Blackstone Minerals Ltd has made a strategic investment in Flying Nickel Mining, a subsidiary of Vancouver-based Silver Elephant Mining, to acquire the large Nickel sulphide project Minago, Move towards a fully vertically integrated battery metals business.
Blackstone Mining made an initial investment of 2.98 million Canadian dollars (about 15.05 million YUAN) and acquired a 6.85% interest in Flying Nickel. The two companies also signed a memorandum of understanding to support cooperation in the production of nickel and cobalt concentrates and chemicals upstream and downstream, as well as potential offtakes and joint ventures to meet the needs of the growing electric vehicle battery industry.
Flying Nickel plans to go public in early 2022. The company's core asset is the Minago Nickel sulphide project southwest of Thompson, Manitoba, Canada. Blackstone's Ta Khoa smelter in Vietnam can process Minago nickel concentrate with a grade of more than 20% and minimise its carbon footprint.
Minago's measured and indicated resource is 44.23 million tons with a nickel content of 0.74%; The inferred resource is 19.55 million tons with a nickel content of 0.74%.
