Shares in lithium miner Orocobre are on a tear

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Orocobre shares jumped after the lithium miner announced a maiden profit of $US19.4 million ($A24.5 million).

A short time ago, the shares were 10.9% higher at $3.75.

CEO Richard Seville says Orocobre is now a mainstream, profitable, low cost producer of lithium carbonate. Lithium is a key ingredient in batteries for mobile devices such a smartphones and storing electricity.

He says the company produced 11,682 tonnes of lithium carbonate, or 5% to 6% of global supply, in 2017.

“Global market fundamentals for lithium remain intact with strong demand growth, tight supply and attractive pricing,” Seville says.

“In meeting market demand Orocobre will grow organically through a staged series of expansions at Olaroz (in Argentina) for select partners in the battery market.”

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