Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Bacanora marks changes at the top as it advances Sonora project

Thursday, November 24, 2016 2:33
% of readers think this story is Fact. Add your two cents.

Dual-listed Bacanora Minerals Ltd (LON:BCN, CVE:BCN) on Thursday unveiled a raft of board changes as it advances the Sonora project in Mexico into a world class lithium carbonate mine and revealed a supply deal struck with Tesla (NASDAQ:TSLA) had fallen through.

Director Mark Hohnen becomes chairman with immediate effect, while James Leahy, interim chair, will resume his role as a non-exec director.

Engineer Ray Hodgkinson has been hired as  a Canadian based non-exec director, replacing Shane Shircliff who has stepped down to pursue other business interests.

In addition, REM and Bacanora today said a lithium hydroxide supply agreement announced last August with electric car giant Tesla (NASDAQ:TSLA) had fallen through.

The financing condition outline had not been met, said the pair and that “we have had extensive discussions with the customer as to the feasiblity of securing project specific financing pursuant to the terms and conditions of the agreement, that those discussions have now concluded, and therefore we are discontinuing further efforts to secure project specific financing pursuant to the agreement.”

The supply deal had had an initial five year term starting from the first order by Tesla, with an option to extend for a further five years.

“It remains Bacanora’s strategy to focus on the production of lithium carbonate to service the rapidly growing Asian and European markets for electric vehicles and energy storage. Sales of lithium carbonate represent some 75% of the current world market of lithium products,” Bacanora repeated today.

It added it continues to focus on its core business – completing the Sonora lithium carbonate feasibility study, which is targeted for completion at the end of the end of the first quarter, 2017, along with furthering discussions with potential lithium carbonate customers.

Bacanora shares dropped  almost 7% in early deals to 75p each. REM’s dropped 7.27% to 0.51p.

Story by ProactiveInvestors


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.