A recent expansion should help this small copper and molybdenum producer increase its cash flow when global economic growth spurs copper prices.
Current prices reduced cash flow 43.8% in the latest quarter, but a 13.5% production increase means this miner should generate significant revenue as the copper price strengthens once again.
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AMERIGO RESOURCES (Toronto symbol ARG; www.amerigoresources.com), processes copper and molybdenum from the waste rock of the huge El Teniente mine in Chile. That site hosts the world’s largest copper operation, and the company’s contract with its owner runs through 2021.
Amerigo has other deals to process material at the nearby Colihues and Cauquenes tailings ponds—and it has now officially completed the development of the Cauquenes project.
The announcement came after the company successfully passed completion tests. They included meeting targets around production costs and commercial and environmental compliance over a 60-day period.
On December 6, 2018, Chile’s President Sebastián Piñera attended a ceremony at the site to celebrate the start-up of the Cauquenes plant. The Chilean government is a big supporter.
Penny Stocks: Future cash flow depends on long term copper price increases
The company gets 94% of its revenue from processing copper. The remaining 6% comes from its output of molybdenum, which is used in steelmaking.
For the quarter ended September 30, 2018, Amerigo’s copper output rose 13.5%, to 17.6 million pounds (at a production cost of $1.38 a pound) from 15.5 million pounds (at a cost of $1.69) a year earlier. The gains came mostly from the completion of the Cauquenes Phase Two expansion.
Cash flow fell 43.8%, to $6.2 million, or $0.035 a share, from $11.0 million, or $0.06. The decline was mostly due to lower copper prices.
In the near term, copper’s outlook is uncertain. Longer term, however, an improving global economy and unsteady supply should push copper prices higher still.
Recommendation from Stock Picker’s Digest: Amerigo is a buy for aggressive investors.
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