Rare Earth Minerals acquires 7.7% stake in Auroch
JOHANNESBURG (miningweekly.com) – London- and New York-listed Rare Earth Minerals (REM) has subscribed for 6.5-million new shares in ASX-listed Auroch Minerals through a A$650 000 share subscription, giving it a 7.7% interest in Auroch.
“REM continues to deploy its expertise in identifying value investments in highly prospective lithium plays. We will leverage our mining, marketing and lithium industry knowledge and experience to provide continuing support to Auroch, and to assist management and develop these prospects rapidly up the development curve.
“We look forward to a close collaboration with the management of Auroch as it develops its lithium interests,” REM chairperson Andrew Suckling said in a statement on Friday.
The placing funds, along with Auroch's existing A$6.4-million in cash, will be used in part to fund an aggressive exploration and development programme, targeting high-grade lithium in pegmatites similar to those that have been successfully commercialised in Western Australia over the last three years.
Auroch last month applied for five new exclusive prospecting licences in the Erongo region of Namibia.
Prior to the granting of the licences, which is expected to occur within three to six months, an initial work plan will involve field traverse to locate pegmatites within the licences. This will be followed by rock-chip sampling and broad spaced sampling.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
