12th May 2014 10:55
LONDON (Alliance News) - Rare Earth Minerals PLC Monday said it has increased its shareholding in Bacanora Minerals Ltd, its joint venture partner in the Sonora Lithium Project in Mexico, to 8.59% from 6.06% previously.
In a statement, the minerals investment and development company said it increased its shareholding in the joint venture partner 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% and a total economic interest in Megalit of approximately 17.7%.
"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.
"By increasing our corporate shareholding in Bacanora, Rare Earth Minerals now has an 8.56% 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.
Rare Earth Minerals shares were Monday quoted at 0.501 pence, down 2.7%.
By Samuel Agini; [email protected]; @samuelagini
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