Orocobre and Toyota Tsusho Corporation Close US$192 Million

Orocobre and Toyota Tsusho Corporation Close US$192 Million Debt
Financing With Mizuho Corporate Bank for Olaroz Lithium Project 
BRISBANE, AUSTRALIA -- (Marketwire) -- 12/06/12 -- Orocobre Limited
("the Company") (TSX:ORL)(ASX:ORE) is pleased to announce that with
joint venture partner Toyota Tsusho Corporation ("TTC"), the
companies have executed the loan documentation for the project
financing for Orocobre's flagship Olaroz lithium project ("Olaroz
Project" or "the Project") located in the Province of Jujuy, northern
As previously announced, the project financing will be provided by
Mizuho Corporate Bank Ltd ("Mizuho") with a maximum facility amount
of approximately US$192 million as detailed below: 

Parameters                    Values                                        
Maximum Facility              US$191.9 million                              
Equity by Sales de Jujuy      US$82.8 million                               
Maximum Debt : Equity Ratio   70% : 30%                                     
Construction Cost             US$229.1 million including $22 million        
Primary Debt Facility         US$146.3 million                              
Additional facilities         US$45.6 million                               
Term                          10 years                                      
Grace Period                  2 years                                       
Dividend Payments             Borrower may pay dividends bi-annually after  
                              meeting debt service obligations to Mizuho    

The overall cost of the debt funding including guarantee is expected
to be approximately 4.5% of the drawn amount and will be fixed for
the term of the loan at the time of drawing on the debt facility. 
The Olaroz Project Joint Venture is being operated through Orocobre's
Argentine subsidiary, Sales de Jujuy S.A. ('SDJ SA") with
shareholders Sales de Jujuy Pte Ltd (a Singaporean company that is
the joint venture vehicle for Orocobre and TTC) and Jujuy Energia y
Mineria Sociedad del Estado ("JEMSE"), the mining investment company
owned by the provincial Government of Jujuy, Argentina. The effective
Olaroz Project equity interests are Orocobre 66.5%, TTC 25.0% and
JEMSE 8.5%. 
Orocobre's CEO & Managing Director, Richard Seville, commented, "This
is the last part of the financing for the Olaroz lithium project. Our
valued partner, Toyota Tsusho, has delivered a comprehensive and low
cost debt package for the project. Construction has commenced and we
are on the way to production in Q2 2014." 
"It is noteworthy that this milestone occurs almost exactly five
years to the day of the Company's listing on the ASX. Many of those
shareholders who were with us then, are still with us now, and I
thank them for their continued interest in the Company and look
forward to sharing the moment of first production in 2014!" 
About Orocobre Limited 
Orocobre Limited is listed on the Australian Securities Exchange and
Toronto Stock Exchange (TSX:ORL)(ASX:ORE), and is building a
substantial Argentinian-based industrial minerals company through the
construction and operation of its portfolio of lithium, potash and
boron projects and facilities in the Puna region of northern
Argentina. The Company is building in partnership with Toyota Tsusho
Corporation the first large-scale, "greenfield" brine based lithium
project in 20 years at its flagship Salar de Olaroz resource, with
projected production of 17,500 tonnes per annum of low-cost battery
grade lithium carbonate scheduled to commence in Q2 2014. The Company
also wholly-owns Borax Argentina, an important regional borate
producer. Orocobre has recently been included in the S&P/ASX 300
Index and was named 2012 Mining Company of the Year by Argentine
mining magazine Panorama Minero and the Fundacion para el desarrollo
de le Mineria Argentina ("Fundamin" or Foundation for Development of
Argentina Mining). For further information, please visit
Caution Regarding Forward-Looking Information 
This news release contains "forward-looking information" within the
meaning of applicable securities legislation. Forward-looking
information contained in this release includes, but is not limited
to, the drawdown of finance for the Olaroz Project,, the completion
of construction at the Olaroz Project and the timing thereof, the
commencement of commercial production at the Olaroz Project and the
timing thereof, the estimated capital cost of the Olaroz Project, the
design production rate for lithium carbonate and potash at the Olaroz
Project, the expected brine grade at the Olaroz Project, the expected
operating costs at the Olaroz Project and the comparison of such
expected costs to expected global operating costs, and the ongoing
working relationship between Orocobre and the Province of Jujuy. 
Such forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause actual results
to be materially different from those expressed or implied by such
forward- looking information, including but not limited to the risk
of further changes in government regulations, policies or
legislation; the possibility that required concessions may not be
obtained, or may be obtained only on terms and conditions that are
materially worse than anticipated; the risk that required guarantees
will not be provided or that the project financing will otherwise not
be completed with Mizuho Corporate Bank and JOGMEC; that further
funding may be required, but unavailable, for the ongoing development
of the Company's projects; fluctuations or decreases in commodity
prices; uncertainty in the estimation, economic viability,
recoverability and processing of mineral resources; risks associated
with weather patterns and impact on production rate; risks associated
with construction and development of the Olaroz Project; unexpected
capital or operating cost increases; uncertainty of meeting
anticipated program milestones at the Olaroz Project; general risks
associated with the feasibility and development of the Olaroz
Project; as well as those factors disclosed in the Company's Annual
Information Form for the year ended June 30, 2012 filed at
The Company believes that the assumptions and expectations reflected
in such forward-looking information are reasonable. Assumptions have
been made regarding, among other things: the timely receipt of
required approvals and completion of agreements on reasonable terms
and conditions; the ability of the Company to obtain financing as and
when required and on reasonable terms and conditions; the prices of
lithium and potash; and the ability of the Company to operate in a
safe, efficient and effective manner. Readers are cautioned that the
foregoing list is not exhaustive of all factors and assumptions which
may have been used. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance on
forward-looking information. The Company does not undertake to update
any forward-looking information, except in accordance with applicable
securities laws. 
ABN 31 112 589 910
Orocobre Limited
Richard Seville
Managing Director
+61 419 916 338
Orocobre Limited
Bruce Rose
VP - Corporate Development
+ 1 (604) 377 1423
Orocobre Limited
James Calaway
+ 1 (713) 818 1457
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