AMERIGO RESOURCES $0.37 (Toronto symbol ARG; TSINetwork Rating: Speculative) (604-681-2802; www.amerigoresources.com; Shares outstanding: 173.7 million; Market cap: $66.0 million; No dividends paid) processes copper and molybdenum from waste rock at Chile’s El Teniente, the world’s largest underground copper mine. This includes rock from the mine’s current production and tailings from the nearby Colihues deposit. This contract runs at least through 2037.
Amerigo gets 94% of its revenue by processing copper. The remaining 6% comes from molybdenum.
In the quarter ended June 30, 2014, Amerigo’s copper output fell 2.2%, to 9.34 million pounds from 9.55 million a year earlier. Molybdenum production declined 13.5%, to 152,340 pounds from 176,845.
Cash flow fell 64.4%, to $1.5 million, or $0.01 a share, from $4.2 million or $0.02. Lower copper prices were the main reason for the decline.
Amerigo recently reached an agreement to process material from the Cauquenes tailings deposit, located near its current operations. This is a big growth project: Amerigo expects it to help double its production in 2016, to 90 million pounds.
The Cauquenes expansion will cost $140 million. However, Amerigo has used its cash flow to pay off all of its debt over the last few years, and it currently holds cash of $7.3 million. This gives it the flexibility to borrow the money it needs for Cauquenes from Chilean banks.
Copper prices have dropped to $3.02 U.S. a pound from around $3.75 at the start of 2013. However, the metal’s longer-term outlook is positive, given improving demand and uncertain supply. That should push up Amerigo’s share price.
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