AMERIGO RESOURCES $0.43 (Toronto symbol ARG; TSINetwork Rating: Speculative) (604-681-2802; www.amerigoresources.com; Shares outstanding: 172.3 million; Market cap: $72.4 million; No dividends paid) processes copper and molybdenum from waste rock at Chile’s El Teniente, the world’s largest copper mine. The contract runs at least through 2037. Amerigo also has an agreement to process material from the nearby Cauquenes tailings pond.
Amerigo gets 94% of its revenue by processing copper. The remaining 6% comes from molybdenum.
In the three months ended June 30, 2013, Amerigo’s revenue fell 22.0%, to $31.4 million from $40.0 million a year earlier (all figures except share price and market cap in U.S. dollars). That’s because Amerigo’s copper production fell 17.5%, and molybdenum output declined 23.1%.
A landslide in one of Amerigo’s production areas at Colihues cut its copper and molybdenum production. However, these operations have now recovered, and production growth has resumed.
Despite the lower revenue, the company’s cash flow rose 13.7% in the latest quarter, to $4.1 million, or $0.024 a share, from $3.6 million, or $0.021 a share. Electricity is a big expense for Amerigo, but it has a new power contract that started on January 1, 2013, at much lower rates than it was previously paying. As a result, the company will save more than $20 million annually over the next five years. That is significantly improving its cash flow.
Amerigo is still a buy for aggressive investors.
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ AMAZON.COM $312.03 (Nasdaq symbol AMZN; TSINetwork Rating: Extra Risk) (206- 266-1000; www.amazon.com; Shares outstanding: 456.9 million; Market cap: $139.0 billion; No dividends paid) has entered into a partnership with magazine publisher Condé Nast.
For a fee, Amazon will handle print and digital subscriptions for seven of Condé Nast’s publications, including Vogue, Golf Digest and Wired.
For Amazon, the deal offers an opportunity to sell magazine subscriptions to its more than 200 million customers and crosssell goods to Condé Nast subscribers. If successful, it should be able to expand the service to other publishers.
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