2nd Sep 2015 06:50
LONDON (Alliance News) - Rare Earth Minerals PLC Wednesday said it has increased its stake in fellow AIM-listed company Bacanora Minerals Ltd, which is also its partner on the Sonora lithium project in Mexico.
Rare Earth has upped its stake in Bacanora to 16.8% from 16.4% through market purchases worth GBP324,530. Back in June, Rare Earth Chairman David Lenigas said he planned to up the company's stake in Bacanora as the Sonora project continues to move forward.
That follows on from the companies securing a major deal with with US-based Tesla Motors last week, whereby the pair will provide lithium from Sonora to Tesla's Gigafactory in Nevada in the US for the construction of electric cars and related products.
By Joshua Warner; [email protected]; @JoshAlliance
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