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27.04.2017 11:30
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March 2017 Quarterly Report and Teleconference Details
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PR Newswire
BRISBANE, Australia, April 27, 2017
BRISBANE, Australia, April 27, 2017 /PRNewswire/ -- Orocobre Limited (ORE:ASX ORL:TSX) (Orocobre or the Company) will hold a teleconference to discuss the results of the March 2017 Quarterly Report. Details of the call are provided below:
Date: 28 April 2017
Time: 9.00am (AEST)
Participant code: 467687
Participants Dial-in: 1 800 558 698 or +61 2 9007 3187
| Location | Number | Location | Number | Location | Number |
| Australia Local | +612 9007 3187 | Italy | 800 793 500 | Switzerland | 0800 820 030 |
| Australia Toll | 1 800 558 698 | Japan | 0053 116 1281 | Taiwan Thailand
UAE | 008 0112 7397 001800 156 206 3275 800 035 702705 |
| China Wide | 4001 200 659
| Malaysia | 1800 816 294 | USA UK | 1855 8811 339 0800 051 8245 |
| Belgium | 0800 72 111 | Netherlands | 0800 020 0715 | | |
| Canada | 1855 8811 339 | New Zealand | 0800 453 055 | | |
| France | 0800 913 848 | Norway | 800 69 950 | | |
| Germany
| 0800 182 7617 | Philippines | 1800 1110 1462 | | |
| Hong Kong | 800 966 806 | Singapore | 800 101 2785 | | |
| India | 0008 0010 08443 | South Korea | 00 798 142 063 275 | | |
| Indonesia | 001 803 019 3275 | Sweden | 020 791 959 | | |
| Ireland | 1800 948 625 | South Africa | 0800999976 | | |
MARCH QUARTER 2017 HIGHLIGHTS
OLAROZ LITHIUM FACILITY (ORE 66.5%)
- Production of 2,784 tonnes* of lithium carbonate, in line with guidance provided in February 2017
- Sales revenue up 19% on December 2016 quarter (QoQ) to US$32.1 million* on sales of 3,142 tonnes
- Average FOB price received up 13% QoQ to US$10,211/tonne FOB with higher priced contracts reflecting firmer market conditions
- Cash cost of production of US$3,565/tonne, up only 1% QoQ despite lower production volumes
- Gross cash margins up 21% QoQ to US$6,646/tonne reflecting an operating margin of 65% (up from 61% in December 2016 quarter)
- During the quarter, VAT refunds of approximately US$10.1 million were received with total VAT refunds of approximately US$17. 1 million having been received to date
- SDJ made the scheduled project finance repayment of US$13.9 million according to the financing arrangements with Mizuho Bank Ltd and JOGMEC
- Brine volumes were rebalanced through the pond system, increasing area under evaporation by ~20%. In addition, enhancements are being made to physical infrastructure and pond management with additional internal and external resources
- Test work has commenced with two specialized engineering firms to finalise the process engineering for a 10,000 tonne per annum battery grade lithium hydroxide plant in Japan
- Ausenco appointed to undertake engineering design studies for the Olaroz phase 2 expansion
- 2H FY17 production guidance remains 5,500 – 6,000 tonnes and pricing is expected to be approximately US$10,000 per tonne FOB in the June 2017 quarter
* all figures 100% Olaroz Project basis
BORAX ARGENTINA
- Sales volume in the March quarter was up 10% on the December quarter to 9,672 tonnes
CORPORATE
- Orocobre Group had available cash of US$30.6 million at the end of the quarter being the same cash on hand as at 31 December 2016. Orocobre Group cash as of today is approximately US$33.3 million and would on a pro-forma basis be US$37.3 million, following the completion of the LSC transaction as detailed below
- Orocobre successfully divested a number of lithium brine exploration projects to Canada's Advantage Lithium Corp. (TSXV:AAL) (Advantage Lithium) for 46.3 million AAL shares (equating to approximately US$25 million), 2.55 million warrants while retaining a direct (50% declining to 25%) interest (plus 1% royalty) in the Cauchari Project
- Orocobre executed an agreement for the sale of exploration tenure at Salinas Grandes to LSC Lithium Limited (TSXV:LSC) for US$4 million which will be paid on close of the transaction and a further US$3 million will be paid in three annual tranches. Orocobre will also receive properties located adjacent to Olaroz and a 2% royalty on future production from Salinas Grandes
OLAROZ LITHIUM FACILITY
For more information on Olaroz please click here
The Olaroz Lithium Facility is located in the Jujuy province of Argentina. Together with partners, Toyota Tsusho Corporation (TTC) and Jujuy Energia y Mineria Sociedad del Estado (JEMSE), Orocobre is now operating the first large scale lithium brine plant to be commissioned in approximately 20 years.
The Olaroz Lithium Facility joint venture is operated through Argentine subsidiary Sales de Jujuy SA (SDJ SA). The effective equity interests are: Orocobre 66.5%, TTC 25.0% and JEMSE 8.5%.
PRODUCTION, SALES AND GUIDANCE
PRODUCTION AND SALES
Production for the quarter was 2,784 tonnes and in line with revised half-yearly guidance. Production levels were affected by above average rainfall during the summer months.
Sales revenue was US$32.1 million on sales of 3,142 tonnes with some shipments scheduled for December being delivered in the March quarter due to a strike at Antofagasta Port and delays related to customs clearance over Christmas. Cash operating costs of US$3,565/tonne were only up 1% QoQ despite lower production levels.
With stable costs and increased sales prices, gross cash margins increased to US$6,646/tonne in the March quarter up from US$5,477/tonne in the December quarter and overall gross operating margins increased to 65%.
Sales de Jujuy S.A. remains strongly operating cashflow positive.
| Metric | March | December | Change QoQ (%) |
| Production (tonnes) | 2,784 | 3,529 | -21% |
| Sales (tonnes) | 3,142 Werbung Mehr Nachrichten zur Allkem Ltd Aktie kostenlos abonnieren
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