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Special times ahead at Mahenge

lack Rock Mining Ltd is expected to of the SML. fund Module 2 with another two modules
Brapidly tick off a number of major mile- “We’ll commence the development to follow. Each module implies a produc-
stones – including project finance and timeline shortly, when the ITE work is tion uplift of 83,000 tpa.
offtake – after being awarded a special finished, with the view that we’ll get into Award of the SML is also expected to
mining licence (SML) for its proposed Ma- construction end of this year or early next unlock further offtake opportunities for
henge graphite mine in Tanzania. year, and then it’s somewhere around a Black Rock, having previously struck a
As managing director John de Vries 15-18 month run to build it, depending on lucrative strategic alliance with Korean
was preparing to give his presentation to the wet season.” steelmaker POSCO.
delegates on the final day of Africa Down According to the enhanced DFS re- Last month the company signed a
Under, Black Rock received notification leased in July 2019, construction of the conditional framework agreement with
its tenure at Mahenge was now secure for initial operations at Mahenge – referred to emerging American cleantech refining
26 years and the final regulatory hurdle as Module 1 – requires capex of $US116 company Urbix Inc for potential equity
had been cleared. million. support to secure offtake for Phase 2.
Award of the SML means the terms Cash flow from Module 1 is expected to However, de Vries was coy on the sta-
of the company’s framework agreement tus of debt financing negotiations.
have now been signed off by all senior “I don’t want to say too much about pro-
government ministers in Tanzania and ject debt at the moment,” he said. “All I
clears the path for development finance can say is it’s a very intensive process,
for the project to be finalised. it’s under way and we hope to have some
Black Rock is in the closing stages of news flow around that soon.”
updating the completing FEED works and Black Rock’s framework agreement
re-estimating the capital and operating with the Tanzanian Government includes
costs for Mahenge as part of the financ- confirmation of the 16% free-carried in-
ing process, which remains subject to terest in Faru Graphite Corp, the JV com-
peer review from an independent techni- pany established to develop Mahenge.
cal expert (ITE).
“This is a major empowering docu- – Michael Washbourne
ment that allows us now to step up and
move forward very quickly,” de Vries said
John de Vries

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