Given below is the brief outlook on the mining stocks that rose on the Australian Stock Exchange today.
Headquartered in Australia, Orocobre Limited (ASX: ORE) is the supplier of high grade, high-value lithium chemicals in the global market. The key operations of the company are Olaroz Lithium Facility in northern Argentina, Borax Argentina and a 35 per cent interest in Advantage Lithium.
Orocobre published a presentation on Macquarie Australia Conference yesterday, 2nd May 2019. The major highlights of the presentation are:
- Olaroz Lithium facility achieved the best March quarter production of 3,075 tonnes in Q3 FY19
- The sales revenue was up by 4 per cent QoQ to US$33.4 million.
- FID approval was provided for the Naraha Lithium Hydroxide project announced on April 2019
- The project debt got reduced to approximately US$110 million in March 2019 for Olaroz Project Facility
- Orocobre corporate cash balance was US$265.7 million as on 31 March 2019
- The pond capacity is growing ahead of production
On 24th April 2019, Orocobre Limited issued updates on independent resource estimation for the Cauchari JV Prospect. The company clarified in an ASX announcement that there is no material difference between the resource estimate in the technical report published by Advantage Lithium Corp. and the resource estimation posted by the company on 7th March 2019. The company also announced the appointment of WorleyParsons Limited (ASX: WOR) to complete the Cauchari JV Pre-Feasibility Study.
The company’s stock ended up higher today at AUD 3.710 on 3rd May 2019, rose by 7.225 per cent in comparison to the previous day’s market price. About 2,571,258 number of shares were in trade today, and 261.68 million were outstanding. The 52-week high and low value of the stock was recorded as AUD 6.400 and AUD 2.910 respectively.
Galaxy Resources Limited
Aiming to become a major producer of lithium products, Galaxy Resources Limited (ASX: GXY) deals in production of lithium concentrate in Australia, Canada and Argentina. The company is initially engaged in the development of the Sal de Vida lithium and potash brine project in Argentina which currently produces around 60% of the global lithium.
In a recent quarterly activities report released, the company reported production of 41,874 dry metric tonnes of spodumene concentrate from its Mt Cattlin Operations. Galaxy received the full US$271.6 million consideration paid by POSCO after the final settlement during the quarter under the Sal De Vida Project. The company also announced its annual report for the year ending Dec 31st, 2018 on 16th April 2019. The company’s revenue improved by 60 per cent to US$153.9m in FY2018 from FY2017. Galaxy had a cash balance of US$24.8m at the end of the year.
The company notified on April 4th, 2019 that Mr Simon Hay would be the new Chief Executive Officer of Galaxy Resources with effect from 1st July 2019. Late in March, a Pre-Development agreement (PDA) was signed between Galaxy Resources and the Cree Trio for the development of James Bay Lithium Project.
On 3rd May 2019, Galaxy Resources’ stock gained 3.934 per cent as compared to its previous close. The closing stock price of the company was recorded as AUD 1.585. The market capitalisation of the company stood at AUD 621.47 million with its 52-week high and low value being AUD 3.660 and AUD 1.445 respectively.
Source: ORE -#/
GXY - #
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