The Ta Khoa Nickel-Copper-PGE Project is located 160 km west of Hanoi in the Son La Province of Vietnam and includes an existing modern nickel mine built to Australian standards, which is currently under care and maintenance. The Ban Phuc nickel mine successfully operated as a mechanised underground nickel mine from 2013 to 2016.

Scoping Study

Blackstone Minerals completed a Scoping Study for the development and restart of the Ta Khoa Nickel-Cu-PGE Project. The Project comprises an open pit mine at the Ban Phuc Disseminated Sulfide, upstream processing and downstream processing to produce a Precursor product for Asia’s growing Lithium-ion Battery Industry.  


The Scoping Study is an important milestone and an initial platform to build a mine-to-market nickel business over the coming years with multiple upside opportunities to improve on the Scoping Study as presented. Blackstone looks forward to developing the Ta Khoa Project and has immediately commenced the next phase of Pre-Feasibility Studies.

  • Maiden Ban Phuc DSS indicated resource of 44.3Mt @ 0.52% Ni for 229kt Ni and Inferred Mineral Resource of 14.3Mt @ 0.35% Ni for 50kt Ni;

  • Annual production of ~12.7ktpa Ni over ~8.5-year project life;

  • Gross Revenue of ~US$3.3 billion (US$2.95 billion to US$3.6 billion); 

  • Net pre-tax cashflow of ~US$1.2 billion (US$1.03 billion to US$1.37 billion);

  • Pre-production capital cost of ~US$314m including contingency;

  • Pre-tax cashflow of ~US$179mpa (US$155mpa to US$210mpa)

  • Pre‐tax NPV8% of ~US$665m (US$550m to US$780m) and ~45% IRR (38% to 50% IRR);

  • Capital Payback Period of ~2.5 years;

  • Economically robust nickel sulfide project to produce downstream nickel: cobalt: manganese (NCM) Precursor products for the Lithium-ion battery industry;

  • Downstream processing utilises existing well-tested technology;

  • Blackstone’s downstream NCM Precursor product significantly improves the payability of nickel, from ~70-80% to ~125-135% of LME metal prices;

  • Upside opportunities include staged capex, by-product credits (including copper, gold, platinum, palladium and rhodium), King Cobra Discovery Zone (KCZ), Ban Chang, Ta Cuong and 25 untested massive sulfide vein (MSV) targets.

Mineral Resources