Blackstone Seals IDM Deal, Gains Control of Major Philippine Copper-Gold Asset
Blackstone Minerals has completed its acquisition of IDM International, gaining full control of the Mankayan copper-gold project in the Philippines. The scheme of arrangement is now effective, marking a significant expansion of Blackstone’s Southeast Asia portfolio.
- Supreme Court of Western Australia approves scheme of arrangement
- Blackstone to acquire 100% of IDM shares with 7.4 BSX shares per IDM share
- Acquisition includes 64% stake in Mankayan copper-gold project with 25-year license
- Scheme effective as of June 18, 2025; trading of Blackstone shares resumes June 30
- Merger expands Blackstone’s critical minerals footprint in Southeast Asia
Scheme Approval and Implementation
Blackstone Minerals Limited has officially secured full ownership of IDM International Limited following the Supreme Court of Western Australia’s approval of the scheme of arrangement. This legal endorsement, lodged with the Australian Securities and Investments Commission, means the acquisition is now effective under the Corporations Act. IDM shareholders will receive 7.4 Blackstone shares for each IDM share held as of the record date on June 20, 2025.
Strategic Asset Acquisition
The acquisition brings IDM’s 64% interest in the Mankayan copper-gold project in the Philippines under Blackstone’s control. Mankayan is a significant undeveloped copper-gold porphyry deposit, boasting a 25-year mining license renewed in 2022. Situated in Northern Luzon, it lies within a prolific mineral district known for its rich copper and gold deposits, positioning Blackstone to capitalize on rising global demand for these critical metals.
Expanding Regional Footprint
This merger complements Blackstone’s existing exploration efforts, including the Ta Khoa Nickel-Copper-PGE project in Northern Vietnam. By consolidating IDM’s assets, Blackstone strengthens its presence in Southeast Asia’s critical minerals sector, a region increasingly attractive to investors amid the global push for renewable energy and electric vehicle supply chains.
Next Steps and Market Impact
The scheme’s implementation date is set for June 27, 2025, with Blackstone shares expected to resume normal trading on June 30. Shareholders of IDM, except those overseas ineligible for shareholding, will receive their Blackstone shares accordingly. Overseas shareholders will have their entitlements sold on the ASX, with proceeds remitted after fees. Market watchers will be keen to observe how Blackstone integrates the Mankayan project and whether it can attract a joint venture partner for its Ta Khoa project.
Broader Industry Context
The timing of this acquisition aligns with surging copper demand driven by infrastructure development and the green energy transition. The Philippines’ mining sector, historically underexploited, offers fertile ground for growth, and Blackstone’s expanded asset base could position it as a key player in the region’s mining renaissance.
Bottom Line?
With the IDM acquisition now effective, Blackstone’s next moves on project development and partnerships will be critical to watch.
Questions in the middle?
- How quickly will Blackstone advance development at the Mankayan copper-gold project?
- What progress will Blackstone make in securing a joint venture partner for Ta Khoa?
- How will the market respond to the enlarged share capital and integration risks post-merger?
