Blackstone Minerals Limited announced that Trafigura Pte Ltd. has signed a Non-Binding Letter of Interest with Blackstone. The Company views this intended arrangement as part of its strategy to upscale its downstream refining business and its vision to become a significant global supplier of downstream nickel products for the Lithium-ion battery industry. The LOI relates to a potential agreement for Trafigura to supply certain quantities of nickel and cobalt products to Blackstone, in respect of the production by Blackstone of downstream products for the Lithium-ion battery industry at the Ta Khoa Nickel Project in Vietnam. Blackstone's Scoping Study contemplates construction of a downstream refinery with the ability to process up to 200ktpa of concentrate, sourced entirely from mining operations at the Company's Ta Khoa Project. Blackstone intends to upscale its downstream refining business, through the staged construction of additional refining capacity. This intended arrangement reflects the expectation by Blackstone that additional downstream refining capacity will be met by materials sourced from third-parties. Blackstone's downstream strategy is in response to recent discussions with major players in the Lithium-ion battery industry which continue to focus on rapidly increasing demand for downstream nickel products. The Company will continue to engage with parties interested in Blackstone's downstream products, including ongoing discussions with multiple potential joint venture partners regarding various offtake financing and or other funding options. Blackstone will commence studies and permitting for the downstream business. In parallel with the completion of a Definitive Feasibility Study, a pilot and demonstration plant will be commissioned in-country. The pilot and demonstration plant will be used to advance downstream process flowsheets focussed on producing NCM precursor products.