Orocobre (ASX:ORE) report challenging market conditions

Company News

by Rachael Jones

Orocobre (ASX:ORE) released their December quarter key highlights showing the Olaroz Lithium Facility responded to challenging market conditions by reducing operating costs 16 per cent quarter on quarter (QoQ) and achieving a gross margin of 24 per cent to retain positive operational cashflow.

The realised average price achieved was US$5,419/tonne.

Significant progress has been delivered on both growth projects at the Naraha Lithium Hydroxide Plant (Naraha Plant) and Olaroz Stage 2 Expansion, while Olaroz operations remain on track to deliver increased production for FY20.

Subsequent to the end of the quarter, two contracts have been signed for the supply of battery grade lithium carbonate to top tier Chinese cathode manufacturers.

Shares in Orocobre (ASX:ORE) are trading 0.61 per cent higher at $3.31.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.