Blackstone Minerals (ASX: BSX) has finalised its acquisition of IDM International through a scheme of arrangement. The company announced the merger in February, seeking to acquire the Mankayan copper-gold project in the Philippines, which it considers a leading undeveloped high-grade porphyry project globally. Blackstone Minerals is a resources company focused on developing projects related to battery metals. The company is advancing district scale nickel & gold projects.
Under the terms of the agreement, Blackstone has issued 692 million new shares and 83.5 million options to IDM shareholders, securing 100% ownership of IDM. Managing Director Scott Williamson views the Mankayan project as an unparalleled opportunity to develop a world-class copper-gold porphyry project, strategically aligned with the increasing global demand for energy transition and precious metals.
To support the merger and the Mankayan acquisition, Blackstone has made changes to its executive board. IDM director Geoffrey Gilmour, with over 30 years of experience in the junior resources sector and previously chair of IDM, has joined the Blackstone board. Blackstone directors Dr Frank Bierlein, Alison Gaines, and Dan Lougher will resign following the merger’s completion. Company secretary Jamie Byrde will be succeeded by Carla Healy and Tim Slate in a joint role.
Mr. Williamson stated that Gilmour’s extensive project development experience, technical expertise, and stakeholder engagement skills, particularly in the Asia-Pacific region, make him a valuable addition as Blackstone commences its next phase at Mankayan. The company believes that the combination of near-term exploration milestones, significant resource potential and global market alignment ensures long-term growth and value for shareholders, with the project primed for success in the Philippines’ pro-mining environment.
