He joined Black Rock as non-executive chairman in January 2015, as the company’s major shareholder and financial supporter.
This followed acquisition of the company’s Tanzanian graphite projects with a view to Black Rock becoming a significant Tanzanian resources company.
“Right team and strategy”
Copulos said “After three years of service to the company, I am confident that we have the right team and strategy with the expertise and skills to move the project forward.
“Black Rock is on its way to becoming a graphite producer, my work is done, and I have decided to step down from the board and remain the company’s largest shareholder.”
The company has significantly advanced its Mahenge Graphite Project in Tanzania towards development.
A recently completed definitive feasibility study has de-risked the project to a level that the company can confidently seek project financing.
Mahenge has one of the largest JORC-compliant flake graphite mineral resource estimates globally, with an estimate of 211.9 million tonnes at 7.8% TGC for 16.6 million tonnes of contained graphite.
Importantly, more than 50% of the resource is in the measured and indicated categories.
Copulos has more than 38 years’ experience in a variety of businesses and investments across a range of industries including mining, manufacturing, property development, food and hospitality.
He has been managing director of the Copulos Group of companies, a private investment group, since 1997 and has extensive experience as a company director of listed and unlisted public companies in Australia, the UK, and USA.
“Strong guidance and support”
Chairman Richard Crookes said: “Stephen has contributed enormously to Black Rock over more than three years, not only has a major shareholder and with financial support, but also in providing strong guidance and support as its chairman and then director of the company.
“We thank him for his efforts during this time, helping to steer our company through such an important part of its journey to becoming a graphite producer.
“We wish him well in his future endeavours and look forward to his continued support.”