Amerigo Announces 2012 Financial Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/27/13 -- Amerigo Resources Ltd. (TSX: ARG) -
Amerigo Resources Ltd. ("Amerigo" or the "Company") reported today results for the year ended December 31, 2012.
Amerigo's President and CEO, Dr. Klaus Zeitler, stated, "In 2012 the Company set annual copper and molybdenum production records, generated record revenues and $12.3 million in operating cash flow and paid $6.8 million in dividends. Despite these positive results, however, the Company incurred a net loss of $8.2 million for the year, mainly due to lower metal prices and high power costs. Results were also adversely affected by the one-time payment of $4.6 million in bonuses on the signing of a new 4 year union agreement and higher extraction costs and lower metal recoveries in the Colihues tailings pond due to extremely difficult mining conditions during the latter part of the year."
Dr. Zeitler continued, "Amerigo continues to be in a strong financial position, with cash and investments totaling in excess of $13 million. Although challenging mining conditions in Colihues are expected to continue for the first few months this year, we believe that operating cash flow will increase significantly in 2013 because of the change in the Company's power contract from a variable to much lower fixed cost for the next five years (January 2013 power costs/kWh were one-half of those in January 2012), and a reduction in budgeted capital expenditures by approximately $13.5 million from 2012 levels. I also remain confident that MVC will reach an agreement for the processing of tailings from the Cauquenes tailings pond during 2013, which will allow the Company to substantially increase copper and molybdenum production."
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 Discussion and Analysis for the years ended December 31, 2012 and 2011, which will be available at the Company's website at and at .
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: Listing: (TSX: ARG).
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, favourable 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.
Contacts:
Amerigo Resources Ltd.
Dr. Klaus Zeitler
President
(604) 218-7013
Amerigo Resources Ltd.
(604) 697-6201
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Unternehmensinformation / Kurzprofil:
Datum: 27.02.2013 - 13:30 Uhr
Sprache: Deutsch
News-ID 233877
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contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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