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Black Rock Mining Ltd raises $3.0 million to make graphite mine construction-ready

Funding will complete final engineering at the Mahenge Graphite Mine in Tanzania.

hands dropping coins into three jars full of coins
Mahenge is a fully permitted project and soon to be construction-ready

Black Rock Mining Ltd (ASX:BKT) has successfully raised $3.0 million through an oversubscribed share placement to institutional and sophisticated investors.

Under the capital raising, 46.15 million shares will be placed to investors at an issue price of 6.5 cents per share.

Placement proceeds will finance final engineering activities to make the Mahenge Graphite Mine construction-ready.

This follows on from the recent award of the mining licence and the signing of substantial off-takes.

READ: Black Rock Mining given licensing green light for Mahenge Graphite Project

Black Rock’s CEO John de Vries said: “This placement of $3 million enables Black Rock to complete final engineering to become construction ready for the 250,000 tonne per annum Mahenge Graphite Mine.

“We have already demonstrated industry leading concentrate grade and likely lowest cost into the supply chain, given our grade, strip ratio, grid electricity and logistics solution.

“In addition, we have secured up to 205,000 tonnes per annum of off-take to credible graphite industry participants.

“In just over two years we have advanced Mahenge from a scoping study to a fully permitted project.

“This progress has only been possible through the support of our shareholders.

“We thank new and existing shareholders for their continued support of the company as we develop the world’s premier graphite project.”

READ: Black Rock Mining replicates 99%+ graphitic carbon concentrate from Mahenge ore

Earlier this month, Black Rock delivered a 99%+ TGC (total graphitic carbon) concentrate at 93% recovery using ore from its Mahenge Graphite Mine.

This was achieved during FEED (Front End Engineering Design) process being undertaken in China by Black Rock’s Chinese EPC (engineering, procurement and construction) partner Yantai Jinyuan Mining Machinery Ltd.

Quick facts: Black Rock Mining Ltd

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ASX:BKT
Market: ASX
Market Cap: $28.93 m
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