Rare Earth Minerals (REM) has completed a $750,000 (�480,000) share placing, allowing it to increase its stake in two lithium projects in northern Mexico to 30% from 10%.

The miner wired $1 million to Bacanora Minerals on Thursday to gain an additional 20% stake in the El Sauz and Fleur lithium concessions. This payment was originally to be made over the course of six months.

The money, part of which was raised through a placing of 150 million new shares on 23 August, will be used for the second stage of the exploration and drilling programme on the two projects.

Rare Earth chairman David Lenigas said that he believed it had been "prudent" to make the payment and increase his company's stake earlier than planned.

"This payment will allow our joint venture partner to plan and execute a much larger drilling programme in Mexico with the certainty of funding from Rare Earth," he added. Rare Earth still has first right of refusal to further increase its interest in the projects, up to a total of 49.9%.