31st May 2016 10:30
LONDON (Alliance News) - Rare Earth Minerals Ltd on Tuesday said Macarthur Minerals Ltd has signed a memorandum of understanding for a farm-in and joint venture for a lithium project in Australia.
Macarthur, in which Rare Earth holds a 15.5% stake, has signed the agreement covering the rights to lithium from Venturex Resources Ltd's Sulphur Springs project in the Pilbara region of Western Australia.
Under the deal, Macarthur will earn into 51% of the rights for lithium from the project for paying expenditure costs over a period of time, Rare Earth said.
Shares in Rare Earth were up 0.9% to 0.54 pence Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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