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Gold producer Mineros' net profit down 90% in 2022 on impairment charges

Kitco News

(Kitco News) - Gold mining company Mineros S.A. (TSX: MSA) announced today that the company produced 287,152 ounces of gold in 2022, up 10% compared to 2021 (261,767 ounces of gold produced) and 2,152 ounces above the upper limit of 2022 guidance.

The company’s all-in sustaining costs (AISC) per ounce of gold sold were $1,365 (2021: $1,492 per ounce), representing a 9% decrease in the AISC per ounce of gold sold relative to 2021.

Mineros also reported revenue of $529 million in 2022, an increase of 7% compared to 2021 ($496 million), while net profit for the year was down 90% compared to 2021 and amounted to $4.5 million.

The company explained that net profit for the year was mainly lower as a result of the $36.5 million impairment of the Gualcamayo property.

Mineros noted that in 2022, it paid $23 million in dividends, which is an increase of 30% in dividends paid compared to 2021.

The company also announced 2023 production guidance of 264,000 - 292,000 ounces of gold, an increase of between 0% and 3% from 2022 production.

Mineros is a gold mining company headquartered in Medellin, Colombia. The company has a diversified asset base, with mines in Colombia, Nicaragua and Argentina and a pipeline of development and exploration projects throughout the region.

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