KIEV, July 23 - Metinvest, Ukraine's largest mining and steel group, has reached an agreement with Black Iron Inc on investment in Black Iron (Cyprus) Ltd (BKI Cyprus), a subsidiary of the Canadian miner that owns iron ore assets in Ukraine.

"The agreements create a defined path for Metinvest to become a prominent shareholder of Black Iron's development projects, the Shymanivske Project and the Zelenivske Project" in Ukraine's Dnipropetrovsk region, Metinvest said in a press release.