Amerigo Announces 2014 Financial Results
- Revenues of $119.6 million - Operating cash flow of $14.8 million
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/23/15 -- Amerigo Resources Ltd. (TSX: ARG) ("Amerigo" or the "Company") reported today results for the year ended December 31, 2014. All dollar amounts referred to in this release are in US dollars. The Company reported revenue of $119.6 million and generated $14.8 million in operating cash flow in fiscal 2014.
Amerigo's Chairman and CEO, Dr. Klaus Zeitler, stated, "We are pleased to announce that, despite challenging market conditions, in 2014 Amerigo once again recorded positive operating cash flow and continued to make progress on the expansion of the operations of MVC, the Company's operating subsidiary in Chile. MVC has secured all construction and other permits for the Cauquenes project and has incurred $16 million in project capex, including $8.9 million incurred in 2014 in respect of expenses for the owner's team, engineering and procurement of long delivery items such as pumps, pipes and electrical equipment. The Company will complete the expansion in phases, with the initial phase enabling MVC to extract the high grade Cauquenes tailings for processing in its existing operations. Capex budget for phase one is $71 million, and is expected to result in an increase in MVC's copper production to an average annual rate of 70 million pounds. After completion of this initial phase, MVC will upgrade its existing plant and operations resulting in further increases to MVC's copper and molybdenum production."
Dr. Zeitler continued, "Management believes that a phased approach decreases project risk by enabling MVC to complete the part of the expansion expected to provide the highest return on investment and to reduce its debt exposure."
Comparative Annual Overview
Financial results
Production
Revenue
Costs
Cash and Financing Activities
Investments
Outlook
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's Discussion and Analysis for the years ended December 31, 2014 and 2013, 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. 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 financing and construction of the Company's proposed expansion of its operations in Chile, including the first and subsequent phases of such expansion, 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, 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, including estimated production increases and cost reductions expected to result from the planned expansion of the Company's Chilean operations. 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, financing and construction of, and estimated production increases and cost reductions expected to result from the planned expansion of, the Company's planned expansion of its Chilean operations, 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.
Consolidated Statements of Financial Position
Consolidated Statements of Comprehensive Loss
Consolidated Statements of Cash Flows
Contacts:
Amerigo Resources Ltd.
Dr. Klaus Zeitler
Chairman & CEO
(604) 218-7013 or (604) 697-6201
Amerigo Resources Ltd.
(604) 681-2802
(604) 682-2802 (FAX)
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 23.02.2015 - 12:30 Uhr
Sprache: Deutsch
News-ID 373312
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
Diese Pressemitteilung wurde bisher 219 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Amerigo Announces 2014 Financial Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Amerigo Resources Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
