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