Mineros SA 3Q 2024 Net Income Jumps 188% Year-on-Year
Medellin-based multinational gold miner Mineros SA announced November 14 that its third quarter (3Q) 2024 net income jumped 188% year-on-year, to US$28.5 million, from US$13 million in 3Q 2023.
Revenues rose 39%, to US$141 million, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 88%, to US$62.9 million, up from US$33 million in 3Q 2023.
Commenting on the results, Mineros CEO Andrés Restrepo noted that “high and increasing gold prices provided us with a margin of just over $800 per ounce of gold sold, resulting in net income of $28.5 million, thanks to the production and sale of 53,612 ounces of gold at an average price of US$2,477.
“Operationally, our operations at Hemco [in Nicaragua] are running smoothly and our collaboration with artisanal miners under the ‘Bonanza’ model continues to yield good results.
“Although our Nechí alluvial mine [here in Antioquia] has not reached its planned production, we have identified and are implementing measures to improve it.
“Cash cost and AISC [all-in sustaining cost] remain at or above the high end of our operations forecasts. Accordingly, we have refined both our cost and production projections for 2024,” he added.
During 3Q 2024, the average realized price-per-ounce of gold hit US$2,477, while the AISC per-ounce of gold from continuing operations came-in at US$1,481, according to Mineros.
Estimated annual gold production for 2024 has been downgraded to 203,000 to 218,000 ounces, down from a prior estimate of 209,000 to 229,000 ounces, “primarily due to lower-than-anticipated production at the Nechi alluvial property,” according to the company.
Likewise, the annual cash cost has been hiked to US$1,250-$1,330 per ounce of gold, from an earlier, lower estimate of US$1,180-$1,270 per ounce.
“The cost projection revisions are primarily due to lower-than-anticipated production at the Nechi alluvial property and higher-than-anticipated gold prices — which increase the cost of artisanal production at the Hemco property — and differences between actual and estimated inflation and exchange rates,” the company added.
