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Print[ferro-alloys.com] Black Iron (TSE:BKI) will get backing from Metinvest B.V., Ukraine's largest mining and steel producer, to spend US$536 million developing its Shymanivske project and the Zelenivske project.
Black Iron's stock jumped 37% to 21.5 cents on today's announcement. The deal still needs approval from government agencies.
The two companies will form BKI Cyprus to run Shymanivske Steel LLC and Zelenivske Steel LLC.
Metinvest will hold 49% of the company in exchange for US$20 million. Black Iron will be operator and developer of both projects.
Metinvest Group is a vertically integrated steel and mining group of companies. It has operations in the Ukraine, Europe and the USA.
Black Iron is an iron ore exploration and development company. In November it completed its NI 43-101 compliant bankable feasibility study on the Shymanivske project.
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