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Orocobre Provides Progress Update on Olaroz Lithium Project

Orocobre Limited ("Orocobre" or "the Company") is pleased to advise that progress on the Olaroz Lithium Project continues to proceed on time and within budget.

The first pumping and filling of evaporation pond 4B occurred (as previously advised) at the beginning of August, four weeks ahead of schedule. All brine bores have been drilled and bore equipment and infrastructure for brine supply is 88% complete. Progress is on schedule to reach the full rate by November as planned.

The construction of the evaporation ponds is ahead of schedule with 87% of earthworks completed. The evaporation pond lining program is on schedule.

Other notable events are as follows:

  • Water supply wells have been completed
  • Camp has been completed and is operational
  • The construction and fit out of the laboratory has been completed
  • Erection of the lime plant is more than 50% complete
  • The engineering design of the lithium carbonate plant has been completed and the lithium carbonate plant is under construction
  • The final stage of the roadworks is nearing completion
  • The gas supply and distribution system are 90% complete

The project continues to proceed on time and within budget. A total of approximately US$133m has been spent or committed via executed contracts in the construction project to date.

To view the photos accompanying this press release, please visit the following link: http://media3.marketwire.com/docs/Olaroz_Construction_Update_14-Oct-2013.pdf.

More images are available on our web page under "Gallery". Please click here for the most recent images: http://www.orocobre.com.au/Gallery_Construction_September.htm.

The Company continues to follow the "Jujuy First" strategy to successfully work with suppliers and the employment bureau to focus on the hiring of local people from the communities of Olaroz, Huancar, Puesto Sey, Pastos Chicos, Catua, Susques, Jama, El Toro, Coranzulí, San Juan and Abrapampa. The Company recently sponsored the Olaroz Chico student graduation trip to Salta and Jujuy cities.

The project implementation is through EPCM (Engineering, Procurement and Construction Management) with a high proportion of local involvement through construction and supply contracts and local employment. The unique community and shared value policy continue to be a key success factor, training local people under the supervision of high quality experienced professionals.

The Olaroz lithium project is being developed by Orocobre (66.5%) with partners Toyota Tsusho Corporation ("TTC") (25%) and the Jujuy Province mining and energy company, JEMSE (8.5%) with a construction budget of US$229m including contingency. First production is scheduled for the end of the second quarter, 2014.

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