Ann: Orocobre Limited - Investor Presentation November 2018, page-10

Why now? I assume they will be putting out a presentation for next Friday's AGM so what is the purpose of this presentation? There's no mention of any roadshows being conducted between now and the AGM.

At this stage I trust Richard Seville about as far as I could throw him so I am looking to see what bitter little pill he is sneaking out now rather than at the AGM. And as always for me it comes down to the FIDs (though this is the first time I've seen them fess up to having built insufficient ponds for stage one)..

This is what is said about the FID for the stage 2 expansion:

"FID expected this quarter subject to TTC completing an EPC contract for the Naraha lithium hydroxide plant allowing for the integrated and concurrent development of both projects, commissioning in 2H CY2020"

But this is what is said about the FID for the LiOH project:

"Orocobre and Toyota Tsusho are targeting completion of an EPC contract with Veolia during the December quarter with subsequent FID and commissioning during 2H CY2020."

Hmmm. "targeting" and "subesquent" sounds awfully weaselly to me. I suspect that Richard Seville is paving the way to backtrack from the positive message he gave at the recent briefing about the timing of the EPC contract and FID for the LiOH plant. But of course come 1st December this will no longer be his responsibility, it will be up to Manuel to communicate to us from his home office in Buenos Aires.