Maiden profit reported at Orocobre
PERTH (miningweekly.com) – Dual-listed Orocobre has delivered a maiden full-year net profit after tax of A$19.4-million on the back of the first full financial year of commercial production at its Olaroz lithium facility, in Argentina.
The ASX- and TSX-listed company has reported record production of 11 862 t of lithium carbonate for the year ended June 30, with 12 296 t sold, generating revenue of $120-million.
Earnings before interest, taxes, depreciation and amortisation of $71.2-million were reported.
“In 2017, Orocobre came to the fore as a mainstream, profitable, low-cost producer of lithium carbonate. We continued to develop and expand our customer base as we produced 11 682 t of lithium carbonate from one of the lowest cost bases in our industry,” said Orocobre MD and CEO Richard Seville.
“The year was not without challenges, however, with pond management setbacks at Olaroz and inclement weather testing our ability to sustain operations and our broad production levels.
“These issues enabled us to further analyse and improve our operational processes as we adapt and manage our operations for long-term, sustainable, high-quality output.”
Looking ahead, Orocobre expected to deliver some 14 000 t of lithium carbonate in 2018, with the company planning to spend between $12-million and $15-million in capital.
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