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Operations and Projects

  

 

We have a diversified, high quality portfolio of properties with producing properties and growth projects in each of Colombia, Nicaragua, and Argentina, and an advanced exploration-stage project in Chile.

Having operations in different geographies and not concentrating production in a specific location we diversify non-operational geo-political risks.

Click here to view the Reserves and Resources table

Mines, Projects and Exploration Targets

Projects

We have a strong pipeline of projects at various stages of exploration and development. We have:

  • Three material properties with operating mines.
  • Three growth projects.

     

    • DCP , Argentina.
    • Porvenir , Nicaragua.
    • La Pepa , Chile.

     

  • Exploration projects

We aim to grow our annual production to 500 koz Au by 2025 through greenfield development, brownfield expansions, joint ventures, and complementary acquisitions. See the figure of Pipeline Organic Growth Potential.

Production Summary
Years ended December
31		 Revenue
(US$ 000's)		 Gold
produced
(ounces)		 Total
Cash Costs
(US$/oz)		 AISC *
(US$/oz)
  2019 97,513 70,510 962 1,059
Bandera de Colombia
Colombia		 2018 124,030 97,473 683 799
  2017 133,763 102,996 608 734
  2019 177,319 125,206 923 1,030
Bandera de nicaragua
Nicaragua		 2018 144,291 106,942 982 1,064
  2017 135,602 104,001 964 1,079
  2019 136,529 94,208 909 983
Bandera de Argentina
Argentina		 2018 3,985 2,791 1,988 1,988
  2019 411,361 289,924 914 1,023
  2018 272,306 207,206 840 936
  2017 269,365 206,997 785 905

* AISC means "all in sustaining costs"

Reserves Summary
Mineros Mineral Reserves Statement

Effective December 31, 2019

Classification/Property Tonnes
(000 t)
Grade
(g/t Au) (g/t Ag) (% Zn)
Contained Metal
(000 oz Au) (000 oz Ag) (Mlb Zn)
Proven
Nechi 658,000 0.06 - - 1,064 - -
Hemco - Panama, Pioneer and Artisanal 134 3.74 - - 16 - -
Gualcamayo - Others (QDDW, Condor, Potenciales, AIM, Target D, Salamanca and Las Vacas) 3,965 1.44 - - 183 - -
Probable
Nechi 126,000 0.06 - - 200 - -
Hemco - Panama, Pioneer and Artisanal 1,559 4.21 - - 211 - -
Gualcamayo - Others (QDDW, Condor, Potenciales, AIM, Target D, Salamanca and Las Vacas) 744 2.15 - - 52 - -
Proven and Probable
Nechi* 786,000 0.06 - - 1,264 - -
Hemco - Panama, Pioneer and Artisanal 1,693 4.18 - - 227 - -
Gualcamayo - Others (QDDW, Condor, Potenciales, AIM, Target D, Salamanca and Las Vacas) 4,709 1.55 - - 235 - -
Total Mineral Reserves 792,402 0.07 - - 1,727 - -
Mineral Reserve Reporting Notes:
  • CIM (2014) definitions were followed for Mineral Reserves.
  • Mineral Reserves are estimated using an average long-term gold price of US$1,450/oz and an exchange rate of 3,250 COP/1 USD.
  • Numbers may not add due to rounding.
Nechí – Colombia
  • The Nechí Mineral Reserves have been expressed as tonnes by converting cubic metres to tonnes using a density factor of 2.0 t/m3.
  • Mineral Reserves are estimated at cut-off grades of 38 mg/m³ for bucket line dredge plain alluvials, 80 mg/m³ for terrace alluvials, and 27 mg/m³ for suction dredge plain alluvials.
  • Gold grade includes some silver. Alluvial gold at Nechí is 890 fine for reserve estimation.
  • A minimum alluvial mining depth of 12 m was used.
  • A maximum alluvial mining depth of 30 m was used.
Hemco Property - Nicaragua:
  • Mineral Reserves are estimated using drill hole and sample data and depleted for production through December 31, 2019.
  • Mineral Reserves are based on mine designs carried out on an updated resource model. Dilution of 16.5% and losses of 16.2% were applied to long hole stoping, and dilution of 12.6% and losses of 29.1% to shrinkage stoping. A marginal head grade cut-off between 2.66 g/t Au and 2.00 g/t Au was applied for long hole stoping and shrinkage stoping.
Gualcamayo – Argentina
  • Mineral Reserves are estimated using drill hole and sample data and depleted for production through December 31, 2019.
  • Open pit Mineral Reserves are based on mine designs carried out on an updated resource model, applying a mining loss of 5% and 5% dilution at zero grade for Magdalena and Target D. No dilution or mining losses were applied to Condor. Mineral Reserves for QDD Main are the actual reported mined ore from January to May 2020. The following marginal cut-off grades were applied:
    • Condor – 0.32 g/t Au
    • QDD Main - 0.32 g/t Au
    • Target D – 0.40 g/t Au
    • Magdalena – 0.52 g/t Au
    • Stockpile – same cut-off grade as source material.
  • Stockpile Mineral Resources are based upon surveyed volumes supplemented by production data.
  • Underground Mineral Reserves are based on mine designs carried out on an updated resource model. Dilution was estimated through a sub-level caving (SLC) mixing model. A cut-off grade of 0.97 g/t Au was applied to the underground mine designs.
  • Mineral Reserves are estimated using an average long-term gold price of US$1,450/oz Au.
Resources Summary
Mineros Mineral Resources Statement

Effective December 31, 2019

Classification/Property Tonnes
(000 t)
Grade
(g/t Au) (g/t Ag) (% Zn)
Contained Metal
(000 oz Au) (000 oz Ag) (Mlb Zn)
Measured
Nechi 850,000 0.04 - - 1,000 - -
Hemco - Porvenir, Leticia and San Antonio - - - - - - -
Hemco - Panama, Pioneer and Artisanal 56 5.02 14.52 - 9 26 -
Gualcamayo - Rodado - - - - - - -
Gualcamayo - Others (QDDW, Condor, Potenciales, AIM, Target D, Salamanca and Las Vacas) 15,497 0.91 - - 452 - -
Indicated
Nechi - - - - - - -
Hemco - Porvenir, Leticia and San Antonio 5,407 3.22 12.41 2.78 560 2,157 331
Hemco - Panama, Pioneer and Artisanal 1,812 4.23 5.88 - 247 343 -
Gualcamayo - Rodado 10,131 3.42 - - 1,113 - -
Gualcamayo - Others (QDDW, Condor, Potenciales, AIM, Target D, Salamanca and Las Vacas) 8,045 1.23 - - 318 - -
Measured and Indicated
Nechi 850,000 0.04 - - 1,000 - -
Hemco - Porvenir, Leticia and San Antonio 5,407 3.22 12.41 2.78 560 2,157 331
Hemco - Panama, Pioneer and Artisanal 1,868 4.26 6.14 - 256 369 -
Gualcamayo - Rodado 10,131 3.42 - - 1,113 - -
Gualcamayo - Others (QDDW, Condor, Potenciales, AIM, Target D, Salamanca and Las Vacas) 23,542 1.02 - - 770 - -
Total Measured and Indicated 890,948 0.13 0.09 0.02 3,698 2,526 331
Inferred
Nechi - - - - - - -
Hemco - Porvenir, Leticia and San Antonio 5,832 2.56 8.68 1.85 480 1,628 238
Hemco - Panama, Pioneer and Artisanal 3,988 4.28 3.01 - 548 386 -
Gualcamayo - Rodado 7,758 2.88 - - 717 - -
Gualcamayo - Others (QDDW, Condor, Potenciales, AIM, Target D, Salamanca and Las Vacas) 7,848 2.11 - - 339 - -
Total Inferred 25,426 2.55 2.46 0.42 2,085 2,015 238
Mineral Resource Reporting Notes:
  • CIM (2014) definitions were followed for Mineral Resources.
  • Mineral Resources are exclusive of Mineral Reserves.
  • Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  • Numbers may not add due to rounding.
Nechí – Colombia
  • The Nechí Mineral Resources have been expressed as tonnes by converting cubic metres to tonnes using a density factor of 2.0 t/m3.
  • Mineral Resources for 2019 at Nechí are estimated at a raw gold cut-off grade of 23 mg/m3 for suction dredge plain alluvials, 68 mg/m3 for terrace alluvials, 37 mg/m3 for Brazilian dredge alluvials, and 32 mg/m³ for bucket line dredges.
  • Mineral Resources are estimated using a gold price of US$1,700/oz Au and an exchange rate of 3,250 COP / 1 USD.
  • Alluvial gold at Nechí is 890 fine for resource estimation.
  • Average thickness of Measured Mineral Resource pay gravel is 11.5 m.
Hemco Property - Nicaragua:
  • Mineral Resources are estimated at a cut-off grade of 2.0 g/t Au for long hole stoping resource shapes and 2.49 g/t Au for shrinkage resource shapes, 3.0 g/t Au for artisanal areas, and an NSR cut-off value of $73.30/t for Porvenir, Leticia, and San Antonio.
  • Mineral Resources are estimated using a long-term gold price of US$1,700 per ounce, a silver price of US$20 per ounce, and a zinc price of US$1.22 per pound.
  • A minimum mining width of 0.9 m was used at Panama and 1.15 m at Pioneer.
  • Bulk density is between 2.66 t/m3 and 2.68 t/m3 for Panama, between 2.74 t/m3 and 2.8 t/m3 for Porvenir, 2.68 t/m3 for Pioneer, 2.72 t/m3 for Leticia, 2.75 t/m3 for San Antonio, and 2.7 t/m3 for the artisanal areas.
  • Material within 30 m of the topographic surface has been excluded from the Pioneer and Porvenir Mineral Resources to allow for artisanal mining. This material is exclusive of the artisanal areas.
Gualcamayo – Argentina
  • Mineral Resources are estimated at cut-off grades between 0.25 g/t Au and 0.44 g/t Au for open pit and between 0.63 g/t Au and 1.87 g/t Au for underground.
  • Open pit Mineral Resources are constrained within Whittle optimized pit shells.
  • Mineral Resources are estimated using a long-term gold price of US$1,700 per ounce.
  • Bulk densities range between 2.47 t/m3 and 3.01 t/m3 depending on the rock type.