Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
In the same category
Orocobre and Toyota Tsusho Corporation Close US$192 Million Debt Financing With Mizuho Corporate Bank for Olaroz Lithium Project
Published : December 06, 2012
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Argentina | Australia | Debt | Fixed | Lithium | Market |

BRISBANE, AUSTRALIA--(Marketwire - Dec. 6, 2012) - Orocobre Limited ("the Company") (News - Market indicators)(ASX:ORE) is pleased to announce that with joint venture partner Toyota Tsusho Corporation ("TTC"), the companies have executed the loan documentation for the project financing for Orocobre's flagship Olaroz lithium project ("Olaroz Project" or "the Project") located in the Province of Jujuy, northern Argentina.

As previously announced, the project financing will be provided by Mizuho Corporate Bank Ltd ("Mizuho") with a maximum facility amount of approximately US$192 million as detailed below:

Parameters Values
Maximum Facility US$191.9 million
Equity by Sales de Jujuy US$82.8 million
Maximum Debt : Equity Ratio 70% : 30%
Construction Cost US$229.1 million including $22 million contingency
Primary Debt Facility US$146.3 million
Additional facilities US$45.6 million
Term 10 years
Grace Period 2 years
Dividend Payments Borrower may pay dividends bi-annually after meeting debt service obligations to Mizuho

The overall cost of the debt funding including guarantee is expected to be approximately 4.5% of the drawn amount and will be fixed for the term of the loan at the time of drawing on the debt facility.

The Olaroz Project Joint Venture is being operated through Orocobre's Argentine subsidiary, Sales de Jujuy S.A. ('SDJ SA") with shareholders Sales de Jujuy Pte Ltd (a Singaporean company that is the joint venture vehicle for Orocobre and TTC) and Jujuy Energia y Mineria Sociedad del Estado ("JEMSE"), the mining investment company owned by the provincial Government of Jujuy, Argentina. The effective Olaroz Project equity interests are Orocobre 66.5%, TTC 25.0% and JEMSE 8.5%.

Orocobre's CEO & Managing Director, Richard Seville, commented, "This is the last part of the financing for the Olaroz lithium project. Our valued partner, Toyota Tsusho, has delivered a comprehensive and low cost debt package for the project. Construction has commenced and we are on the way to production in Q2 2014."

"It is noteworthy that this milestone occurs almost exactly five years to the day of the Company's listing on the ASX. Many of those shareholders who were with us then, are still with us now, and I thank them for their continued interest in the Company and look forward to sharing the moment of first production in 2014!"

About Orocobre Limited

Orocobre Limited is listed on the Australian Securities Exchange and Toronto Stock Exchange (News - Market indicators)(ASX:ORE), and is building a substantial Argentinian-based industrial minerals company through the construction and operation of its portfolio of lithium, potash and boron projects and facilities in the Puna region of northern Argentina. The Company is building in partnership with Toyota Tsusho Corporation the first large-scale, "greenfield" brine based lithium project in 20 years at its flagship Salar de Olaroz resource, with projected production of 17,500 tonnes per annum of low-cost battery grade lithium carbonate scheduled to commence in Q2 2014. The Company also wholly-owns Borax Argentina, an important regional borate producer. Orocobre has recently been included in the S&P/ASX 300 Index and was named 2012 Mining Company of the Year by Argentine mining magazine Panorama Minero and the Fundacion para el desarrollo de le Mineria Argentina ("Fundamin" or Foundation for Development of Argentina Mining). For further information, please visit www.orocobre.com.

Caution Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information contained in this release includes, but is not limited to, the drawdown of finance for the Olaroz Project,, the completion of construction at the Olaroz Project and the timing thereof, the commencement of commercial production at the Olaroz Project and the timing thereof, the estimated capital cost of the Olaroz Project, the design production rate for lithium carbonate and potash at the Olaroz Project, the expected brine grade at the Olaroz Project, the expected operating costs at the Olaroz Project and the comparison of such expected costs to expected global operating costs, and the ongoing working relationship between Orocobre and the Province of Jujuy.

Such forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward- looking information, including but not limited to the risk of further changes in government regulations, policies or legislation; the possibility that required concessions may not be obtained, or may be obtained only on terms and conditions that are materially worse than anticipated; the risk that required guarantees will not be provided or that the project financing will otherwise not be completed with Mizuho Corporate Bank and JOGMEC; that further funding may be required, but unavailable, for the ongoing development of the Company's projects; fluctuations or decreases in commodity prices; uncertainty in the estimation, economic viability, recoverability and processing of mineral resources; risks associated with weather patterns and impact on production rate; risks associated with construction and development of the Olaroz Project; unexpected capital or operating cost increases; uncertainty of meeting anticipated program milestones at the Olaroz Project; general risks associated with the feasibility and development of the Olaroz Project; as well as those factors disclosed in the Company's Annual Information Form for the year ended June 30, 2012 filed at www.sedar.com.

The Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable. Assumptions have been made regarding, among other things: the timely receipt of required approvals and completion of agreements on reasonable terms and conditions; the ability of the Company to obtain financing as and when required and on reasonable terms and conditions; the prices of lithium and potash; and the ability of the Company to operate in a safe, efficient and effective manner. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

ABN 31 112 589 910



Orocobre Limited
Richard Seville
Managing Director
+61 419 916 338
rseville@orocobre.com
or
Orocobre Limited
Bruce Rose
VP - Corporate Development
+ 1 (604) 377 1423
brose@orocobre.com
or
Orocobre Limited
James Calaway
Chairman
+ 1 (713) 818 1457
jcalaway@calawayinterests.com
www.orocobre.com
Data and Statistics for these countries : Argentina | Australia | All
Gold and Silver Prices for these countries : Argentina | Australia | All

Oriel Resources PLC

CODE : ORL.TO
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Oriel Res. is a nickel development stage company based in United kingdom.

Oriel Res. is listed in Canada, in Germany, in United Kingdom and in United States of America. Its market capitalisation is CA$ 2.0 billions as of today (US$ 1.6 billions, € 1.4 billions).

Its stock quote reached its lowest recent point on December 30, 2005 at CA$ 0.43, and its highest recent level on January 14, 2011 at CA$ 4.00.

Oriel Res. has 636 711 820 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Nominations of Oriel Resources PLC
7/1/2013Orocobre Limited: Resignation and Appointment of Company Sec...
1/21/2013Orocobre Announces Executive Appointments
11/29/2012Orocobre Announces Board of Directors Appointment
Project news of Oriel Resources PLC
1/25/2012Orocobre Announces Results of Long-Term Pumping Tests at Ola...
Corporate news of Oriel Resources PLC
10/31/2013Orocobre Limited: Quarterly Report of Operations for the Per...
10/14/2013Orocobre Limited: Construction Update on the Olaroz Lithium ...
7/31/2013Orocobre Limited: Quarterly Report of Operations For The Per...
7/31/2013Orocobre Limited: Quarterly Report of Operations For The Per...
7/1/2013Orocobre Announces Borax Plant Relocation
6/11/2013Orocobre Completes Long-Term Pump Testing at the Cangrejillo...
5/7/2013Orocobre Finance Update
4/9/2013Orocobre Limited: Canadian Reporting Update
4/5/2013Orocobre Provides Olaroz Lithium Project Construction Update
1/31/2013Orocobre Limited: Quarterly Report of Operations For the Per...
1/22/2013Orocobre Provides Olaroz Lithium Project Construction Update
11/30/2012Orocobre Completes Share Purchase Plan
11/29/2012Orocobre Comments on Argentine Sovereign Debt Litigation
11/29/2012Orocobre Comments on Argentine Sovereign Debt Litigation
11/19/2012Orocobre Named Argentina's Mining Company of the Year
11/5/2012CORRECTION FROM SOURCE: Orocobre Announces Completion of A$2...
11/5/2012Orocobre Announces Completion of A$21 Million Institutional ...
11/1/2012Orocobre Limited: ASX/TSX Announcement
10/22/2012Orocobre Announces Maiden Resource at the Cauchari Lithium-P...
10/17/2012Orocobre Signs Agreement With Toyota Tsusho for Development ...
10/17/2012Orocobre Signs Agreement With Toyota Tsusho for Development ...
9/26/2012Toyota Tsusho Corporation Announces Positive Investment Deci...
6/27/2012Orocobre Receives Expert Committee Approval to Develop the O...
5/31/2012Orocobre Provides Update on Olaroz Project Approvals
4/30/2012Orocobre Limited-Quarterly Report of Operations for the Peri...
3/7/2012Orocobre Announces the Maiden Resource for the Salinas Grand...
1/25/2012Orocobre Announces Results from Its Cauchari Lithium-Potash ...
12/28/2011Orocobre Announces Update on Company Activities
11/21/2011Orocobre Completes Grid Auger Drilling at Salinas Grandes Li...
10/31/2011Orocobre Limited-Quarterly Activity Report for the Period En...
9/8/2011Orocobre Receives Approval for Exploration Drilling at Salar...
8/31/2011Orocobre Reports Progress on its Flagship Salar de Olaroz Pr...
8/8/2011Orocobre Awards Detailed Engineering Contract to SKM for Sal...
5/3/2011Orocobre Conference Call Invitation
5/3/2011Orocobre Receives Positive Results for Definitive Feasibilit...
4/27/2011Orocobre Limited: ASX/TSX Announcement-Quarterly Report of O...
4/8/2011Orocobre Limited: First Battery Grade Lithium Carbonate Prod...
2/24/2011Orocobre Limited Completes $22 Million "Bought Deal" Financi...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (ORL.TO)LSE (ORI.L)
3.16-9.71%121.50-1.62%
TORONTO
CA$ 3.16
05/04 15:56 -0.340
-9.71%
Prev close Open
3.50 3.27
Low High
3.11 3.27
Year l/h YTD var.
2.20 -  3.50 30.58%
52 week l/h 52 week var.
1.34 -  3.50 31.67%
Volume 1 month var.
180,849 4.98%
24hGold TrendPower© : 40
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
DateVariationHighLow
201630.58%3.512.15
2015-8.33%2.881.33
201415.79%3.312.05
201349.02%2.501.12
201215.91%2.551.12
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
TVI Pacific(Cu-Zn-Au)TVI.TO
30.66% Owned TVIRD Receives Approval to Develop the Balabag Gold-Silver Project
CA$ 0.02+150.00%Trend Power :
Carnegie WaveCWE.AX
AEC Presentation Delivered in Glasgow by UK CEO Tim Sawyer
AU$ 0.04+2.56%Trend Power :
Troy Res.(Ag-Au-Cu)TRY.AX
Troy Restructures Investec Facility
AU$ 0.60-0.82%Trend Power :
CabotCBT
Reports Second Quarter Fiscal 2016 Results
US$ 44.50-0.91%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
BUYS ATTRACTIVE EXPLORATION TARGET NEAR EL GALLO MINE=C2=A0
US$ 2.33-8.63%Trend Power :
Vectren(Ngas)VVC
Vectren Declares Quarterly Dividend
US$ 50.31+1.53%Trend Power :
Westhaven VenturesWHN.V
Westhaven To Drill Shovelnose And Prospect Valley Gold Properties In 2016
CA$ 0.14+7.69%Trend Power :
Junex(Ngas)JNX.V
Independent Study: More Oil than Gas on AnticostiImportance: Normal
CA$ 0.44+2.35%Trend Power :
Clean EnergyCLNE
Wins LNG Deal with Hawaii Gas Signs Additional Contracts
US$ 2.78+0.00%Trend Power :
Bonterra Energy TrustBNE-UN.TO
Confirms Cash Dividend
CA$ 26.86-0.07%Trend Power :
West African ResourcesWAF.AX
March 2016 Quarterly Activities Report
AU$ 0.17-5.56%Trend Power :
Austpac Res.APG.AX
Quarterly Report to 31 March 2016
AU$ 0.00+0.00%Trend Power :
Sun Res.(Oil)SUR.AX
Quarterly Cashflow Report
AU$ 0.00+0.00%Trend Power :
Carnegie WaveCWE.AX
Quarterly Report from Carnegie Wave Energy covering al
AU$ 0.04+2.56%Trend Power :
Harvest Natural(Ngas-Oil)HNR
Receives Continued Notice Listing From NYSE
US$ 0.54+8.00%Trend Power :
Matsa(Au-Ngas-Oil)MAT.AX
Matsa Resources Quarterly Report March 2016
AU$ 0.18-10.00%Trend Power :
New Gold(Cu-Le-Zn)NGD
New Gold Announces Results of Vote for Election of Board of Directors
US$ 4.22-6.01%Trend Power :
Titanium Corp(Oil-Ti)TIC.V
Reports Fiscal Year 2016 Second Quarter Results
CA$ 0.40+9.72%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
1st Quarter Report
AU$ 0.12-4.00%Trend Power :
Teck(Ag-Au-Co)TCK
Reports Voting Results From Annual General Meeting
US$ 10.69-5.31%Trend Power :