Mineros S.A.
Mineros S.A. is a Latin America-focused gold producer with the Nechi Alluvial mine in Colombia and the Pioneer and Panama underground/open-pit mines (Hemco property) in Nicaragua. 2026 consolidated guidance is 213,000-233,000oz gold (revised up to 220,000-240,000oz after a strong Q2), split ~83,000-93,000oz from Nechi (Colombia, company-owned dredges) and ~130,000-140,000oz from Hemco (Nicaragua). H1 2026 delivered record revenue of $559m and record adjusted EBITDA of $260m on sales of 122,634 gold-equivalent ounces, in a strong gold-price environment. AISC guidance: $1,820-1,920/oz for the Colombia dredge operations, $2,000-2,100/oz for the Nicaragua Panama & Pioneer operations. The company adopted a formal strategic gold reserve policy in Jul 2026 and is targeting 500,000oz/yr production by 2030 through Colombia/Nicaragua expansion. David Londono was appointed President & CEO effective 8 Apr 2025, bringing 35+ years' experience including senior roles at OceanaGold, Kirkland Lake Gold, AngloGold Ashanti and Barrick.
Notable vs. Peers
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
Lifecycle Milestones
Construction Milestones
4 of 5 reached- Oct 2021 · Source
- Not yet reached · Recorded, but disputed: not counted as reached · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: grid power.
Combined view across 3 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 12 yrsNechi Alluvial Mine
Jurisdiction (40%)6/10
Mineros' main operation, the Nechi alluvial mine in Antioquia, Colombia, faces moderate security, permitting and community-relations risk. It also operates the Hemco property in Nicaragua, a somewhat higher-risk jurisdiction, and holds the La Pepa project in Chile.
Infrastructure (40%)7.1/10
A confirmed mill, confirmed road access, no confirmed grid power, and a confirmed tailings facility at Nechi Alluvial Mine.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Cerro Matoso (CoreX Holding), 87 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:3.8/10
Nearest producing mine: Cerro Matoso (CoreX Holding), 87 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
Colombia: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President and Chief Executive Officer of Mineros S.A. since 8 Apr 2025, succeeding Andres Restrepo Isaza. 35+ years of mining experience across coal, copper and gold. BSc Mining Engineering, Universidad Nacional de Colombia; MSc Earth and Systems Engineering, Colorado School of Mines; MBA, Regis University. Career: Chief Operating Officer, Americas, OceanaGold Corporation (Jul 2021-Apr 2025, initially Executive General Manager, Haile Gold Mine); General Manager, Detour Gold Corporation (turned around the operation, through its acquisition by Kirkland Lake Gold); technical, operational and management positions at AngloGold Ashanti and Barrick Gold Corp.
Presidente de la Junta Directiva (Board Chair) of Mineros S.A., independent member. Over five decades in Colombian corporate leadership, including 15 years as President of Bavaria, S.A. and director roles at Avianca, Colseguros and Bancoldex.
Vicepresidente de la Junta Directiva of Mineros S.A., shareholder member. Private investor with over 20 years in the metals and mining sectors; co-founder and managing partner of Sun Valley Investments and CEO of Goldlogic Corp. Yale University graduate.
Independent member of the Junta Directiva of Mineros S.A. Co-director of natural resources at Dentons Cardenas y Cardenas; extensive experience in Colombian hydrocarbon, mining and infrastructure matters; Vice President of the Colombian Mining Association.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Sun Valley Investments AG, a Zurich private investment firm specialising in metals and mining, controls 65.38% of Mineros. It got there by paying cash in public tender offers on the Colombian exchange -- 77.9 million shares for about C$149M in March 2025, then a further 23,851,918 shares at COP 5,500 in a June-July 2025 offer that lifted it from 57.42% to 65.38%, completing 14 Jul 2025. That is a control block bought at a premium by an investor who has spent two decades in the sector, not a passive fund position -- though it is a buyer taking the company over rather than an outside vote of confidence in a stock anyone can buy. No named fund holders and no insider transactions are on record.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Mineros is a Latin American gold producer with two 100%-owned operating businesses: the Nechí alluvial dredging operation in Antioquia, Colombia, mined since 1937, and the Hemco property in Nicaragua (the Panama and Pioneer mines plus the Porvenir, Luna Roja and Leticia deposits); it also took 100% of the La Pepa project in Chile in September 2025. Measured and indicated resources, including reserves, total 5,765,000 oz of gold across Nechí (2,273,000 oz), La Pepa (2,189,000 oz, a 2021 estimate) and Hemco (1,303,000 oz), with 1,620,000 oz inferred. Nechí's technical report (effective 31 December 2024) supports a 12-year life-of-mine plan running from 2025 to 2036 at a flat US$1,500/oz gold price. Mineros raised its 2026 production guidance to 220,000-240,000 oz after H1 2026 gold-equivalent sales of 122,634 oz, record revenue of US$559M and record adjusted EBITDA of US$260M, and it is targeting 500,000 oz a year by 2030. In April 2026 it completed the acquisition of the Tolima exploration project (formerly La Colosa) from AngloGold Ashanti, and it does not treat that project's historical resource estimate as current.