Tanzanian graphite developer Black Rock Mining Limited, (ASX:BKT) is pleased to confirm that, following the Company’s announcement on 17 December 2020 and 11 February 2021, POSCO Ltd, Pohang-si, South Korea, has completed its US$7.5m, 15% strategic investment in Black Rock.
Black Rock received shareholder approval for the placement of 126,020,001 shares to POSCO at a general meeting held on 15 April 2021. Subject to POSCO maintaining a minimum of 10% equity interest in Black Rock, POSCO has the right to nominate a director to the board of Black Rock.
About Black Rock Mining
Black Rock Mining Limited is an Australian based company listed on the Australian Securities Exchange (ASX:BKT). The Company has a 100% interest in the Mahenge Graphite Project (Project) located in Tanzania. The Project has a JORC compliant Mineral Resource Estimate of 212m tonnes at 7.8% TGC. It also has Ore Reserves of 70m tonnes at 8.5% TGC. The Ore Reserves support a mine life of up to 350k tonnes of graphite per annum for a reserve life of 16 years. Since the release of the Mineral Resource Estimate, the Company confirms that it is not aware of any new information or data that materially affects the mineral resources estimate.