Black Rock Mining Launches Early Works at Mahenge Graphite Project After A$10 Million Funding
ASX-listed Black Rock Mining will begin early works at its Mahenge graphite project in Tanzania following the successful raising of A$10 million through a recent equity placement.
The programme is set to commence in November and is designed to position the company for a rapid ramp-up of construction once a final investment decision (FID) is made. A formal groundbreaking ceremony is scheduled for October 9.
Early works will include improvements to the site access road, earthworks at the plant site, and survey work for a high-voltage transmission line from Ifakara to Mahenge. Compensation payments to affected communities along the access road corridor will also be completed.
Black Rock Mining has already received A$4.5 million from the first tranche of the placement. The second tranche is subject to shareholder approval at a meeting scheduled for October 17.
CEO John de Vries expressed gratitude for shareholder support, stating, “We thank our new and existing shareholders for their confidence in the project. These funds enable us to take the significant step of commencing construction activities through our early works programme. With studies complete, we are now moving into construction.”
De Vries highlighted that this early works milestone comes after 18 months of major developments, including securing offtake agreements, appointing Tanzanian contractor Taifa, obtaining equity support from Posco International, resolving tax matters, expanding debt facilities, and finalising power supply agreements with Tanesco.
“We look forward to completing the next stage of our financing journey and progressing toward the final investment decision,” he added.
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