Australian Stock Exchange (ASX)-listed Black Rock Mining Ltd has signed a memorandum of understanding with the POSCO Group of Korea to develop the Mahenge Graphite Project in Tanzania.
The Mahenge Graphite Project is the world’s fourth largest graphite resource. Graphite is a significant component of lithium-ion batteries, and Black Rock believes alignment with a large global player like POSCO will help in negotiating project debt financing as the graphite can be fed into POSCO’s existing supply chains.
The first stage of the agreement will see a US$10 million investment which will fund initial engineering works and design with the aim of establishing a construction-ready site by the end of 2020.
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