AMERIGO RESOURCES $1.10 (Toronto symbol ARG; TSINetwork Rating: Speculative) (604-681-2802; www.amerigoresources.com; Shares outstanding: 171.5 million; Market cap: $188.7 million; No dividends paid) has risen 69% since June 2010 on higher copper prices.
Amerigo 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.
In the three months ended December 31, 2010, Amerigo’s revenue jumped 49.8%, to $50.7 million from $33.9 million a year earlier. (All figures except share price and market cap in U.S. dollars.) Amerigo earned $0.04 a share, up 33.3% from $0.03 a share. Cash flow was $0.07 a share in the latest quarter.
Higher production and rising copper and molybdenum prices were the main reasons for the gains.
The company expects to produce about 50…
Privacy Policy and Terms of Use
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