UK-based company Rare Earth Minerals has agreed to acquire 7.7% interest in Auroch Minerals through a A$65,000 share subscription.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Rare Earth Minerals has announced it will subscribe 6.5 million new shares carrying a price of A$0.10 per share in Auroch Minerals, an Australian ASX listed company.

This ASX listed company holds a strong financial position, with A$6.4m in cash and A$2m in receivables.

Rare Earth Minerals 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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"We look forward to a close collaboration with the management of Auroch as it develops its lithium interests."

The placing funds, along with Auroch's existing cash (combined $6.4m), will be utilised for the aggressive exploration and development programme.

The programme will target high-grade lithium in pegmatites, similar to those that have been commercialised in Western Australia over the last three years.

"We look forward to a close collaboration with the management of Auroch as it develops its lithium interests."

Auroch is currently focusing its activities over five applied-for Exclusive Prospective Licenses (EPL) in the Karibib area of Namibia.

The licence applications are located in a region that exhibit strong geological evidence of a significant number of late tectonic granites and associated lithium caesium tantalum pegmatite swarms.

About 90% of total lithium production from Namibia is produced from this area where the national government has identified more than 100 pegmatite occurrences.

Rare Earth Minerals expects to complete the financing by early December.

Image: Pieces of lithium metal. Photo: Courtesy of Dnn87 / Wikipedia