ASX-listed Black Rock Mining will launch early works at its Mahenge graphite project in Tanzania after raising A$10 million in new equity funding.
The program, set to start in November, will prepare the site for fast construction once a final investment decision (FID) is approved. A groundbreaking ceremony will take place on October 9.
Black Rock secures fresh funding
The company has already received A$4.5 million from the first tranche of the placement. Shareholders will consider the second tranche at a meeting on October 17.
With this funding, Black Rock plans to carry out road upgrades, earthworks at the plant site, and surveys for the transmission line from Ifakara to Mahenge. In addition, it will finalize compensation agreements with affected communities along the access road.
CEO John de Vries said strong shareholder support made it possible for the company to move forward.
“We intend to use these funds to begin construction activities through early works,” he said. “Studies are complete, and now construction begins.”
Company highlights 18 months of progress
According to de Vries, the milestone follows 18 months of steady progress. This includes offtake agreements, the appointment of a local contractor, equity support from Posco International, expanded debt facilities, and power agreements with Tanesco. These steps, he added, have positioned Black Rock to advance quickly.
Next steps toward final decision
Black Rock says it remains focused on completing financing and moving to FID for the Mahenge project. The company expects strong demand for graphite in the battery and energy storage industries to drive the project’s growth.
The early works program is designed to reduce risk and lay the foundation for long-term expansion. With financing and shareholder approval in place, Black Rock is preparing to transition from planning to full-scale construction.
