- Black Rock Mining has completed a $3 million placement to fund the Mahenge Graphite Project in Tanzania
- Mahenge is one of the largest JORC-compliant flake graphite resources globally
- The Mahenge Project is progressing to being construction ready
Black Rock Mining has completed a placement to raise $3 million by issuing 42,857,143 shares at 0.07 cents per share.
The funds raised will be used to support financing and final permitting activities to advance the Mahenge Graphite Project in Tanzania.
Black Rock is the sole owner of the Mahenge Project. It hosts a multi-generational graphite resource and is one of the largest JORC-compliant flake graphite resources globally, with 212 metres tonnes at 7.8 per cent total graphite carbon and ore reserves of 70 metres tonnes at 8.5 per cent total graphite carbon.
The ore reserves support a mine life of up to 350 thousand tonnes of graphite per annum for a reserve life of 16 years.
A Definitive Feasibility Study released in October 2018, demonstrated exceptional financial metrics for Mahenge, including low capex, low technical risk, high margin and superior economics.
“This placement of $3 million enables Black Rock to progress financing activities to be construction ready for the delivery of the Mahenge Graphite Project on the resolution of the structure of the Tanzanian Government’s participation in the project,” CEO John de Vries said.
“In achieving our development milestones we have progressed our financing objectives by de-risking the project and enhancing our market entry strategy,” John said.
Black Rock will continue to focus on its commercial activities and documentation for the Tanzanian Government’s participation in the project.