AMERIGO RESOURCES $0.79 (Toronto symbol ARG; SI Rating: Speculative) (604-681-2802; www.amerigoresources.com; Shares outstanding: 132.6 million; Market cap: $104.8 million) has jumped 173.3% since May on higher copper prices. Copper is up 49.0% during that period, to $2.98 U.S. a pound.
Amerigo processes copper and molybdenum from the waste rock, or “tailings,” from Chile’s El Teniente, the world’s largest copper mine.
In the three months ended June 30, 2009, Amerigo’s revenue fell 42.0%, to $18.1 million from $31.2 million a year earlier. (All figures except share price in U.S. dollars.) Metal prices rose during the quarter, but copper prices were still 45.8% below their 2008 highs of $3.80 a pound. Molybdenum prices were 73.4% off their 2008 highs. Amerigo’s cash flow was $0.013 a share in the latest quarter, compared to $0.065 a share a year earlier.
The company’s total debt of $21.9 million is a manageable 20.9% of its market cap. It also holds cash of $6.3 million, or $0.05 a share.
Amerigo’s long-term…
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