LONDON (ShareCast) - Minerals investment and development company Rare Earth Minerals (REM) made "excellent progress" in Mexico as its part-owned Sonora lithium project works towards commercialisation.

REM, which has a total economic interest of 38.3% in Sonora, highlighted an announcement by its joint-venture partner Bacanora.

The latter said that plant design is progressing well for a production facility with capacity of up to 50,000 tonnes per annum of lithium carbonate.

Recent drilling results mean that the "trust extent and size of this lithium province is becoming more apparent", according to chairman David Lenigas.

He said that the metallurgy, which confirmed that better than battery grade can be achieved, and the progression of the plant design, "underpins our belief that the Sonora Lithium Project has the potential to be the a globally significant Lithium producer".

The stock was up 0.3% at 1.63p by 08:13 on Thursday.

BC

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE