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Black Rock receives FCC approval for POSCO 15% equity investment
release time :2021-05-17 10:21:53 page view:1641

May 12, 2021 - Tanzanian graphite developer Black Rock Mining Limited (ASX:BKT) (Black Rock or the Company) is pleased to confirm that, following the Company’s announcement on 11 February 2021 and 17 December 2020, Black Rock has completed the final regulatory condition precedent to satisfying POSCO Ltd (POSCO) 15% investment in Black Rock through a binding US$7.5M share subscription agreement. 


Tanzanian Government Fair Competition Commission (FCC) 

The FCC has notified the Company that there are no objections to the acquisition of a 15% interest by POSCO in Black Rock as part of a strategic alliance for the development of the Mahenge Graphite Mine. This concludes the last remaining regulatory conditions precedent for POSCO’s 15% equity investment, and follows the announcement on 4 March 2021 of approval by the Australian Foreign Investment Review Board (FIRB). In addition, Black Rock received shareholder approval for the placement of shares to POSCO for the purposes of Listing Rule 7.1 at a general meeting held on 15 April 2021. 


POSCO 15% Equity Investment 

POSCO and Black Rock intend to complete the $US$7.5m investment on or before 31 May 2021. Both parties continue to progress discussions on an Offtake Agreement which includes a prepayment facility of up to US$20m. 


Use of Funds 

As previously announced, Black Rock will use the funds from the POSCO transaction for the following purposes: 

• front-end engineering work and final design of the Mahenge Graphite Project; 

• conducting a pilot scale test for further commercial qualification; 

• third party technical due diligence; and 

• project development, site works, early stage construction and general corporate costs associated with the development of the Mahenge Graphite Project.


Commenting on the POSCO partnership, Black Rock Managing Director and CEO, John de Vries said: 

“On behalf of Black Rock’s shareholders and the Company, we look forward to welcoming POSCO onto our register as a strategic shareholder and development partner. Our companies are aligned and working together to achieve the common goal of supplying world class premium graphite from Black Rock’s Mahenge Graphite Mine. 


We are entering a transformative phase for the Company, with the strategic partnership with POSCO in place, we are now able to focus on pre-construction activities and progressing customer engagement. This is an exciting time to be a Black Rock shareholder.”

Black Rock Mining

Address: WA-West Perth-45 Ventnor Ave Postal Code: 6005 Website: blackrockmining.com.au

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