ASX-listed Black Rock Mining has struck a strategic alliance and development memorandum of understanding (MoU) with Korean major POSCO to develop the Mahenge graphite project, in Tanzania.
Subject to the completion of a successful due diligence, POSCO would invest an initial $10-million in either shares or convertible notes in Black Rock, with the funding going towards early work programmes and the provision of all weather site access at Mahenge.