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Bacanora Minerals' lithium project attracting interest from trading houses

Published: 15:17 08 Dec 2015 GMT

Tesla,_electric_car,_battery,_Lithium
Lithium is widely used in the batteries for electric cars

Lithium explorer Bacanora Minerals (LON:BCN, CVE:BCN) said its Sonora lithium project is attracting a lot of interest from trading houses.

The company continues to develop a number of strategic relationships with international lithium trading companies and mining companies.

The talks focus on the sale of Bacanora's lithium products, and any agreements made would be in addition to the conditional supply agreement previously announced by Bacanora.

Bacanora is 17.19% owned by Rare Earth Minerals (LON:REM) and is the operator of the Sonora Lithium Project.

The recent £8.8mln fund-raising exercise by the company significantly boosted its cash reserves and ensures that more than sufficient funding is available to upgrade its pilot plant in order to allow for continuous metallurgical operations, which are scheduled to commence in January 2016.

The treatment of bulk lithium samples from the Sonora mine at the Hermosillo pilot plant will produce off-take samples for potential end-users in Europe, Asia and North America.

Bacanora has already completed a number of detailed site and plant visits with potential off-take partners to facilitate and expedite lithium sample optimisation and is in the process of negotiating a number of letters of intent, memoranda of understanding, draft agreements and non-disclosure agreements with these potential partners, the company told investors.

Shares in Bacanora were off 2.35p at 77.15p in late afternoon trading in London, while REM's shares dipped 0.017p to 0.673p.

 

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