Improved copper sales helped drive a 14.8% revenue increase for this company in the most-recent quarter.
Continued demand for this essential manufacturing material is expected to grow, even as ongoing worries about supply contribute to a price rise.
AMERIGO RESOURCES (Toronto symbol ARG; www.amerigoresources.com) processes copper and molybdenum from the waste rock of the El Teniente mine in Chile. That site is the world’s largest copper operation, and the company’s contract with its owner runs through 2021. Amerigo has other deals to process material at the nearby Colihues and Cauquenes tailings ponds.
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It currently gets 94% of its revenue from processing copper. The remaining 6% comes from its output of molybdenum, which is used in steelmaking.
In the quarter ended June 30, 2020, revenue increased 14.8%, to $26.0 million from $22.7 million. (All figures except share price in U.S. dollars.) Cash flow was $2.8 million, or $0.015 a share, in the latest quarter, compared to negative cash flow of $4.8 million, or $0.027. The cash flow gain was mostly due to sharply lower costs.
Copper dropped to as low as $2.10 U.S. a pound in March 2020 from around $2.82 in January. It had been as high as $3.28 a pound in June 2018. However, following its March low, copper has surged to a two-year high of $3.00. That’s largely due to ongoing stimulus plans by governments around the world and optimism about a COVID-19 vaccine, Ongoing worries about potential cuts to the world’s copper supply because of COVID-19 have also contributed.
Meanwhile, China’s copper imports in June rose a whopping 50% from the previous month to 656,483 tonnes—a full 15% above the previous monthly record. The big jump came as infrastructure and manufacturing in China, responsible for more than half the world’s copper consumption, rapidly recovered following the COVID-19 slump.
Copper is widely used in global manufacturing and is key to making everything from smartphones to houses. The price of the metal is closely linked to growth in China. The world’s second-largest economy consumes roughly half of the world’s copper—and is now recovering.
The expected rise in demand is a key factor fueling the recent price gains. A lack of new mines, which could exacerbate long-term copper shortages, is another factor. Together, these bode well for Amerigo and its share price.
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