Black Iron largest shareholder endorses Ukraine-focused project developer
Private investment firm RAB Capital has increased its ownership position in Toronto-listed Black Iron to 15%, showing its support for the company’s development of an iron-ore project in Ukraine.
RAB bought 2.5-million shares of Black Iron in the market at an average price of C$0.1243 a share. The company’s stock has been under pressure owing to the war in Ukraine, hitting a low of C$0.12 a share on February 24, when Russian President Vladimir Putin invaded Ukraine.
On Wednesday, Black Iron’s stock regained some of its losses, closing at C$0.14.
RAB’s majority shareholder, Philip Richards, said he believed Ukraine would remain independent as the clouds of war cleared and that the high-grade iron-ore from the Shymanivske project would be essential to make ‘green’ steel.
Further, Richards stated that Black Iron might be able to benefit from European Union (EU) financing initiates once the war was over, pointing out that there was a new impetus to Ukraine joining the EU.
Black Iron reported that, at the time of issuing the release, all its team members were safe and were being supported through access to advanced salaries to help cover essential living costs. Black Iron is also working with the local city to provide humanitarian support.
The company has halted all work in Ukraine, as people remain with their families.
“Black Iron will be completing its feasibility study as this work is very well advanced and an essential input for investors to conduct due diligence once the situation stabilises,” it stated.
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