ORE Turnaround to profit

Turnaround to profit: ORE had reported a strong production of 11,862 tonnes of lithium carbonate for fiscal year of 2017 and expects over 14,000 tonnes of production for FY18. The group reported a profit of US$19.4 million, driven by sale of assets of US$14.8 million offsetting the impairment of Borax Argentina of US$8.1 million, as compared to the loss of US$22 million in fiscal year of 2016. Notably, lithium carbonate production surged 72% year on year (yoy) against FY16, while their sales revenue reached US$120 million in FY17 as compared to US$15 million (2 months) in prior corresponding period (pcp). Importantly, it managed to be among the low-cost producers with gross operating margins of 62% with lithium production costs at US$3,710/tonne. The stock has moved up 53% in the last six months, while it is up 9.5% in the past one year (as of September 13, 2017).

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