Posco has agreed to buy a 15 percent stake in Black Rock Mining for USD 7.5 million. The deal will pave the way for Posco to secure graphite fines, a material required to make anodes. Still, Posco said no specific date has been set for the formal signing of an offtake agreement with the Australia-based graphite producer.
Black Rock Mining has a 100 percent interest in the Mahenge Project in Tanzania, which hosts a multi-generational graphite resource. An anode is a key material in a battery that preserves lithium coming from the cathode and generates electricity while releasing lithium.
Currently, Posco imports all of the graphite it uses to produce anodes from China.