Australian Lithium Developer Given Strong Start To New Year
The market has responded positively to the news of development with the share price appreciating over 8 percent on the news, while the Byron Capital Markets Lithium Index has declined 2 percent during the same period.
By Dave Brown - Exclusive to Lithium Investing News To celebrate the New Year, investors and stakeholders of Australian based lithium developer Orocobre Limited (ASX: ORE) (TSE: ORL) were provided with an eagerly anticipated positive approval from the Jujuy provincial government for the Environmental Impact Statement (EIS) on the development and exploitation of its Salar de Olaroz Lithium- Potash Project in northern Argentina. The development recommendation was fully supported by the Provincial Director on Mines and EnergyResources, the Unit of Mining Environmental Management (UGAMP), local community of Olaroz Chico and other regional community leaders. Richard Seville, Managing Director of Orocobre was extremely optimistic, "We are delighted to have received approval of the EIS for the development and operation of our Olaroz project. This is a major milestone for the Company and is the key government approval. The project was fully supported by the local community and regional leaders.We lodged our development and exploitation EIS with the government in May 2010 and are the first project to be assessed under new provincial government legislation. The fact that it only took six months whilst operating in a new approval system is a testament to the professionalism of our people and their documented work, coupled with the reputation we have developed with stakeholder groups over the last three years working in Jujuy." The market has also responded positively to the news development with the share price appreciating over 8 percent on the news, while the Byron Capital Markets Lithium Index has declined 2 percent during the same period. Over the course of a full month of trading the Orocobre stock price has appreciated over 27 percent to its current trading range.