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Orocobre agrees to US$180M finance facility for stage 2 expansion of Olaroz

Orocobre Ltd. said Aug. 23 that it finalized a 9.5-year, US$180 million finance facility, which will fund the stage two expansion of the Olaroz lithium facility in Argentina.

The agreement was signed between Mizuho Bank Ltd., Japan Oil Gas and Metals National Corp. and Sales De Jujuy SA — a joint venture 66.5% held by Orocobre, with Toyota Tsusho Corp. holding a 25% stake and Jujuy Energia y Mineria Sociedad del Estado taking up the remaining 8.5% stake.

Meanwhile, Orocobre and Toyota Tsusho will provide the remaining capital required for the stage two expansion on a 75/25 basis, respectively.

In a separate statement, Orocobre said it expects production in fiscal 2020 to be at least 5% higher than fiscal 2019 production of 12,605 tonnes of lithium carbonate.