NetworkNewsBreaks – Black Iron Inc. (TSX: BKI) (

NetworkNewsBreaks – Black Iron Inc. (TSX: BKI) (OTC: BKIRF) (GR: BIN) Inks MOU with Glencore plc (OTC: GLNCY) (OTC: GLCNF) Subsidiary to Fund Shymanivske Iron Ore Project Construction

Canadian iron ore exploration and development company Black Iron (TSX: BKI) (OTC: BKIRF) (GR: BIN) this morning announced the company has signed a non-binding Memorandum of Understanding (“MOU”) with a subsidiary of Glencore plc (OTC: GLNCY) (OTC: GLCNF). Per the MOU, the parties agree to engage in formal negotiations to finance the construction of the Shymanivske Iron Ore Project. Areas for negotiation in the MOU include the contemplation of Glencore making an investment to help fund construction of the project in exchange for securing the offtake of up to the full phase one planned annual production of four million tonnes, with the terms and amount to be discussed further. The MOU permits the allocation of offtake to other equity investors, as Black Iron is also currently in discussion with additional companies that have shown interest in obtaining supply of the ultra high-grade iron ore concentrate anticipated to be produced from the project in exchange for construction financing. “I am excited to welcome Glencore as an offtake investor for construction of the Shymanivske Project as well as their agreement to work with us to help secure additional financing. Glencore’s involvement significantly strengthens our capability and draws on their extensive international network, experience and market knowledge,” Black Iron CEO Matt Simpson stated in the news release.

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