Blackstone Minerals trikes Merger Deal to Acquire World Class Copper Gold Project
THE BOURSE WHISPERER: Blackstone Minerals (ASX: BSX) emerged from a self-imposed ASX exile to announce a merger with IDM International Limited to result in the company acquiring the Mankayan copper-gold project in the Philippines.
Blackstone Minerals described the binding scheme implementation deed (SID) with IDM International as being a ‘merger of equals’.
The Mankayan copper-gold porphyry project is the heart of the deal. The project is located in Northern Luzon in the Philippines, a region with a pro-mining environment and a long history of successful mining operations.
The company views the project as the ideal opportunity for it to gain exposure to copper, a critical energy transition metal, while also offering substantial exposure to high-value precious metals, gold and silver during a period of record high prices.
Blackstone brings to the table its extensive expertise, resources, and relationships in base metals mine development and the energy transition metals market, making this a strategically advantageous proposition with high growth potential.
This combines with Blackstone’s current Vietnamese nickel assets to align with global decarbonisation trends, whilst offering exposure to the current high global demand growth for critical metals.
IDM has achieved substantial progress at the Mankayan copper-gold project, which is considered a key development project in the Philippines.
Recent activities have included securing renewal of a 25-year Mineral Production Sharing Agreement (MPSA) mining license in March 2022, laying the groundwork for the long term development of the project.
A further milestone was achieved in December 2024 with the signing of a Memorandum of Agreement (MoA) with the local Indigenous People (IP), marking IDM as the first mining company to secure IP consent in the region.
“This exciting merger of equals offers diversified exposure to critical energy transition and precious metals, centred on the world-class Mankayan copper-gold porphyry project, one of the largest high-grade undeveloped porphyry projects globally,” Blackstone Minerals managing director Scott Williamson said in the company’s ASX announcement.
“Backed by Blackstone’s mining expertise and a supportive environment in the Philippines, the merger offers near-term exploration upside, significant resource growth potential, and regional opportunities.
“With historic high-grade intercepts, Mankayan is ideally positioned to deliver long-term value to shareholders.”
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