Orocobre (ASX: ORE) Zooms Up On New CEO Appointment

  • Oct 02, 2018 AEST
  • Team Kalkine
Orocobre (ASX: ORE) Zooms Up On New CEO Appointment

On October 02, 2018, Orocobre Limited (ASX: ORE) witnessed a share price rise of 8.21% (1:45 PM AEST) as the group announced that Mr. Martin Perez de Solay is joining the group as the new CEO and MD. This appointment has been made post an exhaustive global search done by recruitment specialist, Egon Zehnder for the lithium miner. The charge by the new CEO will commence post the Annual General Meeting and a transition period with the current MD and CEO has been scheduled accordingly. With this move, the group aims to optimise the operating performance of the Olaroz joint venture and have growth plans for the Olaroz Stage 2 expansion and Lithium Hydroxide plant in Japan tracking as planned.  

Lately, the group reported about its brine sampling of diamond core holes, CAU20 and CAU21 in the NW Sector of Cauchari JV property, in Jujuy Province, Argentina; wherein the exploration program is being managed by JV partner, Advantage Lithium while ORE owns 33.5 per cent of Advantage Lithium's issued capital and 25 per cent directly in the JV. The update indicated for completion of systematic brine sampling in holes - CAU20 and CAU21. It reflected for an average 629 mg/ l lithium and 4,537 mg / l potassium from 113 - 318 metre depth and 607 mg / l lithium and 4,691 mg / l potassium from 125 - 265 metre in the north of NW sector. Further, the group stated that low Mg/ Li ratios of 2.1 : 1 and 2.2 : 1, and low SO4/ Li ratios of 24 : 1 and 23 : 1 respectively, were reported during pumping of CAU07. This reflected a positive outcome in terms of brine processing.

The group’s stock did witness some downfall when it announced the establishment of temporary foreign trade measures at reducing the Argentine fiscal deficit. Particularly, a temporary special export duty has been said to be levied to all exports of 66.5 per cent subsidiary Sales de Jujuy SA (SDJ) and Borax Argentina SA up to December 31, 2020 at a rate of AR$ 3 for each US $ 1; and ORE believed that the export duties’ enhancement will be managed by rapid devaluation of the Argentine Peso with the positive affect on production costs for SDJ and Borax, at least by some extent.

ORE has a market capitalisation of about $ 1.1 billion with price to earnings ratio of 375x and we foresee many growth opportunities in the near future that can further boost the stock price.

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