Mineros S.A. to Acquire a Gold Exploration Project in Tolima, Colombia
Mineros transforms from steady-state producer to growth-oriented mid-tier with massive Colombian acquisition and record $800M revenue.
The most recent news (March 9, 2026) announces that Mineros S.A. has entered a definitive agreement to acquire a 100% interest in a massive gold exploration project in Tolima, Colombia (formerly AngloGold Ashanti’s La Colosa) for $10 million upfront and up to $60 million in contingent payments. This project hosts a historical resource of approximately 28 million ounces of gold. This follows a string of positive developments: record FY2025 financial results ($800M revenue, $145M net profit), a successful 14.3% throughput increase at its Nicaragua operations, and the 100% acquisition of the La Pepa project in Chile. The company also achieved DTC eligibility to improve U.S. liquidity and is evaluating a corporate re-domiciliation to move beyond its Colombian-centric valuation.
The acquisition of the Tolima project is a material positive and a potential "game changer" for the company’s long-term resource pipeline. While the $10M upfront cost is negligible relative to Mineros’ $108M cash balance, the historical 28Moz resource is massive compared to the company's current market cap. However, significant risks remain as the project was previously stalled due to environmental and social opposition; Mineros is explicitly rebranding the project to distance it from past controversies.
Financially, the FY2025 results are exceptionally strong, with EBITDA of $358M (nearly $1M/day). The company is successfully leveraging record gold prices ($3,474/oz realized) to fund growth. The Nicaragua expansion to 2,500 tpd by year-end 2026 is on track, which should improve economies of scale and offset the high costs associated with artisanal mining partners (Bonanza model), where costs rise in tandem with gold prices.
Mineros S.A. is a Latin American gold producer with a diversified portfolio. - Nechí Alluvial (Colombia): Flagship producing asset. Low-cost alluvial mining with a 12+ year mine life. - Hemco (Nicaragua): Underground mines (Panama/Pioneer) and a unique artisanal partnership model. - La Pepa (Chile): 100% owned exploration project with 2Moz+ resource in the Maricunga belt. - Tolima (Colombia): Newly acquired exploration project with ~28Moz historical resource.