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Martin Perez de Solay is currently the president and CEO of Petroleos Sudamericanos, an oil and gas producer operating in Argentina and Colombia, and prior to 2011 was the CFO and head of corporate development at AIM-listed GeoPark, an oil and gas operator with assets in Argentina and Chile.
A qualified industrial engineer, de Solay also spent a decade at Citigroup around the turn of the century in institutional, corporate and restructuring roles.
The new MD will be paid US$700,000 per annum, with his focus to be on optimisation of the Olaroz project and delivering on a planned expansion, as well as development of a lithium hydroxide plant in Japan.
The expansion will lift production from 17,000t per annum to 42,000tpa at a cost of $285 million, while the plan for hydroxide production involves a 10,000tpa plant being built in Japan.
An investment decision on the latter is due next year.
Exiting MD Richard Seville will leave after the upcoming Orocobre AGM.
Seville was the founding MD of the company.
Orocobre is currently capitalised at about A$1.1 billion, with earnings last financial year of nearly US$100 million.
Cash at June 30 stood at $316 million and debt about $90 million.
