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The Shymanivske Project contains 646 million tonnes measured and indicated resources grading 31.6% iron and 188 million tonnes inferred resources grading 30.1% iron. A feasibility study, as published to on January 24, 2014, for the Shymanivske Project demonstrates excellent economics for 9.9 million tonnes per year of 68% iron ore concentrate production, including an NPV of US$3.3 billion (8% discount), an IRR of 48% and a 2 year payback period based on a conservative long term iron ore benchmark price of $95/tonne.

We seek to provide an opportunity for both investors and the people of Ukraine by sustainably developing a modern iron ore project in the heart of Ukraine’s mining country using international best environmental and safety practices


Iron (Fe) ore is present in many areas of the world and is the main input to make steel.  Steel is one of the most fundamental materials used in the world to make items ranging from pens and watches through to bridges and skyscrapers.

Crude ore refers to ore that has been extracted from the ground and not processed or concentrated (beneficiated) to increase its iron content. The iron content of mined iron ore can range from less than 10 percent in low-grade deposits to more than 60 percent in high-grade deposits. Beneficiation is a process that improves (benefits) the economic value of the ore by removing the gangue minerals, which results in a higher-grade iron product.

Usable ore (or finished ore) refers to ore that can be used directly in a downstream process largely to make steel. Usable iron ore typically contains from 58 percent to 65 percent iron.

Iron ore is typically mined from open pits given the need to move large volumes of material at low cost to be profitable.  To have an economic project, the most important factors are the location of the iron ore relative to market, the cost of rail and port infrastructure to get it from the mine to customer, the energy cost for both processing and transportation and access to skilled labour at a reasonable cost.  Unlike precious or even base metals, iron ore is not rare nor typically hard geologically to prove up tonnage but most deposits are land locked and hence uneconomic.  


Shymanivske Iron Ore Project
Located in Krivyi Rih, Ukraine

The Shymanivske Project contains 646 million tonnes measured and indicated resources grading 31.6% iron
 188 million tonnes of inferred resources grading 30.1% iron
Estimated Production: 9.9 million tonnes per year of 68% iron ore concentrate

What makes Black Iron special is its Shymanivske ore resource is located in very close proximity to rail, port, power and skilled people.  Specifically, the government owned railway is only two kilometers from the deposit and has confirmed surplus capacity.  High voltage power lines run near the railway lines which can access five different ports on the Black Sea with the preferred port called Yuzhny located only 430km away.  Further, there is a city of 750,000 people only 8 kilometers from site and according to the Wold Bank, Ukraine’s GDP per capita for 2015 was only US$2115 per person despite the high 99.8% literacy rate.

The region in which the Shymanivske ore resource is located contains five operational iron ore mines and is considered to be one of the largest iron ore basins in world with very good access to customers located in Turkey, Europe and the Middle East. 

 The Region 

Active Mining

Proximity to Infrastructure 

Essential Power and Transport
Letters of intent are in place to secure the power requirements for the plant and rail plus port to export the product to customers globally.
Ore Deposit 



Matt Simpson
 CEO I Director 
Prior to founding Black Iron, Mr. Simpson worked for the Iron Ore Company of Canada (“IOC”), a subsidiary of Rio Tinto plc and Mitsubishi Corporation. At IOC he held several progressive roles in Business Evaluation, Operations Planning, Continuous Improvement and for his last three years as the Mine General Manager where he was accountable for all of the operations, maintenance and engineering personal in the mine to safely move 70MTpa material.

Michael Spektor
Mr. Spektor is the former Chief Executive Officer of VS Energy International LLC, a Ukrainian conglomerate with holdings in electricity distribution, multiple hotels, a bank and Dniprospetsstal, which is one of Ukraine’s largest steel mills.  Mr. Spektor has been actively involved in the development and privatization of Ukraine’s energy sector in addition to assisting the Government of Ukraine with the shaping of legislation on energy security.

Les Kwasik
Mr. Kwasik previously worked with INCO Limited Canada (VALE Canada Limited), Xstrata Columbia, BE&K Group, Inter Invest Sp Company, NESMA Company Saudi Arabia, Maple Minerals Corporation Canada and Archipelago Resources Singapore. His tenures have included international postings in Russia, Poland, Indonesia, Colombia and Eritrea in leadership roles ranging from General Manager to COO.

Paul Bozoki
Mr. Bozoki is a Chartered Accountant and holds an MBA with over fifteen years of accounting, tax and corporate finance experience in Canada and Europe. From 2007 through September 2010, he was the Chief Financial Officer of CD Capital Partners, a privately held real estate development firm focused on developing mixed use retail and office real estate in Russia, Ukraine and Romania

Nikolay Bayrak
VP Gov’t & Community Relations
Former department head, Ukrainian Ministry of Emergencies and Public Protection; Former MP


  • Exchange & Symbol:  TSX-V: BKI:CA
  • Issued & Outstanding:  159,721,519
  • Fully Diluted:  174,921,519
  • Auditor:  KPMG LLP
Website:  Black Iron    
Sedar:  Black Iron

Stock Info: BKI:CA
Stock Chart: BKI:CA

Former Chairman of Consolidated Thompson Iron Ore and Chief Operating Officer of Goldcorp
Former Canadian Minister for Foreign Affairs and international Trade
Chairman & Founder of Invecture Group, S.A. de C.V. which owns Frontera Copper Corporation
Former VP for Rio Tinto’s Iron Ore Company of Canada and COO of Algoma Steel