Skip to content
Oil Mining Resources

Black Rock receives loan approval from The Industrial Development Corporation for US$53.4m

Black Rock Mining Ltd ASX:BKT 2 mins read



  • Black Rock has now secured the key approvals for the target US$113m Term Loan for Mahenge, which, subject to documentation, is expected to comprise:

    – US$59.6m from The Development Bank of Southern Africa (DBSA); and

    – US$53.4m from the Industrial Development Corporation of South Africa (IDC)


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).  The IDC has approved a senior term loan of US$53.4m which is expected to form part of the Project debt facilities for Mahenge. The loan is subject to documentation of final agreements.

The IDC loan, together with the US$59.6m senior loan approved previously by DBSA (announced on 2 November 2023), are expected to form the US$113m Term Loan for Mahenge. The loan terms remain subject to documentation, but the loan tenor is expected to be seven years and the interest rate will be based on the Secured Overnight Financing Rate (SOFR) plus a margin.

Black Rock will now seek to document full form facility agreements and confirm the final structure of the Mahenge project debt package. Such 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 both debt and equity. As announced on 4 September 2023, Black Rock has signed an MOU with its Strategic Alliance Partner, POSCO International Corporation (POSCO) for a potential cornerstone equity position in Black Rock of up to US$40m and final approvals for this investment are expected near term. The Company is targeting first production from Module 1 in 2026.


This ASX release was authorised on behalf of the Black Rock Board by: John de Vries, Managing Director & CEO.

For more information:

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

Elvis Jurcevic
Investor Relations
IRX Advisors
+61 408 268 271


More from this category

  • Finance Investment, Oil Mining Resources
  • 11/04/2024
  • 10:10
Litchfield Minerals Limited (ASX:LMS)

Litchfield Minerals (ASX:LMS) – Multiple New Chargeability Trends Identified at the Historic Mount Irene Mine

Darwin, Northern Territory – April 10, 2024 – Litchfield Minerals Limited (ASX: LMS) (“Litchfield” or the “Company”), a critical mineral explorer, is excited to…

  • Contains:
  • Finance Investment, Oil Mining Resources
  • 10/04/2024
  • 10:21
American Rare Earths (ASX: ARR)

American Rare Earths (ASX: ARR) – Assay Results Expand Rare Earth Enrichment Within the Cowboy State Mine Area at Halleck Creek, Wyoming

Highlights: Surface samples reveal up to 6,221 ppm TREO, marking a 64% increase over previous mine planning estimates. Recent scoping study showed an average…

  • Contains:
  • Finance Investment, Oil Mining Resources
  • 10/04/2024
  • 10:09
Hartshead Resources NL (ASX:HHR)


Sydney, Australia – Hartshead Resources NL (ASX: HHR), Australian-listed oil and gas exploration and development company, today provided an update on the ongoing development of the Anning & Somerville Gas Fields through its P2607 Joint Venture (JV). Despite the current uncertainties surrounding future fiscal policies, the JV remains steadfast in its commitment to advancing the Phase 1 Gas Field Development, with the 2024 JV budget firmly in place. In light of the upcoming parliamentary elections in the UK, expected in Q4 2024, Hartshead has been actively engaged in discussions with various political stakeholders to gain clarity on potential changes to…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.