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Black Rock Mining halted with capital raising announcement pending

The company’s flagship Mahenge Graphite Project is spread across 324 square kilometres of exploration tenements in Tanzania’s Ulanaga district.

Black Rock Mining Ltd - Black Rock Mining requests back-to-back trading halts regarding capital raising news
Black Rock is focused on exploring and developing its Mahenge graphite project in Tanzania.

Black Rock Mining Ltd (ASX:BKT) has a capital raising announcement pending and has been granted a back-to-back trading halt by the ASX.

The trading halt will remain in place until the beginning of trade on Wednesday, October 7, or when an announcement is released to the market, whichever occurs earliest.

Shares last traded at 5.8 cents and since closing at 5.3 cents on September 18, has traded up to 6.4 cents.

Progress towards graphite exports

Black Rock recently welcomed the publication of regulations by the Government of Tanzania concerning graphite concentrate exports which establishes a firm path to advance the Mahenge Graphite Project.

The progression from guidelines to regulations comes with the issuing of Government Notice 687 of 2020 ‘The Mining Regulations, 2020’.

This continues the policy of maintaining a minimum graphite concentration of 65% total graphitic carbon and payment of royalties as conditions of export.

Black Rock has demonstrated in two independent pilot plant operations that Mahenge can produce graphite concentrate at grades up to 98% carbon by Loss on Ignition (LOI), which confirms the company’s DFS showing that Mahenge concentrate is suitable for export.

Quick facts: Black Rock Mining Ltd

Price: 0.056 AUD

ASX:BKT
Market: ASX
Market Cap: $39.71 m
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