Tanzania-based Black Rock Mining has secured a $179 million facilities agreement with three African banks to develop the Mahenge graphite project in Tanzania.
The agreement was signed between the Development Bank of Southern Africa (DBSA), the Industrial Development Corporation (IDC) of South Africa and Tanzania’s CRDB Bank.
The loan comprises a $113 million construction term loan for the Mahenge Module 1 and associated infrastructure, a $20 million credit facility, a $20 million cost overrun facility and a $26 million bank guarantee facility.
Under the agreement, the CRDB Bank will provide $66 million while the DBSA and IDC have committed $59.6 million and $53.4 million, respectively. The CRDB Bank will serve as the joint mandated arranger, facility agent, onshore account bank and onshore security bank for the project.
