BRISBANE, Australia, April 5, 2017 /CNW/ -- Orocobre Limited (ORE: ASX, ORL: TSX) (Orocobre or the Company) wishes to provide an update on the release of additional cash security deposits which back Sales de Jujuy S.A.'s ("SDJ'') working capital facility in Argentina.
Following the release last week of guarantees of approximately US$4.3M on a 100% basis, a further release of approximately US$4.35M (100% basis) has been received. Orocobre's portion of the current release is approximately US$3.15M.
Release of guarantees to the Orocobre group totals approximately US$6.25M which is now part of the group's available cash.
The releases mentioned above in US$ are quoted as approximate given they are Argentine Peso denominated.
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 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.
SOURCE Orocobre Limited