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Rare Earth CEO steps down as Bacanora Minerals non-exec

Kiran Morzaria has left his position with immediate effect to focus on other interests

board room
Morzaria is chief executive at Rare Earth Minerals - a significant shareholder of Bacanora

Bacanora Minerals Ltd’s (LON:BCN; CVE:BCN) non-executive director, Kiran Morzaria, has stepped down from his position with immediate effect to pursue other business interests.

Morzaria is chief executive at fellow lithium explorer Rare Earth Minerals plc (LON:REM) which holds a 19.8% stake in Bacanora and which had a merger proposal rejected last September.

READ: Bacanora rejects Rare Earth’s merger offer

The company told investors it is looking at candidates with the relevant experience who would complement its board.

Bacanora is currently undertaking a feasibility study at its Sonora lithium carbonate project in Mexico.

Broker Numis expects the mine to initially produce around 17,000 tonnes of lithium carbon a year, scaling its way up to 35,000 tonnes.

Construction at Sonora is scheduled to be completed by the end of 2018, with first production slated for 2019.

Shares were unchanged at 75.5p on Thursday morning.

Quick facts: Bacanora Lithium Ltd

Price: 27.5 GBX

Market: AIM
Market Cap: £61.55 m

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