- 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.