Black Stone Minerals (ASX:BSX) - Managing Director, Scott Williamson (Left)
Managing Director, Scott Williamson (Left)
Sourced: Metals Investor Forum
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Blackstone Minerals (BSX) has signed a binding share purchase agreement with EcoPro for $6.8 million
  • EcoPro is a South Korean company that is involved in the battery and environmental material industry
  • The companies will develop a downstream nickel processing facility in northern Vietnam
  • Blackstone Minerals is up 33.3 per cent on the market this morning, trading for 14 cents per share

Blackstone Minerals (BSX) has signed a $6.8 million binding share purchase agreement with EcoPro.

EcoPro is a South Korean company that is involved in the battery and environmental material industry, specifically the manufacture and sale of secondary battery materials.

EcoPro’s subsidiary, EcoPro BM, is the world’s second, and Korea’s largest, nickel-rich cathode materials manufacturer.

The agreement will see both companies work together to develop a downstream processing facility for the Ta Khoa Nickel-PGE Project in northern Vietnam.

Under the agreement, there is a firm commitment to raise $6.8 million through a placement of 40 million shares at a price of 17 cents per share.

EcoPro will also have the opportunity to appoint a director to the Board of Blackstone Minerals.

Blackstone’s Managing Director Scott Williamson is pleased with the investment, which strengthens its partnership 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,” Scott said.

“We look forward to working towards the next stage of our partnership to develop the downstream processing facility in northern Vietnam,” he added.

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.

EcoPro’s Vice President of Strategic Planning and Development, Sangwook Park says it is very important to secure stable 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,” Sangwook said.

“Based on that, we are looking forward to continuing with our partnership so that we can succeed in a downstream joint venture in the near future,” he added.

Blackstone Minerals is up 33.3 per cent on the market this morning, trading for 14 cents per share at 11:09 am AEST.

BSX by the numbers
More From The Market Online

WA1 Resources jumps 6% on high-grade niobium from drilling at Luni

WA1 Resources has jumped 6.5% in morning trades as the market responds favourably to the company's…
The Market Online Video

Barton Gold taps investors for $4M to fund Tunkillia study; drilling

Barton Gold (ASX:BGD) has announced it's raising $4M to advance key project studies at its Tunkillia…
The Market Online Video

Lithium Plus heading towards feasibility works at Lei deposit; MRE growth potential flagged

Lithium Plus Minerals (ASX:LPM) has revealed the company is preparing to get underway with feasibility works…

FireFly Metals announces port access & expansion; CFO resignation

FireFly Metals has inked a Port Access Agreement with TSXV-listed Maritime Resources Corp (TSXV:MAE), enabling FireFly…