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Australia-listed Black Rock Mining said on Tuesday South Korean steel conglomerate POSCO International Corporation will invest $40 million in the company to help it fund the development of its flagship Mahenge graphite project.
After the first tranche of the investment, POSCO’s stake in Black Rock Mining will increase from 10.1% to 19.99%, the firm said in a statement.
In May 2023, the graphite developer had already signed an offtake agreement with POSCO to supply high purity graphite from the Module 1 of Mahenge graphite project, which is located in Tanzania.
As a return for the investment, Faru Graphite Corporation, a unit of the miner, will grant POSCO the future offtake rights for the fines graphite production of Mahenge Module 2, when built.
Black Rock Mining said the investment remains subject to various regulatory approvals, including one from the Foreign Investment Review Board in Australia and the Fair Competition Commission of Tanzania.
(By Shivangi Lahiri; Editing by Alan Barona)
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