Mineros SA 2023 Net Income Rises 18% Year-on-Year
Medellin-based multinational gold miner Mineros SA announced February 15 that its full-year 2023 net income for continuing operations grew by 18% year-on-year, to US$301 million, from US$255 million in 2022.
Commenting on the results, Mineros President Andrés Restrepo explained that “we had a solid fourth operating quarter and a year in which we demonstrated our perseverance.
“We were able to meet our production estimate for 2023, overcoming the interruptions we had in the Nechí Alluvial segment [in Antioquia, Colombia] in March and in the Hemco [Nicaragua] segment in July.
“Additionally, despite a revaluation of the Colombian peso close to 20% against the dollar, we managed to reach our estimated costs, thanks to the implementation of control initiatives and reduction of costs and expenses..”
Gold production for the fourth quarter of 2023 rose 6% year-on-year, to 62,039 ounces, thanks to higher production in Antioquia.
On the other hand, corporate-wide gold production for full-year 2023 dipped 2% year-on-year, to 219,708 ounces, caused by a two-week suspension at the main Hemco production plant during the third quarter, according to the company.
Gross revenues for 2023 increased 9% year-on-year, to US$165 million, “benefiting from the 83% increase in silver sales and a better average gold price which for 2023 was US$1,937 per ounce,” up from US$1,800 per ounce in 2022.
On the down side, Mineros recorded a US$233 million loss from the discontinued operations at its Gualcamayo unit in Argentina, “including a loss from the sale of assets of $133 million,” the company added.
As for cash costs per-ounce-of-gold-sold, these rose 7% year-on-year, “given the revaluation of the Colombian peso and the higher price of gold that affects the purchases of artisanal materials,” the company explained.
