Blackstone confirms ‘no connection’ to Luu Anh Tuan investigation

Blackstone Minerals Ltd (ASX: BSX) confirms the company “is not part of and has no involvement in” any investigation relating to the Chairman of Vietnam Rare Earths Joint Stock Company (VTRE), Luu Anh Tuan.

In an update on the company’s rare earth strategy, which focusses on securing the Dong Pao mineral concessions, which is host to ‘large and high-grade’ rare earth deposits in northern Vietnam, Blackstone has been made aware of a recent media article (unrelated to detailing an ongoing investigation into Luu Anh Tuan.

The company confirms that it remains committed and will continue to prepare for a potential auction of concessions in Dong Pao, when the Vietnamese Government decides to proceed.

Blackstone says it has the requisite skills, capability, and local footprint to be competitive in an auction process.

Blackstone Minerals’ Managing Director Scott Williamson says Vietnam has the potential to be a significant contributor to the global rare earth supply chain and Blackstone remains committed to helping Vietnam realise this ambition.

Blackstone is focused on building an integrated battery metals processing business in Vietnam that produces nickel:cobalt:manganese precursor products for Asia’s growing lithium-ion battery industry.

The company is seeking to produce the lowest emission precursor as verified by Minviro and the Nickel Institute. The existing business has a modern nickel mine built to Australian standards, which successfully operated as a mechanised underground nickel mine from 2013 to 2016. This will be complemented by a larger concentrator, refinery, and precursor facility to support integrated production in-country.

To unlock the flowsheet, the company is focused on a partnership model and is collaborating with groups who are committed to sustainable mining, minimising the carbon footprint, and implementing a vertically integrated supply chain. Blackstone’s development strategy is underpinned by the ability to secure nickel concentrate and Ta Khoa is emerging as a nickel sulphide district with several exploration targets yet to be tested.

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Images: Blackstone Minerals
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Written By Adam Orlando Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.