Lithium miner Orocobre (ASX:ORE) highlighted its Olaroz lithium facility in Argentina helped the company achieve progress in FY2017, with production of nearly 12,000 tonnes of lithium carbonate, representing over 5 per cent of the global market for lithium.
Chairman Robert Hubbard said at the company’s annual general meeting today that the market is looking promising for lithium, with the move to electric vehicles set to positively impact the demand for the mineral.
He said the collaboration with their joint venture partners has continued to investigate the expansion in the Olaroz project and the construction of a lithium hydroxide facility in Japan, with a decision anticipated for the first half of 2018.
The company saw a maiden operating profit of $19.4 million after the sale of some of its assets at Borax in Argentina, as lithium demand grows.
He said confidence fell in the company’s share price after downgrading production guidance in February 2017 due to problems in pond management, with the company has worked to reverse.
Shares in Orocobre (ASX:ORE) are trading 1.64 per cent higher to $6.21.