Black Rock Mining Ltd
BKT.AX
Australian Securities Exchange0.01
AUD
+0.00
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Black Rock Mining Ltd
BKT.AX
(Australian Securities Exchange)
Recent
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0.01
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yld
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ROIC.AI
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- Black Rock Mining Limited Black Rock Mining Limited (ASX:BKT) is an Australia-based mineral exploration and development company focused on graphite resources. The company holds an 84% interest in the Mahenge Graphite Project located in the Ulanga district of Tanzania, spanning 324 square kilometers; this flagship asset hosts one of the largest JORC-compliant flake graphite resources globally, with mineral resources of 213 million tonnes at 7.8% total graphitic carbon (TGC) and ore reserves of 70 million tonnes at 8.5% TGC. Mahenge targets production of 347,000 tonnes per annum of ultra-high purity flake graphite concentrate (up to 99% LOI) over a 26-year mine life through a modular four-stage development approach, emphasizing low capex of US$231 million for initial modules, first-quartile cash costs of US$359 per tonne, and strong projected economics including a 36% unlevered post-tax IRR and US$1.4 billion NPV10. Operations center on resource delineation, feasibility studies, environmental approvals, mining licenses, and resettlement action plans already secured for Mahenge, positioning the project as construction-ready pending full funding; the company operates primarily in Tanzania with headquarters in West Perth, Australia, where it was incorporated in 2000 and renamed from Green Rock Energy Limited in March 2015. Recent developments include a strategic alliance with POSCO International established in June 2020, featuring a US$7.5 million equity investment, binding offtake for 32% of Module 1 fines plus a US$10 million prepayment, an MOU for 6ktpa large flake graphite, and in September 2024, approval of a further US$40 million equity commitment securing fines offtake for Module 2, elevating POSCO's total interest to nearly 40% of Module 1 output. In September 2022, the Tanzanian government issued a Special Mining Licence consolidating licenses under a 16% free carried interest framework following a December 2021 agreement; the company completed Front End Engineering Design (FEED) in September 2022, reaffirming robust project metrics via an enhanced Definitive Feasibility Study update from July 2019. Financing advancements encompass a September 2024 Facilities Agreement for US$179 million debt with the Development Bank of Southern Africa (DBSA), Industrial Development Corporation (IDC), and CRDB Bank, bolstered in 2025 by US$25 million additional credit approval from CRDB; an oversubscribed A$4 million Share Purchase Plan closed in October 2025 to fund early works including site earthworks and construction start, alongside a March 2025 placement raising further capital.