AUSTRALIAN MINER REGISTERS WITH TANZANIAN INVESTOR CENTRE TO SPEED ITS GRAPHITE PROJECT

DAR-ES-SALAAM-- Australia's Black Rock Mining Limited says it has registered with the Tanzanian Investment Centre (TIC), a government investment promotion agency, which will assist it in accelerating the development of its Mahenge graphite project, described as the largest high-grade flake graphite resource in Tanzania and the fourth largest contained graphite resource in the world.

The registration, which follows a government due diligence, will see a streamlining of project permits, licences and relevant agreements, zero-rated value added tax (VAT) on exports, a zero import duty on project capital goods, additional expatriate roles and tax deferment on project capital goods, says Black Rock Chief Exective Officer (CEO) John de Vries.

Access to a streamlined single desk via the TIC will provide significant development incentives and significantly simplify and accelerate our project, de Vries said Monday.

Progress towards our mining licence is pleasing and on the back of positive feedback from the review process of the draft environmental and social impact assessment process, we have commenced development of the resettlement policy framework.

De Vries said that front-end loading of the project and land access through the development of the resettlement policy framework provided a formal setting for the 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.

The Mahenge project, in Ulanga district in southern Tanzania, can deliver up to 250,000 tonnes per year of graphite concentrate over a 31-year mine life. The project will be developed in three stages, with the first stage to require a capital investment of 90.1-million US dollars.

Source: NAM NEWS NETWORK