Amerigo Resources Ltd.s revenue fell in the third quarter
due to lower copper and molybdenum sales volumes as well as
lower average metal prices.
The Vancouver, British
Columbia-based company posted net income of $1.04 million for
the three months ended Sept. 30 in contrast to a net loss of
$4.19 million in the same period last year despite a
27.8-percent decline in revenue to $31.95 million.
copper selling price before smelting, refining and other
charges averaged $3.19 per pound in the third quarter, down 9.4
percent from $3.52 a year earlier, while the average selling
price for molybdenum slid 19.2 percent to $9.41 per pound from
$11.64 in the same comparison.
Amerigo produced 11.04
million pounds of copper in the third quarter, down 13.1
percent from 12.7 million pounds a year ago, while molybdenum
production of 193,138 pounds was down 40 percent from 321,788
A slide at the
companys Colihues Mine in Chile in April impacted the
companys production volumes in the second and third
amm.com, Aug. 7).
production challenges resulting from the Colihues pit slide in
the second quarter and lower copper prices in the quarter, the
companys financial position continued to improve with
$4.9 million in cash flow and an increase in the companys
cash balance to $5.4 million at quarter-end," Amerigo chairman
and chief executive officer Klaus Zeitler said in a statement.
"We expect improved results in the fourth quarter, and our
outlook for full-year 2013 production is 45 million pounds of
copper." The company also forecast full-year molybdenum
production of 800,000 pounds.