25th Sep 2014 12:21
LONDON (Alliance News) - Rare Earth Minerals PLC Thursday upped its stake in Bacanora Minerals Ltd to 12% after making further market purchases totalling GBP89,775.
Rare Earth and Bacanora are joint venture partners in the Sonora lithium project in Mexico. Rare Earth holds a 30% interest in each of Bacanora's subsidiaries, Mexilit and Megalit, which holds numerous concessions of the Sonora lithium project, with Bacanora owning the other 70% in both.
Earlier this month, Bacanora appointed Rare Earth Chief Executive Kiran Morzaria to its board.
"We have further increased our strategic holding in Bacanora, as we continue to see excellent value and returns to be made from the Sonora Lithium Project in Mexico," said Rare Earth Chairman David Lenigas.
Rare Earth shares were down 3.5% to 1.505 pence on Thursday, while Bacanora shares were up 1.6% to 67.55 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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BCN.LRare Earth Metals