Mineros

What Mineros does

Mineros S.A. is a Latin American intermediate gold producer founded in 1974, headquartered in Medellín, Colombia, and listed on the Toronto Stock Exchange (TSX: MSA), the Colombian Stock Exchange (BVC: MINEROS), and OTCQX (MNSAF). The company operates two producing assets: the Nechí Alluvial Property in Colombia, which extracts gold from 473 km² of floodplain concessions using floating dredges and gravity separation without cyanide or mercury, and the Hemco Property in Nicaragua, an underground and artisanal operation that runs the Panama and Pioneer mines through three processing plants with combined capacity of 2,000 tonnes per day, expanding to 2,500 tpd by December 2026. A distinctive social operating model — the Bonanza Model — purchases ore from approximately 6,000 artisanal miners organized into 1,578 collectives under formalized contractual terms, with 58% of participating miners covered by life and accident insurance.

Revenue is generated almost entirely through the production and sale of gold (with silver, zinc, and copper by-products from polymetallic operations), priced at London Bullion Market Association spot benchmarks. Full-year 2025 revenue reached a record $799.7 million (+48% year-over-year), with Q1 2026 revenue of $291.8 million (+82% year-over-year) on an average realized gold price of $4,777 per ounce; 2025 adjusted EBITDA of $358.4 million (+71%) and net profit of $144.98 million (+68%) underscore the operating leverage to gold price and to the 225,846 oz AuEq produced. Growth is funded by a $113.7 million 2026 CAPEX budget and pursued through both organic capacity expansion (Hemco throughput ramp, Porvenir polymetallic PFS with $460M after-tax NPV and 37.9% IRR, 75,000-metre drilling program) and inorganic moves — the September 2025 acquisition of the remaining 80% of the La Pepa Project in Chile ($40.4 million), the April 2026 acquisition of AngloGold Ashanti Colombia's La Colosa concession ($10 million plus up to $60 million contingent), and an $80 million three-year share repurchase program. Distribution is to commodity offtakers, refiners, and precious-metals exchanges globally, while capital-markets activity is supported by B+ S&P / B1 Moody's credit ratings, DTC eligibility achieved in February 2026, and a proposed $400 million senior unsecured notes offering.

Name

Mineros

Legal name

Mineros S.A.

Website

https://mineros.com.co

Company type

Public

Founded year

1974

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Mineros S.A. is a Latin American intermediate gold producer operating alluvial mining in Colombia and underground mining in Nicaragua, selling gold and polymetallic by-products to global commodity offtakers. Founded in 1974 and dual-listed on TSX and BVC, the company integrates approximately 6,000 artisanal miners via its Bonanza Model and pursues growth through exploration in Chile and Colombia.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220), Other Metal Ore Mining (212290)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Silver Mining (IMAKAEAB), Copper Ore Mining (Open-Pit & Underground) (IMAKADAB), Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

Keywords

• Gold mining
• Alluvial extraction
• Underground mining
• Polymetallic minerals
• Artisanal ore processing

Headquarters

HQ city

Medellín

HQ country

Colombia

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Others, Marketing or Sales

Revenue model

1. Gold Production and Sales: Mineros generates the majority of its revenue through the production and sale of gold from its two operating properties: the Nechí Alluvial Property in Colombia and the Hemco Property in Nicaragua. Revenue is driven by gold ounces produced and sold, multiplied by the realized gold price per ounce. The company also produces silver, zinc, and copper as by-products from its polymetallic operations.
2. Artisanal Miner Ore Processing: Through the Bonanza Model, Mineros purchases ore from approximately 6,000 artisanal miners in Nicaragua and processes it at its Hemco processing plants. This contributes to gold production and provides economic benefits to local communities while diversifying the ore supply feed.
3. Exploration Project Development: Mineros advances exploration-stage assets including the La Pepa Project in Chile (acquired 100% in 2025), the Porvenir Project in Nicaragua, and the recently acquired AngloGold Ashanti Colombia gold exploration project in Tolima. These assets are developed for eventual production, contributing to long-term revenue growth.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Mineros S.A. is a publicly-traded intermediate gold producer that extracts and sells gold (plus silver, zinc, and copper by-products) from its Nechí Alluvial Property in Colombia (gravity-based, no cyanide/mercury) and its Hemco Property in Nicaragua (underground mechanized mining plus processing of artisanal ore). Gold is sold as a commodity at LBMA market prices to refiners and offtake buyers, with by-product polymetallic revenue from the Porvenir development project.

Product overview

Mineros S.A. is a Latin American gold mining company with over 50 years of experience operating producing mines in Colombia and Nicaragua, and exploration-stage projects in Colombia, Chile, and Nicaragua. The company operates two producing assets: the Nechí Alluvial Property in Colombia (alluvial gold mining using dredges and gravity separation) and the Hemco Property in Nicaragua (underground mining with Panama and Pioneer mines plus an artisanal mining program). The growth project portfolio includes the La Pepa Project in Chile (advanced gold exploration), the Porvenir polymetallic project in Nicaragua (high-margin underground operation), the Guillermina Deposit in Nicaragua, and the La Colosa gold exploration project in Tolima, Colombia. The company also operates the Bonanza Model, an artisanal mining partnership program that supports approximately 6,000 miners in Nicaragua.

Differentiator

Problem solved

Functional benefit

Brands

• Bonanza Model: Artisanal mining program in Nicaragua where Mineros works with local artisanal miners to purchase and process their ore, offering economic and social benefits through a fair and dignified contractually-defined relationship.
• Hemco Property
• Nechí Alluvial Property

Products and services

• Nechí Alluvial Property Alluvial gold mining operation in the Bajo Cauca region of Antioquia, Colombia. Extracts gold from floodplains adjacent to the Nechí River using floating dredges and gravity separation (no cyanide or mercury). Mining concessions cover 473 km² along the Nechí River between Zaragoza and Nechí. Produces gold doré for sale to commodity buyers and refiners.
• Hemco Property (Nicaragua) Underground and artisanal gold mining operation in Bonanza, Nicaragua. Operates two underground mines (Panama and Pioneer) with three processing plants (Hemco, Vesmisa, La Curva) with combined capacity of 2,000 tonnes per day, expanding to 2,500 tpd by end of 2026. Concessions cover 2,270 hectares within the historic 'Golden Triangle' region. Primary product is gold, with silver, zinc, and copper as by-products.
• La Pepa Project (Chile) Advanced gold exploration project in the Maricunga Gold Belt of Atacama Region, Chile, approximately 800 km north of Santiago at 4,200 metres above sea level. Targets porphyry-style gold system with planned open-pit mining and heap-leaching operation. 100% owned by Mineros.
• Porvenir Project (Nicaragua) Polymetallic underground mining project in Nicaragua's North Caribbean Coast Autonomous Region. Updated PFS shows $460M after-tax NPV and 37.9% IRR with expected annual production of gold, silver, zinc, and copper over a nine-year mine life. Estimated to add 44.7 koz Au, 89 koz Ag, and 28 Mlb Zn annually.
• Bonanza Model

Quantifiable outcome

• Record Q1 2026 revenue of $291.8M, up 82% year-over-year
• +7 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature5 records

Partnerships

Six partnerships are on record, tiered core, minor and major.

• IIT Kharagpur (Vikram Sodhi Center of Excellence for AI in Mining)coreStrategic or Co-development Partner · 27 April 2026Mineros partnered with IIT Kharagpur's Vikram Sodhi Center of Excellence for Enabling Artificial Intelligence in Geological and Mining Systems. Mineros provides its Bajo Cauca operations in Colombia as a 'Living Laboratory' for real-time deployment and testing of AI solutions across five verticals: exploration, mine planning, processing, predictive maintenance, and ESG analytics. The center was funded by approximately US$1.8 million (INR 150 million) through a personal donation from Mineros Vice Chairman Vikram Sodhi. The collaboration establishes a knowledge corridor between India and Colombia and aims to scale AI-enabled mining solutions internationally.
• EPM (Empresas Públicas de Medellín)minorGTM or Marketing Partner · 24 April 2026EPM (Empresas Públicas de Medellín), Colombia's largest public utility company, co-funded a new public secondary school in El Bagre, Antioquia with Mineros through Colombia's Obras por Impuestos (Works-for-Taxes) mechanism. The COP $38.7 billion (US $9.1 million) project represents a shared community investment in the Nechí Alluvial Property operating footprint.
• Grupo ArgosminorGTM or Marketing Partner · 24 April 2026Grupo Argos, a Colombian infrastructure and energy conglomerate, co-funded a new public secondary school in El Bagre with Mineros through the Obras por Impuestos mechanism. The school project represents a total investment of approximately COP $38.7 billion (US $9.1 million).
• Grupo NutresaminorGTM or Marketing Partner · 24 April 2026Grupo Nutresa, a Colombian consumer goods and agribusiness company, co-funded the school construction project in El Bagre with Mineros and other partners through the Obras por Impuestos mechanism, contributing to social infrastructure in post-conflict (PDET) municipalities in Colombia.
• AngloGold Ashanti PLCmajorOthers · 13 April 2026Mineros successfully closed the acquisition of 100% of AngloGold Ashanti Colombia S.A.S. on April 13, 2026, gaining an exploration-stage gold project (EIG-163 concession) in Cajamarca, Tolima, Colombia. The transaction involved $10M paid at closing and up to $60M in contingent consideration tied to regulatory milestones. The project is historically known as La Colosa with historical resources of approximately 23.35 million ounces of indicated gold.
• Pan American Silver Corp.majorOthers · 22 September 2025On September 22, 2025, Mineros acquired the remaining 80% interest in the La Pepa Project from Pan American Silver Corp. for $40.4 million, granting Mineros 100% ownership and terminating the Joint Venture. Mineros had previously held a 20% interest through Mineros Chile SpA and the La Pepa Shareholders Agreement.

Scale indicators17 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Alamos Gold:
• Aris Mining: Mid-tier gold producer with primary operations in Colombia and Guyana, directly comparable as a Latin American-focused gold producer of similar scale. Mineros' VP Nicaragua (Inivaldo Díaz) previously held senior roles at Aris Mining Colombia, evidencing close operational overlap.
• B2Gold: Mid-tier gold producer operating mines in Mali, Namibia, and the Philippines, listed on TSX. Directly comparable as a global intermediate gold producer with similar production scale (200–300 koz/year), Latin American and emerging-market exposure, and growth pipeline of development-stage projects.
• Pan American Silver: Major silver and gold producer with Latin American operations including Mexico, Peru, Bolivia, and previously Chile (La Pepa JV). Directly comparable given polymetallic by-product profile (silver/zinc/copper) and Latin American geographic footprint, and a former JV partner with Mineros on La Pepa.
• Equinox Gold: Multi-asset gold producer operating mines in the Americas (Mexico, Brazil, US, Canada) with a target of more than 1 Moz/year. Comparable as an Americas-focused intermediate gold producer at a similar growth-stage, with multiple producing and development-stage assets in Latin America.
• IAMGOLD: Mid-tier gold producer with operations in Canada, Burkina Faso, and Suriname, with advanced development projects in West Africa. Comparable in scale and product mix (primarily gold with by-products) and as a TSX-listed intermediate gold producer targeting similar end markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mineros_sa
• YouTubeyoutube.com/user/MINEROSSA
• Facebookfacebook.com/MinerosSA
• LinkedInlinkedin.com/company/mineros-s.a./?originalSubdomain=co
• Instagraminstagram.com/mineros_sa
• TikToktiktok.com/@mineros_sa

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries8 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mineros