13th May 2014 10:45
LONDON (Alliance News) - Rare Earth Minerals PLC said Tuesday it has again increased its shareholding in Bacanora Minerals Limited, its joint venture partner in the Sonora Lithium Project in Mexico, to 9.4% from its increase to 8.6% announced Monday.
In a statement Tuesday the minerals investment and development company said it has increased its stake in the firm to 9.4% from the previously reported 8.6% through further on-market purchases totalling GBP165,000.
The firm Monday increased its holding to 8.6% from 6.06% through further on-market purchases totalling GBP532,000.
Rare Earth Miners said the shareholding, when put together with Rare Earth Minerals' 30% direct interest in the Fleur-El Sauz Lithium joint venture and the 10% direct interest in the 94,000 hectare Megalit joint venture, results in a total economic interest in Fleur-El Sauz of approximately 36.6% and a total economic interest in Megalit of approximately 18.5%.
"REM continues to increase its strategic shareholding in Bacanora and hence its economic interest in both the Fleur-El Sauz and Megalit lithium joint ventures in Mexico, where we are anticipating significant project developments this year," Chairman David Lenigas said in a statement Monday.
"By increasing our corporate shareholding in Bacanora, Rare Earth Minerals now has an... interest in Bacanora's adjacent La Ventana Lithium Project and their El Cajon Borax Project, which together already have a combined [net present value] of approximately USD961.0 million, based on their preliminary economic assessments," Lenigas said.
Shares in Rare Earth Minerals were trading 2.45% at 0.502 pence per share Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini and Alice Attwood; [email protected]; @AliceAtAlliance
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