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Orocobre (ASX:ORE) has provided an update on the release of the cash security deposits which bake Sales de Jujuy S.A’s working capital facility in Argentina. As quoted in the press release: Strong positive cashflows at SDJ have allowed guarantees, on a 100% basis, of approximately US$4.3M to be released in Argentinafollowing the repayment of a …

Orocobre (ASX:ORE) has provided an update on the release of the cash security deposits which bake Sales de Jujuy S.A’s working capital facility in Argentina.
As quoted in the press release:

Strong positive cashflows at SDJ have allowed guarantees, on a 100% basis, of approximately US$4.3M to be released in Argentinafollowing the repayment of a portion of the working capital facility by SDJ. Orocobre’s portion of such release is approximatelyUS$3.1M and such amount will now become part of the group’s available cash on hand. The releases mentioned above in US$ are quoted as approximate given they are Argentine Peso denominated.
SDJ also made a US$13.9M principal and interest payment on 7 March 2017.
Orocobre’s Chief Financial Officer Neil Kaplan commented, “We are pleased to announce the first release of guarantees back to the Company as SDJ begins repaying its working capital facilities. This is a reflection of the strong operational cashflows being generated at SDJ which are expected to allow subsequent releases back to the Company throughout this year which will bolster Orocobre’s cash balance.”

Click here to read the full press release.

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