- Blackstone Minerals (BSX) invests $2.7 million in ASX newcomer NICO Resources (NC1)
- Following this investment, Blackstone will own a 15.11 per cent interest
- NICO successfully completed its initial public offering (IPO) to list on the ASX
- NICO holds three exploration licences: Wingellina in Western Australia, and Claude Hills and Mt Davies in South Australia, dubbed the Central Musgrave Project
- On the market today, Blackstone is up 6.52 per cent and trading at 73.5 cents per share
Blackstone Minerals (BSX) has invested $2.7 million in ASX newcomer NICO Resources (NC1).
Following this investment, Blackstone will own a 15.11 per cent interest in NICO.
NICO successfully completed its initial public offering (IPO) to list on the ASX. The company holds three exploration licences: Wingellina in Western Australia, and Claude Hills and Mt Davies in South Australia, dubbed the Central Musgrave Project.
Wingellina and Claude Hills have a JORC-compliant Mineral Resource of 1.95 million tonnes of nickel and a JORC-compliant probable reserve of 1.56 million tonnes of nickel.
Due to the continuing decline in global nickel sulfide resources, Blackstone believes that nickel laterite projects of scale will play an important role in delivering products for the lithium-ion battery industry.
“The Central Musgrave Project fits into the company’s medium to longer term planning
horizon, and we are pleased to have secured a strategic equity position at what we consider to be the lowest point in the valuation cycle for the asset,” Managing Director Scott Williamson said.
“Given the globally significant scale of the Central Musgrave Project, we believe its development will be required to support a sustainable transition to the electrification of transportation and energy storage.”
On the market today, Blackstone was up 6.52 per cent and is trading at 73.5 cents per share at 11:21 am AEDT.