OROCOBRE LTD NPV (OTCMKTS:OROCF) Breaks Higher on Strong Data
By Jermaine Farmer -
September 1, 2017
OROCOBRE LTD NPV (OTCMKTS:OROCF) is a very interesting player in the commodities space. OROCF just popped on a strong breakout move that constituted a true breakout above the key, major moving averages (the 50-day, 100-day, and 200-day) all at once, and on strong volume. The catalyst was quite clear: OROCF just announced its financial results, highlighted by a profit of US$19.4 million impacted by impairment of Borax Argentina of US$8.1 million, and sale of assets of US$14.8 million. That compares with a prior year fiscal loss of $22M.
OROCF Managing Director and CEO, Richard Seville said: “In 2017, Orocobre came to the fore as a mainstream, profitable, low-cost producer of lithium carbonate. We continued to develop and expand our customer base as we produced 11,682 tonnes of lithium carbonate (~5-6% of global supply) from one of the lowest cost bases in our industry.” With such excitement emerging about the lithium market once again this year, the company’s positioning and newfound success stoked traders into action this week, driving shares of the stock higher.
OROCOBRE LTD NPV (OTCMKTS:OROCF) trumpets itself as a company building a substantial Argentinian-based industrial minerals company through the construction and operation of its portfolio of lithium, potash and boron projects and facilities.
OROCF explores for and develops lithium, potash, and salar mineral properties primarily in Argentina. Its flagship project is the Salar de Olaroz lithium project that covers 63,000 hectares of tenements located in the northwest province of Jujuy.
The company also produces boron minerals and refined chemicals. Orocobre Limited is headquartered in Milton, Australia.
According to company materials, “Orocobre Limited (Orocobre) is a dynamic global lithium carbonate supplier and an established producer of boron. Orocobre is dual-listed on the Australia and Toronto Stock Exchanges (ORE.AX), (ORL.TO). Orocobre’s operations include its Olaroz Lithium Facility in Northern Argentina, Borax Argentina, an established Argentine boron minerals and refined chemicals producer and a 35% interest in Advantage Lithium.”