South Africa’s IDC approves loan for Tanzania graphite project
Tanzanian graphite developer Black Rock Mining has successfully secured the necessary debt facilities required to advance its Mahenge project, with a new senior term loan from South Africa’s Industrial Development Corporation (IDC) completing the financing package crucial to get the mine into production.
The IDC has approved a senior term loan of $53.9-million for the project. Together with the previously announced $59.6-million from the Development Bank of Southern Africa (DBSA), Black Rock now has all the key approvals for the targeted term loan for the project.
The loan terms remain subject to documentation, but the loan tenor is expected to be seven years and the interest rate will be based on the secured overnight financing rate, or SOFR, plus a margin, ASX-listed Black Rock states.
Ultimately, funding for the project to reach production will require both debt and equity. Black Rock previously signed a memorandum of understanding with its strategic alliance partner, Posco, for a potential cornerstone equity position in Black Rock of up to $40-million. Final approvals for this investment are expected shortly, the company notes.
Black Rock aims to have Module 1 at Mahenge in production in 2026.
The definitive feasibility study for the project considers a four-stage construction schedule to deliver up to 340 000 t/y of 98.5% graphite concentrate for 26 years of 98.5% LOI premium graphite flake concentrate with the ability to produce ultra purity flake of 99% LOI.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation