Amerigo Announces Q3-2012 Financial Results
- Q3-2012 Revenues of $44.2 Million - Operating Cash Flow of $2.7 Million - Dividend of $0.02 per Share
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/08/12 -- Amerigo Resources Ltd. (TSX: ARG) ("Amerigo" or the "Company") reported today results for the quarter ended September 30, 2012 ("Q3-2012").
Dr. Klaus Zeitler, Amerigo's President and CEO, stated: "Production results were strong in Q3-2012, with copper and molybdenum production 15% and 73% higher, respectively, than the comparable quarter in 2011. For the full year we expect to meet or exceed forecast production of 50 million pounds of copper and 1 million pounds of molybdenum. Although Q3-2012 financial results were adversely affected by one-time charges for a $4.6 million bonus payment to our Chilean workers on the signing of a new four year union agreement and a $2.3 million deferred (future) income tax non-cash accounting charge following an increase in Chile's corporate tax rate to 20%, cash flow remained positive at $2.7 million and we ended the quarter with an improved cash balance."
Dr. Zeitler added: "The price of energy from the grid remains high, but as previously announced the Company's contract with its power provider changes on January 1, 2013 from a variable to a much lower fixed rate. This change will result in savings over current levels of more than $20 million annually for the next five years significantly improving MVC's operating cash flow. Accordingly, the board has declared a dividend of $0.02 per share, payable on November 29, 2012 to shareholders of record as of November 19, 2012."
Comparative Quarterly Overview
Financial results
Production
Revenue
Costs
Cash and Financing Activities
Investments
Dividend Declared
Outlook
The information in this news release and the Selected Financial Information contained in the following page should be read in conjunction with the Unaudited Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis for the quarter ended September 30, 2012 and the Audited Consolidated Financial Statements and Management's Discussion and Analysis for the year ended December 31, 2011, which will be available at the Company's website at and at .
Amerigo Resources Ltd. is a Canadian junior company producing copper and molybdenum from its MVC operations near Santiago, Chile. Tel: (604) 681-2802; Fax: (604) 682-2802; Web: Listing: ARG:TSX
Statements contained in this news release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filings with the TSX and on SEDAR. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
The Toronto Stock Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
Contacts:
Amerigo Resources Ltd.
Dr. Klaus Zeitler
President and CEO
(604) 218-7013
Amerigo Resources Ltd.
(604) 697-6201
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Datum: 08.11.2012 - 13:00 Uhr
Sprache: Deutsch
News-ID 201113
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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