'MVC's copper production in the second quarter was 13.6 million pounds. As expected, the quarter was impacted by our 8-day annual plant maintenance shutdown but unexpectedly impacted by a full shutdown on
The extraordinary flooding that severed MVC's connection to
Amerigo's 2023 adjusted copper production guidance of 60.5 M lbs, reflecting the impact of the unexpected shutdown and announced to the market on
On
Investor conference call on
About Amerigo and MVC
Amerigo is an innovative copper producer with a long-term relationship with
Contact:
Tel: (604) 697-6207
Cautionary Note Regarding Forward-Looking Information
This news release contains certain forward-looking information and statements defined in applicable securities laws (collectively called 'forward-looking statements'). These statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words 'anticipate', 'plan', 'continue', 'estimate', 'expect', 'may', 'will', 'project', 'predict', 'potential', 'should', 'believe' and similar expressions are intended to identify forward-looking statements. These forward-looking statements include but are not limited to, statements concerning: the estimated time to complete the work to reconnect MVC to the Chilean central grid and fully restore operations at MVC; the extent of the impact on the Company's operations at MVC caused by the unexpected shutdown at the end of Q2-2023; forecasted production and operating costs; our strategies and objectives; our estimates of the availability and quantity of tailings and the quality of our mine plan estimates; the sufficiency of MVC's water reserves to maintain projected Cauquenes tonnage processing for a period of at least 18 months; prices and price volatility for copper, molybdenum and other commodities and materials we use in our operations; the demand for and supply of copper, molybdenum and other commodities and materials that we produce, sell and use; sensitivity of our financial results and share price to changes in commodity prices; our financial resources and financial condition and our expected ability to redeploy other tools of our capital return strategy; interest and other expenses; domestic and foreign laws affecting our operations; our tax position and the tax rates applicable to us; our ability to comply with our loan covenants; the production capacity of our operations, our planned production levels and future production; potential impact of production and transportation disruptions; hazards inherent in the mining industry causing personal injury or loss of life, severe damage to or destruction of property and equipment, pollution or environmental damage, claims by third parties and suspension of operations estimates of asset retirement obligations and other costs related to environmental protection; our future capital and production costs, including the costs and potential impact of complying with existing and proposed environmental laws and regulations in the operation and closure of our operations; repudiation, nullification, modification or renegotiation of contracts; our financial and operating objectives; our environmental, health and safety initiatives; the outcome of legal proceedings and other disputes in which we may be involved; the outcome of negotiations concerning metal sales, treatment charges and royalties; disruptions to the Company's information technology systems, including those related to cybersecurity; our dividend policy, including the potential deployment of performance dividends in 2023 and general business and economic conditions, including, but not limited to, our assessment of strong market fundamentals supporting copper prices. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such statements. Inherent in forward-looking statements are risks and uncertainties beyond our ability to predict or control, including risks that may affect our operating or capital plans; risks generally encountered in the permitting and development of mineral projects such as unusual or unexpected geological formations, negotiations with government and other third parties, unanticipated metallurgical difficulties, delays associated with permits, approvals and permit appeals, ground control problems (including, but not limited to, the condition of the land on the banks of the Cachapoal river in the vicinity of where the new power towers are to be installed), adverse weather conditions (including, but not limited to, continued extreme rainfall and unseasonal temperatures that could delay the completion of the repairs to the damaged power towers), process upsets and equipment malfunctions; risks associated with labour disturbances and availability of skilled labour and management; risks related to the potential impact of global or national health concerns, including COVID-19, and the inability of employees to access sufficient healthcare; government or regulatory actions or inactions; fluctuations in the market prices of our principal commodities, which are cyclical and subject to substantial price fluctuations; risks created through competition for mining projects and properties; risks associated with lack of access to markets; risks associated with availability of and our ability to obtain both tailings from Codelco's Division
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