rare earth minerals

brison
16 Apr '11

HAS ANYTHING CHANGED ....DOES REM NOW OWN ANY COMPANY OR LICENCES

DEC 2010

The company, which does not yet own any rare earth minerals or licences to mine them, was a loss-making music business called Zest until eight days ago.

It has not revealed how it plans to acquire any of the minerals on which China has a near monopoly. Nor has it disclosed the countries where it is targeting acquisitions with just £630,000 of cash in the bank.

However, since it proposed the name change on November 12, its share price has more than quadrupled from 0.35p, valuing it at £3.1m, to 1.52p, valuing it at £13.5m.

The rise is likely to raise further questions about the London Stock Exchange's governance of the AIM market - three years on since Roel Campos, an SEC commissioner, described the junior market as a "like a casino".

It has been under renewed scrutiny since Desire Petroleum's wild share spikes earlier this month. A spokesman for AIM declined to comment on whether the regulatory team is looking into Rare Earth Minerals

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