Black Rock Mining Ltd provides update from Tanzania
Wednesday, 12 July 2017 Black Rock Mining Ltd (ASX:BKT) will resume trading today following the company providing an update from Tanzania, with respect to the recent changes governing the natural resource sector in the country. The company said it has completed an initial assessment of the potential impact on the Mahenge Graphite Project Preliminary Feasibility Study (PFS), released on 24 April 2017, of the proposed legislative changes. This assessment is restricted to consideration of the impact of a 16% Free Carried interest by the Tanzanian Government on the project and an increase in Royalty contribution, rising to 4.3%. This is made up of 3% royalty, 1% inspection fee and 0.3% social contribution. The company is progressing with an Optimisation Study of the April PFS. This Optimisation Study considers the impact of additional drilling at Cascades, and continued expansion through a third module (Crawl, Walk, Run strategy). It is expected this work will be completed by late July to early August. Black Rock has completed a non-exhaustive assessment of key aspects of potential financing and operational impacts of the proposed legislation, based on the legislation and accompanying information currently available and understood. The company added that this assessment is subject to further interpretation through the consultation phase and when regulations become available.