7th Nov 2013 10:40
LONDON (Alliance News) - Rare Earth Minerals PLC Thursday said it has been sent formal notification that it now owns a 30% stake in Mexilit SA de CV, the Mexican company that holds the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions which form part of the overall Sonora lithium project in northern Mexico.
Mexilit is a subsidiary of Rare Earth's joint venture partner on concessions at Sonora, Bacanora. It has a deal with Bacanora to have first rights on negotiating an increase in its stake to 49.9%.
The companies have reported a string of positive test results from the site in recent months.
Rare Earth Minerals shares were down 1.8% at 0.810 pence Thursday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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