Australian lithium producer Orocobre has completed a $1.4 bn merger with Galaxy Resources. The acquisition, announced in April, will create the world’s fifth most valuable Li producer called Allkem Ltd.
The company said in its earnings report on Aug 25 that its annual revenue had increased to $84.8mn for the year ended June 30, 2021, compared with $77.1mn in the previous fiscal. However, its after-tax losses widened to $89.5mn from $67.2mn after changes in the Argentine tax rate.
Orocobre operates the Olaroz Lithium Facility in northern Argentina, with a second-stage expansion expected to be completed in FY2022. It has operations in Australia, Japan, and North America.