AMERIGO RESOURCES $0.39 (Toronto symbol ARG; SI Rating: Speculative) (604-681-2802; www.amerigoresources.com; Shares outstanding: 132.1 million; Market cap: $51.5 million) processes copper and molybdenum from the tailings (waste rock) from Chile’s El Teniente, the world’s largest copper mine.
In the three months ended March 31, 2009, Amerigo’s revenue fell 63.8%, to $29.9 million from $38.9 million a year earlier. (All figures except share price in U.S. dollars.) Sale prices for copper fell 48.9% during the quarter, and molybdenum prices dropped 73.4%. The company lost $0.04 a share, compared to a profit of $0.07 a share a year earlier.
Still, Amerigo’s long-term outlook is bright, and copper and molybdenum prices are rising. The company holds cash of $3.5 million, and has little debt.
Amerigo is a buy for aggressive investors.
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