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Black Rock Mining halted with news pending in regard to a strategic alliance and development agreement

The Mahenge Project has the potential to provide economic and social benefits to Tanzania including US$3.6 billion to the Tanzanian economy over a 26-year mine life.

Black Rock Mining Ltd - Black Rock Mining in trading halt regarding entering into a strategic alliance and development agreement
Black Rock is looking forward to beginning formal FCI negotiations with the Tanzanian government to progress debt negotiations

Black Rock Mining Ltd (ASX:BKT) has been granted a trading halt with an announcement pending in regard to a strategic alliance and development agreement.

The trading halt will remain in place until the beginning of regular ASX trade on Tuesday, May 26, or when an announcement is released to the market, whichever occurs earliest.

Shares last traded at 5.4 cents and are up from 2.7 cents at close on April 24.

Resettlement Action Plan

Black Rock announced earlier this month that the company’s Tanzanian-based consultant had finalised activities and had substantially completed the Resettlement Action Plan (RAP) for the Mahenge Graphite Project.

The RAP is a well-understood process worldwide, including in Africa, and is used to assess land and property values as well as to support the relocation of people and properties.

It is designed to meet the International Finance Corporation’s (IFC) Performance Standards on Social and Environmental Sustainability and is a typically mandated condition precedent for debt funding and Mining Licences.

Resettlement for Mahenge includes areas associated with Mdindo, Kisewe, Nawenge and Makanga villages.

At the completion of RAP field activities, the company has recorded a 98% acceptance rate.

Quick facts: Black Rock Mining Ltd

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ASX:BKT
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Market Cap: $33.96 m
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