QualityStocksNewsBreaks – Black Iron Inc. (TSX: BKI) (OTC: BKIRF) (GR: BIN) Reaffirms Economics of Shymanivske Project Based on Spike in Iron Ore Prices
Canadian iron ore exploration and development company Black Iron (TSX: BKI) (OTC: BKIRF) (GR: BIN) this morning reaffirmed economic projections for its Shymanivske project, citing a weeks-long surge in iron ore prices after Vale, one of the world’s largest iron ore producers, took 11 mines offline, significantly hindering supply. The shut-down of Vale’s mines represents ~6% of global consumption with a combined production loss of 70Mtpa. In response, Iron ore prices spiked to the current US$87/T for benchmark 62 percent iron content fines and US$106/T for 65 percent iron content fines. While analysts have mixed projections on the length of…