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New registration elevates Black Rock’s graphite project
3 minute read
This product is classified as ‘very high risk’ in nature due to its location and geopolitical situation of the region. Finfeed advises that extra caution should be taken when deciding whether to engage in this product, however if you are not sure whether it is suitable for you we suggest you seek independent financial advice.
Tanzanian graphite developer, Black Rock Mining Limited (BKT:ASX), today announced that its Tanzanian subsidiary, Mahenge Resources Ltd, has registered with the Tanzanian Investment Centre (TIC) — an important step in the due diligence required to progress the Mahenge project further.
BKT’s announcement detailed the significant benefits conferred by TIC registration, such as:
- Single-desk facilitation service to streamline permits, licences and approvals
- Recognition of World Bank Multilateral Insurance Agreements Agency (MIGA)
- Recognition of International Centre for Settlement of Investment Disputes (ICSID)
- Import Duty drawback on raw materials used to produce goods for exports and deemed exports
- Zero-rated VAT on exports
- Zero import duty on project capital goods
- Reduced duty of semi-processed goods
- Excise refund for fuel purchases
- VAT deferment on project capital goods
- Additional expatriate roles
BKT’s access to the TIC single desk facilitation will underpin the continuing development of Mahenge, and also bodes well for the process of acquiring a mining licence.
However, it is an early stage of this company’s development and if considering this stock for your portfolio you should take all public information into account and seek professional financial advice.
BKT’s CEO, John de Vries, commented: “We would like to thank His Excellency President, Dr. John Pombe Joseph Magufuli, and the Executive Director of the Tanzania Investment Centre Mr Geoffrey Mwambe and his management team for their support in developing the Mahenge project, the best undeveloped graphite project globally.”
“Access to a streamlined single desk via the TIC will provide significant development incentives and significantly simplify and accelerate our project. Progress towards our mining licence is pleasing, and on the back of positive feedback from the review process of the draft ESIA process, we have commenced development of the Resettlement Policy Framework.”
“Front-end loading of project land access through development of the resettlement policy framework provides a formal setting for management of the complexities of project access. Commencing the process in a timely manner ensures site access is delivered in time for our project development timeline,” de Vries said.
In other positive developments, BKT’s draft Environmental and Social Impact Assessment (ESIA) — submitted to Tanzania’s National Environmental Management Council — has received pleasing feedback, providing BKT with adequate approval to start developing a Resettlement Policy Framework for the Mahenge project.
In such mining jurisdictions, a Resettlement Policy Framework develops policies, procedures and processes designed to mitigate adverse social impacts of project development on the local community. The process also allows for the development of a Resettlement Action Plan — both steps are required by Tanzania’s Mining Act of 2010.
About Tanzanian Investment Centre registration
The TIC was established in 1997 by the Tanzania Investment Act to be the Primary Agency of the Government to coordinate, encourage, promote and facilitate investment in Tanzania and to advise the Government on investment policy and related matters. The TIC is Tanzania’s premier Investment Promotion Agency (IPA).