September 26, 2023

Mineros 1Q 2022 Profits Decline Year-on-Year

Medellin-based multinational gold miner Mineros SA announced May 9 that its first quarter (1Q) profits fell to US$10.47 million, from US$13.77 million in 1Q 2021.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) also dipped to US$41 million, from US$45 million in 1Q 2021.

Revenues dipped 1% year-on-year, to US$124.7 million, although the average price per ounce of gold sold rose 6% year-on-year, to US$1,884, according to the company.

Despite the profits decline, Mineros president Andres Restrepo added that the company is “on track to achieve its projection for 2022,” having already produced more than 66,000 ounces of gold so far this year, up 1% over 1Q 2021.

While cash costs for producing gold were up 8% year-on-year, all-in sustaining costs (AISC) actually dropped 6% year-on-year.

The company’s main operations are in Antioquia, Colombia (alluvial mining), Nicaragua (Hemco, underground mining) and Argentina (Gualcamayo, open-pit mining), with “significant gold exploration projects in Chile (La Pepa),” according to Mineros.

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