LONDON (ShareCast) - AIM-listed resources investment group Rare Earth Minerals (REM) has increased its "strategic holding" in Bacanora Minerals, the Mexico-focused borates and lithium producer.
REM has paid £305,394 to raise its stake in Toronto- and London-listed Bacanora from 15.02% to 15.4%.

The two companies are joint venture partners at the Sonora lithium project in Sonora State, Mexico. This project is made up of five concession blocks: Buena Vista, San Gabriel, Ventana, Fleur and El Sauz.

REM said that its increased stake in Bacanora, "when aggregated with REM's 30% direct interest in Megalit S.A de CV (the company holding the Buenavista, Megalit and San Gabriel concessions) and the 30% direct interest in Mexalit S.A de CV (the company holding El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions), results in a total economic interest in each of these companies of 40.78%".

REM's stock finished Thursday's session down 3.1% at 1.14p, while Bacanora dropped 7.1% to 85p.

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