Shymanivske Project

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Mine TypeOpen Pit
  • Iron Ore
Mining Method
  • Truck & Shovel / Loader
Mine Life20 years (as of Jan 1, 2017)
ShapshotDespite the ongoing war in Ukraine, Black Iron Inc.’s team has progressed the Shymanivske iron project through discussions with Ukraine’s Ministry of Defence regarding land transfer for the Project, execution of a Ukraine Government investment support agreement, and Project permitting.

To ensure our permits remain in good standing, work is currently ongoing in Ukraine to update geological and mine plans.

Finally, while Black Iron’s stakeholders wait for peace in Ukraine to advance its Shymanivske Project to construction, management has been reviewing new potential projects to generate shareholder value.


Black Iron Inc. 100 % Indirect

Deposit type

  • Iron formation hosted


The iron formation on the Property is of the Lake Superior-type. This type of iron formation consists of banded sedimentary rocks composed principally of bands of iron oxides, magnetite and hematite within quartz or chert-rich rock with variable amounts of silicate, carbonate and sulphide lithofacies. Such iron formations have been the principal sources of iron throughout the world (Gross, 1996).

Mineralization of economic interest on the Property is the oxide facies iron formation (OIF) or oxide facies banded iron formation and it is magnetite-rich taconite that contains minor hematite throughout. The Soviet literature commonly refers to this mineralization as “un-oxidized ferriferous quartzite”.

Concentrations of martite and goethite/limonite mineralization also occur on the Property. This latter type of mineralization is an alteration product derived from the taconite. In the Soviet literature, this type of mineralization is called “rich iron ore” or “oxidized quartzite mineralization.” This supergene enriched iron mineralization is commonly associated with the faults and fault zones, perhaps coincident with an unconformity that occurs along the western margin of the Shymanivske deposit adjacent to the Archean basement.

On the Shtmanivske property, only the magnetite-rich taconite is considered of immediate economic interest. WGM understands that under Ukrainian law martite mineralization, if not exploited, must be stockpiled for possible later use.

The iron formation on the Property is mainly confined to the Saksagan sequence and is folded into a NE gently plunging anticline (west part of the deposit) and an adjacent open syncline (central and east parts of the deposit). The taconite extends the entire NE-SW extent of the Property, 2.2 km and beyond, and occurs over a width of 800 m to 1 km in a NW-SE direction. The taconite is folded and its true thickness varies throughout because of tectonic thickening, erosion and possibly the original basin topology. The true thickness of the iron formation package, including the intervening inter-oxide iron formation “slate” members, is in the order of 200 m to 250 m. Because of the folding, there is no consistent relationship between drill hole orientation and the true width of mineralization. Drill testing has been completed, generally to a vertical depth of 300 m to 500 m. Mineralization along the western margin of the deposit, particularly the steeply dipping NW limb of the main anticline, extends to an unknown depth and has been tested by drilling to a maximum vertical depth of 500 m.



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Mining Methods


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Crushers and Mills

Milling equipment has not been reported.


For PEA Study the process flowsheet has been adapted for the new scale of Project which has a nominal annual capacity of 4.0 Mtpa of dry concentrate production. For the expansion to 8.0 Mtpa, this circuit is replicated. General process and plant design criteria for the Shymanivske processing plant outlined in PEA are based on the criteria, design, general arrangements and equipment sizing developed during the 2014 FS but have been adjusted to the re-scaled Project. -ROM material crushing takes place in a single primary gyratory crusher located in the vicinity of the open pit; -2Secondary crushing takes place in two cone crushers operating in a reversed closed circuit with screens; -Crushed material is stored in a crushed ore stockpile; -Crushed ore is conveyed to a single HPGR unit operating in closed circuit with screens; -HPGR screened product is magnetically separated in a cobbing stage using wet, Low Intensity Magnetic Separation (LIMS); -The non-magnetic cobber tails are sent to coarse tailings dewatering; -The magnetic cobber concentrate slurry is directed to a ball mill in closed circuit with screens for grinding; -The ball mill recirculating load passes through a stage of rougher LIMS where the magnetic concentrate is returned to the ball mill feed screens; -The non-magnetic rougher tails are sent to a thickener for dewatering; -The primary grinding screen undersize material is fed to tower mills in closed circuit with cyclone clusters for regrinding; -The tower mill recirculating load passes through a stage of cleaner LIMS where the magnetic concentrate is returned to the tower mill cyclone clusters; -The non-magnetic cleaner tails are sent to a thickener for dewatering; -The tower mill cyclone overflow is magnetically separated in a finisher LIMS stage; -The non-magnetic finisher tails are sent to a thickener for dewatering; -The finisher magnetic concentrate is fed by gravity to a conditioning tank prior to a stage of reverse sulphur flotation; -The froth tails are sent to a thickener for dewatering; -The flotation sink concentrate is sent to a concentrate thickener prior to being filtered via filter presses; -The filtered tailings are sent to a stockpile to be loaded and shipped via train to the port;



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CommodityUnitsAvg. AnnualLOM
Iron (magnetite) kt 8,000141,300
All production numbers are expressed as concentrate.

Operational metrics

Annual mining capacity 40 Mt *
Annual milling capacity 28.7 Mt *
Stripping / waste ratio 0.6 *
Waste tonnes, LOM 190.4 Mt *
Ore tonnes mined, LOM 506.6 Mt *
Total tonnes mined, LOM 793.9 Mt *
Tonnes milled, LOM 506.6 Mt *
* According to 2017 study.

Production Costs

Cash costs Iron (magnetite) USD 31.5 / t *  
Assumed price Iron (magnetite) USD 97.2 / t *  
* According to 2017 study / presentation.

Operating Costs

OP mining costs ($/t mined) USD 1.83 *  
* According to 2017 study.

Project Costs

MetricsUnitsLOM Total
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After-tax NPV @ 8% $M USD  ......  Subscribe
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Heavy Mobile Equipment


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Mine Management

Source Source
Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Dec 19, 2023
....................... Subscription required ....................... Subscription required Subscription required Dec 19, 2023

Aerial view:


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