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Black Rock receives loan approval of up to US$59.6m from the Development Bank of Southern Africa to advance the Mahenge Graphite Mine in Tanzania

Black Rock Mining Limited asx.BKT 2 mins read


  • The Development Bank of Southern Africa (DBSA) has approved a loan of up to US$59.6m for Mahenge, which is expected to form part of the overall Project debt funding

  • Potential lenders for Mahenge’s debt process includes Development Finance Institutions (DFIs) and several Tanzanian commercial banks

  • Discussions with the other potential lenders are ongoing with additional progress expected near term.

Tanzanian graphite developer Black Rock Mining Limited (ASX: BKT) (Black Rock, BKT or the Company) is pleased to provide an update on the debt process for the Mahenge Graphite Project (Mahenge or the Project).  Several potential lenders, including Development Finance Institutions and Tanzanian commercial banks, have progressed through the substantive part of the due diligence process, including site visits, and are progressing indicative term sheets based on their due diligence and the eDFS Update outcomes.

Black Rock has received approval from DBSA for project debt of up to US$59.6m which is expected to form part of the Project debt facilities for Mahenge.  The DBSA’s approval is subject to legal documentation being concluded and executed in accordance with the terms and conditions set out in the approval.  The Company expects lender Board approvals from several potential lenders to be notified to the Company during Q4 2023.  Once those Board approvals are received, Black Rock will then seek to negotiate and execute full form facility agreements with successful lenders, and confirm the structuring of the Project financing package.  Such approvals and facilities are expected to contain terms and conditions usual for facilities of this type, but there is no guarantee of the conditions potential lenders may seek to impose, or that facility agreements will ultimately be entered into.

Ultimately, funding for the Project to reach production will require a combined debt and equity project finance package and the Company is targeting up to 50% debt via traditional project finance. POSCO has entered into a MOU for a potential cornerstone equity position of up to US$40m and the debt component is anticipated to require a combination of lenders. The debt funding is intended to fund Module 1 and supporting infrastructure, including a 220kV powerline and associated switchyards at Mahenge townsite.  The debt funding component is progressing well and the Company continues to target first production from Module 1 in 2025.


For media inquiries, contact:

Elvis Jurcevic
Investor Relations
IRX Advisors
+61 408 268 271


Steuart McIntyre
GM Corporate Development
Black Rock Mining
+61 413 555 609

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