Mineros 2Q 2024 Net Income falls 27% Year-on-Year
Medellin-based multinational gold miner Mineros SA announced today (August 14) a 27% year-on-year drop in second quarter (2Q) 2024 net income, to COP$70 billion (US$17.4 million), from COP$96 billion (US$24 million) in 2Q 2023.
Revenues rose just 1% year-on-year, to COP$523 billion (US$130 million), while gold production dipped 6%, to 53,703 ounces. Cash costs of production also rose 25%, according to the company.
Commenting on the results, Mineros President Andrés Restrepo stated that despite the profits decline, “the second quarter [2024] was good financially and operationally. Our revenues, gross profit and adjusted earnings before interest, taxes, depreciation and amortization increased in the quarter due to the high gold price.
“Cash cost and AISC [all-in sustaining costs] were at the high end of estimates due to the strength of the Colombian peso against the U.S. dollar and the relatively high [world] gold price.
“Gold production from company-owned mines was slightly lower in Colombia and came-in as expected in Nicaragua.
“As we process more artisanal material in Nicaragua, we stockpiled ore from our underground mines in Panama and at Pioneer [in Nicaragua] for processing in the third quarter of 2024.
“We currently maintain our cost and production estimates, but will closely monitor certain cost inputs and our [alluvial mining] operation at Nechí [Antioquia, near Medellin],” he concluded.
In Colombia, alluvial gold production fell 16% year-on-year, to 20,591 ounces.
On the other hand, the Hemco (Nicaragua) operation saw gold production rise slightly, to 33,112 ounces, from 32,216 ounces in 2Q 2023.
