Bullboard - Stock Discussion Forum Amerigo Resources Ltd T.ARG

Alternate Symbol(s): ARREF

Metals & Mining Industrial Metals & Minerals

Amerigo Resources Ltd. is a Canada-based copper producer. The Company owns a 100% interest in Minera Valle Central S.A. (MVC), a producer of copper concentrates. MVC, located in Chile, has a long-term contract with the El Teniente Division (DET) of Corporacion Nacional del Cobre de Chile (Codelco) to process fresh and historic tailings from El Teniente. The Company operates in one segment, the... see more

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Amerigo Resources Ltd > massive copper theft Sends Shockwaves Through Metal Market..

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Post by downwithdotcom1 on Sep 01, 2023 1:07pm

massive copper theft Sends Shockwaves Through Metal Market..

INTERESTING STORY ABOUT A COPPER DEALER OUT OF EUROPE FOR THOSE INTERESTED...DWDC

Aurubis discovered discrepancies in its metal inventories, suspecting manipulation by suppliers and internal employees, leading to a share drop of as much as 17%.
The company expects that losses due to the theft could be in the "low, three-digit-million-euro range," causing it to abandon its previous operating earnings forecast for the fiscal year.

"What we currently know is that some of our recycling suppliers appear to have manipulated details about the raw materials they deliver to us, and they have been working with employees in our sampling department to hide the shortfall from us"

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