27th Apr 2016 10:13
LONDON (Alliance News) - Rare Earth Minerals PLC on Wednesday said MacArthur Minerals Ltd has applied for five additional licences in the Pilbara region of Western Australia.
Rare Earth owns a 16% stake in MacArthur. The new licences will expand MacArthur's total lithium project area to 19 separate licences, Rare Earth said.
"As a significant shareholder in Macarthur Minerals we very much welcome Macarthur Minerals' expansion of acreage for 'hard rock' lithium exploration and are excited by the potential and growth of the project," said Kiran Morzaria, Rare Earth's chief executive.
Rare Earth shares were down 1.0% to 0.51 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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