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Blackstone Minerals, which is developing an integrated battery metals processing business in Vietnam to produce nickel/cobalt/manganese precursor products, has announced cost-cutting initiatives to ride out difficult market and price conditions.

To preserve cash and limit shareholder dilution until a joint venture (JV) partner is found, the board and executive management team of Blackstone have agreed to accept 50% of their salary as equity.

Senior management in Vietnam also volunteered to accept a percentage of their salary as equity, dated back to January 4.

“At Blackstone we continue to be well supported by our major institutional shareholders who have all indicated their intentions to continue to support Blackstone through these difficult times in the capital markets,” said MD Scott Williamson.

Blackstone has engaged international investment bank Jefferies and specialist independent global mining finance adviser CF&Co to evaluate the company’s funding options for the Ta Khoa project, including potential JV and strategic investor interest in the company.

The company is focusing on finalising the Ta Khoa refinery definitive feasibility study and will provide an update in a future announcement.