Lower prices push Amerigo into the red

Feb 27, 2013 | 05:23 PM | Barbara O'Donovan

Tags  Amerigo, earnings report, copper, molybdenum

NEW YORK — Lower copper and molybdenum prices helped push Amerigo Resources Ltd. $8.19 million into the red last year in contrast to net income of $8.7 million in 2011.

"Results were also adversely affected by the one-time payment of $4.6 million in bonuses on the signing of a new four-year union agreement and higher extraction costs and lower metal recoveries in the Colihues tailings pond (in Chile) due to extremely difficult mining conditions during the latter part of the year," Amerigo president and chief executive officer Klaus Zeitler said in a statement.....

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