Business
Amerigo Reports 2022 Production Results Above Guidance & Provides 2023 Guidance
(NewsDirect) 2022 copper production of 64 M pounds, 3.4% over guidance 2022 cash co...
About this update from Amerigo Resources Ltd
[{"type":"text","content":"Amerigo Reports 2022 Production Results Above Guidance &\nProvides 2023 Guidance\n \n \n (NewsDirect)\n \n \n \n 2022 copper\nproduction of 64 M pounds, 3.4% over guidance\n \n \n \n \n 2022 cash\ncost\n \n \n \n 1\n \n \n \n 2% over guidance\n \n \n \n \n 2023 copper\nproduction guidance of 62.3 M pounds, in line with 2022 guidance (61.9\nM pounds)\n \n \n \n \n Amerigo Resources Ltd. (TSX: ARG; OTCQX: ARREF)\n \n (“Amerigo” or the “Company”) is pleased to announce 2022\nproduction results from Minera Valle Central (“MVC”), the\nCompany’s 100% owned operation located near Rancagua, Chile.\n \n Dollar amounts in this news release are in U.S. dollars (“USD”)\nunless indicated otherwise.\n \n \n \n “We are pleased to report annual copper\nproduction of 64 million pounds, marking three consecutive years where\nproduction has outperformed guidance,” said Aurora Davidson,\nAmerigo’s President and CEO. “We thank our teams in Chile and\nCanada for their consistent commitment to meet or exceed corporate\ngoals.”\n \n \n “As\ncopper prices continue to recover, recently exceeding $4 per pound, we\nlook forward to a strong year. In addition to maintaining our\nquarterly dividends, we have already redeployed a share buyback\nprogram, and anticipate the payment of performance dividends as part\nof our capital return strategy,” stated Ms. Davidson.\n \n \n In 2022, MVC produced\n64 million pounds (“M lbs”) of copper, with 59% of production\ncoming from fresh tailings. Annual copper production was 3.4% over\nguidance of 61.9M lbs, due to higher grade and recoveries from fresh\ntailings and higher grade from historical tailings (“Cauquenes\ntailings”).\n \n \n Amerigo’s 2022 cash cost\n \n 1\n \n was $1.98 per pound\n(“/lb”), including $0.04/lb paid to MVC’s workers in Q4-2022 as\nthe signing bonus of a 3-year collective labor agreement. Normalized\ncash cost\n \n 1\n \n excluding the effect of the signing bonus was\n$1.94/lb, 2% higher than 2022 cash cost\n \n 1\n \n guidance of\n$1.90/lb.\n \n \n MVC’s water reserves at year end 2022 were 5.4 million cubic meters,\nunchanged from the reserves at the end of Q3-2022. Water reserves\nremain sufficient to maintain projected ...