Adds Naraha plant commissioning delay, share transfer Oct 2
Adds Naraha plant commissioning delay, share transfer
Oct 29 (Reuters) – Australia’s Orocobre Ltd ORE.AX stated on Thursday that lithium costs have seemingly bottomed out, because it reported a 24% drop in quarterly manufacturing at its flagship Olaroz mine in Argentina, hit by coronavirus-related operational restrictions.
Orocobre stated in a press release that costs of the commodity utilized in electrical automobile batteries seem to have bottomed out and that it anticipated increased realised costs within the second quarter.
Manufacturing from the Olaroz plant in Argentina for the September quarter got here in at 2,352 tonnes, down from 3,093 tonnes final 12 months, at the same time as gross sales rose 9%.
The Brisbane-based firm, which signed an offtake take care of a three way partnership owned by Toyota Motor Corp 7203.T and Panasonic 6752.T through the quarter, added that the commissioning of the Naraha Lithium Hydroxide Plant in Japan has been delayed to the second half of subsequent 12 months.
Shares of the miner fell 3.6% in early commerce, outpacing the broader market’s 1.6% decline.
Orocobre peer Pilbara Minerals PLS.AX on Wednesday revealed a plan to purchase embattled lithium producer Altura Mining Ltd AJM.AX after the latter entered administration this week.
(Reporting by A Okay Pranav in Bengaluru; Enhancing by Vinay Dwivedi and Tom Brown)
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