Orocobre Limited Moving on a positive sentiment with strong Q3FY17 performance

Moving on a positive sentiment with strong Q3FY17 performance: Orocobre Limited (ASX: ORE) witnessed a stock price surge of 1.9% on May 26, 2017. The group announced that it has received VAT refund and additional cash security deposits in Australia which back Sales de Jujuy S.A.’s (SDJ) Argentine working capital facility. Total of ~US$19.8m of VAT refunds have been received by SDJ to date including US$2.7m of additional VAT refunds received recently. Through this all VAT claims submitted to Argentine authorities 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 and the total outstanding VAT balance from project construction yet to be claimed by SDJ stands at ~US$15.7m on a pre-discounted basis. For Q3FY17, the company reported 19% Quarter on Quarter (QoQ) growth in total revenue at US$32.1 million led by 13% QoQ increase in average FOB price at US$10,211/ton, reflecting firmer market conditions. Importantly, cash cost of production increased only by 1% QoQ to US$3,565/ton, despite lower production volumes. Gross cash margins grew by 21% QoQ to US$6,646/ton reflecting an operating margin of 65% (up from 61% in December 2016 quarter).



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