Blackstone Minerals (ASX:BSX) secures high-grade copper-gold potential with IDM merger
February 6, 2025In a deal that reshapes the landscape of energy transition metals, Blackstone Minerals (ASX:BSX) has inked a merger agreement with IDM International, bringing the world-class Mankayan Copper-Gold Project in the Philippines under its control.
The all-scrip transaction positions Blackstone as a formidable player in both base and precious metals, leveraging the increasing demand for copper in the green energy transition while benefiting from gold’s ongoing strength as a store of value.
Why Mankayan Stands Out
Mankayan isn’t just another copper-gold play—it is one of the largest high-grade undeveloped porphyry systems globally.
The project boasts extraordinary historical drill results, including:
- 911m @ 1.00% CuEq (0.51% Cu, 0.63g/t Au) from 156m, including 253m @ 1.43% CuEq (0.73% Cu, 0.89g/t Au) (MMD-11)
- 543m @ 1.08% CuEq (0.46% Cu, 0.79g/t Au) from 262m, including 278m @ 1.43% CuEq (0.50% Cu, 1.19g/t Au) (THM-13)
- 754m @ 1.03% CuEq (0.49% Cu, 0.69g/t Au) from 254m, including 430m @ 1.21% CuEq (0.58% Cu, 0.80g/t Au) (THM-22)
Strategically located just 2.5km from the Lepanto Gold Mine and the Far Southeast Porphyry, Mankayan sits in a globally recognised mineral district, offering a combination of scale, grade, and expansion potential.
Strategic Rationale: A Merger of Equals
Blackstone Minerals Managing Director, Scott Williamson, underscores the transaction’s significance:
“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. With historic high-grade intercepts, Mankayan is ideally positioned to deliver long-term value to shareholders.”
For Blackstone, the merger expands its resource portfolio beyond nickel, a commodity it is already developing through its Ta Khoa Project in Vietnam.
By adding copper to its asset mix, Blackstone is hedging against the volatility of individual commodities while enhancing its leverage to the structural demand for decarbonisation metals.
Meanwhile, IDM shareholders will receive 7.4 Blackstone shares for every IDM share, effectively granting them 53% ownership of the combined entity, ensuring shared upside as the project advances.
The Philippines: A Pro-Mining Destination
While the Philippines has a complex history with mining regulations, recent years have seen a resurgence of investment, with B2Gold and OceanaGold successfully operating in the region.
IDM has already secured a 25-year mining license renewal and a Memorandum of Agreement with Indigenous stakeholders, de-risking community relations and permitting processes.
Unlocking Value: What’s Next?
With IDM having recently completed two deep diamond drill holes, pending assay results will be a critical near-term catalyst.
The potential for further resource expansion—with mineralisation remaining open at depth and along strike—adds another layer of upside.
For investors looking for exposure to high-grade copper and gold in a Tier-1 jurisdiction, Blackstone’s move to secure Mankayan signals an aggressive but calculated growth strategy.
With the world increasingly reliant on copper for electrification and gold as an inflation hedge, this merger could put Blackstone in the driver’s seat for the next wave of energy transition investment.
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