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365 Posts.
51
21/07/16
11:07
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How about this from yesterday? ....
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01:27 GMT [Dow Jones] Show me the money. That is what Citi wants from Orocobre (ORE.AU)
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and its Olaroz lithium carbonate venture in Argentina. "The difficulty we face is in
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understanding cash flows at the JV level," says Citi, after Orocobre's June
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quarter production and sales price met expectations. "The quarterly report suggests
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the operation requires an additional A$13 million (US$9.7 million) in the September
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quarter, making us question the strength of its operating cash flow." Citi says the
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Olaroz JV should have produced US$12 million in operating cash flow in the April-June
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period. That is based on sales of 2,971 tons of lithium carbonate at an average price of
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US$7,500 a ton, minus production costs. Citi keeps a sell call on Orocobre and A$2.22 a
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share price target. ORE last traded at A$4.77.
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