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A new Managing Director Mr. MartÃn Pérez de Solay takes the helm of leading lithium and potash miner, Orocobre Limited with effect from today, i.e. 18 January 2019. The appointment of Mr. Solay follows the retirement of outgoing Managing Director Mr. Richard Seville.
In a media announcement to ASX, Orocobre Limited (ASX:ORE) announced that Mr. MartÃn Pérez de Solay has been appointed as a Managing Director of the company with immediate effect. The company further informed that Mr. Solay has formally commenced his duties as Chief Executive Officer of Orocobre Limited effective today. And the retiring MD Mr. Seville will reportedly continue with Orocobre as a Non-Executive Director.Â
The company also released its quarterly report of operations for three months ended 31 December 2018. At its Borax Argentina project, the company flagged record production levels achieved from the Boric acid plant during the December quarter. Boraxâs overall sales volume in the December quarter had increased by 14% to 10,741 tonnes compared to previous quarter. But to the contrary, its sales revenue has shown a marginal improvement due to average price per tonne lying below the September quarter prices.
With respect to its partially owned Olaroz Lithium Facility, Orocobre reported second highest production in December quarter till date. It translates an increase of 65% to deliver 3,782 tonnes of production in December quarter, up from 2,293 tonnes in the September quarter. Its sales for the same reporting period were 3,019 tonnes of lithium carbonate at a realised average price of US$10,587 per tonne, reflecting total sales revenue of US$32 million.
All the three partners, Orocobre, TTC and Jujuy Energia y Mineria Sociedad del Estado (JEMSE), have approved Final Investment Decision (FID) during the quarter with view to the Stage 2 Expansion of the Olaroz Lithium Facility. The company believes that the Stage 2 Expansion will increase Olarozâs total production capacity to circa 42,500 tpa on the back of annual increase of 25,000 tonnes in lithium carbonate production capacity.
Cauchari joint venture in which Orocobre holds a 25% interest had underwent the Phase 3 drilling program which was designed to deliver an estimate of Measured and Indicated Resources during the quarter. In the Phase 3 drilling program update, the company reported the completion of brine sampling of diamond core holes in the NW and SE Sector of Cauchari. Further, Cauchari Feasibility Study is currently underway which is scheduled for completion in second quarter of calendar year 2019. It will provide an appropriate engineering design to build an independent lithium plant of annual production capacity of 20 thousand tonnes of Lithium Carbonate Equivalent.
ORE stock price surged up by 4.615% to last trade at $3.400 on 18 January 2019. Over the past 12 months, the stock price has gone down by 49.85% including a meltdown of 14.92% witnessed over the past three months.
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