The Bull

Tuesday 18

December, 2018 2:55 AM



Lithium producer Orocobre hires new chief

Lithium producer Orocobre hires new chief

Orocobre has appointed new chief executive and managing director Martin Perez de Solay to help guide the expansion of its lithium facility in Argentina.

Share |

By AAP 01.10.2018 11:20 AM

Lithium producer Orocobre has appointed Martin Perez de Solay as its new managing director.

The Brisbane-based company - which produces lithium carbonate at its Olaroz project in northern Argentina - has also appointed Mr de Solay as chief executive officer.

Orocobre's chairman Robert Hubbard says Mr de Solay will focus on the Olaroz joint venture and its $US285 million ($A394 million) stage two expansion, increasing production to 45,000 tonnes of lithium carbonate per year.

Mr de Solay will also push on with Orocobre's planned 10,000 tonnes per annum lithium hydroxide plant in Japan.

He will replace current chief Richard Seville, who has been with the company for 11 years.

Shares in the dual-listed miner took a dive last month after the Argentinian government announced temporary export tariffs to help reduce the country's fiscal deficit.

Orocobre will be slugged an eight per cent duty tax on export sales revenue through its subsidiaries Sales de Jujuy, in which it holds a 66.5 per cent stake, and Borax Argentina.

Since April, the Argentine Peso has devalued about 90 per cent against the US dollar.

The levy will apply until December 2020.

Archive
Markets
Index: Points Change Percent

PLEASE SUPPORT OUR SPONSORS, AUSTRALIA'S LEADING BROKERS:



© Copyright TheBull.com.au. All rights reserved.