Black Iron Inc. (Canada) has signed a protocol of intent with the Yuzhny seaport (Odessa region) for transshipment of 9.5 million tons of iron ore annually, Black Iron announced in a statement.

"Black Iron Inc. is pleased to announce that Shymanivske Steel LLC, a wholly-owned subsidiary of Black Iron, has executed a Protocol of Intent Agreement with the Sea Terminal at Port Yuzhny for guaranteed access to their rail car dumper, stockyard and port loading facilities to handle 9.5 million metric tons of iron ore annually (+/-15%) at Port Yuzhny, Ukraine," the company said in the statement.

According to the statement, the protocol takes effect immediately and remains in place until a full commercial contract is signed, which is expected to occur approximately mid-year 2015.

The company did not specify when the protocol of intent was signed.

As reported, Black Iron recently selected Fluor Transworld Services, a subsidiary of Fluor Corporation, as its main Engineering, Procurement, and Construction Management (EPCM) contractor for its Shymanivske Iron Ore Project (Krivoy Rog, Dnepropetrovsk region).

It was announced in July 2013 that the Metinvest group intended to acquire 49% of Black Iron (Cyprus) Ltd, which is a subsidiary of Black Iron (Canada). Subject to final regulatory approvals, Metinvest will acquire shares in BKI Cyprus, which holds 100% stakes in two Ukrainian companies – Shymanivske Steel LLC and Zelenivske Steel LLC (both based in Dnepropetrovsk) – for USD 20 million. Shymanivske Steel LLC and Zelenivske Steel LLC hold licenses for development of the Shymanivske and Zelenivske iron-ore deposits until November 1, 2024 and November 1, 2014, respectively.