Black Rock Mining's (BKT:ASX) non-executive chairman, Stephen Copulos, has snapped up another 1 million shares on-market for a consideration of $80,400.
Copulos is the company's major shareholder and financial supporter, and has a total direct and indirect interest of circa 91 million shares.
Black Rock is focused on the Mahenge Graphite Project in Tanzania, which currently hosts a JORC Resource of 203 million tonnes at 7.8% Total Graphitic Carbon.
The company´s PFS released in April 2017 estimates capex at US$90.1 million for phase one production of 83,000 tonnes per annum.
Phase two is self-funded and adds a further 83,000 tonnes per annum taking total production to 167,000 tonnes per annum.
Foster Stockbroking is a big supporter of Black Rock, and has a Speculative Buy recommendation on the stock based on the company’s low relative valuation against peers and value of the project.