Aug 25 (Reuters) - Australian Lithium explorer Orocobre Ltd (ORE) posted on Wednesday a 10% jump in annual revenue, boosted by higher demand for electric vehicles, and said it completed its $1.4 billion merger with Galaxy Resources (GXY) .
Prices of lithium, a key ingredient used in electric vehicle batteries, have climbed over the past year amid a global push to cut carbon emissions and move to cleaner modes of transportation.
The Brisbane based-company's acquisition of Galaxy Resources, announced in April this year, will create the world's fifth most valuable producer of lithium.
Orocobre, which holds a stake in the Olaroz Lithium Facility in northern Argentina, said its annual revenue was $84.8 million for the year ended June, compared with $77.1 million a year earlier.
However, its after-tax loss widened to $89.5 million from $67.2 million, hurt by a $74.9 million charge due to a change in the Argentine tax rate.
Orocobre also said that the second-stage expansion of the Olaroz Lithium Facility is expected to be completed in fiscal year 2022.
