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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Amerigo Resources Ltd | TSX:ARG | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.59 | 1.59 | 1.61 | 0 | 01:00:00 |
- Revenues of $143.6 million
- Operating cash flow of $19.1 million
- $13.1 million yearend cash balance
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 26, 2014) - Amerigo Resources Ltd. (TSX:ARG) ("Amerigo" or the "Company") reported today results for the year ended December 31, 2013.
Amerigo's Chairman and CEO, Dr. Klaus Zeitler, stated "We are pleased to announce that 2013 was a positive year financially for Amerigo, with revenues in excess of $143 million and operating cash flow of $19 million. The Company ended the year with more than $13 million in cash and free of long term debt, and is now well positioned to proceed with the Cauquenes expansion project. Negotiations for the formal agreements granting the Company the rights to the Cauquenes tailings deposit and extending its fresh tailings contract from 2021 to 2037 are in their final stages, we anticipate receiving required environmental approvals by the end of the current quarter and the due diligence process in respect of the loan for the majority of the capital cost of the expansion project is well underway. As a result, we continue to expect to break ground on the Cauquenes expansion during Q2. The Company's guidance for 2014 is for production of 45 million pounds of copper and 800,000 pounds of molybdenum, with cash costs projected to be between $2.15 and $2.25 per pound of copper."
Comparative Annual Overview | ||||||||
Years ended December 31, | ||||||||
2013 | 2012 | Change | ||||||
$ | % | |||||||
Copper produced, million pounds | 45.7 | 51.7 | (6.0 | ) | (12 | %) | ||
Copper sold, million pounds | 45.4 | 51.6 | (6.2 | ) | (12 | %) | ||
Molybdenum produced, pounds | 809,057 | 1,057,717 | (248,660 | ) | (24 | %) | ||
Molybdenum sold, pounds | 797,444 | 1,170,703 | (373,259 | ) | (32 | %) | ||
Percentage of copper production from old tailings | 40 | % | 47 | % | (7 | %) | ||
Revenue (thousands) | 143,592 | 181,761 | (38,169 | ) | (21 | %) | ||
Cost of sales 1 (thousands) | 137,556 | 182,851 | (45,295 | ) | (25 | %) | ||
El Teniente royalty costs (thousands) | 33,815 | 43,874 | (10,059 | ) | (23 | %) | ||
Gross profit (loss) (thousands) | 6,036 | (1,090 | ) | 7,126 | 654 | % | ||
Net profit ( loss) (thousands) | 993 | (8,192 | ) | 9,185 | 112 | % | ||
Operating cash flow (thousands) | 19,136 | 12,284 | 6,852 | 56 | % | |||
Cash flow paid for plant expansion (thousands) 2 | (13,391 | ) | (23,708 | ) | 10,317 | (44 | %) | |
Cash and cash equivalents (thousands) | 13,148 | 9,250 | 3,898 | 42 | % | |||
Bank debt (thousands) | - | 1,483 | (1,483 | ) | (100 | %) | ||
Average realized copper price per pound | 3.32 | 3.58 | (0.26 | ) | (7 | %) | ||
Cash cost per pound 3 | 2.08 | 2.46 | (0.38 | ) | (15 | %) | ||
Total cost per pound 3 | 3.22 | 3.62 | (0.40 | ) | (11 | %) | ||
1 Includes El Teniente royalty costs | ||||||||
2 Excluding working capital changes | ||||||||
3 Cash and total costs are non-GAAP measures, refer to the Company's MD&A for a reconciliation to cost of sales . |
Financial results
Production
Revenue
Costs
Cash and Financing Activities
Investments
Outlook
The information in this news release and the Selected Financial Information contained in the following page should be read in conjunction with the Audited Consolidated Financial Statements and Management's Discussion and Analysis for the years ended December 31, 2013 and 2012, which will be available at the Company's website at www.amerigoresources.com and at www.sedar.com.
Amerigo Resources Ltd. produces copper and molybdenum under a long term partnership with the world's largest copper producer, Codelco, by means of processing fresh and old tailings from the world's largest underground copper mine, El Teniente near Santiago, Chile. Tel: (604) 681-2802; Fax: (604) 682-2802; Web: www.amerigoresources.com; Listing: ARG:TSX
Certain of the information and statements contained herein that are not historical facts, constitute "forward-looking information" within the meaning of the Securities Act (British Columbia), Securities Act (Ontario) and the Securities Act (Alberta) ("Forward-Looking Information"). Forward-Looking Information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend"; statements that an event or result is "due" on or "may", "will", "should", "could", or might" occur or be achieved; and, other similar expressions. More specifically, Forward-Looking Information contained herein includes, without limitation, information concerning future tailings production volumes and the Company's copper and molybdenum production, all of which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such Forward-Looking Information; including, without limitation, material factors and assumptions relating to, and risks and uncertainties associated with, the supply of tailings from El Teniente and extraction of tailings from the Colihues tailings impoundment, the achievement and maintenance of planned production rates, the evolving legal and political policies of Chile, the volatility in the Chilean economy, military unrest or terrorist actions, metal price fluctuations, governmental relations, the availability of financing for activities when required and on acceptable terms, the estimation of mineral resources and reserves, current and future environmental and regulatory requirements, the availability and timely receipt of permits, approvals and licenses, industrial or environmental accidents, equipment breakdowns, availability of and competition for future mineral acquisition opportunities, availability and cost of insurance, labour disputes, land claims, the inherent uncertainty of production and cost estimates, currency fluctuations, expectations and beliefs of management and other risks and uncertainties, including those described under Risk Factors in the Company's Annual Information Form and in Management's Discussion and Analysis in the Company's financial statements.
Such Forward-Looking Information is based upon the Company's assumptions regarding global and Chilean economic, political and market conditions and the price of metals, including copper and molybdenum, and future tailings production volumes and the Company's copper and molybdenum production. Among the factors that have a direct bearing on the Company's future results of operations and financial conditions are changes in project parameters as plans continue to be refined, interruptions in the supply of fresh tailings from El Teniente, further delays in the extraction of tailings from the Colihues tailings impoundment, a change in government policies, competition, currency fluctuations and restrictions and technological changes, among other things. Should one or more of any of the aforementioned risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the Forward-Looking Information. Accordingly, readers are advised not to place undue reliance on Forward-Looking Information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise Forward-Looking Information, whether as a result of new information, future events or otherwise.
AMERIGO RESOURCES LTD. SELECTED FINANCIAL INFORMATION
YEARS ENDED DECEMBER 31, 2013 AND 2012
All figures expressed in US Dollars and presented under IFRS
Consolidated Statements of Financial Position | ||||
December 31, | December 31, | |||
2013 | 2012 | |||
$ | $ | |||
Cash and cash equivalents | 13,148 | 9,250 | ||
Property, plant and equipment | 116,601 | 138,337 | ||
Other assets | 56,360 | 56,829 | ||
Total assets | 186,109 | 204,416 | ||
Total liabilities | 64,370 | 72,218 | ||
Shareholders' equity | 121,739 | 132,198 | ||
Total liabilities and shareholders' equity | 186,109 | 204,416 | ||
Consolidated Statements of Comprehensive Income (Loss) | ||||
Year ended | Year ended | |||
December 31, | December 31, | |||
2013 | 2012 | |||
$ | $ | |||
Total revenue, net of smelter and refinery charges | 143,592 | 181,761 | ||
Cost of sales | (137,556 | ) | (182,851 | ) |
Other expenses | (4,236 | ) | (3,751 | ) |
Finance expense | (626 | ) | (1,056 | ) |
Income tax expense | (181 | ) | (2,295 | ) |
Profit (loss) for the year | 993 | (8,192 | ) | |
Other comprehensive (loss) income | (11,504 | ) | 7,214 | |
Comprehensive loss | (10,511 | ) | (978 | ) |
EPS (LPS) - Basic and Diluted | 0.01 | (0.05 | ) | |
Consolidated Statements of Cash Flows | ||||
December 31, | December 31, | |||
2013 | 2012 | |||
$ | $ | |||
Net cash provided by operating activities | 19,523 | 22,726 | ||
Net cash used in investing activities | (13,391 | ) | (23,708 | ) |
Net cash (used in) financing activities | (1,497 | ) | (10,193 | ) |
Net cash inflow (outflow) | 4,635 | (11,175 | ) |
Amerigo Resources Ltd.Dr. Klaus ZeitlerChairman & CEO(604) 218-7013 or (604) 697-6201Amerigo Resources Ltd.(604) 681-2802(604) 682-2802www.amerigoresources.com
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