Amerigo Resources Ltd

Published : April 14th, 2016

Amerigo Announces 2016 First Quarter Production Results

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

Amerigo Announces 2016 First Quarter Production Results

October 12, 2005



April 14, 2016

N.R. 2016-3


Amerigo Announces 2016 First Quarter Production Results


Vancouver, British Columbia - April 14, 2016/CNW/ - Amerigo Resources Ltd. ("Amerigo" or the "Company") (TSX: ARG) announced today production results for the first quarter of 2016 from Minera Valle Central ("MVC"), the Company's operation located near Rancagua, Chile.


Operational Highlights for Q1-2016:


In Q1-2016, MVC produced 12.9 million pounds of copper at a cash cost of $1.82 per pound, pursuant to a tolling agreement with Codelco's Division El Teniente and a toll processing agreement with Minera Maricunga.


The ramp up in the historic Cauquenes deposit has progressed in line with expectations, with tonnage at design rates of 60,000 tpd and plant recovery improving to 33% at the end of March. MVC is now extracting more copper from historic tailings than fresh tailings. In Q2, the ramp up in production should continue to improve and unit costs should continue to decrease as Cauquenes material is extracted from deeper zones. Rob Henderson, Amerigo's President and CEO, stated "I am pleased with MVC's progress to date and I look forward to record results in the second half of the year."


Amerigo's production guidance for 2016 is maintained at 55.0 to 60.0 million pounds of copper at an annual cash cost of $1.65 to $1.85 per pound.


Summary of Production Results for the Most Recent Five Quarters:


Q1-2016

Q4-2015

Q3-2015

Q2-2015

Q1-2015

Fresh tailings


10,617,420


11,269,785


11,243,557


12,120,700


9,838,464

Tonnes processed

Copper grade

0.117%

0.111%

0.117%

0.115%

0.121%

Copper recovery

19.2%

21.1%

24.2%

20.4%

17.8%

Copper produced (millions of pounds)

5.270

5.853

7.011

6.248

4.669

Historic tailings


5,087,765


4,319,838


812,934


3,073,039


3,423,868

Tonnes processed

Copper grade

0.228%

0.221%

0.223%

0.222%

0.228%

Copper recovery

26.4%

19.4%

17.1%

17.2%

19.8%

Copper produced (millions of pounds)

6.734

4.097

0.684

2.593

3.406

Maricunga toll processing


0.851


0.909


0.794


0.276


0.791

Copper produced (millions of pounds)

Total copper produced (millions of pounds)

12.855

10.860

8.494

9.117

8.866

Total copper delivered (millions of pounds)

12.746

10.737

8.288

9.395

8.829

Cash cost ($/pound copper)

1.82

2.16

2.07

2.15

2.33


Release of Financial Results for Q1-2016:


The Company will release Q1-2016 financial results at market open on Wednesday May 4, 2016, followed by an investor conference call on Thursday May 5, 2016 at 11:00 am Pacific Standard Time/2:00 pm Eastern Standard Time.

Conference Call Participation:


To participate in the call, please dial 1-866-223-7781 (Toll-Free North America) and let the operator know you wish to participate in the Amerigo Resources conference call. Media are invited to attend on a listen-only basis. Following management's discussion of the quarterly results, the analyst and investment community will be invited to ask questions.


About the Company:


Amerigo Resources Ltd. is an innovative copper producer with a long-term partnership with Codelco, the world's largest copper producer. Amerigo produces copper concentrate at the MVC operation in Chile by processing fresh and historic tailings from Codelco's El Teniente mine, the world's largest underground copper mine. Tel: (604) 681-2802; Fax: (604) 682-2802; Web: www.amerigoresources.com; Listing: ARG:TSX.


For further information, please contact:

Rob Henderson, President and CEO (604) 697-6203 Dr. Klaus Zeitler, Executive Chairman (604) 218-7013


Cautionary Note Regarding Forward-Looking Information:

This news release contains certain forward-looking information and statements as defined in applicable securities laws (collectively referred to as "forward-looking statements"). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "should", "believe" and similar expressions is intended to identify forward-looking statements. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure that it will achieve or accomplish the expectations, beliefs or projections described in the forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this news release. These forward-looking statements include but are not limited to, statements concerning:


  • forecast production and operating costs;

  • our strategies and objectives;

  • our estimates of the availability and quantity of tailings, and the quality of our mine plan estimates;

  • the extension of El Teniente's useful life and the extent of its remaining ore reserves;

  • prices and price volatility for copper and other commodities and of materials we use in our operations;

  • the demand for and supply of copper and other commodities and materials that we produce, sell and use;

  • sensitivity of our financial results and share price to changes in commodity prices;

  • our financial resources;

  • interest and other expenses;

  • domestic and foreign laws affecting our operations;

  • our tax position and the tax rates applicable to us;

  • the timing and costs of construction and tolling/production, and the issuance and maintenance of the necessary permits and other authorizations required for, our expansion projects, including the expansion for the Cauquenes deposit and the timing of ramp up to full production from Cauquenes;

  • our ability to procure or have access to financing (including the full funding for Phase one of the Cauquenes project) and to comply with our loan covenants;

  • the production capacity of our operations, our planned production levels and future production;

  • potential impact of production and transportation disruptions;

  • hazards inherent in the mining industry causing personal injury or loss of life, severe damage to or destruction of property and equipment, pollution or environmental damage, claims by third parties and suspension of operations

  • our planned capital expenditures (including our plan to upgrade our existing plant and operations after phase one of Cauquenes is complete) and estimates of asset retirement, royalty, severance and other obligations;

  • our future capital and production costs, including the costs and potential impact of complying with existing and proposed environmental laws and regulations in the operation and closure of our operations;

  • repudiation, nullification, modification or renegotiation of contracts;

  • our financial and operating objectives;

  • our environmental, health and safety initiatives;

  • the outcome of legal proceedings and other disputes in which we may be involved;

  • the outcome of negotiations concerning metal sales, treatment charges and royalties;

  • our capital expenditures, including the timing and cost of completion of capital projects;

  • disruptions to the information technology systems of the Company and its subsidiaries (collectively, the "Group"), including those related to cyber-security;

  • our dividend policy; and

  • general business and economic conditions.

    Inherent in forward-looking statements are risks and uncertainties beyond our ability to predict or control, including risks that may affect our operating or capital plans; risks generally encountered in the permitting and development of mineral projects such as unusual or unexpected geological formations, negotiations with government and other third parties, unanticipated metallurgical difficulties, delays associated with permits, approvals and permit appeals, ground control problems, adverse weather conditions, process upsets and equipment malfunctions; risks associated with labour disturbances and availability of skilled labour and management; fluctuations in the market prices of our principal commodities, which are cyclical and subject to substantial price fluctuations; risks associated with the availability and pricing of materials used in our operations; risks created through competition for mining projects and properties; risks associated with lack of access to markets; risks associated with availability of tailings and mine plan estimates; risks posed by fluctuations in exchange rates and interest rates, as well as general economic conditions; risks associated with environmental compliance and changes in environmental legislation and regulation; risks associated with our dependence on third parties for the provision of critical services; risks associated with non-performance by contractual counterparties; title risks; social and political risks associated with operations in foreign countries; risks of changes in laws affecting our operations or their interpretation, including foreign exchange controls; and risks associated with tax reassessments and legal proceedings. All of these risks and uncertainties apply not only the Group and its operations, but also to Codelco and its operations. Codelco's ongoing mining operations provide a significant portion of the materials the Group processes and its resulting production and therefore these risks and uncertainties may also affect their operations and in turn have a material effect on the Group.

    Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about:


  • general business and economic conditions;

  • interest rates;

  • levels of and changes in commodity and power prices;

  • acts of foreign governments and the outcome of legal proceedings;

  • the supply and demand for, deliveries of, and the level and volatility of prices of copper and other commodities and of the products used in our operations;

  • the ongoing supply of material for processing from Codelco's current mining operations;

  • MVC's ability to profitably extract and process material from the Colihues and Cauquenes tailings deposits;

  • the timing of the receipt and ongoing retention of permits and other regulatory and governmental approvals;

  • the availability of and ability of the Company to obtain adequate financing for expansions and acquisitions, including the Cauquenes expansion;

  • our tolling/production costs and our production and productivity levels, as well as those of our competitors;

  • changes in credit market conditions and conditions in financial markets generally;

  • the availability of funding on reasonable terms, including financing for the Group's expansions and acquisitions;

  • our ability to procure equipment and operating supplies in sufficient quantities and on a timely basis;

  • the availability of qualified employees and contractors for our operations;

  • our ability to attract and retain skilled staff;

  • the satisfactory negotiation of collective agreements with unionized employees;

  • the impact of changes in foreign exchange rates and capital repatriation on our costs and results;

  • engineering and construction timetables and capital costs for our expansion projects;

  • costs of closure of various operations;

  • market competition;

  • the accuracy of our mine plan estimates (including, with respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based;

  • tax benefits and tax rates;

  • the outcome of our copper concentrate sales, treatment and refining charge negotiations;

  • the resolution of environmental and other proceedings or disputes;

  • the future supply of reasonably priced power;

  • our ability to obtain, comply with and renew permits in a timely manner;

  • our ability to meet production and cost budgets and plans; and

  • our ongoing relations with our employees and entities with which we do business.


Future production levels and cost estimates assume there are no adverse mining or other events which significantly affect budgeted production.


We caution you that the foregoing list of important factors and assumptions is not exhaustive. Other events or circumstances could cause our actual results to differ materially from those estimated or projected and expressed in, or implied by, our forward-looking statements. You should also carefully consider the matters discussed under "Risk Factors" in our Annual Information Form. Except as required by law, we undertake no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of factors, whether as a result of new information or future events or otherwise.

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Chile | Georgia | All
Gold and Silver Prices for these countries : Chile | Georgia | All

Amerigo Resources Ltd

PRODUCER
CODE : ARG.TO
ISIN : CA03074G1090
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Amerigo Res. is a copper and molybdenum producing company based in Canada.

Its main asset in production is MINERA VALLE CENTRAL in Chile.

Amerigo Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 282.5 millions as of today (US$ 225.8 millions, € 197.8 millions).

Its stock quote reached its lowest recent point on February 21, 2003 at CA$ 0.08, and its highest recent level on April 27, 2007 at CA$ 2.77.

Amerigo Res. has 175 440 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Amerigo Resources Ltd
3/26/2015Closes Bank Financing for Cauquenes Expansion
3/19/2015Secures Cauquenes Bank Financing Without Dilution to Shareho...
2/14/2009Closing of Private Placement
2/7/2009Non-brokered Private Placement
8/28/2008Acquisition of Common Shares and Warrants of Los Andes Coppe...
Nominations of Amerigo Resources Ltd
6/5/2012Pleased to Announce New Appointments
Financials of Amerigo Resources Ltd
8/6/2013Announces Q2-2013 Financial Results
5/9/2013Announces Q1-2013 Financial Results
11/8/2012Announces Q3-2012 Financial Results
8/3/2012Announces Q2-2012 Financial Results
5/7/2012Announces Q1-2012 Financial Results
3/5/2012Announces 2011 Financial Results
8/11/2011Announces Q2-2011 Financial Results
6/14/2011Announces Q1-2011 Financial Results
7/28/2008Q2-2008 Financial Results
Project news of Amerigo Resources Ltd
10/15/2013Announces Q3-2013 Production Results
7/12/2013Announces Q2-2013 Copper Production Results
7/12/2013Announces Q2-2013 Copper Production Results
4/15/2013Announces Q1-2013 Copper Production Results
1/16/2013Q4-2012 and Full Year Production Results Exceed Guidance
7/17/2012Announces Q2-2012 Production Results
4/18/2012Announces Record Q1-2012 Copper Production Results
1/27/2012Announces Q4 2011 Production Results and Provides 2012 Produ...
7/21/2011Announces Q2 2011 Production Results
6/7/2011Provides Production Update
5/5/2011Announces Record Q1 2011 Production Results
1/30/2009 Q4 2008 Production Results
7/15/2008Announces Q2 2008 Production Results Copper Production 7.08M...
4/21/2008Announces Q1 2008 Production Results
Corporate news of Amerigo Resources Ltd
5/3/2016Amerigo Announces Results of AGM
4/14/2016Amerigo Announces 2016 First Quarter Production Results
11/4/2015Amerigo Announces Q3-2015 Financial Results
10/20/2015Amerigo Announces Q3-2015 Production Results
9/29/2015Amerigo Announces Management and Board Changes
9/24/2015Amerigo Announces Successful Start-up of Phase 1 of Cauquene...
8/12/2015Amerigo Announces Q2-2015 Financial Results
7/22/2015Amerigo Announces Results of AGM
7/17/2015Amerigo Announces Q2-2015 Production Results
4/17/2015Amerigo Announces Q1-2015 Production Results
4/13/2015Amerigo Announces Appointment of Alberto Salas as President ...
3/19/2015Amerigo Secures Cauquenes Bank Financing Without Dilution to...
2/23/2015Amerigo Announces 2014 Financial Results
2/5/2015Amerigo Announces Q4-2014 and Full Year Production Results
11/6/2014Amerigo Announces Q3-2014 Financial Results
10/16/2014Amerigo Announces Q3-2014 Production Results
8/7/2014Amerigo Announces Q2-2014 Financial Results
7/18/2014Amerigo Announces Q2-2014 Production Results
7/14/2014Amerigo Announces Receipt of Environmental Approval for Cauq...
5/8/2014Amerigo Announces Q1-2014 Financial Results
4/24/2014Amerigo Announces Filing of NI 43-101 Technical Report
4/22/2014Amerigo and Codelco/El Teniente Sign Agreement Extending Tai...
10/30/2013Executes Mandate Agreement With BBVA to Arrange Project Debt...
9/30/2013Announces Management Changes
7/22/2013Announces Cauquenes Approval and Contract Extension to 2037
1/24/2013Announces 2013 Operations and Capital Guidance
10/16/2012Reports Strong Q3-2012 Production Results: Year to Date Copp...
5/26/2011Announces Dates for Release of Q1 2011 Results and Investor ...
3/28/2011Declares Semi-Annual Dividend
3/1/2010Update on Chilean Earthquake
12/29/2008New Debt Facilities and Cost Reductions
12/16/2008Announces Shareholder Rights Plan
11/7/2008Cash flow from operations of US$7.6M in Q3-2008
7/15/2008on Amerigo Q2 Power Costs
7/7/2008Announces Release of Q2 2008 Results
5/7/2008Q1 08 Results
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (ARG.TO)FRANKFURT (RE8.F)
1.61-0.62%1.13+1.80%
TORONTO
CA$ 1.61
01/27 16:00 -0.010
-0.62%
Prev close Open
1.62 1.61
Low High
1.61 1.65
Year l/h YTD var.
1.46 -  1.72 5.92%
52 week l/h 52 week var.
0.740 -  1.72 101.25%
Volume 1 month var.
120,414 15.00%
24hGold TrendPower© : 20
Produces Copper - Molybdenum
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 1/29/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
202231.97%
202152.50%1.610.68
202048.15%0.860.12
2019-38.64%1.210.40
2018-20.00%1.350.67
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 6.98+0.22%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.05+1.99%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.44-3.10%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 0.85-6.28%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.71-4.07%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.03-14.29%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 3.37-5.34%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 10.41+1.26%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.36-1.37%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.18+0.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.94-8.49%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 51.74-0.02%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03-3.03%Trend Power :