March 25, 2009 / 3:26 PM / 9 years ago

UPDATE 1-Amerigo Resources posts Q4 loss, suspends dividend

* Copper and molybdenum prices drop

* Says suspending dividend and discretionary expenses

* Shares fall 16 pct

March 25 (Reuters) - Amerigo Resources Ltd (ARG.TO) posted a quarterly loss, hurt by a sharp decline in copper and molybdenum prices, and suspended its dividend, sending its shares down 16 percent.

The company said given current liquidity considerations, it would suspend dividend and other discretionary expenditures for the foreseeable future.

The metal explorer posted a fourth-quarter loss of $21.2 million, or 23 cents per basic share, compared with a profit of $1.8 million, or 3 cents per basic share, a year earlier.

Quarterly revenue fell 98 percent to $614,179.

Amerigo’s copper selling price before smelter, refinery and other costs was $1.31 per pound in the fourth quarter, compared with $3.00 per pound a year ago.

Shares of the company were trading down 7 Canadian cents at 37 Canadian cents Wednesday morning on the Toronto Stock Exchange. (Reporting by Richa Dubey in Bangalore; Editing by Anne Pallivathuckal)

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