Alexander Nikolaevich Pol, although he graduated from the law faculty of Derpt University, was truly passionate about archaeology. He loved to explore the surroundings and often ventured into the most remote corners. In the summer of 1866, his journey took him to Dubovaya Balka on the right bank of the Saksahan River, near Kryvyi Rih. Here, in the deep ravines, Pol hoped to find ancient artifacts, but instead discovered iron ore. Realizing he had stumbled upon a rich deposit, he sent samples for examination in Germany. German specialists confirmed that the ore was of excellent quality, with iron content up to 70%, which was not found in other countries of Europe.

However, a problem arose: how to organize the extraction of the ore. Pol had neither experience nor funds for such a project. He sought financial support from the authorities, but for several years his projects went unnoticed. Eventually, Pol took a risk: he mortgaged his property and invested all his resources into developing the deposit. Over time, the mines began to generate income.

The ore extracted in Dubovaya Balka was sold to the 'Novorossiysk Society of Yuz', which produced cast iron and rails. The ore was transported by carts over 400 km to Yuzovka (now Donetsk). The construction of a railway was needed, and Pol attracted foreign investors. By 1884, railway lines connected all the industrial centers of eastern Ukraine.

Ekaterinoslav, once a small and inconspicuous town, transformed into a large settlement. At the celebration of the centenary of Ekaterinoslav, the city mayor Yakovlev noted Pol's contribution, saying: 'His energy, tireless activity, and enormous expenses made our iron ore riches known not only in our country but throughout Europe.'