Blackstone Minerals Inks Vietnam REE Menage a Trois

THE BOURSE WHISPERER: Blackstone Minerals (ASX: BSX has joined a three-way Memorandum of Understanding (MoU) to cooperate on opportunities to develop a fully integrated rare earths mine to metals value chain in Vietnam.

Blackstone has entered the MoU with Vietnam Rare Earths JSC (VTRE) and ASX-listed, Australian Strategic Materials (ASX: ASM).

Blackstone brings its upstream mining and processing experience to the MoU table, with a world class in-country team located within the Northwest Vietnam rare earth district.

VTRE owns and operates the only Vietnamese midstream rare earths refinery and is seeking a strategic partner to develop upstream mining and processing capability.

ASM is an emerging vertically integrated producer of critical metals for advanced and clean technologies with a deep understanding of downstream processing of rare earths and the rare earth market.

Vietnam boasts the world’s largest rare earth element (REE) Reserves outside of China, the majority of which sit in the Northwest Region of the country, close to Son La Province where Blackstone’s Ta Khoa nickel project is located.

It is thought numerous potentially very high-grade REE deposits are available to be permitted and developed by companies that can demonstrate a full value chain capability and deliver a “mine to metal” REE hub in Vietnam.

VTRE is a mover and shaker in Vietnam and has owned and operated the country’s only midstream REE refinery for the past 12 years with the vision to become a prestige producer and supplier of rare earth products and expand the product ranges to deliver multi options for customer needs whilst focussing on researching and using advanced technology for production.

In April 2023, VTRE entered into a binding agreement with ASM for the supply of rare earth oxides with the intention to progress long term supply agreements potentially utilising Vietnam’s natural resources.

“It is not often that you find a potential partnership in which the strategic advantages and core competencies of each party are so complementary,” Blackstone Minerals managing director Scott Williamson said in the company’s ASX announcement.

“For Blackstone, a potential move into Rare Earths in Vietnam aligns with our Technology Mineral strategy and is synergistic to our Ta Khoa project and our existing relationships in the EV industry; for VTRE, teaming up with Blackstone gives VTRE access to our extensive knowledge in ESG management, mining, minerals processing and refining; for ASM, it is a great opportunity to extend their relationship with VTRE and in to progress their vision of full vertical integration in critical minerals.

“With this MoU, Blackstone, VTRE and ASM will progress discussions with the view of potentially establishing a world leading fully integrated rare earths business.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE