Project in Philippines flagged as featuring the superb geology the country is famous for
Australian resource sector junior Blackstone Minerals says it is acquiring "one of the largest high-grade undeveloped copper-gold systems globally" in the form of the Mankayan project in the Philippines.Via a ‘merger of equals' with unlisted Australian public company IDM, the merger will see Blackstone hold 64% of Mankayan, with local Philippine shareholders the other 36%.Mankayan features historical drill results such as 911m grading 1% copper equivalent, including 253m at 1.
BSX has to have been the best offer IDM could attractIt is likely that IDM has been looking for the best opportunity to start to move towards monetising its interest in the asset for some time, given it signed a 25-year Mineral Production Sharing Agreement over the ground three years ago.However, while the Philippines' superb geological endowment is universally acknowledged, the operating environment for Western mining companies has historically proven very problematic.
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