Black Rock Mining (ASX:BKT) chairman, Stephen Copulos, has continued to build his stake in the company through on-market purchases.
Copulos has picked up another 1.95 million shares for a consideration of $139,461.85.
This builds on the 2,000,000 shares Copulos purchased on-market during May.
Copulos is the company's major shareholder and financial supporter, and has a total direct and indirect interest of circa 25.7%.
Black Rock is developing its flagship asset, the Mahenge Graphite Project in Tanzania.
In April 2017, a preliminary feasibility study (PFS) confirmed Mahenge’s potential as a long-life, low capex, high margin operation.
The PFS estimated a post-tax, unlevered, internal rate of return (IRR) for the Project of 48.7% and a net present value (NPV) using a discount rate of 10% of US$624 million.
Black Rock is moving towards commencing a definitive feasibility study (DFS).
With a successful DFS and associated financing, construction could commence in 2018 with first production in 2019.