Mineros Full-Year 2024 Net Profits Quadruple Year-on-Year
Medellin-based international gold miner Mineros SA on February 14 reported a 403% year-on-year jump in net profits for full-year 2024, hitting US$86.5 million, from US$17 million in 2023.
Revenues rose 20% year-on-year, to US$538 million, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 22% year-on-year, to US$210 million, according to the company.
Commenting on the results, Mineros CEO Andrés Restrepo cited “high and rising gold prices” during 2024, which produced “record revenues and record profits” thanks to production and sale of 213,245 ounces of gold at an average price of US$2,387 per ounce.
The company’s “Hemco” división in Nicaragua “is running smoothly and our partnership with artisanal miners under the Bonanza model continues to deliver excellent results,” Restrepo added.
Here in Antioquia, “our Nechí alluvial operation met revised guidance for annual production. We continue to implement various efficiency measures to improve production. Cash cost and all-in sustaining costs were in line for Nechí and just above the higher end of guidance for Hemco because of the very strong gold price,” he concluded.
In total, the Nicaragua operations produced 131,228 ounces of gold in 2024, up 4% year-on-year, while Colombia gold output dipped 13% year-on-year, to 82,017 ounces.
As for its 2025 outlook, “we expect gold production to be between 201,000 and 223,000 ounces, building on the consistent performance of our Nicaragua underground mines and partnerships with artisanal miners and the diligence with which our teams at the Nechí Alluvial Property resolve issues as they arise,” according to Mineros.
“Guidance for silver [output in 2025] is not provided by the company, as we treat it as a byproduct and the volumes of silver are rather small relative to gold production,” the company added.
