KYIV, May 11 – The Black Iron Canadian mining company will use $75 million financing from Cargill to build an iron ore plant in Kryviy Rih and ship the first 4 million metric tons to the U.S. commodity trader, the companies said Monday.

"Cargill will offtake the production and extend financing of $75 million for the construction of the Project through a finance facility. Black Iron and Cargill will now start work on definitive binding offtake and financing agreements which reflect the Proposal," Black Iron said in a statement.