Blackstone, Yulho and EN Plus Sign MOU to Develop a Global Nickel Business

Blackstone Minerals Limited (ASX: BSX) (“Blackstone” or the “Company”) is pleased to announce the signing of a non-binding MOU with Yulho and EN Plus.

KEY POINTS

• Blackstone Minerals Limited (Blackstone or the Company), Yulho Co. Ltd (Yulho) and EN Plus Co. Ltd (EN Plus) (together, the Parties), have signed a non-binding Memorandum of Understanding (MOU) to explore one or more strategic Joint Ventures (JV)
• The MOU aims to establish a collaboration across the businesses including EN Plus and Yulho who are in joint venture on the Ntaka Hill nickel sulphide project in Tanzania, and the Dinagat Island nickel laterite project in the Philippines
• A collaboration will also include discussion regarding feedstock for the supply of nickel to Blackstone’s Ta Khoa Refinery in Vietnam
• Yulho is a diversified IT and technology business looking to grow its existing battery manufacturing and recycling businesses in South Korea
• EN Plus is a South Korean enterprise which is actively engaged in the field of battery material and mineral development, with an aim to broaden its international footprint

Figure 1: Scott Williamson, Managing Director, Mr Yongin Choi, EN Plus CEO and Dr. Hyunkuk JE, Yulho Vice President

The Parties will investigate the feasibility of establishing a strategic partnership, focusing on the following project specifics:

1. Yulho, via the creation of a joint venture in Tanzania, will engage in nickel mining, primarily to supply concentrate to Blackstone's facilities in Vietnam.

2. Blackstone's Vietnamese refining facility will be tasked with producing NCM811 precursor.

Watch a video summary of the announcement here.

Yulho Overview

Yulho is a company that specializes in providing comprehensive IT infrastructure solutions encompassing servers, storage, networking, virtualization, and cloud computing. It was acquired by EN Plus in December 2023. Yulho will be the holding company for EN Plus’s mining and battery materials businesses which currently include the Ntaka Hill nickel sulphide project in Tanzania, and the Dinagat Island nickel laterite project in the Philippines.

EN Plus Overview

EN Plus is a multifaceted enterprise which operates in several industries, including but not limited to telecommunications, energy, environmental services, and logistics. EN Plus is actively engaged in the field of battery material and mineral development. With an aim to broaden its international footprint, EN Plus is actively seeking strategic alliances with key mineral developers across the globe.

Click here for the full ASX Release

This article includes content from Blackstone Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.