Lithium miner Orocobre Limited (ASX: ORE) shares are up 1.4% to $5.51 today with a 5% rise in share price yesterday off the back of a production update and investor presentation.
Orocobre revealed its Argentina-based Olaroz facility has ramped up production by 28% – achieving its second-highest production result ever – with total revenue for the year also up 27% on the previous year and final figures to be released later this month in its quarterly report.
Macquarie last month placed an outperform rating on Orocobre off the back of Olaroz success, with a $6.60 price target.
Many investors chasing lithium stocks are still more inclined towards Galaxy Resources Limited (ASX: GXY) given its more diversified asset base, with Pilbara Minerals Ltd (ASX: PLS) also asserting itself in the space and a more emergent player being Altura Mining Ltd (ASX: AJM).
Lithium has been touted as the next big thing given its usage in the batteries used to power electric cars, with cobalt and nickel also potentially entering a boom phase for the same reason.
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