Black Rock Mining confirms 2020 shaping up to be ‘defining year’
The company has a highly proactive approach and believes it benefits from an absence of the legacy issues that challenge many other mining project proponents in Tanzania.
Company
ASX:BKT
Black Rock Mining Ltd (ASX:BKT) has a 100% interest in the Mahenge Project in Tanzania which hosts a multi-generational graphite resource and is one of the largest JORC-compliant flake graphite resources globally. The Mahenge Project is spread across 324 square kilometres of exploration tenements in Tanzania’s Ulanga district. Black Rock’s definitive feasibility study for the project considers a four-stage construction schedule to deliver up to 340,000 tonnes per annum of 98.5% graphite concentrate for 26 years.
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The company has a highly proactive approach and believes it benefits from an absence of the legacy issues that challenge many other mining project proponents in Tanzania.
The director placement is on the same terms and conditions as shares issued to participants in the August 2019 $3 million placement at 7 cents per share.
De Vries’ salary will remain the same and his rolling contract includes a number of short- and long-term incentives.
The Copulos Group's portfolio also includes investments in other resources companies.
The placement proceeds will support financing and final permitting to progress the Mahenge Graphite Project towards construction readiness.
The company’s securities will remain in a trading halt until August 16 or when an announcement is released.
The large-scale Spherical Purified Graphite production trial of 400 kilograms is 100 times larger than the company’s previous laboratory experiments.
Paterson Securities initiated coverage on Black Rock Mining with a speculative buy rating and a 12-month target price of 24 cents in its research report on Black Rock earlier this month.
The project's access to the rail and port enhances logistics and helps to underpin a long-term, low cost operation.
Investments and investor services
The 16th event features more than 70 presentations over 2.5 days as well as 70 exhibiting companies.
The company believes its basket pricing commitments bode well for financier discussions.
The company raised $3 million earlier this year with an oversubscribed placement to finance final engineering activities at its Mahenge Graphite Project.
The appointments follow the recent successful operation of the Chinese pilot plant.
The aim of the tests was to replicate and validate the unique Mahenge Graphite Project product attributes.
The company is aiming to start production of graphite from its Tanzanian project in 2020.
The aim of the tests was to ensure Yantai could replicate and validate the unique Mahenge Graphite Project product attributes.
The company raised $3 million this week to take its project through engineering studies.
Funding will complete final engineering at the Mahenge Graphite Mine in Tanzania.
Pilot plant operations for the Mahenge Graphite Project are scheduled to commence at the end of this month.
A 20-tonne demonstration pilot plant will be established in China by Black Rock’s EPC partner Yantai Jinyaun.