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Rare Earth Minerals takes stake in Namibian lithium prospect

Published: 07:39 02 Dec 2016 GMT

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REM's executive chairman said: "Rare Earth Minerals continues to deploy its expertise in identifying value investments in highly prospective lithium plays.”

Rare Earth Minerals plc (LON:REM) continues its expansion into lithium - acquiring a 7.7% stake in Aussie-listed Auroch Minerals Limited.

It has subscribed for 6.5mln new shares at AS$ 0.10 per share for A$650,000.

Auroch has applied for five prospecting licences in Namibia which are highly prospective for lithium.

They are in the Karibib area, which has strong geological evidence of a pegmatite swarms and 90% of Namibia's historic lithium production comes from this terrain.

REM's executive chairman Andrew Suckling said: "Rare Earth Minerals 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."

Auroch has plenty of cash (A$6.4 million) and funds 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, REM said.

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