Orocobre Price Target Cut 26% to A$3.40/Share by Macquarie, page-8

"Still, it thinks Orocobre can get there without needing to raise more equity, after the ASX-listed miner rattled the tin with investors last year and debttalks appear headed for a positive outcome."

Ahem.... 
The revised total capital expenditure for Stage 2 is expected to be US$295 millionincluding a US$25 million contingency.  
ORE covers JEMSE's funding, so ORE's share of the project cost is 75% = 221.25m USD. A chunk of this has already been spent on ponds.

Orocobre corporate had available cash of US$284 million after expenditure mainly related to expansion activities,Naraha Lithium Hydroxide Plant basic engineering, corporate expenses and Cauchari JV expenditure being partiallyoffset by interest income.
Appears to be well covered with or without the debt package

Macquarie think 2 1/2 years to complete - are they going to run out of cash during the ramp up?
Take a conservative 12,000 t/year - (it ought to be a lot better), and a conservative 6,000 USD/t margin - (it ought to be a lot better).
Stage 1 should provide at least 180 m USD to keep the  lights on during the construction and ramp up... 

What would we do without these genius analysts...?