R/€ = 14.45 Change: 0.01
R/$ = 12.88 Change: 0.01
Au 1266.15 $/oz Change: 9.52
Pt 959.00 $/oz Change: 7.50
 
 
R/€ = 14.45 Change: 0.01
R/$ = 12.88 Change: 0.01
Au 1266.15 $/oz Change: 9.52
Pt 959.00 $/oz Change: 7.50
 
 
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Orocobre balance sheet bolstered

19th May 2017 BY: Henry Lazenby
Creamer Media Deputy Editor: North America

VANCOUVER (miningweekly.com) – ASX- and TSX-listed Orocobre has received a welcome financial boost in the form of a value added tax (VAT) refund and by the release of further cash security deposits in Australia, which back subsidiary Sales de Jujuy’s (SDJ's) Argentine working capital facility.

The Brisbane, Australia-based industrial chemicals and minerals company said Thursday that SDJ has received about $2.7-million of additional VAT refunds, bringing the total to date to about $19.8-million.

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All VAT claims submitted to Argentine authorities, through to, and including January, have now been approved and paid.

Outstanding claims for February and March total about $3.5-million, and have been submitted to the Argentine authorities. The total outstanding VAT balance from project construction yet to be claimed by SDJ stands at about $15.7-million,  on a pre-discounted basis, the company advised.

Meanwhile, SDJ repaid $5-million of its working capital facility this week resulting in a release of $5-million held as security for the standby letters of credit, which support the SDJ working capital facility. Orocobre's portion of this release is $3.6-million, bringing the total release of cash since January 1 to $14.3-million.

The balance of security yet to be released to Orocobre for the standby letters of credit now stands at $22.7-million and this is expected to be received by December.

Orocobre is focused on its flagship Salar de Olaroz operation, which is ramping up to boilerplate capacity of 17 500 t/y. Orocobre also holds an 85% interest in the Salar de Cauchari lithium/potassium/boron brine project. 

EDITED BY: Creamer Media Reporter
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