Black Iron Inc. (“Black Iron” or the “Company”) (TSX: BKI; OTC:
BKIRF; FWB:BIN) 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 US$452 million required to construct phase 1
of its Shymanivske iron ore project (the “Project”) in exchange for
securing offtake rights. The offtake rights entail purchasing up to
the full four (4) million tonnes 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.
A number of the offtake groups have started
discussing and proposing commercial terms and structure for a
potential investment, while others continue to do deep analysis and
due diligence, including asking for follow up site visits to the
Project. While several of these groups are based outside of Asia,
there are potential offtake and construction investors based in
Asia. Due to the coronavirus outbreak, travel to and from Asia has
been limited and thus some of these potential offtake groups have
been unable to schedule a site visit at this time. Black Iron’s
management are highly focused on securing the best deal for
shareholders, which entails obtaining the largest amount of
investment to fund Project construction for the lowest amount of
offtake price discount and Black Iron equity.
As part of the detailed due diligence questions
from potential offtake investors, Black Iron has amended the 2017
Preliminary Economic Assessment (PEA) mine model from its National
Instrument 43-101 (“NI 43-101”) Technical Report entitled
“Preliminary Economic Assessment of the Re-scoped Shymanivske Iron
Ore Deposit" effective November 21, 2017 (the “2017 PEA”). The
update in the mine model has resulted in a slightly revised mine
life and strip ratio (amount of waste mined per tonne of
mineralized material). This has very little impact on the projected
Project economics as seen in the summary table below showing
results from the amended PEA in which all figures are reported in
United States dollars.
Description |
Units |
2017 PEA |
|
Amended PEA |
|
IRR (pre-tax) (after-tax) |
(%) |
43%36% |
|
41%34% |
|
NPV @ 10% discount (pre-tax) (after-tax) |
($M) |
2,1151,662 |
|
1,8521,442 |
|
Payback period |
(Years) |
2.6 |
|
2.9 |
|
Initial Capital Cost |
($M) |
436 |
|
452 |
|
Operating Cost(mine, process, rail, load boat) |
($/t conc.) |
31.46 |
|
32.63 |
|
Realized selling price FOB Based on CFR China price for 62%
FeMonth to date actual $87/T for 62% Fe |
($/t conc.) |
9762 |
|
9762 |
|
Subset of Resources within open pit |
(Mt) |
507 |
|
411 |
|
Mine Life |
(Years) |
20 |
|
17 |
|
Strip Ratio |
|
0.6 |
|
1.0 |
|
The amended NI 43-101 technical report (the
“Amended Report”) retains the same title and effective date:
“Preliminary Economic Assessment of the Re-scoped Shymanivske Iron
Ore Deposit" effective November 21, 2017. The Amended Report
replaces the 2017 PEA as the current NI 43-101 technical report for
the Project. With exception of the updated mine plan and the
associated operating, capital and project economics, the remainder
of the Amended Report remains unchanged from the 2017 PEA,
including sections relating to the mineral resource estimate,
processing, infrastructure and environmental management
plans. The Amended Report can be found on www.sedar.com under
the Company’s profile.
Matt Simpson, Black Iron’s CEO, commented:
“There is strong interest from a number of steel mills and global
commodity trading companies to secure offtake rights in exchange
for making a significant percentage of the needed capital towards
Project construction. My main goal over the coming months is
to secure a large investment from one of these groups to fund
construction as doing so is transformative for Black Iron.”
“The increased focus globally to reduce the
impacts of climate change is leading to significant steel sector
restructuring resulting in a growing demand for higher iron
content, low-impurity feedstock that can be pelletized as steel
mills strive to lower emissions and boost furnace efficiency. The
projected quality of Black Iron’s expected ultra premium 68% iron
content pellet feed with low levels of alumina and phosphorus is
perfectly positioned to meet this need”, explained Matt
Simpson.
The Amended Report has been prepared in
accordance with the guidelines of National Instrument 43-101 by the
independent firms BBA Inc. and Watts, Griffis and McOuat Limited
(with the individual authors identified below) and is effective
November 21, 2017 (same date as 2017 PEA). The results of the PEA
are based on 100% ownership of the Shymanivske Project by Black
Iron.
Qualified Persons The contents
of this press release have been reviewed and approved by the
Qualified Persons, as follows:
- Angelo Grandillo, P. Eng. of BBA Inc. QP for overall Amended
Report supervision.
- Jeffrey Cassoff, P.Eng. of BBA Inc. QP for In-Pit Resource
estimate and mining engineering.
- Michael Kociumbas, P.Geo. and Rick Risto, P.Geo., Watts,
Griffis and McOuat Limited, QPs for mineral resources estimate and
geology and QA/QC and data verification.
These persons are Qualified Persons as defined
by NI 43-101, are independent of Black Iron, and have reviewed and
approved the content of this press release. The Qualified Persons
have also reviewed or verified all data including sampling,
analytical, and test results underlying the information or opinions
contained herein.
Cautionary StatementThe PEA is
preliminary in nature, and it includes inferred mineral resources
that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to
be categorized as mineral reserves. There is no certainty that the
PEA will be realized. Mineral resources that are not mineral
reserves do not have demonstrated economic viability.
For readers to fully understand the information
in this press release, they should read the Amended Report in its
entirety which is filed in accordance with NI 43-101 on SEDAR
(www.sedar.com) and it will be available soon on the Company’s
website, including all qualifications, assumptions and exclusions
that relate to the amended PEA. The Amended Report is intended to
be read as a whole, and sections should not be read or relied upon
out of context.
About Black IronBlack Iron is
an iron ore exploration and development company, advancing its 100%
owned Shymanivske project located in Kryviy Rih, Ukraine. The
Shymanivske project contains mineral resource prepared in
accordance with NI 43-101 estimated to be 646 Mt Measured and
Indicated mineral resources, consisting of 355 Mt Measured mineral
resources grading 32.0% total iron and 19.5% magnetic iron, and
Indicated mineral resources of 290 Mt grading 31.1% total iron and
17.9% magnetic iron, using a cut-off grade of 10% magnetic iron.
Additionally, the Shymanivske project contains 188 Mt of Inferred
mineral resources grading 30.1% total iron and 18.4% magnetic iron.
Full mineral resource details can be found in the 2017 PEA under
the Company’s profile on SEDAR at www.sedar.com. The Shymanivske
project is surrounded by five other operating mines, including
ArcelorMittal's iron ore complex. Please visit the Company's
website at www.blackiron.com for more information.
The technical and scientific contents of this
press release have been prepared under the supervision of and have
been reviewed and approved by Matt Simpson, P.Eng, CEO of Black
Iron, who is a Qualified Person as defined by NI 43-101.
For more information, please
contact:
Matt SimpsonChief Executive OfficerBlack Iron
Inc.Tel: +1 (416) 309-2138 |
|
|
Forward-Looking Information
This press release contains forward-looking
information. Forward-looking information is based on what
management believes to be reasonable assumptions, opinions and
estimates of the date such statements are made based on information
available to them at that time. Forward-looking information
may include, but is not limited to, statements with respect to the
Company’s ability to develop the Project, the the results of the
amended PEA, the realization of the amended PEA, the expectations
of future cash flows, the expected economics forecast, the
geo-political climate in Ukraine, the Company’s ability to raise
adequate capital, the Company’s ability to secure the requisite
land rights and the Company’s future plans. Generally, forward
looking information can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: general
business, economic, competitive, geopolitical and social
uncertainties; the actual results of current exploration
activities; other risks of the mining industry and the risks
described in the annual information form of the Company and that
described in the 2017 PEA and Amended Report. Although the Company
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward looking information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
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