Latin America’s gold producer Mineros S.A. (TSE: MSO) (OTCMKTS: MNSAF) had multiple financial successes during this year’s third quarter.
The company reported a substantial net profit of US$28.5 million for the three months ending Sept. 30. Furthermore, Mineros observed a revenue increase of US$39 million year-over-year at US$140.8 million.
Earnings before interest, taxes, depreciation and amortization (EBITDA) totalled US$62.9 million in Q3 — an 88.4 per cent increase year-over-year.
“From a financial perspective, high and rising gold prices provided us with a margin of just over US$800 per ounce of gold sold which led to US$28.5 million in net profit or US$0.10 per share from the production and sale of 53,612 ounces of gold at an average price of US$2,477,” chief executive, Andrés Restrepo, said in a news release Wednesday.
Gross profit from continuing operations rose by 113 per cent during the quarter to US$54.6 million. Mineros also paid out over US$2 million more in dividends to shareholders at US$7.4 million — a significant increase from Q3, 2023.
Net free cash flow skyrocketed by almost US$38 million to US$38.8 million — an immense increase year-over-year.
Mineros has multiple gold mining properties in Chile, Colombia and Nicaragua. The Latino mining outfit recently received the “Centennial Order” award from the National University of Colombia for its extensive contributions to the mining industry since 1974.
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Other gold producers in Latin America observe Q3 success
Hochschild Mining Plc (OTCMKTS: HCHDF) recently reported its best quarter in nearly half a decade. The British gold producer churned out 96,000 gold equivalent ounces — representing a 16 per cent rise year-over-year.
It primarily credits this success to Mara Rosa, its Brazilian mine site. Hochschild poured its first gold at the project in February.
Moreover, Calibre Mining Corp (TSE: CXB) (OTCMKTS: CXBMF) pinpointed a new high-grade discovery in Nicaragua during the last month of the quarter. Calibre identified the “San Jose” target along the VTEM Gold Corridor within its prolific Limon Mine Complex.
This international gold producer — with operations in Nicaragua, Nevada, Washington and Newfoundland — is on track to pull over 200,000 gold ounces from Nicaraguan soil this year alone.
Brazil produced about 75 metric tons of gold last year. Illegal gold mining in the Amazon is a currently a major concern for the country.
About 79 per cent of Nicaragua’s gold gets exported to the United States. The country’s broader mining sector contributed about US$1.2 billion to the Central American nation’s economy in 2023 — a 22.4 per cent increase from 2022.
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