Bacanora sizzles after German lithium license approved

Iain Gilbert WebFG News | 08 Nov, 2017 11:35 - Updated: 11:47 | | |

mine

Bacanora Minerals Ltd NPV (DI)

100.00

17:16 17/11/17
-1.96%
-2.00
  • 16,984.54
  • 0.14%23.69
  • Max: 17,054.89
  • Min: 16,759.55
  • Volume: 0
  • MM 200 : n/a
17:18 17/11/17
  • 1,023.43
  • 0.18%1.82
  • Max: 1,023.88
  • Min: 1,021.32
  • Volume: 0
  • MM 200 : n/a
17:25 17/11/17

Mexico-focussed lithium exploration and development company Bacanora Minerals was granted a mining licence for its Zinnwald project in south Saxony, Germany, making it just a few steps removed from having its second lithium mine in operation.

The license for Zinnwald, which covers 256.5 hectares in close proximity to several car and downstream lithium chemical businesses, was approved for 30 years by the Saxony State Mining Authority.

Bacanora said it had begun a feasibility study aimed at demonstrating whether or not Zinnwald is capable of producing higher value downstream lithium for battery and car use which was expected to be completed by mid-2019.

Drilling work to date had seen the completion of four of out of the fifteen planned infill drilling holes, with bulk samples from the historic mine at the site having been sent off-site for concentration and hydrometallurgical testwork to test to its suitability for higher value lithium battery chemical products.

Peter Secker, chief executive, said, "The issue of the mining licence is a key milestone for Zinnwald where various workstreams for the Feasibility Study are well advanced."

"In Zinnwald and Sonora, Bacanora has, in our view, two world-class assets, which have the potential to provide significant supplies of lithium products," he added.

Sonora, Bacanora's other lithium deposit, located in Mexico, also expected a feasibility study to be completed before the end of the calendar year.

As of 1100 GMT, shares had grown 3.67% to 101.60p.

More news

19:07 Europe close: Stocks slip going into the weekend

Stocks reversed early gains as investors opted to play it safe going into the weekend and the euro edged a tad higher on the back of the political gyrations on Capitol Hill.

18:52 Europe open: Stocks start slightly higher, analysts wary

Stocks have started the morning trading slightly higher, tracking overnight gains on Wall Street but analysts are worried about buying into Thursday's bounce.

18:41 London close: Stocks finish week on down note

London's top flight index slipped on Friday, but managed to finish well-off its lows of the session despite renewed Brexit angst as the pound gave back early gains.

16:34 Kingfisher gets RBC upgrade as 'reasons to be cheerful' in France

DIY retailer Kingfisher has more "reasons to be cheerful" thanks to an improving French outlook, analysts at RBC Capital Markets said on Friday, while clothes seller Supergroup remains "compelling" but its shares have gained a lot in recent weeks.

16:33 NAV on the rise as Alpha Real Estate Trust turns focus to build-to-rent market

Real estate investment group Alpha Real Trust saw its net asset value (NAV) rise in its first half of trading as it moved to make further investments in build-to-rent projects.

16:33 Pacific Industrial & Logistics completes sale of Bedford asset

Industrial and logistics-focussed real estate investment trust Pacific Industrial & Logistics has completed the sale of an asset located at Hammond Road, Bedford, for a total consideration of £5.8m, it announced on Friday.

16:27 DP Poland cuts ribbon on 50th Polish Domino's store

DP Poland, which holds the exclusive master franchise for the Domino’s Pizza brand in Poland, celebrated the opening of its 50th location in the country on Friday.

16:24 Mercia Technologies makes new investment into Aston EyeTech

National investment group Mercia Technologies has made a new direct investment into Aston EyeTech - a spinout from Aston University, Birmingham - which has developed a range of proprietary hardware and software products in ocular care, it announced on Friday.

16:19 SimiGon receives final approval for $2m Israeli Air Force order

Modelling, simulation and training solutions provider SimiGon has now received final regulatory approval for a $2m purchase order received from the Israeli Air Force, initially announced on 20 June 2016, it confirmed on Friday.

16:15 Agriterra losses grow after 'subdued' interest in corn products

Agricultural investment group Agriterra saw losses widen in the first half of its trading year as subdued demand for its maize flour products slashed revenues by more than a third.