Orocobre Limited Received interest payments from Sales de Jujuy S.A
Received interest payments from Sales de Jujuy S.A.: Orocobre Limited (ASX: ORE) stock rose over 4.3% on March 17, 2017 with some positive sentiments. ORE has informed that Sales de Jujuy S.A., the operating company of the Olaroz Lithium Facility, paid US$13.9m (the six-monthly principal and interest payment) due under its project financing facility. The facility now has a residual principal balance of US$155.2m that has reduced by US$36.7 million since the first payment of principal and interest in September 2015. Moreover, the ongoing accumulation of cash by Sales de Jujuy S.A. will facilitate the release back to ORE of the first Standyby Letters of Credit and associated security deposits that are the guarantees for the working capital facilities at Sales de Jujuy S.A., within the next two months. On the other hand, ORE in 1H 2017 has reported the maiden statutory profit of US$7.4 million, which on a proportionally consolidated basis includes a non-cash foreign exchange loss of US$0.9 million. ORE has revised the production guidance for FY2017 to over 12,000 to 12,500 tonnes of lithium carbonate production due to pond inventory management requirements. ORE has total production of 6,542 tonnes of lithium carbonate in 1H 17, which is up 309% on the prior comparative period. On the other side, UBS now holds approximately 5.1% stake in terms of company’s securities.
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