Blackstone (NYSE:BX) Minerals Ltd (ASX:BSX, OTCQX:BLSTF) has completed a 12-month pilot program for its integrated Ta Khoa Refinery Project (TKR) in Vietnam with outcomes showing it will be one of the world's lowest cost and lowest emission projects.
The company is aiming to sustainably produce battery-grade NCM 811 Precursor or Class 1 nickel for the electric vehicle market.
The pilot program, completed at ALS Metallurgy in Western Australia along with process engineering partner Wood, has met and in some cases, exceeded assumptions, within the TKR’s pre-feasibility studies.
Data from the program will be incorporated into the ongoing definitive feasibility studies (DFS).
Milestone moment
“The completion of our pilot plant program with the world-class ALS facility and team is a significant milestone for Blackstone," managing director Scott Williamson said. "The program was completed safely and on schedule.
"Importantly, the results validate and support key assumptions underpinning our definitive feasibility study.
“Outputs of the pilot plant have confirmed that our project’s flowsheet will be one of the lowest cost and lowest emissions globally; and an essential source of precursor supply for the accelerating electric vehicle market.
"Results of piloting are being incorporated into partnership discussions that will inform DFS outcomes.”
Key metrics
The pilot testing involved more than 15,000 labour hours without injury, using more than 7 tonnes of feed from the Ban Phuc Nickel Mine and Trafigura, a third-party source.
Production has met the specifications required to produce battery-grade nickel and cobalt sulphates and copper cathode.
Independent assessments, audited by the Nickel Institute, have confirmed that the project will be the lowest emitting flowsheet in the industry at 9.8 kilograms of CO2 per kilogram of precursor, with opportunities to reduce further.
Other ESG priorities are progressing to deliver on Blackstone’s 'Green Nickel' ambitions.
Tax rebate
An application for a $3.7 million research and development (R&D) rebate has been completed for submission to the Australian Tax Office in recognition of the flowsheet technology developed over the last two years.
Blackstone is forecasting to end the year with a cash position of $18 million, excluding cash from controlled entities, listed investments valued at $16.5 million and the R&D rebate. It is estimating a cash burn rate of $2 million per month in 2023.
Partnership efforts
Five potential partners have visited the project site this year with a view of forming a strategic partnership.
These visits were accompanied by meetings with government representatives, both at the provincial and federal levels, Austrade, financial institutions and other important stakeholders.
Partnership meetings were also held in Australia, South Korea and Europe, while nickel and cobalt sulphates have also been provided to the potential partners.