11th Sep 2014 07:03
LONDON (Alliance News) - Bacanora Minerals Ltd Thursday said it has appointed Kiran Morzaria, chief executive of Rare Earth Minerals PLC, as a non-executive director with immediate effect.
Bacanora and Rare Earth are joint venture partners in the Sonora lithium project in Mexico and Rare Earth Minerals has a 11.9% shareholding in Bacanora.
Rare Earth holds a 30% interest in each of Bacanora's subsidiaries, Mexilit and Megalit, which holds numerous concessions of the Sonora lithium project, with Bacanora owning the other 70% in both.
The Mexilit concessions consist of El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1. The Megalit concessions consist of Buenavista, Megalit and San Gabriel.
"Kiran's corporate experience, commercial knowledge and technical training, will provide a strong addition to the board of Bacanora as the Sonora lithium project progresses towards commercialisation," said Rare Earth Chairman David Lenigas in a separate statement
Morzaria has 15 years experience in the natural resource industry and has previously worked as the Finance Director and Chairman of the Audit and Remuneration comittees for both London AIM and LSE listed companies.
By Joshua Warner; [email protected]; @JoshAlliance
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Related Shares:
BCN.LRare Earth Metals