It has made progress towards acquiring the surface rights for land required to build the project, expected to be obtained before year end, and is working on securing financing, it said in a statement.
Getting financing will be a "significant" milestone toward the construction and Black Iron said it was pleased with the level of interest it was receiving from potential financiers.
"Since publishing the re-scoped preliminary economic assessment, benchmark iron ore prices have rallied from US$62 per tonne (T) to US$70per tonne as of March 9, 2018, an increase of close to 13% resulting in stronger economic returns and significant interest in the project," the firm said.
Based on prevailing iron ore prices and adjustments for iron quality content, Black Iron's construction capital is forecast to have an estimated 51% after tax IRR (internal rate of return) and US$1.4 billion NPV (net present value).
That assumes 60% debt financing, a 10% discount rate and an initial capital cost of US$436mln.
Various financing options
Even under highly pessimistic long-term iron ore prices of US$50 per tonne, the project generates IRRs in excess of 20%, the group said.
Since releasing the revised economics for the project, the firm has accelerated efforts to secure the necessary land surface rights for the mine and plant.
Those leases relate to three parcels of land that are required to begin construction, which are currently held within two Ukrainian government groups.
The company continues to pursue various financing options and has received significant interest from multiple groups which are currently conducting due diligence, it added.
"Over the coming months, the company expects to secure the land leases and formalize financing while also renewing its major infrastructure contracts.
"Once these milestones have been achieved, the company will be well positioned to initiate construction."