Black Rock to kick off early works at Mahenge graphite project
ASX-listed Black Rock Mining will commence early works at its Mahenge graphite project in Tanzania after raising A$10-million in a recent equity placement.
The programme, which will start in November, is aimed at positioning the company for a rapid ramp-up of construction once a final investment decision (FID) is taken. A formal groundbreaking ceremony is planned for October 9.
Early works will cover site access road improvements, plant site earthworks and survey work for the high-voltage transmission line from Ifakara to Mahenge. Compensation payments for affected communities along the access road corridor will also be finalised.
Black Rock has received A$4.5-million from the first tranche of the placement, with the second tranche subject to shareholder approval at a meeting scheduled for October 17.
CEO John de Vries said in a statement on Monday that shareholder support had enabled the company to take the step forward.
“We wish to extend our thanks to our new and existing shareholders who supported us in our recent placement. We intend to deploy these funds to make the very significant step of commencing construction activities through an early works programme. Studies have finished and now construction has started!” he said.
De Vries added that the early works milestone followed a string of key developments over the past 18 months, including offtake agreements, the appointment of Tanzanian contractor Taifa, equity support from Posco International, resolution of tax issues, expanded debt facilities and power supply agreements with Tanesco.
“We look forward to completing the next stage of our financing journey and moving to FID,” he said.
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