Tanzanian graphite developer Black Rock Mining has inked a non-binding memorandum of understanding (MoU) with Korean major POSCO International Corporation over a potential long-term graphite fines offtake agreement from Module 2 of the Mahenge project. The agreement envisages the long-term supply of fines graphite from planned production of Mahenge Module 2 in exchange for an additional investment in Black Rock of up to $40-million, or an equity stake of 19.99%, subject to approvals.
PERTH – Tanzanian graphite developer Black Rock Mining has inked a non-binding memorandum of understanding with Korean major POSCO International Corporation over a potential long-term graphite fines offtake agreement from Module 2 of the Mahenge project.
Black Rock and POSCO have previously signed a binding offtake agreement covering all of the planned graphite fines from Module 1 of the Mahenge project, with the agreement including a $10-million pre-payment commitment which is linked to an industry pricing benchmark, with the funding to be used as part of the construction financing for the Mahenge project.
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