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Financial Highlights

Effective 2015 and up to 2022, MVC's production of copper concentrates is being conducted under a tolling agreement with Codelco's Division El Teniente (DET). Under the agreement, title to the copper concentrates produced by MVC remains with DET and MVC earns tolling revenue, calculated as the gross value of copper produced at applicable market prices, net of notional items (treatment and refining charges, DET copper royalties and transportation costs).

As a result of the tolling agreement, Amerigo was required to make changes in the reporting of revenue and costs in its financial statements as of 2015. Revenue from 2015 on is reported net of notional DET  copper royalties and transportation costs, which were reported as production costs prior to 2015. The changes affect the comparability of revenue and production costs to periods prior to 2015, reducing both revenue and costs, but with no effect on gross margin.

Financial Highlights

  Years ended December 31,
  2020 2019 2018 2017
Financial Results (US$ M)        
Revenue 126.43 119.80 136.83 134.03
Gross profit (loss) 15.39 0.40 24.98 26.04
Net income (loss) 6.06  (9.41) 10.50 7.99
         
Operations cash flow  19.78 9.71 27.15 32.74
Investment cash flow (2.72)  (10.59) (35.96)  (14.69)
Financing cash flow (10.66) (13.17) 3.67  (7.57)
         
Financial Position (US$ M)        
Cash and cash equivalents 14.09 7.16 21.34 27.52
Borrowings 53.77 55.90 66.21 63.07
Working capital (deficiency) (6.14) 15.12 (16.92)  (4.50)
         
Total assets 237.58 233.66 257.61 230.55
Total liabilities 126.89 131.03 148.40 132.37
Retained earnings 19.44 13.38 22.79 12.30
Shareholders' equity 110.68 102.63 109.21 98.18
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