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Lemmy's croc was dug up at Peterborough in England in the early 20th century. But it was recently re-examined and found to have been incorrectly lumped with other sea crocodiles from the area.
Given that it belonged to a unique group, the creature "needed a new scientific name," said the statement.
"Natural History Museum curator Lorna Steel was still mourning the demise of her favourite band, and suggested that it should be named after her musical hero."
"Although Lemmy passed away at the end of 2015, we'd like to think that he would have raised a glass to Lemmysuchus, one of the nastiest sea creatures ever to have inhabited the Earth," the statement quoted Steel as saying.