On October 17th, the Amerigo Resources (ARG.to) 3q19 production report began like this:
“In Q3-2019, MVC produced 19.1 million pounds of copper at a cash cost of $1.56 per pound, and 0.5 million pounds of molybdenum.”
However, three weeks later when ARG posted its official 3q19 financials, we found out that only 16.09m lb of that copper was produced at that $1.56/lb price (with total cost at $2.43/lb, fwiw). Then last week, this:
Vancouver, British Columbia – December 11, 2019/CNW/ – Amerigo Resources Ltd. (“Amerigo” or the “Company”) (TSX: ARG) announces that effective December 6, 2019, Rob Henderson departed the Company and ceased serving as the Company’s President and Chief Executive Officer and Aurora Davidson has been appointed as President and Chief Executive Officer.Ms. Davidson is a long-time executive officer of Amerigo, having joined the Company in 2003 as Chief Financial Officer, and having served as Executive Vice President and Chief Financial Officer since 2015. Ms. Davidson will continue to act as Chief Financial Officer until her successor is hired.
Dr. Klaus Zeitler will remain Executive Chairman and Christian Cáceres will remain General Manager of Minera Valle Central (“MVC”), the Company’s operating subsidiary in Chile.
Fully deserved, and they didn’t even say thank you. It remains to be seen whether long-standing executive officer of ARG Ms. Davidson has assimilated the corporate culture under her old boss. For the sake of her shareholders, I hope not.