May 19, 2024

Mineros 2Q 2022 Net Income Rises 10% Year-on-Year

Medellin-based multinational gold miner Mineros SA on August 3 reported a 10% year-over-year hike in net income for second quarter (2Q) 2022.

Revenue likewise rose 7% year-on-year, to US$137 million, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 12%, to US$46.7 million.

Gold production also rose by 10% year-on-year, to 74,062 ounces, according to the company.

“Along with increased production, the company has seen reductions in both the all-in sustaining-cost per ounce of gold sold and the cash-cost per ounce of gold sold, compared to the same period in 2021,” added Andrés Restrepo, Mineros CEO.

Net debt-to-adjusted-EBIDTA ratio fell 57%, to 0.11-times, “following repayment of project acquisition loans,” according to the company.

During the latest quarter, Colombia’s environmental licensing authority (ANLA) approved Mineros’ application for its Nechí alluvial property, “sufficient to support planned operations for a four-year period,” according to the company.

Meanwhile, Mineros also received environmental-management and health-and-safety-management certifications for its Hemco mining operations in Nicaragua.

At its Gualcamayo mining property in Argentina, Mineros is undertaking more drilling “to upgrade mineral resources, provide material for metallurgical test work, resource expansion and evaluation of the remaining gold in the heap leach pads,” the company added.

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