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Black Rock Mining (BKT) investor relations material
Black Rock Mining Noosa Mining Investor Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Noosa Mining Investor Conference summary13 Nov, 2025
Market Context and Strategic Positioning
Graphite is essential for anode production, with China controlling over 95% of the market, creating supply chain risks and opportunities for alternative sources.
Mahenge is the world's second largest graphite ore reserve, offering a scalable solution with a high proportion of large flake graphite and up to 99% concentrate purity.
Only two major graphite suppliers remain, positioning Mahenge to meet growing EV and industrial demand, with battery demand growing at over 30% annually.
Large flake graphite supports both industrial and next-gen tech applications, with Mahenge's 70% large flake output supporting higher average prices despite depressed fines pricing from China.
Tanzania's stable economic environment and infrastructure investments support project development, aligning with Vision 2050.
Project Economics and Operational Advantages
Project NPV is US $1.4bn post-tax, with a 36% post-tax IRR and initial capex of US $231m for Module 1.
Weighted average price at the bottom of the cycle is twice the cost of production, ensuring strong margins, with all-in sustaining cost forecast at US $518/t.
Access to low-cost grid hydro power (AUD 0.08/unit), first quartile cost position, and proximity to East Africa's largest port reduce operational costs.
Initial operating life of 26 years with a steady production plan across four modules, using only a third of the resource.
Modular development approach allows for phased expansion, risk management, and supports offtake and funding for future modules.
Partnerships, Funding, and Offtake
POSCO is a cornerstone partner, providing up to US $50m in development finance, holding a board seat, and securing downstream expertise and offtake.
Debt facility of US $204m secured from local African banks, with additional equity support from POSCO and local financiers including DBSA, IDC, and CRDB.
Over 95% of Module 1 production is secured under binding offtake, option, or MOU agreements, including a 12-year contract with POSCO and additional contracts with Chinese buyers.
Local Tanzanian contractor engaged for US $40m in mining services, supporting community development and project stability.
POSCO to build a new spherical graphite plant in Korea, supporting downstream integration.
Quantify Mahenge's profit margin at cycle bottom
Justify not pursuing downstream anode production
What operational choices reduce costs and ESG risk?
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Next Black Rock Mining earnings date
H1 202612 Mar, 2026
Next Black Rock Mining earnings date
H1 202612 Mar, 2026
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Frequently asked questions
Black Rock Mining Limited is a mineral exploration and development company focused on graphite resources. The company is primarily engaged in the acquisition, exploration, and advancement of graphite projects, with activities including geological assessments, drilling, and feasibility studies. Its main asset is located in Tanzania, where it is progressing the development of a natural flake graphite project. Black Rock Mining Limited's operations aim to support industrial applications that require high-purity graphite materials. The company is headquartered in Perth, Australia, and its shares are listed on the ASX.
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