Wednesday, May 31, 2023

Become part of our community

Mineros Gold Smelting Mineros Gold Smelting Source: Mineros SA

Mineros SA 1Q 2023 Profits Jump 47% Year-on-Year on Insurance Payment

Published in Companies Written by  May 10 2023 font size decrease font size increase font size 0
Rate this item
(1 Vote)

Medellin-based multinational gold miner Mineros SA announced May 9 that its first quarter (1Q) 2023 net income rose 47% year-on-year, to US$15.4 million -- all thanks to a one-time insurance payment for accidental destruction of mining equipment at its alluvial operation in Colombia.

However, revenues actually declined by 5% year-on-year, to US$118 million, “explained by the reduction in the number of ounces sold, by lower production in Gualcamayo [Argentina] and a temporary suspension in Nechí [Colombia] due to the mining strike, “according to the company.

Cost of sales declined 7% “explained by lower maintenance and material costs, lower labor costs and the effect of the devaluation of local currencies,” according to Mineros.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 1% “as the reduction in revenues was offset by lower costs,” according the company.

All-in-sustaining costs (AISC) were stable thanks to cost reductions, compensating for lower revenues, according to Mineros.

Production at its Gualcamayo, Argentina mine fell 31% year-on-year, accounting for a 51% drop in gross profit there.

As for the rest-of-2023 outlook, Mineros sees gold production “in a range between 264,000 292,000 ounces” with an estimated cash-cost-per-ounce of gold sold between US$1,160 and US$1,250. AISC per ounce of gold sold is seen at between US$1,400 and US$1,490, according to the company.

Read 117 times Last modified on Last modified on May 10 2023

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

About Medellin Herald

Medellin Herald is a locally produced, English-language news and advisory service uniquely focused upon a more-mature audience of visitors, investors, conference and trade-show attendees, property buyers, expats, retirees, volunteers and nature lovers.

U.S. native Roberto Peckham, who founded Medellin Herald in 2015, has been residing in metro Medellin since 2005 and has traveled regularly and extensively throughout Colombia since 1981.

Medellin Herald welcomes your editorial contributions, comments and story-idea suggestions. Send us a message using the "contact" section.

Contact US

logo def
Medellin Herald: Find news, information, reviews and opinion on business, events, conferences, congresses, education, real estate, investing, retiring and more.
  • COL (4) 386 06 27
  • USA (1) 305 517 76 35
  •  This email address is being protected from spambots. You need JavaScript enabled to view it. 
  • Medellin, Antioquia, Colombia

Medellín Photo Galery

Medellin, contrasting colors and styles by Gabriel Buitrago