My question was not what does EBITDA mean, although introducing a definition is welcome. My question is where in their calculations is Orocobre sticking the huge expense to operate their plant, which must certainly be costing them between $50M and $100M each year, if their plant is similar to others.
My best guess now - and I have not researched it deeply - is that they are putting the plant operating cost into their cash costs for lithium. This would explain why that cash cost is moving up and down so dramatically one quarter to the next, because a huge fixed cost is being absorbed into different volumes of material each quarter.
