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Amerigo Announces Annual 2017 and Q4-2017 Financial Results
Feb. 21, 2018 08:51AM PST
Base Metals Investing
Amerigo Resources Ltd. (TSX: ARG) (“Amerigo” or the “Company”) announced today financial results for the year 2017. Stronger copper prices and increased copper production resulted in a 47% increase in revenue in the year. The Company posted revenue of $134.0 million and net income of $8.0 million. Cash of $26.4 millionwas generated from operations before working capital changes. Debt proceeds …
Amerigo Resources Ltd. (TSX: ARG) (“Amerigo” or the “Company”) announced today financial results for the year 2017. Stronger copper prices and increased copper production resulted in a 47% increase in revenue in the year. The Company posted revenue of $134.0 million and net income of $8.0 million. Cash of $26.4 millionwas generated from operations before working capital changes. Debt proceeds for the second phase of the Cauquenes expansion (“Phase Two”) were $10.7 million, and debt repayments on existing loans were $18.7 million. At December 31, 2017, cash balance was $27.5 million.
As quoted in the press release:
Rob Henderson, Amerigo’s President and CEO, stated “I believe the foundations for future growth are now well established. In 2018, we are focused on safely increasing production to 85.0 to 90.0 million pounds of copper per year and are well positioned to benefit from increases in the copper price while continuing to work hard to reduce costs.”
