• Black Rock Mining has yet to secure funding for the $225m Mahenge project

• The mine targets annual output of 340,000 tons over 26 years

• No timeline has been set for financial close or final investment decision

Australian mining company Black Rock Mining is continuing talks with “multiple parties” to finalize financing for its Mahenge graphite project in Tanzania, the company said in a Jan. 13 statement. The update comes as the project had previously been expected to enter production in 2026.

According to a feasibility study released in 2022, the Mahenge project has the potential to produce 340,000 tons of graphite per year over a mine life of 26 years. To move forward, Black Rock Mining has for several years been seeking to raise the $225 million required to launch construction.

Although agreements have been announced with financial partners including CRDB Bank and the Development Bank of Southern Africa (DBSA), the project has yet to reach effective financial close. Black Rock Mining nonetheless said conditions remain favorable, citing global policy momentum around critical minerals.

The company said global financing conditions remain supportive for critical minerals, driven by government policies in the United States and the European Union. It also cited international frameworks aimed at securing stable supply chains between key regions, which it said offer strong potential for strategic financing.

At this stage, no timetable has been communicated for Mahenge’s financial close, a prerequisite for a final investment decision (FID). Once approved, Black Rock Mining expects the project to reach production within 24 months. In the meantime, preparatory work has already begun on site, including earthworks, to facilitate the start of construction after the FID.

Under the project structure, the Tanzanian state is expected to hold a 16% stake, with Black Rock Mining owning the remaining 84%. Beyond Mahenge, Tanzania also hosts several other graphite projects awaiting financing, including Epanko and Nachu.

Aurel Sèdjro Houenou