Bacanora shares skyrocket on report of Southern Copper investment
Lithium developer Bacanora’s share price gained 45% on Thursday, on reports that Mexican miner Southern Copper is interested in investing in the company.
In response to its share price movement, London-listed Bacanora said that it remained focused on securing the full funding of $460-million for the Sonora lithium project in the second quarter, and that it was in discussions with potential cornerstone investors as part of the fundraising process.
“These discussions are ongoing and the company will provide an update to the market as appropriate,” the lithium project developer said.
Newswire Reuters has reported that Southern Copper is interested in buying a lithium project, citing CEO Oscar Gonzalez.
Bacanora traded at 25.5p a share by 12:30 in London, up 45% on the previous day’s share price, but still well below the 52-week high of 100p a share.
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