en.Wedoany.com Reported - Black Rock Mining has secured an extension of its $204 million credit facility agreement, gaining more time to complete financial close for its Mahenge graphite project in Tanzania.

With the extension of the financing facility, Black Rock Mining (ASX:BKT) can secure additional time for the remaining equity investment required for the full development of the project, while keeping the existing loan arrangements unchanged. The financial close deadline is now November 30, 2026.

Black Rock stated that the $204 million financing facility continues to be supported by CRDB Bank (as facility agent), the Development Bank of Southern Africa (DBSA), and the Industrial Development Corporation of South Africa (IDC). This debt package is in addition to up to $50 million in funding provided by strategic partner POSCO.

Managing Director John de Vries said the continued support from CRDB, DBSA, and IDC reflects the project's importance to the region. The original financing agreement was signed in September 2024 and updated in May 2025, with total commitments increased to $204 million. The agreement remains subject to customary conditions precedent.

Mahenge is one of the world's largest JORC-compliant flake graphite resources, with 213 million tonnes of ore at a grade of 7.8% total graphitic carbon (TGC), and reserves of 70 million tonnes at a grade of 8.5% TGC. The project covers exploration licenses spanning 324 square kilometers in the Ulanga district, located approximately 25 kilometers north of the border with Mozambique and 250 kilometers west of the port city of Mtwara on the Indian Ocean coast.