lease with the Kryvyi Rih City who own the surface rights upon which Black Iron's Shymanivske iron ore body is located (the "Land Lease"). The Land Lease covers 248ha of land critical for completion of currently ongoing Ukraine based environmental and engineering studies required as part of Special Permit No. 4537 renewal ("Special Permit"). Additional Kryvyi Rih City owned land will be required to be leased to cover the balance of the envisaged future open pit and discussions to transfer and lease this land have commenced.
The Land Lease covers a large portion of the future mining pit, and it extends west beyond the pit limits to the Ukraine central government-owned land currently being used by its Ministry of Defense as a firing range for training. Black Iron aspires to acquire or lease a portion of this central government land for the location of its future processing plant, tailings and waste rock stockpiles.
About Black Iron
Black Iron is an iron ore exploration and development company, advancing its
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Forward-Looking Information
This press release contains forward-looking information. Forward-looking information is based on what management believes to be reasonable assumptions, opinions and estimates of the date such statements are made based on information available to them at that time. Forward-looking information may include, but is not limited to, statements with respect to the Land Lease, acquisition or lease of additional property, the permitting of the Shymanivske Iron Ore Project and grade and use of iron ore from the Shymanivske Iron Ore Project. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; progress of the Company's service providers; negotiations with third parties; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. The Company notes that mineral resources are not mineral reserves and do not have demonstrated economic viability.
SOURCE: Black Iron
View the original press release on ACCESS Newswire
FAQ
How many hectares of land did Black Iron (BKIRF) lease in Kryvyi Rih?
What is the purpose of Black Iron's (BKIRF) January 2025 land lease agreement?
What additional land does Black Iron (BKIRF) need to acquire in Kryvyi Rih?
What is the current status of Black Iron's (BKIRF) Special Permit No. 4537?
