Blackstone Minerals Limited (ASX:BSX) is pleased to announce it has signed a binding share purchase agreement with EcoPro Co. Limited (EcoPro).
Highlights
Blackstone Minerals signs binding share purchase agreement with EcoPro;
EcoPro’s subsidiary, EcoPro BM, is the world’s second largest nickel-rich cathode materials manufacturer;
Placement of 40 million shares at $0.17 per share, representing a 62% premium to Blackstone Minerals’ last traded price;
EcoPro and Blackstone partnership to develop a downstream nickel processing facility in northern Vietnam.
Blackstone Minerals Limited (ASX:BSX) is pleased to announce it has signed a binding share purchase agreement with EcoPro Co. Limited (EcoPro). EcoPro’s subsidiary, EcoPro BM, is the world’s second largest and Korea’s largest nickel-rich cathode materials manufacturer. The binding share purchase agreement outlines a firm commitment to raise $6.8 million (before costs) through a placement of 40 million fully paid ordinary shares at an issue price of $0.17 per share, which represents a 62% premium to Blackstone Minerals’ last traded price. The binding agreement outlines an alliance structure whereby EcoPro and Blackstone Minerals will work in partnership (through an additional investment via a Joint Venture Agreement) to develop a downstream processing facility in association with Blackstone Minerals’ Ta Khoa Nickel-PGE Project in northern Vietnam.
Terms of the Agreement include:
Placement of 40 million shares at $0.17 per share, to be issued under the company’s existing placement capacity with shares to be issued and allotted by 16th April 2020.
EcoPro to appoint a director to the board of Blackstone Minerals;
Blackstone Minerals to exercise the binding option agreement to purchase AMR Nickel Limited’s 90% interest in the Ta Khoa Nickel-PGE Project (see ASX announcement dated 8th May 2019 for full details);
EcoPro and Blackstone Minerals to form an alliance whereby the next stage of the partnership will be an additional investment via a Joint Venture Agreement to develop the downstream processing infrastructure project in association with Blackstone Minerals’ Ta Khoa Nickel-PGE Project, Vietnam.
Harp Capital of Toronto acted as advisor to Blackstone Minerals.
Blackstone Minerals’ Managing Director Scott Williamson commented:
“We are pleased to announce this investment of $6.8m at a premium which strengthens our alliance with EcoPro. Our Ta Khoa Nickel-PGE Project has the potential to deliver the critical raw materials required for EcoPro’s cathode manufacturing to meet the demand from the imminent electric vehicle (EV) revolution. We look forward to working towards the next stage of our partnership to develop the downstream processing facility in northern Vietnam”.
EcoPro’s Vice President of Strategic Planning Division, Sangwook Park:
“It is very important to secure stable and competitive metal materials in the fast-growing secondary battery and cathode active material business. EcoPro has therefore decided that it is a good time to invest in Blackstone. Based on that, we are looking forward to continuing with our partnership so that we can succeed in a downstream JV in the near future.”
Ta Khoa Nickel-PGE Project – Next Steps
Blackstone Minerals aims to deliver a maiden resource in Q3, focused initially on the disseminated sulfide (DSS) at Ban Phuc and continues to investigate the potential to restart the existing Ban Phuc concentrator through focused exploration on both massive sulfide veins (MSV) and DSS deposits. Blackstone Minerals has commenced a scoping study on the downstream processing facility at Ta Khoa. The scoping study, also to be announced in Q3, will provide details for joint venture partners to formalise the next stage of investment. Blackstone Minerals has commenced metallurgical testing on the Ban Phuc DSS deposit with an aim to develop a flow sheet for a product suitable for the lithium-ion battery industry. In addition, Blackstone Minerals will investigate the potential to develop downstream processing infrastructure in Vietnam to produce a downstream nickel and cobalt product to supply Asia’s growing lithium-ion battery industry.
The Ta Khoa Nickel-PGE Project in Vietnam includes an existing modern nickel mine which has been under care and maintenance since 2016 due to falling nickel prices. Existing infrastructure includes an internationally designed 450ktpa processing plant. Previous project owners focused mining and exploration efforts primarily on the MSV at Ban Phuc. Blackstone Minerals plans to explore both MSV and DSS targets throughout the project, initially within a 5km radius of the existing processing facility. Blackstone Minerals will conduct further geophysics on the MSV and DSS targets and continue its maiden drilling campaign. Online readers can click here for footage taken at our Ta Khoa Nickel-PGE Project in January 2020.
About EcoPro
EcoPro is a South Korea-based company engaged in the battery and environment material businesses principally engaged in the manufacture and sale of secondary battery materials. The Company manufactures cathode active materials and precursors used for secondary batteries. The Company also provides environmental materials including sorbents and catalysts, chemical air filters, and greenhouse gas reduction devices, among others. In addition, the Company is engaged in the lithium crushing and processing.
EcoPro BM is a subsidiary of EcoPro, spun off in May 2016. EcoPro BM produces and sells highnickel cathode materials and other products. EcoPro BM is a world-leader in the high-volume cathode material market and currently the world’s second largest and Korea’s largest nickelrich cathode materials manufacturer. EcoPro BM’s major customers include some of the world’s largest battery manufacturers.
This announcement effectively lifts the trading halt requested on 2 April 2020. The company is not aware of any reason why the ASX would not allow trading to commence immediately. An Appendix 3B for the proposed issue of shares to follow this announcement.
Authorised and approved by the Board of Blackstone Minerals Limited.
For more information, please contact:
Scott Williamson
Managing Director
+61 8 9425 5217
admin@blackstoneminerals.com.au
Nathan Ryan
Investor and Media Enquiries
+61 420 582 887
nathan.ryan@nwrcommunications.com.au
About Blackstone
Blackstone Minerals Limited (ASX code: BSX) is developing the district scale Ta Khoa Project in Northern Vietnam where the company is drilling out the large-scale Ban Phuc Nickel-PGE deposit. The Ta Khoa Nickel-PGE Project has existing modern mine infrastructure built to International Standards including a 450ktpa processing plant and permitted mine facilities. Blackstone also owns a large land holding at the Gold Bridge project within the BC porphyry belt in British Columbia, Canada with large scale drill targets prospective for high grade gold– cobalt-copper mineralisation. In Australia, Blackstone is exploring for nickel and gold in the Eastern Goldfields and gold in the Pilbara region of Western Australia. Blackstone has a board and management team with a proven track record of mineral discovery and corporate success.
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
