Mineros S.A.

What it is

Mineros S.A. explores and produces gold — and some silver — in Colombia and Nicaragua, with its Colombian anchor being the Nechí Alluvial property, a 473-square-kilometre concession in the lower Cauca region of Antioquia, and its Nicaraguan arm the Hemco underground and artisanal complex near Bonanza. It also now owns 100% of the La Pepa gold project in Chile’s Atacama region, a position built up through 2025.

Originally known as Mineros de Antioquia S.A., the company was incorporated in 1974, renamed to its current form in May 2004, and has been headquartered in Medellín throughout. The Nechí Alluvial operation alone has produced more than 3.1 million ounces of gold in the 50 years between 1974 and 2023.

Who owns it

Sun Valley Investments — whose majority shareholder and managing partner is Vikram Sodhi — controls Mineros S.A., making it one of the largest gold mining companies in Colombia. Sun Valley’s foothold began in March 2024, when it bought a 22.5% stake from Grupo Colpatria, owned by the Pacheco family.

Sun Valley previously held 30.85% of the shares; after settling a public tender offer on the Colombian Stock Exchange in March 2025, it moved to approximately 56.85% — a clear controlling majority. Mineros now operates formally as a subsidiary of Sun Valley Investments AG.

The remaining ~43% is publicly traded free float.

Who runs it

Daniel Henao became President and Chief Executive Officer on November 18, 2025, following David Londoño’s resignation; two board directors also stepped down the same day as ownership changes triggered a full leadership review. Henao brings experience across the gold value chain — exploration, acquisitions, mine development, operations and refining.

CFO David Splett stepped down on January 2, 2026; Sergio Chavarria, previously Finance Manager, is serving as Interim CFO. Chavarria has been in senior finance roles at Mineros since 2018, previously worked as a senior audit officer at Deloitte, and holds an MBA from EAFIT University.

The money, in plain words

In the year ended 31 December 2025, Mineros took in USD 799.7 million in sales — up 48% from USD 538.6 million in 2024 — and kept USD 145.0 million as profit after tax, itself up 68%. Put plainly: it keeps about 18 cents of profit from every dollar of gold it sells — a net profit margin of 18.1% (our calculation), strong for a Latin American miner.

The company generated USD 358 million in operating cash flow before interest and tax, ending 2025 with USD 108 million in cash and a balance sheet described as virtually debt-free. Loans and other borrowings stood at just USD 15.4 million at 31 December 2025 — meaning net cash of roughly USD 93 million (our calculation).

For every dollar shareholders have put in, the company now earns about 29 cents a year — a return on equity of 28.8%, high for the sector. The shares trade at only about 4.8 times last year’s earnings (a price-to-earnings ratio of 4.8×), reflecting both the company’s political-risk profile and the market’s uncertainty about its new owners.

What it is doing now

The single biggest strategic move of 2025 was spending USD 40.4 million to buy the remaining 80% of the La Pepa gold project in Chile from Pan American Silver Corp., giving Mineros full ownership of an undeveloped deposit on the Maricunga Gold Belt. For 2026, the company is guiding for 213,000 to 233,000 ounces of gold production, about 10,000 more ounces than its 2025 guidance target.

Mineros also launched a share repurchase programme in May 2026, returning cash to shareholders alongside its quarterly dividend. In 2025 it paid out USD 29.8 million in dividends for the full year.

What to watch

• New ownership, new direction. Adjustments to the ownership structure over 2024 and 2025 have prompted a reassessment of executive roles and strategic priorities. How decisively — and in which direction — Sun Valley and Daniel Henao set a fresh course is the central question for investors.
• La Pepa, Chile. Owning a full undeveloped project is a bet on both the gold price and on navigating Chilean permitting; the timeline to production is not yet set.
• Gold price dependency. The average gold price Mineros realised in 2025 reached a record USD 3,474 per ounce for the full year. A meaningful retreat from those levels would compress margins quickly.
• Nicaragua risk. The Hemco property in Nicaragua contributed 131,831 of the company’s 221,608 ounces produced in 2025 — its biggest single source — in a jurisdiction that carries elevated political uncertainty.

This is news, not investment advice.