Mineros to release 2025 results Feb. 18
Colombian gold miner Mineros pivots to growth, targeting higher 2026 output with disciplined capital spend, but faces elevated costs and execution risks in Latin America.
The most recent material news is the 2026 guidance released on February 6, 2026. Mineros forecasts consolidated gold production of 213,000 - 233,000 ounces, representing a planned increase of about 10,000 ounces from the upper end of its 2025 guidance. The plan includes a significant capital expenditure program of $113.7 million (USD), with $51.7 million allocated to growth projects. Cost guidance for 2026 is higher, with consolidated All-In Sustaining Costs (AISC) projected at $2,370 - $2,470 per ounce, based on a gold price assumption of $4,405/oz. The company explicitly states a strategic transition from steady-state operations to disciplined production growth, focusing on high-return projects at its Hemco (Nicaragua) and Nechí (Colombia) properties.
The guidance is materially positive as it confirms a strategic pivot towards growth after a period of operational consolidation and portfolio rationalization (e.g., sale of Gualcamayo in 2023). The 10,000-ounce targeted increase, while modest (~4.5%), is framed as the "first stage of a broader evolution." The detailed capital plan ($113.7M total CAPEX) signals management's confidence in its project pipeline (Hemco plant expansion, Porvenir PFS, La Pepa exploration). However, the elevated cost guidance (AISC up to $2,470/oz) is a significant negative counterpoint, reflecting inflationary pressures, higher gold price-driven payments to artisanal miners, and growth capital allocation. The market must weigh the growth narrative against this substantially higher cost structure, even with a robust assumed gold price.
Mineros S.A. is a mid-tier gold producer headquartered in Colombia, with producing assets in Colombia (Nechí Alluvial Property) and Nicaragua (Hemco Property). The Nechí operation is a large-scale alluvial dredging operation. The Hemco Property in Nicaragua comprises company-owned underground mines (Panama, Pioneer) and a unique partnership model processing ore from artisanal miners. Its flagship growth project is the Porvenir Project (Nicaragua), an advanced-stage, volcanic-hosted gold-zinc-silver deposit currently in prefeasibility. The company also holds 100% of the La Pepa Project in Chile's Maricunga Belt, a substantial exploration-stage gold resource.