Orocobre Price Target Cut 26% to A$3.40/Share by Macquarie, page-4

0201 GMT - Macquarie pushes back the timing of an expansion of Orocobre's Olaroz jointventure in Argentina, citing delays in commissioning and capex increases. The investmentbank now sees Phase 2 of the lithium mine happening in 2021, later than the Orocobre'sguidance for 2H 2020. Still, it thinks Orocobre can get there without needing to raisemore equity, after the ASX-listed miner rattled the tin with investors last year and debttalks appear headed for a positive outcome. Macquarie retains a neutral call on thestock, partly because macro indicators for the lithium market continue to lookchallenging. ([email protected]; @dwinningWSJ)