LONDON (Alliance News) - Rare Earth Minerals PLC Tuesday said it has again slightly increased its stake in partner Bacanora Minerals Ltd, news that came just hours after Bacanora said it didn't know why its shares had risen sharply in Canada overnight.
Rare Earth Minerals said it has now increased its shareholding in Bacanora to 15.93%, from 15.40% as it bought about GBP426,000 worth of shares on the open market.
The companies are partners on the Sonora Lithium project in Mexico.
Bacanora owns all of the La Ventana lithium concession at Sonora, and owns 70% of the El Sauz and Fleur concessions and 70% of the Megalit concession. Rare Earth Minerals owns the other 30% of the El Sauz and Fleur concessions and the rest of the Megalit concession. Rare Earth Minerals also the direct stake in Bacanora itself.
Earlier Tuesday, Bacanora had said it knew of no reason for the sharp increase in its share price in Canada overnight.
Its stock rose 46.4% to CAD2.05 on the TSX Venture Exchange overnight. Its AIM-listed stock was up 14.2% at 85.10 pence in London Tuesday afternoon.
Rare Earth Minerals shares were up 10.8% at 1.03 pence in London.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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