Amerigo Resources announced today financial results for the three months ended March 31, 2018, including an update on production results.
Amerigo Resources (TSX:ARG) today announced financial results for the three months ended March 31, 2018, including an update on production results.
According to the press release, the company posted revenue of US$33.9 million and net income of US$1.2 million. Cash of US$5.9 million was generated from operations before working capital changes. At March 31, 2018, cash balance was US$29.9 million. The Cauquenes phase two expansion project in central Chile at the MVC operation was 51 percent complete at quarter end, on time and budget.
As quoted in the press release, president and chief executive officer of Amerigo, Rob Henderson said
“MVC’s robust production results together with stronger metal prices have improved our financial position and our focus is to safely complete our expansion to 85 – 90 million pounds of copper per year on budget in Q4 2018.”
As detailed in the press release:
Q1 2018 production was 14.2 million pounds of copper, 6 percent lower than the 15.1 million pounds produced in Q1 2017, which included 0.9 million pounds of copper produced pursuant to a tolling contract with Minera Maricunga.
- Q1 2018 copper production includes 8.9 million pounds from Cauquenes (Q1 2017: 9.6 million pounds) and 5.3 million pounds from fresh tailings (Q1 2017: 4.7 million pounds).
Molybdenum production was 0.4 million pounds (Q1 2017: 0.3 million pounds).