Orocobre Limited
(ASX:ORE) says it has recorded full year statutory loss of US$22 million for the 2016 financial year.
The company has noted a non-cash forex lost of US$20.9 million as dominating the results, a result of the devaluation of the Argentine Peso.
Like for like sales volumes at the company’s processing facility, Borax Argentina, increased by 4 percent over the period however total sales were down 20 percent on the previous corresponding period.
As a result of market demand and low supply conditions, Orocobre believes it is well placed to exceed >15,000 tonnes of production of Lithium Carbonate in FY17.
The directors have determined there will be no dividend payable for FY16.
