03:45 PM EDT, 06/17/2024 (MT Newswires) -- Amerigo Resources ( ARREF ) on Monday said heavy rains near its Minera Valle Central (MVC) copper mine in Chile cut some production from the site.

Heavy rains occurred near MVC on June 13 and 14. The power supply to MVC was unaffected, and MVC is processing fresh tailings normally. The rains caused water accumulation in the Cauquenes historic tailings deposit, halting the processing of historic tailings. MVC estimates 408,000 cubic meters of accumulated rainwater have been extracted so far.

The impact on production from the rains is estimated at 0.55 million pounds of copper, but would not warrant changes to MVC's 2024 production guidance of 62.4 million pounds of copper and 1.2 million pounds of molybdenum, as actual production outperformed guidance before these rains, Amerigo said.

The company cautioned that current weather forecasts indicate that heavy rains will return to the region this week. "We cannot anticipate how forecasted additional rain could impact MVC operations or the ongoing work to remove accumulated water from Cauquenes."

Amerigo shares were last seen up $0.01 to $1.54 on the Toronto Stock Exchange.

Price: 1.54, Change: +0.01, Percent Change: +0.65