What Black Rock Mining does

Black Rock Mining Limited (ASX: BKT) is an Australian-listed mineral development company building the Mahenge Graphite Project in Tanzania, held through an 84%-owned subsidiary, Faru Graphite Corporation. The project's mineral resource of 213 million tonnes at 7.8% TGC and ore reserve of 70 million tonnes at 8.5% TGC rank it as one of the largest JORC-compliant flake graphite resources globally, supporting an Enhanced Definitive Feasibility Study design for four 1Mtpa modules producing 347,000 tonnes per annum of 95–99%+ TGC graphite concentrate across a 26-year initial operating life. Development commenced in October 2025 with first production targeted for 2028.

The company sells high-purity flake graphite concentrate — 59% large-flake (+80 mesh) and 41% fine flake — for use in lithium-ion battery anodes, energy storage systems, refractories, lubricants, and other industrial applications. Revenue is generated through binding long-term offtake agreements, principally a 60,000 tpa, 25-year agreement with POSCO International (South Korea, the largest ex-China anode producer) commencing 2028, plus offtake with Class One. Capital partners include POSCO (19.9% strategic equity), CRDB Bank (US$40M debt facility), the Development Bank of Southern Africa, and the Industrial Development Corporation, supporting a Module 1 development capex of approximately US$182 million.

Black Rock Mining monetises graphite concentrate sales denominated against an expert consensus basket price of US$1,709/t (Benchmark Mineral Intelligence, Fastmarkets, Wood Mackenzie), against a first-quartile all-in sustaining cost of US$518/t enabled by hydro-dominated grid power from TANESCO. The operating model is B2B enterprise sales to battery materials and industrial graphite buyers, with POSCO providing both demand and equity backing to mitigate offtake and financing risk in a development-stage asset.

Name

Black Rock Mining

Legal name

Black Rock Mining Limited

Website

https://blackrockmining.com.au

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

101–250 employees

Short description

Black Rock Mining (ASX: BKT) is an Australian-listed developer of the Mahenge Graphite Project in Tanzania, one of the world's largest JORC-compliant flake graphite resources, producing high-purity concentrate for battery anode manufacturers under long-term offtake with POSCO International.

Ownership category

akta.pro rank

Product category

Graphite Mining and Battery Materials

SIC

Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400)

akta.pro primary industry

Natural Graphite Mining & Concentrates (IMAKAFAD)

akta.pro secondary industries

Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA), Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM)

Keywords

• Graphite mining
• Flake graphite concentrate
• Battery materials supply
• Lithium-ion anode materials
• Critical minerals exploration

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D

Revenue model

1. Graphite Concentrate Sales: Black Rock Mining generates revenue through the sale of graphite concentrate produced from its Mahenge Graphite Project. The company has secured binding offtake agreements with POSCO and Class One for the sale of production. Revenue is generated from long-term supply contracts with major battery materials companies, with pricing based on market consensus forecasts for graphite prices.
2. Strategic Investment Income: POSCO has invested USD 40 million and acquired a 19.9% stake in Black Rock Mining through POSCO International, providing capital for project development in exchange for equity and offtake rights.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Black Rock Mining operates the Mahenge Graphite Project in Tanzania, producing high-purity flake graphite concentrate (95-99%+ TGC purity) for sale to battery anode manufacturers supplying the electric vehicle and energy storage supply chain. The project is designed for a four-stage build to deliver up to 347,000 tonnes per annum of graphite concentrate over an initial 26-year operating life, with revenue generated through long-term binding offtake agreements with strategic customers such as POSCO and Class One.

Product overview

Black Rock Mining operates as a graphite mining company with a single core product: flake graphite concentrate from its Mahenge Graphite Project in Tanzania. The company has an 84% interest in the project through its subsidiary Faru Graphite Corporation. The operation is designed as a four-stage construction to deliver up to 340,000-347,000 tonnes per annum of 98.5% graphite concentrate (with ability to produce Ultra Purity flake of 99% LOI) over an initial 26-year operating life. The project benefits from off-take agreements secured with POSCO and other partners, providing long-term sales commitments for the graphite output.

Differentiator

Problem solved

Functional benefit

Products and services

• Mahenge Graphite Concentrate High-purity flake graphite concentrate (95-99%+ TGC purity) produced from the Mahenge Graphite Project in Tanzania, with a 59% +80 mesh and 41% -80 mesh concentrate product mix, targeted at battery anode manufacturers for electric vehicle lithium-ion batteries and energy storage applications. Planned production capacity is 347,000 tonnes per annum across four 1Mtpa processing modules over an initial 26-year operating life.

Quantifiable outcome

• 36% post-tax ungeared IRR
• +3 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Class OnecoreChannel Partner/ Reseller/ Distributor · 27 June 2024BKT completed offtake agreements for large flake graphite from the Mahenge Project with Class One, one of the major anode manufacturers. This agreement complements the POSCO offtake, diversifying the customer base for graphite production.
• Faru Graphite CorporationcoreStrategic or Co-development Partner84%-owned subsidiary responsible for the Mahenge Graphite Project operations in Tanzania. Faru Graphite Corporation manages the transmission line construction (Ifakara to Mahenge 220kV line) and project development activities.
• TaifaminorImplementation/ SI/ Consulting PartnerBlack Rock Mining signed mining services contract with Taifa for mining services at Mahenge.

Scale indicators14 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Talga Group: ASX-listed developer of the Vittangi graphite project in Sweden with vertically integrated anode production (Vittangi Anode); directly comparable as an ex-China battery-grade graphite and anode material developer with European end-market focus.
• Volt Resources: ASX-listed developer of the Bunyu graphite project in Tanzania; comparable East African flake graphite peer with same country-risk profile as Black Rock's Mahenge project.
• Syrah Resources: ASX-listed natural flake graphite producer operating the Balama mine in Mozambique, supplying battery anode and industrial markets; most directly comparable ex-China, large-scale flake graphite miner with active offtake relationships to battery customers.
• NextSource Materials: TSX-listed developer and operator of the Molo flake graphite mine in Madagascar with battery-grade offtake to key customers; directly comparable as an ex-China large-scale flake graphite producer.
• Nouveau Monde Graphite: TSX-listed developer of the Matawinie graphite project in Quebec targeting battery-grade graphite concentrate and downstream anode material; comparable Tier-1 ex-China flake graphite resource at scale.
• Renascor Resources: ASX-listed developer of the Siviour graphite project in South Australia producing battery-grade graphite concentrate with planned downstream PSG (purified spherical graphite) production; directly comparable flake graphite-to-anode integrated strategy.
• Triton Minerals: ASX-listed developer of the Ancuabe graphite project in Mozambique producing high-purity flake graphite concentrate for the battery market; comparable African flake graphite developer.
• Northern Graphite: TSX-listed graphite miner and processor with operations in Canada and Namibia producing battery-grade graphite concentrate; directly comparable as an ex-China flake graphite developer serving battery customers.

Emerging players

• EcoGraf: ASX-listed developer of graphite processing technology including purification and battery anode recycling; comparable ex-China battery-grade graphite processor focused on downstream value-add.
• Magnis Energy Technologies: ASX-listed lithium-ion battery and anode materials company partnering with iM3NY on US manufacturing; overlapping focus on ex-China battery anode materials supply chains.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/blackrockmining
• LinkedInlinkedin.com/company/blackrockmining

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Black Rock Mining