Thursday, 12 April 2012

Black Iron hires Buchatskiy as VP of strategy

Black Iron (TSE:BKI) reported after markets closed Tuesday that it hired Igor Buchatskiy as its vice president of strategy, strengthening its management team.
In his new role, he will focus on finalizing the infrastructure and other project development contracts, as well as increasing the company's profile in European and Euro-Asian markets.

With a master of science in mechanical engineering from the Odessa State Academy, Buchatskiy has done consulting work for companies like Arcelor S.A. and McKinsey & Co.

Currently, he is a member of Black Iron’s Ukraine advisory board and brings a wealth of knowledge on mining operations in that country.

Before joining the international management consulting firm McKinsey & Co. in 2001, Buchatskiy had started his career in the engineering field.

Throughout five years with McKinsey, he advised many clients in Brazil and Ukraine with a significant amount of time spent advising the steel and iron ore sectors.

In October 2005, he joined Arcelor as general manager, international business development, and had spent a year evaluating acquisition opportunities across the former Soviet Union.

Afterwards, he spent two years with private-investment group Smart-Holding as director of business development.

"We are excited to have Igor Buchatskiy join the Black Iron team on a full-time basis to help augment our profile and business dealings throughout Ukraine," Black Iron chief executive Matt Simpson said.  

"Igor will add to our senior presence on the ground in Ukraine and will play an important role helping increase our presence throughout the nearby European and Euro-Asian markets."

Earlier this month, the iron ore explorer unveiled the first batch of assay results from its diamond drill program at its Shymanivske project in Kryviy Rih, Ukraine. 

Highlights include hole BISH-63, which returned 150 metres grading 33.2% total iron. This includes 74 metres grading 35.0% total iron.

The results reported are part of a 20,000 metre definition and exploration drill program that began in October last year.

Its aim was to upgrade resources and allow a larger mineral resource to be considered in the ongoing feasibility study, the company said.

The campaign is also focused on exploration holes in the northern end of the asset, where Black Iron believes additional resources may exist, but have not yet been explored.

Shares of Black Iron rose two cents, or 4.44 percent, reaching 47 cents apiece in trade on the Toronto Stock Exchange.

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