Blackstone Minerals has entered a binding agreement to merge with IDM International, acquiring the high-grade Mankayan copper-gold project in the Philippines. This strategic move positions Blackstone at the forefront of critical metals and precious metals markets amid growing global demand.
- Binding scheme implementation deed signed for merger of equals
- Acquisition of 100% of IDM and Mankayan copper-gold project via all-scrip transaction
- Mankayan project features historic high-grade drill intercepts and visible gold discoveries
- Merger leverages Blackstone’s expertise and synergies with Ta Khoa nickel project
- IDM secured key mining licenses and social license to operate in the Philippines
Strategic Merger to Acquire a World-Class Asset
Blackstone Minerals Limited (ASX, BSX) has taken a decisive step to expand its footprint in the critical minerals sector by entering into a binding scheme implementation deed with IDM International Limited. This merger of equals will see Blackstone acquire 100% of IDM in an all-scrip transaction, bringing the world-class Mankayan copper-gold porphyry project in the Philippines under its control.
The Mankayan project is notable for being one of the largest high-grade undeveloped copper-gold porphyry systems globally. Historic drilling has revealed impressive intercepts, including a 911-metre section grading 1.00% copper equivalent, with visible gold recently identified in diamond drill holes. These findings underscore the project's significant resource potential and growth opportunities.
Leveraging Regional Expertise and Synergies
Blackstone’s acquisition of IDM aligns with its strategic focus on critical energy transition metals, particularly copper and nickel, while also gaining exposure to precious metals such as gold and silver. The merger leverages Blackstone’s operational expertise, especially from its Ta Khoa nickel project in Vietnam, enabling cost-effective exploration and development strategies for Mankayan.
The Philippines offers a pro-mining regulatory environment, a skilled workforce, and established infrastructure, which combined with IDM’s successful renewal of a 25-year mining license and a landmark social license agreement with local Indigenous People, provides a strong foundation for project advancement.
Near-Term Catalysts and Long-Term Growth Potential
Pending assay results from recent deep diamond drilling and ongoing technical studies are expected to refine resource models and unlock further value. The project remains open at depth and along strike, offering exceptional exploration upside. Additionally, the merger introduces board changes, with IDM’s Geoff Gilmour joining Blackstone’s board, signaling a collaborative integration.
Financially, Blackstone has provided IDM with a $1 million unsecured loan facility to support transaction costs and working capital during the merger process. The indicative timetable targets scheme implementation by late June 2025, subject to shareholder and court approvals.
Broader Portfolio and Market Positioning
While advancing the Mankayan project, Blackstone continues to pursue partnerships to progress its Ta Khoa nickel project. The combined entity will offer diversified exposure to metals critical for global decarbonisation efforts, positioning shareholders to benefit from rising demand for copper, nickel, and precious metals.
Overall, this merger represents a transformative moment for Blackstone, expanding its asset base with a world-class copper-gold project and reinforcing its role in the evolving energy transition metals landscape.
Bottom Line?
As Blackstone integrates IDM and advances Mankayan, investors will watch closely for assay results and merger milestones that could redefine the company’s growth trajectory.
Questions in the middle?
- How will pending assay results from recent drilling impact the resource estimate and project valuation?
- What are the key risks and timelines associated with securing final approvals for the merger scheme?
- How will Blackstone balance advancing Mankayan alongside ongoing development of the Ta Khoa nickel project?