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Black Rock Mining releases video update for graphite project development

An enhanced DFS released in July 2019 valued the Mahenge Graphite Project at US$1.16 billion.

Black Rock Mining Ltd - Black Rock Mining Ltd
The company is cutting costs to preserve cash during the COVID-19 crisis

Black Rock Mining Ltd (ASX:BKT) managing director and CEO John de Vries has written a letter to shareholders updating on activities related to its Mahenge Graphite Project in Tanzania.

The company continues to pursue two immediate objectives:

  • Completion of the Resettlement Action Plan (RAP) field activities at Mahenge; and 
  • Resolution on the structure and nature of the Government of Tanzania’s 16% Free Carried Interest.  

Measures enforced to preserve cash

To preserve existing cash, the board has approved further significant reductions in cash remuneration for all directors, staff and full-time contractors.

Effective 1 April 2020, cash remuneration levels will be further reduced to 25%, down from 50% of agreed packages adopted in November.

Non-business critical activities will also be suspended.

Presenting via video due to COVID-19

de Vries said in today's letter to shareholders: "COVID-19 has offered up a number of challenges to the way in which we as a business interact with you, our shareholders and stakeholders.

"We have turned this challenge into an opportunity to modify our approach from presenting at meetings and investment conferences, to instead leverage our digital capabilities and present directly to you, wherever you are, using video.

"We call this BKTTV."

First BKT-TV broadcast

In the company's first broadcast video, they discuss the logic of their development strategy and reflect on the lessons learnt on the journey thus far.

 

Quick facts: Black Rock Mining Ltd

Price: 0.03 AUD

ASX:BKT
Market: ASX
Market Cap: $18.87 m
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