The Black Rock Mining Ltd (ASX: BKT) share price is pushing higher on Tuesday. This comes after the company provided investors with an update in regards to its Mahenge graphite project in Tanzania.
During mid-afternoon trade, the Australian mining company's shares are swapping hands for 22 cents, up 18.92%.
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What did Black Rock announce?
Investors are driving up the Black Rock share price following an expected positive outcome from the Government of Tanzania.
In its release, Black Rock said it had received an invitation to attend a ceremony in Dar es Salaam, Tanzania. The company hopes to reach a final agreement on the Mahenge project with the Tanzanian government at the event, scheduled for 13 December.
Signifying the importance of the meeting, the company's managing director, John de Vries, is currently in Tanzania and will attend.
Quick take on Black Rock
Established in 2000, Black Rock is an Australian mining company focused on developing its Mahenge project. It is known to be the world's fourth-largest graphite resource, indicating huge potential for the future.
Demand for graphite has grown considerably and is expected to double in the next decade. This is due to the strong adoption by consumers for batteries in electric vehicles and other emerging applications.
A strategic alliance with the POSCO Group saw an equity investment of US$7.5 million for the development of the Mahenge project. This enabled Black Rock to complete detailed engineering, early site clearance planning, and commercial-scale product qualification.
The company is now construction-ready. However, this is subject to financing and confirmation of the Tanzanian Government free carried interest agreement.
Black Rock share price summary
Over the past 12 months, the Black Rock share price has surged by more than 140%. This year to date is has accelerated 120%. The company's shares have gradually increased throughout the period on the back of investor hype in the graphite space.
Black Rock commands a market capitalisation of around $181.75 million and has approximately 865.49 million shares outstanding.
