Black Rock Mining Limited is an Australian based company listed on the Australian Securities Exchange (ASX:BKT).  The Company has an 84% interest in the world-class Mahenge Graphite Project (Mahenge) located in Tanzania.  Mahenge has a JORC compliant Mineral Resource Estimate of 213m tonnes at 7.8% TGC.  It also has Ore Reserves of 70m tonnes at 8.5% TGC. The Ore Reserves support a mine life of up to 350k tonnes of graphite per annum for a reserve life of 16 years.  Since the release of the Mineral Resource Estimate, the Company confirms that it is not aware of any new information or data that materially affects the Mineral Resource Estimate.   

In October 2018, the Company released a Definitive Feasibility Study (DFS) for Mahenge, which was based on strong customer demand. This was enhanced (eDFS) in July 2019 (ASX Announcement 25 July 2019).  Black Rock has obtained all Environmental approvals, Mining Licences and its Resettlement Action Plan with clear title to the eDFS project area. 

In June 2020, the Company announced a Strategic Alliance with POSCO Group for the development of Mahenge.  This included an equity investment of US$7.5M, signed in February 2021, followed by an offtake agreement, with a US$10M prepayment facility.  In December 2021, Black Rock signed a Framework Agreement with the Government of Tanzania confirming their 16% Free Carried Interest shareholding, agreed to consolidate its Mining Licenses into a Special Mining Licence (SML) and committed to jointly develop Mahenge.  The Company is construction-ready subject to financing and issue of the SML.

Black Rock completed a FEED process (Front End Engineering Design) in September 2022, re-estimating the capital and operating costs for Mahenge as part of the debt financing process.  The FEED work confirmed Mahenge as a robust project with attractive returns.  Key project metrics comprise:

  • Tier 1 Scale: Mahenge has a resource of over 200mt and the 2nd largest graphite reserve globally
  • Modular development approach: Module 1 Capex of US$182m*
  • 1st quartile on the global cost curve: Adjusted C1 Cash cost of US$359/t**
  • Attractive projected returns: Unlevered IRR post-tax, post free carry of 36%***
  • Substantial upside potential: NPV10 nominal post-tax, post free carry of A$2.1bn or US$1.4bn*** 

The estimated Ore Reserves and Mineral Resources underpinning the production target has been prepared by competent persons in accordance with the requirements in Appendix 5A (JORC Code).


*         Forecast Capex has been classified as a Class 2 estimate with accuracy of ±10% as defined by AACE

**        Adjusted for larger proportion of higher value large flake compared to global peers

***      Based on Expert Consensus graphite price forecasts, based on the average graphite price forecasts from Benchmark Mineral Intelligence, Fastmarkets and Wood Mackenzie

****    Resource Estimate as released to ASX on 3 February 2022: BKT Confirms 25% increase in Measured Resources and Ore Reserve Estimates as released to ASX on 8 August 2017: BKT delivers Exceptional Optimised PFS


  • Richard Crookes | Non-Executive Chairman

    Geologist with over 30 years’ executive experience in the resources and finance industries; raised capital and financed a number of projects globally, including across Africa. Previous roles include Investment Director at Mining PE Fund EMR Capital, Executive Director in Macquarie’s Metals & Energy Capital and Chief Geologist / Mining Manager at Ernest Henry Mining.

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  • John de Vries | Managing Director & CEO

    Mining Engineer with over 35 years’ experience in mine development and operations; professional experience spans Africa, the Pacific, the Former Soviet Union, North and South America and Australia. Previously General Manager Technical Services with St Barbara, integral in the 2014 turnaround; earlier operational management roles at BHP Nickel West, Orica Mining Services and Western Mining Corp.

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  • Steuart McIntyre | GM Corporate Development

    Mining analyst with over 15 years experience. Previous roles include sell-side mining analyst for Royal Bank of Canada and Blue Ocean Equities and associate at Cutfield Freeman, a mining-focused corporate finance boutique in London. Steuart has degrees in Civil Engineering and Commerce from the University of Sydney and a diploma of corporate finance from the London Business School.

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