Blackstone Minerals Secures Mankayan Copper-Gold Project Post-Merger
Deal News | Jun 27, 2025 | EIN
Blackstone Minerals has completed its merger with IDM International, acquiring the Mankayan copper-gold project in the Philippines, a major development in the Australian resource sector. The merger, structured as a scheme of arrangement, involved the issuance of 692 million new shares and 83.5 million options to IDM shareholders as consideration. Mankayan is one of the largest undeveloped high-grade porphyry systems, crucial for energy transition metals considering the growing demand for renewable technology. The Philippines, with its favorable pro-mining regulations, enhances the appeal of this project. Blackstone plans to advance exploration and development, emphasizing its operational expertise and regional relationships. Geoffrey Gilmour joins the board to aid in project development across the Asia-Pacific region. Departing executives include Dr. Frank Bierlein, Alison Gaines, Dan Lougher, and company secretary Jamie Byrde. Despite not being in the ASX 200, Blackstone’s acquisition increases its potential prominence in the sector as it strengthens its foothold in the mining industry.
Sectors
- Mining and Resources
- Energy and Natural Resources
Geography
- Australia – Blackstone Minerals is an Australian company leading the merger.
- Philippines – The acquired Mankayan copper-gold project is located in the Philippines, significant to local mining activities.
Industry
- Mining and Resources – The article focuses on Blackstone Minerals' acquisition of a copper-gold project in the Philippines, an activity central to the mining and resources sector.
- Energy and Natural Resources – The acquisition aligns with energy transition strategies, focusing on metals essential for renewable technologies.
Financials
- 692 million new shares and 83.5 million options – The consideration issued to IDM shareholders in the merger.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Blackstone Minerals | Bidding Company | Company | An Australian company acquiring the Mankayan copper-gold project. |
| IDM International | Target Company | Company | The company merged with Blackstone to transfer ownership of the Mankayan project. |
| Geoffrey Gilmour | Board Member | Person | Newly appointed to the Blackstone Minerals board, bringing expertise in project development across Asia-Pacific. |
| Mankayan Copper-Gold Project | Asset | Company | The advanced-stage project acquired by Blackstone Minerals in the merger. |