KYIV, March 3 – Canada's Black Iron, implementing the investment project to create a new iron ore production facility in Kryvy Rih (Dnipropetrovsk region), has said that the company continues talks with potential investors.

The company said in a press release on Tuesday that Black Iron's management continue to make very positive progress in discussions with steel mills and global commodity trading companies that are showing strong interest to fund a meaningful amount of the expected $452 million required to construct phase 1 of its Shymanivske iron ore project in exchange for securing offtake rights. The offtake rights entail purchasing up to the full 4 million tons per annum of ultra high grade 68% iron ore planned to be produced in phase 1 at a slight discount to the daily traded benchmark iron ore price, and an equity ownership stake in the Company.