BRISBANE, Australia,
May 18, 2017 /PRNewswire/
-- Orocobre Limited (ORE: ASX, ORL: TSX) (Orocobre or
the Company) wishes to provide an update on the receipt of
VAT and release of additional cash security deposits in
Australia which back Sales de
Jujuy S.A.'s ("SDJ'') Argentine working capital facility.
VAT
Approximately US$2.7M of additional VAT refunds have recently
been received by SDJ.
Approximately US$19.8M of VAT
refunds have been received by SDJ to date taking into account VAT
received recently. All VAT claims submitted to Argentine
authorities through to, and including January 2017 have now been approved and paid.
Further claims of ~US$3.5M
relating to February and March 2017
have been submitted to the Argentine authorities. The total
outstanding VAT balance from project construction yet to be claimed
by SDJ stands at ~US$15.7M on a
pre-discounted basis.
Refund amounts in US$ are quoted as approximate given they are
Argentine Peso denominated.
Release of Standby Letters of Credit
SDJ repaid
US$5M of its working capital facility
this week resulting in a release of US$5M held as security for the Standby Letters of
Credit which support the SDJ working capital facility. Orocobre's
portion of this release is US$3.6M
bringing the total release of cash since 1
January 2017 to US$14.3M.
The balance of security yet to be released to Orocobre for the
Standby Letters of Credit now stands at US$22.7M and this is expected to be received by
December 2017.
For more information please contact:
Richard
Seville
|
Andrew
Barber
|
Managing
Director
|
Investor Relations
Manager
|
T: +61 7 3871
3985
|
T: +61 7 3871
3985
|
M:+61 419 916
338
|
M: +61 418 783
701
|
E:
rseville@orocobre.com
|
E:
abarber@orocobre.com
|
About Orocobre Limited
Orocobre Limited is listed on
the Australian Securities Exchange and Toronto Stock Exchange (ASX:
ORE) (TSX: ORL), and is building a substantial Argentinian-based
industrial chemicals and minerals company through the construction
and operation of its portfolio of lithium, potash and boron
projects and facilities in the Puna region of northern Argentina. The Company has built, in
partnership with Toyota Tsusho Corporation and JEMSE, the first
large-scale, greenfield brine based lithium project in
approximately 20 years at the Salar de Olaroz with planned
production of 17,500 tonnes per annum of low-cost lithium
carbonate.
The Olaroz Lithium Facility has a low environmental footprint
because of the following aspects of the process:
- The process is designed to have a high processing recovery of
lithium. With its low unit costs, the process will result in low
cut-off grades, which will maximise resource recovery.
- The process route is designed with a zero liquid discharge
design. All waste products are stored in permanent impoundments
(the lined evaporation ponds). At the end of the project life the
ponds will be capped and returned to a similar profile following
soil placement and planting of original vegetation types.
- Brine is extracted from wells with minimum impact on freshwater
resources outside the salar. Because the lithium is in sedimentary
aquifers with relatively low permeability, drawdowns are limited to
the salar itself. This is different from halite hosted deposits
such as Salar de Atacama, Salar de
Hombre Muerto and Salar de Rincon
where the halite bodies have very high near surface permeability
and the drawdown cones can impact on water resources around the
Salar affecting the local environment.
- Energy used to concentrate the lithium in the brine is solar
energy. The carbon footprint is lower than other processes.
- The technology developed has a very low maximum fresh water
consumption of <20 l/s, which is low by industry standards. This
fresh water is produced by reverse osmosis from non-potable
brackish water.
- Sales de Jujuy S.A. is also committed to the ten principles of
the sustainable development framework as developed by The
International Council on Mining and Metals. The company has an
active and well-funded "Shared Value" program aimed at the long
term development of the local people.
The Company continues to follow the community and shared value
policy to successfully work with suppliers and the employment
bureau to focus on the hiring of local people from the communities
of Olaroz, Huancar, Puesto Sey, Pastos Chicos, Catua, Susques,
Jama, El Toro, Coranzulí, San Juan
and Abrapampa. The project implementation is through EPCM
(Engineering, Procurement and Construction Management) with a high
proportion of local involvement through construction and supply
contracts and local employment. The community and shared value
policy continues to be a key success factor, training local people
under the supervision of high quality experienced
professionals.
The Company also wholly-owns Borax Argentina, an important
regional borate producer.
For further information, please visit
www.orocobre.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/orocobre-cash-reserves-boosted-further-300460512.html
SOURCE Orocobre Limited