Blackstone to acquire Mankayan copper/gold project in merger with IDM
Australia-listed Blackstone Minerals on Thursday announced a binding scheme implementation deed with IDM International for an all-scrip merger, securing ownership of the Mankayan copper/gold project in the Philippines.
Under the agreement, Blackstone will acquire 100% of IDM, issuing 7.4 shares for each IDM share.
The deal grants Blackstone control over one of the world’s biggest high-grade undeveloped copper/gold porphyry deposits, with historic drill results including 911 m at 1.00% copper-equivalent (0.51% copper, 0.63 g/t gold) from 156 m; 543 m at 1.08% copper-equivalent (0.46% copper, 0.79 g/t gold) from 262 m and 754 m at 1.03% copper-equivalent (0.49% copper, 0.69 g/t gold) from 254 m.
Situated in Northern Luzon, Mankayan lies within a prolific mineral district near the Lepanto gold mine and the Far Southeast porphyry. The orebody remains open to the north, south, and at depth, presenting significant resource expansion opportunities.
Blackstone MD Scott Williamson said in a statement that the merger provided the company with exposure to critical energy transition metals and high-value precious metals. The deal also aligned Blackstone with the global decarbonisation trend, complementing its existing nickel assets.
IDM’s board has unanimously recommended shareholders vote in favour of the merger, barring a superior proposal. The transaction is subject to shareholder and regulatory approvals.
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