KIEV, July 24 – Canada's Black Iron, the iron ore exploration and development company, said a weaker local currency will reduce its upfront costs while developing a major iron ore project in Ukraine.

The company, which owns 100% of the Shymanivske project, plans to produce 9.9 million metric tons/year of high grade 68% iron content concentrate. The hryvnia dropped to UAH 26 per dollar, from UAH 8 per dollar in 2004, when original projections were made.