Mineros S.A. Contributed More Than US$12 Million to the Bajo Cauca Region of Antioquia Through Works for Taxes
Mineros S.A. Contributed More Than US$12 Million to the Bajo Cauca
Region of Antioquia Through Works for Taxes
US$12 million invested in Works for Taxes
80,000 people helped
Mineros directly investing another US$22.1 million in eight new projects in
conjunction with other private and public enterprises
MEDELLÍN, Colombia--(BUSINESS WIRE)--June 9, 2025--Mineros S.A. (TSX: MSA,
MINEROS: CB) (“Mineros” or the “Company”) is pleased to announce that over the past seven
years, Mineros has invested more than US$12 million (COP $50.000M) in social impact
projects, benefiting more than 80,000 people in Bajo Cauca, Antioquia. This was accomplished
through the Works for Taxes program, through which individuals and legal entity taxpayers may
pay income and other taxes by investing in public works or projects of social importance that
meet the legal requirements in Zones Most Affected by Armed Conflict (ZOMAC).
Projects completed and close to completion:
Escarralao - El Bagre Road
Beneficiaries: Improved connectivity between towns for close to 80,000 inhabitants of Zaragoza
and El Bagre which strengthened the social and economic environment in these communities.
Phase I (2020): Connected Zaragoza and El Bagre with the 4G Troncal de la Paz road.
o Investment: COP $18.650 million
o Length: 5.5 paved kilometers
Phase II (2021-2022): Constructed the section between Puerto Jobo and Puente de la
Libertad
o Investment: COP $24.881 million
o Length: 5.8 paved kilometers
Implemented new technologies in urban and rural educational centers in El Bagre, Nechí
and Zaragoza with the dual objectives of improving both teaching and learning processes,
and promoting the educational development of children and young people in the Bajo
Cauca region of Antioquia.
Beneficiaries: 151 educational centers, wherein 492 teachers were trained and 5,869 computers
delivered.
o Investment: nearly COP $14.600 millions
Thanks to the Works for Taxes program, Mineros has consolidated its position as a pioneer in the
use of this mechanism, working jointly with the Government of Antioquia and Proantioquia. In
addition, this work has been carried out in coordination with local, departmental and national
governments, as well as with the National Planning Department and the Land Renewal Agency.
David Londoño, President and Chief Executive Officer of Mineros said: “At Mineros, we are
convinced that our growth must go hand in hand with the well-being and economic and social
progress of our host communities. Works for Taxes allow us, as a Company, to allocate a portion
of our taxes to the direct construction of priority infrastructure and the implementation of social
development projects. Our participation in Works for Taxes ensures that investment reaches
communities efficiently and transparently. It is our way to accelerate closing social gaps and to
build a future with more opportunities for all, especially for children and young people who are
the future of our society.”
As part of its ongoing commitment to the comprehensive development of the regions where it
operates, Mineros is currently advancing eight new projects with a total investment of over
US$48.2 million (COP $200,000 million). Mineros itself has contributed nearly 45% of this
amount, equivalent to US$22.06 million (COP $91,621 million), alongside contributions from
partner companies such as Empresas Púplicas de Medellín, Grupo Nutresa S.A., and Grupo
Argos S.A., among others.
These projects include the improvement of rural and urban roads, the construction of a pedestrian
bridge over the Cauca River, and the development of an educational institution in El Bagre. They
also involve the distribution of books and sports equipment to local communities.
In Nicaragua, Mineros’ wholly owned subsidiary, HEMCO Mineros Nicaragua S.A., has
received the necessary Forest Harvesting Permit to begin construction of its underground mine at
the Porvenir Project. The project is located in the community of Vesubio, within the municipality
of Bonanza, in the North Caribbean Coast Autonomous Region (RACCN) of Nicaragua—a
region with a rich mining tradition.
* Figures are based on the closing COP/USD exchange rate of $4,149 as of May 31, 2025.
ABOUT MINEROS S.A.
Mineros is a Latin American gold mining company headquartered in Medellin, Colombia. The
Company has a diversified asset base, with mines in Colombia and Nicaragua, and a pipeline of
development and exploration projects.
The board of directors and management of Mineros have extensive experience in mining,
corporate development, finance, and sustainability. Mineros has a long track record of
maximizing shareholder value and delivering solid annual dividends. For 50 years Mineros has
operated with a focus on safety and sustainability at all its operations.
Mineros’ common shares are listed on the Toronto Stock Exchange under the symbol “MSA”,
and on the Colombia Stock Exchange under the symbol “MINEROS”.
Election of Directors – Electoral Quotient System
The Company has been granted an exemption from the individual voting and majority voting
requirements applicable to listed issuers under Toronto Stock Exchange policies, on grounds that
compliance with such requirements would constitute a breach of Colombian laws and regulations
which require the directors to be elected on the basis of a slate of nominees proposed for election
pursuant to an electoral quotient system. For further information, please see the Company’s most
recent annual information form, available on the Company’s website at
https://www.mineros.com.co/ and from SEDAR+ at www.sedarplus.com.
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable
securities laws. Forward-looking information includes statements that use forward-looking
terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”,
“expect”, “estimate”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or
grammatical variation thereof or other variations thereof or comparable terminology. Such
forward-looking information includes, without limitation, statements with respect to expected
applications for and receipt of regulatory approvals, the expected sufficiency of such regulatory
approvals to support construction activities at the Porvenir Project, the Company’s plans and
expectations with respect to the future development of the Porvenir Project and the timing
therefor.
Forward-looking information is based upon estimates and assumptions of management in light of
management’s experience and perception of trends, current conditions and expected
developments, as well as other factors that management believes to be relevant and reasonable in
the circumstances, as of the date of this news release including, without limitation, assumptions
about: favourable equity and debt capital markets; the ability to raise any necessary additional
capital on reasonable terms to advance the production and development of the Porvenir Project;
future prices of gold and other metal prices; the timing and results of exploration and drilling
programs, and technical and economic studies; the development of the Porvenir Project;
completion of its drilling programs; the accuracy of any Mineral Reserve and Mineral Resource
estimates; the geology of the Porvenir Project being as described in the applicable technical
report; operating conditions being favourable such that the Company is able to operate in a safe,
efficient and effective manner; political and regulatory stability; the receipt of governmental,
regulatory and third party approvals, licenses and permits on favourable terms; obtaining
required renewals for existing approvals, licenses and permits on favourable terms; requirements
under applicable laws; sustained labour stability; stability in financial and capital goods markets;
inflation rates; availability of labour and equipment; and positive relations with local groups.
While the Company considers these assumptions to be reasonable, the assumptions are
inherently subject to significant business, social, economic, political, regulatory, competitive and
other risks and uncertainties, contingencies and other factors that could cause actual actions,
events, conditions, results, performance or achievements to be materially different from those
projected in the forward-looking information. Many assumptions are based on factors and events
that are not within the control of the Company and there is no assurance they will prove to be
correct.
For further information of these and other risk factors, please see the “Risk Factors” section of
the Company’s annual information form dated March 31, 2025, available on the Company’s
website at https://www.mineros.com.co/ and SEDAR+ at www.sedarplus.com.
Contacts
For further information, please contact:
Ann Wilkinson
VP of Investor Relations
+1 (647) 496-3011
Juan Obando
Director, Investor Relations
(+57) 574 266 5757
Bettina Filippone
Renmark Financial Communications Inc.
+1 (514) 939-3989 or +1 (212) 812-7680