Business
Amerigo reports earnings of US$18 million in 2005 up from US$10 million in 2004
Amerigo reports earnings of US$18 million in 2005 up from US$10 million in 2004.
About this update from Amerigo Resources Ltd
[{"type":"text","content":"\n\n\n\n\nDividend declared of Cdn 4.5 cents per share, total dividends\nCdn 9 cents per share\n\nCash costs lower at US 60 cents per pound in 2005 after molybdenum \ncredits\n\nMoly production 26% higher than original estimate with production of \n632,000 pounds\n\nHigh volume extraction equipment at Colihues commissioned in \nFebruary 2006\n\nVANCOUVER, Feb. 16 /CNW/ - AMERIGO RESOURCES LTD. (Vancouver, British\nColumbia) reported results of the year ended December 31, 2005 today.\nSignificant events are as follows:\n\n- Net earnings after tax for the year ended December 31, 2005 were\n US$17,992,467, 79% higher than restated earnings of US$10,049,614 in\n fiscal 2004. Net earnings in 2005 are after year-end adjustments of\n US$770,000 and settlement provisions of US$1.7M in Q4 due to lower\n year end molybdenum prices. Annual earnings were higher in 2005 due\n to higher copper prices and the contribution of molybdenum production\n starting in May 2005. Net earnings in 2004 were restated for\n adjustments to future income tax assets to accord with Canadian GAAP.\n\n - Earnings per share for the year ended December 31, 2005 were S$0.2287\n non diluted, from earnings per share of US$0.1586 non diluted in\n fiscal 2004.\n\n - Cash flow from operations was US$21,874,229 in the year ended\n December 31, 2005, compared to cash flow from operations of\n US$14,029,775 in the year ended December 31, 2005.\n\n - Copper production in fiscal 2005 was 29.88 million pounds, compared\n to 31.12 million pounds produced in fiscal 2004. Copper production\n did not meet the annual forecast due to low extraction rates from\n Colihues, unfavourable ore characteristics from the El Teniente\n tailings during the year and the Company's emphasis on maximizing\n molybdenum production at prevailing high prices.\n\n- High-volume extraction equipment at Colihues - The first stage of\n monitoring equipment for the extraction of Colihues tailings was\n commissioned in February 2006 with initial operating results\n performing to design expectations. Installation of the second stage\n of equipment is expected to be commissioned in March 2006, with\n additional stages to be added during the remainder of the year.\n\n - Molybdenum production in fiscal 2005 was 631,843 pounds from eight\n months of production, 26% higher than original 2005 projections of\n 500,0...