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  • Black Rock Mining’s (BKT) majority owned subsidiary Faru Graphite is awarded a special mining licence (SML) in Tanzania
  • The SML is for the Mahenge graphite project and marks an important milestone for the company to advance to production
  • The grant of the SML extends tenure to 26 years and existing permits and resettlement action plans will be grandfathered to the new SML
  • Black Rock Mining and Faru Graphite are currently in the financing process before construction commences
  • BKT shares are trading 3.7 per cent higher at 14 cents at 2:41 pm AEST

Black Rock Mining’s (BKT) majority owned subsidiary Faru Graphite has been awarded a special mining licence (SML) in Tanzania.

The 676/2022 licence has been awarded for the Mahenge graphite project, as part of an agreement signed with the Government of Tanzania in December 2021.

The SML covers an area of 35 square kilometres and is valid for 26 years which marks an increase from the 10 years attached to the existing mining licence.

Black Rock Mining said along with the tenure being extended to 26 years, the grant of the SML delivers other positive outcomes.

These include the existing environmental permits, resettlement action plans and operating permits granted to mining licences 611 and 612 will be ‘grandfathered’ to the new SML.

The company has also been given an exemption from the provisions of the Mines Act 2017 that require SML developers to issue five per cent of stock to local interests and listing of 30 per cent of stock on the Dar es Salaam Stock Exchange.

Black Rock Managing Director and CEO John de Vries said the SML is an “important milestone” and represents the final key regulatory step, derisks the financing process and paves the way for construction.

“The awarding of a new SML for the Mahenge project area provides permit coverage for the entire mining operation, and importantly confirms the Tanzanian Government’s commitment to seeing the Mahenge graphite project advanced into production,” Mr de Vries said.

Black Rock Mining and Faru Graphite are now focused on advancing the financing process for the project’s development.

BKT shares were trading 3.7 per cent higher at 14 cents at 2:41 pm AEST.

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