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Amerigo reports Q3 profit of $3M, turnaround from year-ago loss of $10M

From The Canadian Press, November 2, 2009 - 3:43 p.m.

Amerigo reports Q3 profit of $3M, turnaround from year-ago loss of $10M

By The Canadian Press

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VANCOUVER, B.C. - Amerigo Resources Ltd. (TSX:ARG) reported a major turnaround in third-quarter results Monday, due mainly to improved copper production and prices.

Amerigo said it had net earnings of $3.2 million or two cents a share for the quarter ended Sept. 30. That compared with a year-ago quarterly loss of $10.4 million or $11 cents a share.

Revenue declined to $24.5 million from $29.9 million.

Amerigo chairman Steven Dean credited continuing improvements in operating profits at the company's Minera Valle Central mine in Chile due to strong production and copper prices.

"We believe that increased processing of old tailings will continue to positively impact copper and molybdenum production levels," Dean said.

He added that the company remains bullish on the long-term price of copper and the combined factors "should result in even stronger financial results in the fourth quarter."

Amerigo shares were down two cents at 66 cents in afternoon trading on the Toronto Stock Exchange.