Both parties continue to work on finalising the last remaining conditions


FIRB approval received For POSCO equity investment. (Credit: DarkmoonArt_de from Pixabay.)

Tanzanian graphite developer Black Rock Mining Limited (ASX:BKT) (Black Rock or the Company) has been notified by the Commonwealth Treasurer, on the advice of the Foreign Investment Review Board (FIRB) under the Foreign Acquisitions and Takeovers Act 1974 (Cth), that it has no objection to the acquisition of a 15% interest by POSCO Group of Korea (POSCO) in Black Rock as part of a strategic alliance for the development of the Mahenge Graphite Project (Transaction). Further details in relation to the Transaction are set out in the Company’s announcement to the ASX on 17 December 2020.

Both parties continue to work on finalising the last remaining conditions precedent being the Tanzanian Government Fair Competition Commission approval, which is expected to be procedural and routine.

Commenting on this milestone, Black Rock Managing Director and CEO, John de Vries said: “Access to POSCO’s equity contribution of US$7.5m enables Black Rock and our 100% owned Tanzanian subsidiary Mahenge Resources Ltd, to complete detailed engineering, early site clearance planning and commercial scale product qualification. With this, the Mahenge Graphite Project will be positioned to complete required financing in an efficient and timely manner. The Company anticipates site works in the second half of CY2021, pending resolution of the Government of Tanzania Free Carry Interest Agreement.”

Source: Company Press Release