Bacanora Minerals shares leap on Rare Earth boost
Mining exploration firm Bacanora Minerals said one of its projects in Mexico had potential to become one of the world's largest lithium carbonate producers.
Bacanora Minerals Ltd NPV (DI)
81.00p
17:08 23/03/18
Cadence Minerals
3.53p
16:55 19/04/24
FTSE AIM All-Share
745.67
17:08 19/04/24
Mining
10,765.51
17:10 19/04/24
The scoping study, conducted with Rare Earth Minerals (REM), at the El Sauz and Fleur Lithium Project showed the site could produce 75,600 tonnes of lithium carbonate per year, approximately 45% of the estimated global production in 2012.
"We believe the results of this REM commissioned scoping study demonstrates that the El Sauz and Fleur Project has the potential to be one of the largest lithium carbonate producers in the world, supplying a significant percentage of the expected increase in global lithium demand," said David Lenigas, chairman of Rare Earth.
Bacanora owns 70% of Mexilit S.A., the company holding the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions that form part of the Sonora Lithium Project in Mexico, while REM holds the remaining 30%, with Bacanora acting as the operator on the project.
Bacanora sharesrose 6.79% to 50.19p at 14:20 on Monday, while Rare Earth gained 2%.