Blackstone Minerals director shows faith in battery metals strategy through SPP participation

Blackstone Minerals Ltd (ASX:BSX) non-executive director Andrew Radonjic has demonstrated his confidence in the company’s battery metals strategy by participating in the company’s share purchase plan (SPP). On October 12 Radonjic purchased 71,428 shares at 42 cents per share in an indirect interest, increasing the total number of securities held to more than 5.746 million shares with another 33,750 held in another indirect interest. The company is raising capital to progress its existing projects with $3 million raised in the SPP through the issue of more than 7.142 million shares. Pathway to production A positive scoping study was completed at the Ta Khoa Nickel-Copper-PGE Project in Vietnam in October, which has positioned the project to serve Asia’s growing demand for lithium-ion batteries with the company now progressing to the next phase of pre-feasibility studies. Ta Khoa will comprise an open pit mine at the Ban Phuc Disseminated Sulphide (DSS), upstream processing and downstream processing to produce a precursor product. The scoping study is an important milestone for Blackstone and an initial platform to build a mine-to-market nickel business in coming years with multiple upside opportunities to improve on study results. Blackstone’s managing director Scott Williamson said: “The scoping study defines a project path that maximises economics, minimises environmental and social impacts, and offers a lasting legacy to the people in our local community.” Trading halt The company's shares are currently in a trading halt and this is expected to be lifted before the start of normal trading on Wednesday, October 21, 2020, or when an announcement is released to the market. Blackstone's market cap is approximately $136.6 million and before the halt, shares last traded at 42 cents.