Black Iron
Black Iron Inc. is a Toronto-based, TSX-listed iron ore developer advancing its 100%-owned Shymanivske magnetite project in Ukraine toward 4-8 Mtpa production of 68% Fe pellet feed for global steel producers.
- Company typePublic
- Founded2010
- HeadquartersToronto, Canada
- Headcount1–10
- GTM typeB2B
- OfferingHardware or Manufacturing
What Black Iron does
Black Iron Inc. is a Toronto-headquartered, TSX-listed (BKI) iron ore exploration and development company advancing its 100%-owned Shymanivske Iron Ore Project in Kryviy Rih, Ukraine. The company was founded in 2010 and operates with a lean team of 1-10 employees focused entirely on moving a single undeveloped magnetite resource into production. Its flagship asset is a 646 Mt Measured & Indicated resource designed to produce premium 68% iron content magnetite pellet feed concentrate, a grade that ranks in the top 4% globally and is positioned to reduce greenhouse gas emissions by approximately 30% versus standard 62% hematite fines in steelmaking.
The company's core technology centers on producing high-grade magnetite pellet feed from the Shymanivske deposit, with planned phased production capacity of 4 Mtpa scaling to 8 Mtpa. The project is being advanced with Wood PLC as lead feasibility consultant, P&E Mining Consultants on mining equipment, Watts Griffis and McOuat (WGM) on geology, and Environmental Resources Management (ERM) on the Environmental & Social Impact Assessment. Site infrastructure benefits from proximity to existing rail, a multi-user deep-water port, and low-cost hydroelectric power in the Kryvyi Rih mining district, which is already home to operating mines owned by Metinvest YuGOK and ArcelorMittal.
Black Iron is pre-revenue and currently funds operations through equity and royalty instruments; recent capital events include a July 2021 C$10 million marketed public offering led by Canaccord Genuity Corp., a November 2024 binding royalty and offtake agreement with Anglo American for US$4 million (plus an additional US$1.6 million contingent on permit renewal), and an April 2026 LIFE non-brokered private placement raising approximately US$1.88 million. Revenue mechanics are not yet in operation but are designed around binding offtake agreements, most notably a 10-year agreement with Cargill covering the initial 4 Mtpa at a profit-sharing formula tied to the iron content premium, alongside a US$75 million construction finance facility. Development has been materially delayed by Russia's invasion of Ukraine, which has postponed feasibility publication and pushed out construction timelines.
Black Iron firmographics
Firmographics- Name
- Black Iron
- Legal name
- Black Iron Inc.
- Website
- https://blackiron.com
- Company type
- Public
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Black Iron Inc. is a Toronto-based, TSX-listed iron ore developer advancing its 100%-owned Shymanivske magnetite project in Ukraine toward 4-8 Mtpa production of 68% Fe pellet feed for global steel producers.
- Ownership category
- akta.pro rank
Black Iron industry classification
Industry- Product category
- Iron Ore Mining
- NAICS
- Iron Ore Mining (212210), Iron Ore Mining (21221)
- SIC
- Metal Mining (1000)
- akta.pro primary industry
- Iron Ore Mine Development & Expansion (EPC, Construction, Commissioning) (IMAKAAAB)
- akta.pro secondary industries
- Iron Ore Pelletizing & Agglomeration (Pellets, Sinter Feed, Lump) (IMAKAAAE), Iron Ore Beneficiation & Concentration (Crushing, Screening, Washing, Magnetic Separation) (IMAKAAAD), Ferrous Metals Trading & Distribution (Iron Ore, Pig Iron, DRI/HBI, Ferroalloys) (IMAKAJAA)
Keywords
Where Black Iron is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Black Iron business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Personnel, Infrastructure, Others
Revenue model
- Iron Ore Sales: Pre-revenue exploration and development company. Once the Shymanivske project reaches production, revenue will be generated from the sale of 68% iron content magnetite pellet feed concentrate. Initial offtake agreement with Cargill covers 4 million tonnes per year with profit-sharing component.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels7 records
Black Iron product offering
Product offeringCore offering
Black Iron is advancing its 100% owned Shymanivske Iron Ore Project located in Kryviy Rih, Ukraine. The company is developing a high-grade magnetite mine designed to produce premium 68% iron content pellet feed concentrate at planned phased capacity of 4Mtpa to 8Mtpa. Once in production, Black Iron will sell this high-grade iron ore product to global steel producers, including through binding offtake agreements with Cargill and Anglo American.
Product overview
Black Iron is developing the Shymanivske Iron Ore Project, a 100%-owned high-grade magnetite iron ore mine in Kryviy Rih, Ukraine. The core product is the 68% iron content magnetite pellet feed, which ranks in the top 4% globally and is designed to produce premium pellet feed for the green steel market. The project is planned with phased production capacity from 4Mtpa to 8Mtpa and is positioned to support carbon neutrality goals in the steel industry.
Differentiator
Problem solved
Functional benefit
Products and services
- Shymanivske Iron Ore Project A 100%-owned high-grade magnetite iron ore mine development project located in Kryviy Rih, Ukraine, designed to produce premium 68% iron content pellet feed for the global steel industry, with planned phased production capacity of 4Mtpa to 8Mtpa.
- 68% Iron Content Magnetite Pellet Feed Concentrate Premium high-grade iron ore product ranking in the top 4% globally by iron content, designed to reduce greenhouse gas emissions by approximately 30% compared to standard 62% iron hematite fines in steel production. Can be further upgraded to direct reduction pellet feed for green hydrogen steelmaking.
Quantifiable outcome
- ~30% lower GHG emissions compared to typical 62% iron hematite fines in steel production
- +3 more outcomes
Companies that use Black Iron
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles2 records
Black Iron technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Black Iron partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core, supporting and flagship.
- Environmental Resources Management (ERM)coreERM engaged to complete Environmental & Social Impact Assessment (ESIA) required for project permitting and as prerequisite for entering binding royalty and construction debt agreements.
- Wood PLCcoreWood PLC engaged to complete updated Feasibility Study for the Shymanivske Iron Ore Project based on phased buildout from 4Mtpa to 8Mtpa. Wood leads overall feasibility including processing plant, cost estimates and economics analysis. Project led by Wood's Oakville, Ontario office with experts from FSU country offices.
- P&E Mining ConsultantssupportingP&E Mining Consultants engaged to design and select mining equipment for feasibility study. Previously involved in both prior feasibility studies.
- Watts Griffis and McOuat (WGM)supportingWGM engaged as iron ore experts to contribute to geological sections of feasibility study. Previously involved in prior feasibility studies.
- CargillflagshipCargill selected as preferred offtake purchaser for initial 4 million tonnes per year of production from the Shymanivske project. Agreement includes US$75 million finance facility for construction funding. Profit-sharing arrangement where Black Iron receives 100% of 65% iron content benchmark price plus share of incremental value from the higher 68% product. Initial term of 10 years.
Scale indicators8 records
Recent moves6 records
Expansion highlights4 records
Black Iron competitors and assessment
Company assessmentBroad incumbents
- Vale: World's largest iron ore producer with major Carajás and global pellet feed operations. Relevant as a benchmark for pellet feed pricing, DR-grade product development, and global high-grade supply outlook cited by CRU.
- Kumba Iron Ore: Anglo American's listed South African iron ore subsidiary and Black Iron's offtake/royalty partner. Provides direct read-through to Anglo American's iron ore strategy and pricing benchmarks relevant to Black Iron's eventual offtake economics.
- Cleveland-Cliffs: Largest flat-rolled steel producer in North America and a major iron ore miner, with management pedigree overlapping Black Iron's leadership alumni. Comparable on iron ore end-markets and North American steel value chain exposure.
Regional players
- Metinvest: Major Ukrainian iron ore and steel producer operating the YuGOK mine directly adjacent to Black Iron's Shymanivske project in Kryvyi Rih. Most directly comparable on resource base, regional infrastructure, and downstream steelmaking exposure.
- ArcelorMittal Kryvyi Rih: Operating iron ore and steel complex in the same Kryvyi Rih basin as Black Iron's project. Provides a directly relevant reference for regional mining economics, infrastructure access, and Ukrainian operational risk.
Emerging players
- Atlas Iron: Australian iron ore producer in the Pilbara region, now part of Hancock Prospecting. Comparable as a mid-tier iron ore miner targeting Asian steel mill customers with a focus on cost-efficient production and offtake relationships.
- Baffinland Iron Mines: Canadian high-grade iron ore miner producing direct-shipping ore from the Mary River project in Nunavut. Comparable as a high-grade Canadian iron ore developer with similar end-customer profile and infrastructure-driven cost structure.
- Fenix Resources: ASX-listed emerging iron ore producer shipping direct-shipping ore from the Iron Ridge mine in Western Australia. Comparable as a small-cap, offtake-driven iron ore developer focused on premium-grade product for steel mills.
Direct peers
- Labrador Iron Ore Royalty Corporation: Canadian iron ore royalty/investment vehicle with exposure to Iron Ore Company of Canada operations. Comparable as a Canadian-listed, iron-ore-focused public vehicle with similar investor base and commodity-price exposure.
- Champion Iron: TSX-listed high-grade iron ore developer/producer (Bloom Lake, Quebec) producing 66%+ Fe magnetite concentrate. Closely comparable on product specification, offtake-driven go-to-market, and Canadian-listed mining development profile.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks7 records
Key highlights7 records
Customer concentration
Black Iron social profiles
Digital presenceBlack Iron financial estimates
Financial estimateRevenue estimate
Valuation estimate
Black Iron leadership team
Management profileNumber of profiles
Profiles5 records
Black Iron funding detail
Funding detailFunding overview
Funding rounds2 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Black Iron M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Black Iron
What does Black Iron do?
Black Iron is advancing its 100% owned Shymanivske Iron Ore Project located in Kryviy Rih, Ukraine. The company is developing a high-grade magnetite mine designed to produce premium 68% iron content pellet feed concentrate at planned phased capacity of 4Mtpa to 8Mtpa. Once in production, Black Iron will sell this high-grade iron ore product to global steel producers, including through binding offtake agreements with Cargill and Anglo American.
Is Black Iron a public or private company?
Black Iron is a public company. It is classified as public and is currently operating.
When was Black Iron founded?
Black Iron was founded in 2010. It employs 1 to 10 people.
Where is Black Iron based?
Black Iron is headquartered in Toronto, Canada, in the North America region.
How does Black Iron make money?
One revenue line is on record: iron Ore Sales.
Who are Black Iron's main competitors?
Broad incumbents on record are Vale, Kumba Iron Ore and Cleveland-Cliffs. Regional players are Metinvest and ArcelorMittal Kryvyi Rih. Emerging players are Atlas Iron, Baffinland Iron Mines and Fenix Resources. Direct peers are Labrador Iron Ore Royalty Corporation and Champion Iron.
Does Black Iron have an API?
No public API is recorded for Black Iron.
What industry is Black Iron in?
Black Iron's product category is Iron Ore Mining. Its primary akta.pro industry code is IMAKAAAB, Iron Ore Mine Development & Expansion (EPC, Construction, Commissioning), with a secondary code of IMAKAAAE, Iron Ore Pelletizing & Agglomeration (Pellets, Sinter Feed, Lump). Its NAICS code is 212210 and its SIC code is 1000.