18th Sep 2013 07:48
LONDON (Alliance News) - Rare Earth Minerals PLC Wednesday said it had invested a further USD50,000 in Bacanora Minerals Ltd, continuing a series of investments it has made in its partner in recent days.
Bacanora is Rare Earth's partner on its Fleur-El Sauz Lithium project in Mexico. Rare Earth has been investing small amounts in both Bacanora and Western Lithium USA Corp in recent days, building stakes in the companies to give it exposure to two other major lithium projects in which it currently has no exposure.
The company now has a direct interest of approximately 0.90% in the share capital of Bacanora, acquired at a cost of USD250,000, meaning its now has a 30.63% economic interest in the Fleur-El Sauz Lithium project because it owns 30% of the project.
Rare Earth Minerals shares were up 1.4% at 0.862 pence early Wednesday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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