Black Rock raises funds to Tanzania

Graphite developer Black mining company is expecting to   will raise A$4.75-million to fund the feasibility  study on the Mahenge graphite which locate in Ulanga in Tanzania.
John de Vries(CEO  of the company)  said that the completion of the placement was a significant step in the company’s transition from explorer to developer, and ultimately to producer.
“The strong support validates our project that combines super low capital costs, high margins and scale, which we believe makes our Mahenge graphite the best undeveloped graphite project globally.”
“Being fully funded to complete the definitive feasibility study allows us to continue to de-risk the project, develop our markets and people, and progress to a construction decision.”

The company’s directors and advisors will apply for shareholder approval to subscribe for a further nine-million shares, to raise an additional A$540 000, on the same terms as the placement.’

A previously completed prefeasibility study estimated that the project could produce some 167 000 tone per year of high purity graphite over a mine life of 32 years. This project will creates job for more than 30000 people from Tanzania after the completion and hence boost the sector of industrialization.