Insight
POSCO deepens alliance with Black Rock
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
POSCO has strengthened its relationship with junior miner Black Rock Mining with a US$ 40 million investment, guaranteeing the steel and battery anode giant the entirety of fine flake graphite production from the first two modules at the proposed Mahenge mine, Tanzania. However, with ambitious plans to reduce China's dominance of anodes, POSCO will need to invest even more throughout the entire value chain.
Table of contents
- The deal:
- The mine:
-
Our view:
- Decoupling from China’s anode supply will be no easy feat
- POSCO’s compliance with the IRA will depend on the availability of ex-China flake supply
Tables and charts
This report includes the following images and tables:
-
Timeline of POSCO's interest in Black Rock MiningMahenge mine (Faru Graphite) equity ownershipMahenge resources and reserves
-
China continues to dominate anode supply chain, despite effortsSouth Korea continues to rely on China for graphiteIn order to meet flake requirements, POSCO will need to invest further in the graphite supply chain
What's included
This report contains:
Other reports you may be interested in
Asset Report
Hombre Muerto North (POSCO) - Lithium brine project
A detailed analysis of the Hombre Muerto North (POSCO) lithium brine project.
$2,250
Insight
OPEC+ production cuts tracker
Includes 2 November agreement to pause unwinding of production cuts in Q1 2026
$1,350
Insight
Russian coal industry: structural crisis deepens in 2025
Russian coal exports will remain under pressure as sanctions, discounted pricing, and acute rail constraints limit export flows into Asia.
$1,100
