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Update: Black Iron Isn't Giving Up (Yet) And Is Trading At Half Its Cash Value
- Black Iron is still trying to move the Shymanivske iron ore project forward.
- This doesn’t surprise me as the management has to do something to justify the cash outflow to cover consulting, management and professional fees.
- The project won’t go anywhere right now and Black Iron is trading at half of its net cash position which in itself could be an interesting value proposition.
- However, I’d love it if the cash would be spent on something more useful than management salaries, only then I’d be able to rate Black Iron a ‘buy’ again.
- Black Iron got awarded the Mine Allotment Certificate from the central government in Kiev.
- I’m surprised the company continues to fire on all cylinders to push the project forward and I certainly didn’t expect this certificate this soon.
- Unfortunately, any investment in Ukraine will be dominated by the escalating armed conflict in the country, and stability is needed to void becoming a value trap.
Black Iron - A Call On Political Stability In Ukraine
- The current political situation in Ukraine jeopardizes the Shymanivske iron ore project.
- However, when the dust settles down, this low-cost project could be a cash cow for Black Iron and its Joint Venture partner.
- Even at a conservative iron ore price of $90/t for the benchmark of 62%Fe, I expect Black Iron's attributable NPV12% to have a fair value of $714M.
Black Iron Nears Production With 40% IRR And 2.2 Year Payback
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