Amerigo Sources beats copper steering, shares up

In 2021, MVC produced a complete of 63.4 mlb of copper at a money price of $1.75 per/lb, and 1.3 mlb of molybdenum as byproduct. The annual copper manufacturing was 4% over steering, on account of larger contemporary tailings tonnage and grade.

Through the yr, MVC efficiently accomplished a collection of plant modifications to make the most of the upper throughput of contemporary tailings coming from El Teniente.

Manufacturing from contemporary tailings elevated from 45% of copper manufacturing in Q1 2021 to 55% of copper manufacturing in This autumn 2021. To the extent {that a} larger share of manufacturing comes from contemporary tailings, historic tailings are depleted at a decrease price.

Amerigo’s 2021 money price of $1.75/lb was 2% decrease than its money price steering of $1.79/lb, largely on account of larger than projected manufacturing.

Annual molybdenum manufacturing was 11% beneath steering, pushed by the decrease molybdenum content material present in contemporary tailings.

Based mostly on MVC’s mine plan for 2022, Amerigo has set this yr’s manufacturing steering at 61.9 mlb of copper and 1.2mlb of molybdenum. Money price is anticipated to be $1.90/lb, pushed by larger market-driven therapy and refinery prices ($0.06/lb).

Shares in Amerigo jumped 3.7% by 12:25 p.m. EDT, having hit a 52-week excessive of C$1.66 earlier. The copper producer has a market capitalization of C$300.5 million.

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Written by colin


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