Black Rock Mining (ASX:BKT) signs us$179m agreement for Mahenge Graphite Project

Black Rock Mining Limited (ASX:BKT) has signed a Facilities Agreement with the Development Bank of Southern Africa (DBSA), the Industrial Development Corporation of South Africa (IDC), and Tanzanian lender CRDB Bank (CRDB) to provide US$179m in funding for the development of the Mahenge Graphite Project. The agreement includes a US$113m Construction Term Loan for the construction of Mahenge Module 1 and associated infrastructure, a US$20m Revolving Credit Facility for working capital, a US$20m Cost Overrun Facility, and a US$26m Bank Guarantee Facility for rehabilitation bonding. This funding is in addition to the US$50m provided by POSCO, comprising a recently approved US$40m equity investment in Black Rock and a US$10m prepayment facility.

Black Rock CEO, John de Vries, on the Facilities Agreement

We are extremely pleased to have concluded our debt financing process for Mahenge and to be signing the Facilities Agreement with a group of such high calibre lenders. Today's announcement represents a major de-risking milestone for Black Rock towards funding the development of the Mahenge Graphite Project. We look forward to working with DBSA, IDC and CRDB to develop Mahenge for the benefit of all our stakeholders.

Summary of Black Rock's Facilities Agreement and Outlook

Black Rock Mining Limited (ASX:BKT) has successfully secured a US$179m Facilities Agreement with DBSA, IDC, and CRDB to fund the development of the Mahenge Graphite Project. This agreement marks a significant de-risking milestone for the company and demonstrates its commitment to advancing the Mahenge project. With the funding in place, Black Rock is now construction-ready and poised to progress with the construction of Mahenge Module 1 and associated infrastructure, including the 220kV power line from Ifakara to Mahenge. The company's collaboration with high calibre lenders and its strategic alliance with POSCO reflect its dedication to realizing the potential of the Mahenge Graphite Project. Looking ahead, Black Rock aims to leverage this funding to drive sustainable socio-economic development in Tanzania and create value for its stakeholders.