Nov. 11, 2020 - Tanzanian graphite developer Black Rock Mining Limited (ASX:BKT) (Black Rock or the Company) is pleased to announce that it has been advised by its Development MOU Partner, POSCO of Korea (POSCO), that a representative sample of Mahenge graphite concentrate processed to SPG, and subsequently processed and coated using POSCO proprietary methods to anode grade lithium-ion battery feedstock, has successfully met the requirement as being suitable for lithium-ion battery anode feedstock. 

Black Rock and POSCO are considering options for a larger scale commercial qualification process to validate concentrate performance in industrial facilities suitable for the contemplated contracted outsourcing of SPG manufacturing and purification. Funding for concentrate supply would be from any inbound investment POSCO may elect to make. 

Black Rock and POSCO continue to pursue completion of the Legal and Commercial Due Diligence process while considering a range of potential investment options. 

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

“To be able to announce successful battery cell testing of Mahenge graphite concentrate for POSCO’s anode business is a major milestone. There is no bigger vote of confidence for the development of the Mahenge Graphite Project. There is still a lot of work to be done around a scaled-up trial to fully understand how Mahenge performs at commercial throughput rates in modern industrial processing facilities. We continue to be increasingly confident that our strategy of collaborating with existing anode producers and outsourcing of SPG and refining to competent and cost competitive intermediaries is the right pathway for commercial development. Ultimately, we are miners not manufacturers, and collaborating with partners who have existing channels to market is a simpler and faster approach to going it alone. 

In delivering this milestone, I would like to thank the many people who have supported the Company in getting us to where we are today. This includes our shareholders, directors, employees, and our contractors and consultants.”