February 28, 2011 / 2:43 PM / in 7 years

UPDATE 1-Amerigo Resources profit up on higher copper prices

Feb 28 (Reuters) - Copper and molybdenum producer Amerigo Resources’ fourth-quarter profit rose 48 percent, helped by higher copper prices.

The Canadian company said it expects at least 50 million pounds of copper production in 2011.

The Chile-focused company earned $7.5 million, or 4 cents per basic share, compared with $3.9 million, or 3 cents per basic share.

Revenue rose 33 percent to $50.7 million.     The company, whose operating unit Minera Valle Central S.A. has tied up with Chile’s state-owned National Copper Corp, produced 5.9 million pounds of copper, up 7 percent from last year.

Shares of the company were down 2 Canadian cents at C$1.41 on Monday morning on the Toronto Stock Exchange. (Reporting by Swetha Gopinath;Editing by Vyas Mohan)

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