Blackstone Minerals Limited is an Australia-based mining company focused on exploring and developing nickel, copper-gold and cobalt mineral assets, particularly in Southeast Asia and North America.
You started in mining engineering before moving into finance. How has that mix of technical and capital markets experience shaped your leadership at Blackstone and the company’s direction?
I began in underground mining in Australia with Rio Tinto at the Argyle Diamond Mine and North Parkes copper mine, which gave me exposure to bulk underground mining. I also worked in smaller mines before moving into capital markets as an analyst with Hartley’s in Perth, which gave me that finance perspective. That blend of technical mining and finance experience has been central to my eight years as CEO.
We first focused on cobalt in British Columbia, but when battery chemistry shifted toward high-nickel cathodes, we pivoted to Vietnam about six years ago. We took that project from exploration through 100,000 meters of drilling, a PEA, a pre-feasibility study, and a bankable feasibility study. We raised over $100 million, but the nickel market became difficult with new supply from Indonesia and limited Western capital. So we shifted toward copper in the Philippines. We’ve since partnered with a local company in Vietnam, which will build, own, and operate the nickel mine and refinery while we keep a minority stake. That frees us to focus on our copper-gold porphyry project in the Philippines, which we believe could be world-class.
Blackstone’s acquisition of the Mankayan project in the Philippines is still fresh. What signals are you seeing in the market for copper and gold, and how do they shape your strategy there?
Interestingly, we’re probably getting more interest in copper. Investors have plenty of gold opportunities, but strategics are focused on copper. Major and diversified miners are looking at their growth pipeline for the next 10, 20, 30 years, and there’s very little to fill it. We’re at an early stage, but already attracting strong interest because these companies see a looming gap.
They have visibility maybe for the next 10 years, but beyond that, not much is coming online. Given it takes about 10 years to develop projects, they’re looking now. The Philippines is historically known for copper, but political cycles matter. With President Marcos, who is strongly pro-mining, the industry is opening up again. The alignment of political support and copper demand makes this the right time to re-enter.
Mining always comes with jurisdictional challenges. How do the risks of operating in the Philippines compare with Vietnam?
Globally, mining is becoming more difficult with an anti-mining movement. The industry has not done a good job of highlighting the benefits it brings, so negatives dominate the conversation. In Southeast Asia, as elsewhere, community relations are critical. In the Philippines, it’s especially important to work closely with local communities and indigenous groups. We recently signed an agreement with the indigenous people, giving them a 1% royalty and a direct stake in the mine’s success.
Both Vietnam and the Philippines are densely populated, with over 100 million people in relatively small areas. That makes collaboration with local governments and leaders essential. Educating communities about the benefits of mining is the key to overcoming challenges.
We’ve seen a shift in the US toward recognizing the importance of domestic mining. Are you seeing similar changes in government and public sentiment in Southeast Asia?
Yes. In the Philippines, for example, we’re seeing a shift under President Marcos. The Sovereign Wealth Fund is directly investing in mining projects, a sentiment similar to what we’ve seen in the US. Governments increasingly understand how critical copper and other minerals are for future generations.
There’s a disconnect: people oppose mining but love their technology. Everyone uses devices like iPhones, which depend on mining. You can’t have one without the other, and that’s the message that often gets lost.
Your focus is Southeast Asia, where China is often seen as the dominant player. How do you compete with a country that operates under different sustainability rules than Australia?
I think that’s changing. China has had to compete on a global scale, both for investment and partnerships. They face the same challenges around securing critical minerals and need to position themselves as partners of choice. From our experience across Southeast Asia, including with financial hubs like South Korea, Japan, and China, ESG standards are improving.
A good example is Zijun’s IPO on the Hong Kong Stock Exchange, which places it alongside Rio Tinto and BHP, requiring similar standards. The Chinese mining industry has lifted significantly in the last 5–10 years, though there’s still progress to make. We’re happy to partner with Chinese companies that are raising their ESG standards, as are majors like BHP and Rio Tinto. In our view, this industry is more about collaboration than competition, given the scale of demand.
AI is transforming many industries. How real is its impact in mining today, and where do you see it going?
Mining is one of the oldest industries and is very slow to adopt technology. I think we’ll be among the last to fully benefit from AI. That said, in geology and exploration, AI is already improving efficiency in discovering ore bodies, and that’s exciting. But much of the low-hanging fruit is already taken, so the challenge now is integrating AI into operations.
Mining people are often too focused on day-to-day work to step back and assess how AI could help. I think the industry will be a slower adopter overall, but the next 5–10 years could be transformative. At the same time, many aspects of mining remain labor-intensive, which means technology won’t easily replace jobs, and that can be positive.
Blackstone already holds one of the largest undeveloped copper-gold inventories in Southeast Asia. What excites you most about turning that scale into long-term impact?
We’re fortunate to already have a large inventory: 2.8 million tons of copper and 10 million ounces of gold, equivalent to 20 million ounces of gold. That provides a strong foundation to attract major mining companies back to the Philippines. It also sets up a platform to expand and support the Filipino people for decades. We’re in a mining district with over 100 years of history, and we see another 100 years ahead.
This kind of opportunity is what draws the biggest mining companies. Our challenge is navigating the global anti-mining sentiment, but we believe the reward is worth the effort. The Philippines has some of the best copper geology in the world, and there’s no reason it couldn’t compete with Chile or other South American giants within 20–30 years. It will take hard work and government support, but the future is very strong.
