(all amounts expressed in
Profit Distribution and 2022 Dividends
At the Meeting, the
Table 1. Shareholder-Approved Profit Distribution for the Fiscal Year Ended
($) | (COP$)(1) | |
Profit for the year | 43,271,203 | 161,395,689,584 |
Minus: Transfers to reserves as follows: | ||
Reserve for new projects | 42,271,203 | 157,665,825,872 |
Reserve for asset protection | 1,000,000 | 3,729,863,711 |
Plus: Release of untaxed reserves from previous years | ||
Transfer from reserve for payment of untaxed dividends | 19,387,015 | 72,310,924,318 |
Available for distribution to shareholders | 19,387,015 | 72,310,924,318 |
The following distribution was approved: | ||
Payment of untaxed dividends | 22,384,389 | 83,490,720,904 |
(1) |
The Canadian record dates and Canadian/Colombian payment dates are set out in Table 2 .
Table 2. Canadian Record Dates and Canadian/Colombian Payment Dates.
Record Date | Payment Date | Amount per share | ||
($) | (COP$)(1) | |||
Ordinary Dividend | 0.0162 | 60.4 | ||
0.0162 | 60.4 | |||
0.0162 | 60.4 | |||
0.0162 | 60.4 | |||
Extraordinary Dividend | 0.01 | 37.3 |
(1) |
Payment of each dividend amount will be made on each payment date in
The approved dividend is in line with the Company's dividend policy, which is to pay in dividends at least 15% of the net income of the prior fiscal year, provided that this allows, in good faith, to maximize the long-term value of the Company.
Election of Directors
The Board of Directors of Mineros is elected in accordance with the Colombian electoral quotient system. Directors are to be elected on the basis of slates of nominees proposed for election. For additional information, see the Company's management information circular dated
At the Meeting, two slates of nominees were proposed for election: a slate of nine nominees proposed by the Company, on the recommendation of the
Each of the nominees was determined to be suitable to serve as a director of the Company in accordance with applicable laws and the Policy for the Election, Evaluation and Compensation of the Board of Directors.
Of the 190,655,777 common shares represented in person or by proxy at the Meeting, 143,806,107 (75.43%) voted in favour of Slate 1, 37,106,930 (19.46%) voted in favour of Slate 2, and 9,742,740 (5.11%) votes abstained from voting in respect of the election of directors. In accordance with the electoral quotient system, a board of nine directors was elected, consisting of eight directors from Slate 1: Eduardo Pacheco Cortés,
"I would also like to welcome
Director Biography -
Ms. Taborda Giraldo has over 30 years' experience in the senior management of business units related to agroindustry exports and holds degrees in Senior Management from INCAE (
Advisory Vote on Individual Directors
At the Meeting, shareholders voted on an advisory resolution in respect of each individual nominee that was proposed for election by the Company. Table 3 summarizes the results of that vote.
Table 3. Results of Advisory Vote on the Election of Individual Directors.
Nominee | Votes FOR | Votes WITHHELD |
Eduardo Pacheco Cortés | 190,655,777 (100%) | 0 (0%) |
190,655,777 (100%) | 0 (0%) | |
José Fernando Llano Escandón | 190,655,777 (100%) | 0 (0%) |
190,655,777 (100%) | 0 (0%) | |
Juan Carlos Páez Ayala | 190,655,777 (100%) | 0 (0%) |
Mónica Jiménez González | 190,655,777 (100%) | 0 (0%) |
190,655,777 (100%) | 0 (0%) | |
Alberto Mejía Hernández | 190,655,777 (100%) | 0 (0%) |
190,655,777 (100%) | 0 (0%) |
(1) Ms. Orrantia was not re-elected at the Meeting. |
Results of Other Resolutions from the Meeting
Other than the profit distribution and election of directors as outlined above, all resolutions as outlined in the Circular were passed at the Meeting.
Filing of Annual Information Form
Mineros also announces that it has filed its annual information form for the year ended
In the annual information form, the Company has reported for the first time a mineral resource estimate on its
Table 4. La Pepa Mineral Resource Statement Effective
Mineral Resource | Tonnes (kt) | Grade (g/t Au) | Contained Metal (koz Au) |
Measured | 11,763 | 0.61 | 230 |
Indicated | 13,081 | 0.49 | 208 |
Measured and Indicated | 24,844 | 0.55 | 438 |
Inferred | 5,005 | 0.46 | 73 |
Mineral Resource Reporting Notes: | |
(1) | Open pit mineral resources are estimated inside of an optimized pit envelope at a cut-off grade of 0.20 g/t Au for oxides and 0.26 g/t Au for sulphides, which corresponds to the marginal cut-off grade. |
(2) | Mineral resources are estimated using a long-term gold price of |
(3) | Tonnage and contained metal in the above table reflects Mineros' 20% interest in the |
(4) |
About
Mineros is a Latin American gold mining company headquartered in
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 almost 50 years Mineros has operated with a focus on safety and sustainability at all its operations.
Mineros' common shares are listed on the
The Company has been granted an exemption from the individual voting and majority voting requirements applicable to listed issuers under
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by
Forward-Looking Statements
This press release contains "forward-looking information" ("forward-looking information") within the meaning of applicable securities laws. Forward-looking information may relate to the Company's future financial outlook and anticipated events or results and may include information regarding the Company's financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "budgets", "scheduled", "estimates", "outlook", "forecasts", "projects", "prospects", "strategy", "intends", "anticipates", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" occur. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. The forward-looking information contained herein includes, but is not limited to the timing and payment of dividends, and the Company's listing on stock exchanges.
Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, market conditions, the price of gold, currency fluctuations, regulatory compliance, and the factors discussed under "Risk Factors" in the Company's most recent annual information form, available on SEDAR at www.sedar.com.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in forward-looking information. The opinions, estimates or assumptions referred to above and the risk factors described in the "Risk Factors" section of the Company's annual information form should be considered carefully.
Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to the Company or that the Company presently believes is not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made. Forward-looking information contained in this press release represents the Company's expectations as of the date of this press release (or as of the date they are otherwise stated to be made), and are subject to change after such date. The Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
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