Pinnacle Activity Ticker
Amerigo Resources Ltd. a Copper and Molydenum Producer that pays you while you Watch it Grow
For someone interested in investing in a copper and molybdenum producer, dividend paying Amerigo Resources Ltd. is worth considering, currently yielding about 7% on it's current trading price of around 57 cents. I have been watching the company for a while and decided the company's share price, dividend and growth outlook could no longer be ignored, so I took a position at 57 cents a share.
Amerigo's wholly owned subsidiary, Minera Valle Central (MVC), produces copper and molybdenum concentrates from tailings from the world's largest underground copper mine, Codelco's El Teniente mine, a copper producer for the past 100 years with remaining ore reserves lasting many more decades. MVC is treating all the fresh tailings from El Teniente's present production and has the right to treat the higher grade tailings from a 200 million tonne in situ tailings impoundment known as Colihues that is located next to MVC's plant. In 2011 MVC produced 43.7 million pounds of copper and 785,068 pounds of molybdenum. Amerigo's goal is to increase production on an annualized basis to approximately 50 million pounds of copper and 1 million pounds of molybdenum.
Amerigo in Negotiations for Expansion of Production
08 May 2012 - ACQUIREMEDIA
VANCOUVER, BRITISH COLUMBIA-- (MARKET WIRE) --05/08/12--Amerigo Resources Ltd.(TSX:ARG) ("Amerigo" or the "Company") announced today that its Chilean subsidiary,Minera Valle Central, S.A.("MVC"), is in discussions to enter into a contract which will allow MVC to significantly increase production from the processing of sulphide and oxide materials in the Colihues and Cauquenes tailings impoundments inChile. In anticipation of obtaining the rights to process these materials, which originate from the El Teniente mine owned byCorporacion Nacional del Cobre de Chile("Codelco"), MVC has started work on the design, engineering and environmental permitting for a three stage expansion that is expected to double MVC's production capacity. In the event that MVC and Codelco are unable to reach a definitive agreement for the processing of tailings from Cauquenes, Codelco has agreed to reimburse costs incurred by MVC for this stage of the project. Codelco is the world's largest copper producer.