Business
Amerigo Announces 2016 and Q4-2016 Financial Results
Q4-2016 : $ 7.0 million in operating cash flow , net earnings of $ 3.0 million ...
About this update from Amerigo Resources Ltd
[{"type":"text","content":"Amerigo Announces 2016 and Q4-2016 Financial ResultsQ4-2016: $7.0 million in operating cash flow, net earnings of $3.0 millionAnnual 2016: $9.6 million in operating cash flow, net loss of $7.5 millionRecord annual copper productionVancouver, British Columbia--(Newsfile Corp. - February 22, 2017) - Amerigo Resources Ltd. (TSX: ARG) (\"Amerigo\" or the \"Company\") reported today financial results for the year ended December 31, 2016.  The Company posted revenue of $91.4 million, operating cash flow before working capital changes of $9.6 million and a net loss of $7.5 million. In Q4-2016 the Company posted revenue of $29.5 million, operating cash flow before working capital changes of $7.0 million and net earnings of $3.0 million. Cash balance was $15.9 million at December 31, 2016.Rob Henderson, Amerigo's President and CEO, stated \"The increase in copper price and the good production from the high-grade historic Cauquenes deposit are starting to translate into positive earnings performance. In 2017, we plan to invest $30.0 million at MVC to substantially increase copper production and reduce cash costs. We remain focused on reducing costs, improving liquidity and delivering against our targets to build value.\"Annual Financial ResultsGross tolling revenue was $124.4 million (2015: $73.8 million), mainly due to a 52% increase in copper production. The Group's recorded copper tolling price was $2.25/lb (2015: $2.47/lb). Molybdenum production was restarted in H2-2016. Revenue after notional items was $91.4 million (2015: $52.6 million). In 2015, pre-operating revenue of $5.1 million from Cauquenes was excluded from revenue. Tolling and production costs were $92.0 million (2015: $65.7 million), an increase of 40% driven by a 52% increase in copper production. Pre-operating costs of $5.9 million from Cauquenes were excluded from 2015 tolling and production costs. Unit tolling and production costs were $1.64/lb (2015: $1.76/lb).Cash cost (a non-GAAP measure equal to the aggregate of smelting and refining charges, tolling/production costs net of inventory adjustments and administration costs, net of by-product credits) before DET notional copper royalties and DET molybdenum royalties decreased to $1.73/lb (2015: $2.18/lb) due to higher production. Total cost (a non-GAAP measure equal to the aggregate of cash cost, DET notional cop...