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Orocobre Limited (ASX:ORE) on second day of rises after production updates

lithium shares

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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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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