Canadian junior Black Iron on Wednesday announced that it had signed a nonbinding memorandum of understanding with a subsidiary of Glencore, pursuant to which the parties agreed to engage in formal negotiations to finance the construction of the Shymanivske iron-ore project, in Ukraine. The agreement contemplates Glencore making an investment to help fund construction of the project in exchange for securing the offtake of up to the full Phase 1 planned production of four-million tonnes a year.
