Canadian mining company Black Iron, that bought a license for the Shimanovsky iron ore deposit in 2010, said that it continues to promote the project, despite the difficulties with its implementation. It said “The management of Black Iron Inc. wants to assure investors that it continues to develop its Shimanovsky iron ore project, located in Central Ukraine on the western bank of the Dnieper.”It said “The company plans to apply for an appropriate investment agreement, which could eliminate the need for Black Iron to pay import duties and VAT on the equipment required for the project, and include support for the transfer of land by the state. This investment agreement may provide certain fiscal benefits and allow the company to apply for political risk insurance, which may be a condition required by banks and larger investors to finance the construction of the project.”The main issue is obtaining the use of a land plot which is under the jurisdiction of the Ministry of Defense, which uses it for training military personnel.
Canadian mining company Black Iron, that bought a license for the Shimanovsky iron ore deposit in 2010, said that it continues to promote the project, despite the difficulties with its implementation. It said “The management of Black Iron Inc. wants to assure investors that it continues to develop its Shimanovsky iron ore project, located in Central Ukraine on the western bank of the Dnieper.”It said “The company plans to apply for an appropriate investment agreement, which could eliminate the need for Black Iron to pay import duties and VAT on the equipment required for the project, and include support for the transfer of land by the state. This investment agreement may provide certain fiscal benefits and allow the company to apply for political risk insurance, which may be a condition required by banks and larger investors to finance the construction of the project.”The main issue is obtaining the use of a land plot which is under the jurisdiction of the Ministry of Defense, which uses it for training military personnel.
