AMERIGO RESOURCES $0.61 (Toronto symbol ARG; TSINetwork Rating: Speculative) (604-681-2802; www.amerigoresources.com; Shares outstanding: 172.3 million; Market cap: $105.1 million; Dividend yield: 6.6%) processes copper and molybdenum from the waste rock from Chile’s El Teniente, the world’s largest copper mine. The contract runs at least through 2021. Amerigo has a further agreement to process a supplementary source of material from the nearby Colihues tailings pond.
The company gets 94% of revenue by processing copper. The remaining 6% comes from molybdenum.
Amerigo is now in discussions with El Teniente to process more waste rock at the site. Amerigo has started work on the design, engineering and permitting for a three-stage expansion that should double its production capacity. If the two companies can’t reach an agreement, El Teniente has agreed to reimburse Amerigo for any costs it incurs.
Meanwhile, in the three months ended March 31, 2012, Amerigo’s revenue rose 11.0%, to $50.5 million from $45.5 million a year earlier (all figures except share price and market cap in U.S. dollars). The company offset lower copper and molybdenum prices by producing more of both metals.
Cash flow per share fell 20%, to $0.04 from $0.05. That’s mainly because Amerigo’s costs rose, especially for power, because a drought in Chile cut hydroelectric production. The shares yield a high 6.6%.
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