Mining Executives Accused of Hijacking Brazil Lithium Claims

Executives at Canadian minerals explorer Emerita Resources Corp. have been accused by Ontario’s securities regulator of diverting the firm’s lithium project rights to a new company they controlled.

The Ontario Securities Commission alleges the group established Lithium Ionic Corp. to pursue mining claims from Emerita’s Falcon Project in Brazil, conduct that defrauded Emerita and its investors, according to a Friday statement from the regulator.