Rare Earth Minerals Announces Interim Results for Six Months Ended June 30, 2016
Rare Earth Minerals (AIM:REM.L) has announced its interim results for the six months ended June 30, 2016. As quoted in the press release: The Company’s strategy and vision of investing in low-cost, large and scalable lithium deposits has continued to yield excellent results over the 6 months ending June 2016. Our investments have shown solid … Continued
Rare Earth Minerals (AIM:REM.L) has announced its interim results for the six months ended June 30, 2016.
As quoted in the press release:
The Company’s strategy and vision of investing in low-cost, large and scalable lithium deposits has continued to yield excellent results over the 6 months ending June 2016. Our investments have shown solid growth, driven by both the fundamental progress that has been made towards production at these assets and the overall macro environment within the lithium sector which continues to show forecasted significant growth with constraints on supply.
The market performance of the Company’s investment has resulted in the Company reporting a Total Comprehensive Income for the period of £6.08 million compared to a Total Comprehensive Expenditure of £2.65 million compared to the same period last year. This has also driven the majority of the increase in our Total Assets which has increased from £19.58 million (31 December 2015) to £28.66 million (30 June 2016).
REM’s principal investments, the Sonora project in northern Mexico (both directly and indirectly through our holding in Bacanora Minerals Ltd and the Cinovec lithium project in the Czech Republic, via our holding in European Metals Holdings; have continued to advance rapidly up the development curve and have delivered promising economics.
In addition, our investments in Macarthur Minerals and Yangibana have also progressed substantially over the period with Yangibana completing a robust Pre-Feasibility Study (“PFS”) and Macarthur Minerals securing new lithium exploration ground in the Pilbara region and in Australia and in Nevada.
Click here to read the full press release.
