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(Kitco News) – Amerigo Resources (TSX: ARG) said yesterday its first quarter 2022 copper production was 16.5 million pounds, 6% higher than first quarter 2021 production of 15.5 million. of books.

The company explained that the increase in copper production was due to higher tonnage, grade and recoveries from fresh tailings and higher grade and recoveries at Cauquenes.

The Company’s molybdenum production in Q1 2022 was 0.2 million pounds (Q1 2021: 0.4 million pounds) due to low fresh tailings molybdenum content.

Revenues during the first quarter of 2022 were $53.8 million (first quarter of 2021: $48.9 million), including copper toll revenues of $50.4 million (first quarter of 2021: $45.4 million) and molybdenum revenues of $3.4 million (first quarter 2021: $3.5 million).

Net income during Q1 2022 was $15.5 million (Q1 2021: $10.9 million), driven by higher copper production and higher metal prices.

“We are pleased to report a strong start to the year for Amerigo. We met our copper production and cash cost targets, and our average quarterly copper price increased to $4.64 per pound,” said the company in a press release.

Additionally, the Company announced that on May 2, 2022, its Board of Directors declared a quarterly dividend of CA$0.03 per share, payable June 20, 2022, to shareholders of record as of May 30, 2022.

Amerigo Resources is an innovative copper producer with a long-term relationship with Chile’s Codelco, the world’s largest copper producer. Amerigo produces copper concentrate and molybdenum concentrate as by-products at the MVC operation in Chile by processing fresh, historical tailings from Codelco’s El Teniente mine, the world’s largest underground copper mine.