Stonewall Project in Nevada is US' only producing lithium mine
Companies: Cadence Minerals PLC
Rare Earth Minerals (AIM: REM) announced this morning that Macarthur Minerals (TSX VENTURE: MMS), in which REM holds a 15.5% share, has made an encouraging acquisition of a Lithium project in Nevada, near Tesla's gigafactory.
Macarthur acquired the Stonewall Project in Nevada's Lida Valley Basin, adjacent to the United States' only producing lithium mine. The project is located in the Nevada lithium supply hub, c.300km from Tesla's new Gigafactory, which is expected to produce 35 gigawatt-hours per annum by 2020.
Stonewall is also located only 48km from Pure Energy Minerals' lithium project, one of only two projects known to have a conditional agreement with Tesla.
REM shares are up nearly 8% this morning on the announcement and are up over 95% since Mid-July 2016.
David Taplin, President, CEO and Director of Macarthur:
"Acquisition of the Stonewall Project located in Nevada is an exciting opportunity for Macarthur Minerals as its entry into the United States lithium supply market. The Stonewall Project is strategically located 306 kilometres from Tesla's Gigafactory in Nevada and is 48 kilometres from Albemarle's Silver Peak Lithium Mine, the only operating lithium mine in North America. The acquisition adds to Macarthur Minerals' extensive and highly prospective Western Australian 'hard rock' lithium exploration asset portfolio to give the Company a truly global lithium strategy."