PERTH (miningweekly.com) – ASX-listed Blackstone Minerals on Friday announced plans to spin out certain of its noncore gold assets into a newly listed vehicle called Codrus Minerals.
“The Codrus spin-out will see a dedicated management team focused on driving value into Blackstone’s noncore assets. Codrus will provide an excellent platform and catalyst for both growth and monetisation of these assets,” said Blackstone MD Scott Williamson.
He said that the proposed transaction would reiterate Blackstone’s primary focus on its flagship Ta Khoa nickel/copper/platinum project, in Vietnam, and followed on from an ongoing strategy to provide additional benefit to shareholders through maximizing the value from the company’s noncore assets.
Codrus is intended to undertake an initial public offering (IPO), and would seek a listing on the ASX, with Blackstone to retain a 50% interest in the new vehicle, while Blackstone shareholders would be offered a priority allocation in the Codrus IPO.
The IPO is planned for the second quarter of this year, and Codrus is likely to seek a minimum raise of A$5-million.
Codrus’ assets would include the Record mine project, the Silver Swan South project, the Red Gate project and the Middle Creek project, in Western Australia.