Orocobre profits soar in H1
PERTH (miningweekly.com) – ASX- and TSX-listed lithium miner Orocobre has reported a net profit after tax of $24-million for the six months ending December, compared with a net profit of $8.1-million in the previous corresponding period, as lithium production from the Olaroz facility, in Argentina, continues to improve.
Some 5 163 t of lithium carbonate was sold during the six months under review, generating revenues of $63.5-million, with earnings before taxes, depreciation and amortisation, impairment and foreign exchange of $36.5-million, compared with the $36.8-million reported in the previous corresponding period.
“Orocobre has continued to bolster its position as a mainstream, profitable, low-cost producer of lithium carbonate,” said MD and CEO Martin Pérez de Solay.
He noted that construction activities for the Stage 2 expansion of the Olaroz lithium facility are progressing well, with the development of key items such as production boreholes, a secondary liming plant, evaporation/harvest ponds, roads and camp upgrades.
The $295-million Stage 2 expansion will increase lithium carbonate production by 25 000 t/y, bringing the total production capacity to 42 500 t/y.
The expansion project will result in the production of some 17 500 t/y of battery grade lithium carbonate, 9 500 t/y of technical grade lithium carbonate as feedstock for the planned 10 000 t/y Naraha lithium hydroxide plant in Japan, and a further 15 500 t/y of technical grade lithium carbonate.
For the full 2019 financial year, Orocobre is expecting lithium production to be on par with that of the 2018 financial year, in which the company produced 12 470 t of lithium carbonate.
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