23rd Jun 2015 14:52
LONDON (Alliance News) - Rare Earth Minerals PLC Tuesday said it has acquired a 6.65% stake in the Cinovec lithium and tin deposit in the Czech Republic through a direct 6.65% holding in Australian Stock Exchange-listed European Metals Holdings Ltd for GBP200,000.
Rare Earth Minerals said that Cinovec is one of the largest lithium deposits in Europe. European Metals Holdings owns 100% of the exploration rights to the deposit.
"This investment is a strategic acquisition which provides REM exposure to a significant lithium deposit in the European Union. The project abuts Germany, one of the largest potential consumers of lithium in the EU. REM's involvement in Cinovec will provide valuable financial horsepower to accelerate the assessment of this key EU lithium and tin resource and also provide European Metals with REM's technical expertise on resource commercialisation of a deposit of this nature," Chairman David Lenigas said in a statement.
Shares in Rare Earth Minerals were trading up 1.2% at 0.977 pence Tuesday afternoon after the announcement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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