Blackstone Minerals completes IDM merger to acquire world-class Mankayan copper-gold project

Blackstone Minerals (ASX: BSX) has completed its acquisition of IDM International by way of a scheme of arrangement.

The company announced in February that it would merge with IDM to acquire the Mankayan copper-gold project in the Philippines, which it believes is one of the largest undeveloped high-grade porphyry projects in the world.

Blackstone has issued 692 million new shares and 83.5 million options to IDM shareholders as consideration for 100% interest in the company.

‘Unparalleled opportunity’

“The Mankayan project represents an unparalleled opportunity to develop a world-class copper-gold porphyry project strategically aligned with growing global demand for energy transition and precious metals,” managing director Scott Williamson said.

“The combination of near-term exploration milestones, significant resource potential and global market alignment ensures that this opportunity delivers long-term growth and exceptional value for shareholders.”

“With Blackstone’s operational expertise, strong regional relationships and the Philippines’ pro-mining environment, the Mankayan project is primed for success.”

Board changes made

To support the merger with IDM and the Mankayan acquisition, Blackstone has made significant changes to its executive board.

The company has added existing IDM director Geoffrey Gilmour, who has more than 30 years of leadership experience in the junior resources sector and has served on the IDM board since November 2015, most recently as its chair guiding the advancement of the Mankayan project.

“Geoff’s deep project development experience, technical expertise and strong stakeholder engagement skills, particularly across the Asia-Pacific region, make him a valuable addition as Blackstone embarks on its next phase at Mankayan,” Mr Williamson said.

Blackstone directors Dr Frank Bierlein, Alison Gaines and Dan Lougher will be resigning once the parties have completed the merger, with long-time company secretary Jamie Byrde to be replaced by newcomers Carla Healy and Tim Slate in a joint role.