The Ta Khoa project in Vietnam
ASX-listed Blackstone Minerals announced on Tuesday its strategic decision to expand into copper/gold assets, a move driven by the metal's growing importance in renewable energy and advanced technologies. This diversification comes as Blackstone also adjusts its approach to existing nickel projects amid shifting market conditions.
MD Scott Williamson said the shift was part of Blackstone’s broader strategy to align with “strong long-term market fundamentals".
The company is in advanced discussions on several copper/gold opportunities and aims to secure assets with significant scale and mine life in stable jurisdictions.
“The ongoing global energy transition has created a sharp rise in demand for critical resources like copper,” the company said. “By targeting these in-demand projects, Blackstone is aligning with market trends and positioning itself to capitalise on growing interest from major partners.”
While pursuing new copper/gold opportunities, Blackstone is advancing the joint venture process for its Ta Khoa project in Vietnam. The company has made “substantial advancements” in aligning objectives with potential partners, a key step in developing the nickel-focused project.
Meanwhile, Blackstone has opted not to exercise its option agreement for the Wabowden project under current terms. The company cited the need to renegotiate terms that better reflect prevailing nickel market conditions. This decision underscores Blackstone’s commitment to disciplined decision-making and shareholder value.
