Colombian mining company Mineros S.A. experienced significant changes in its shareholding structure following the recent Public Tender Offer (PTO).
Gold mining company Mineros S.A., headquartered in Medellín, reported a significant change in its shareholding structure following the successful completion of a new PTO led by Swiss firm Sun Valley Investments AG.
The operation, which took place between June 24 and July 8, 2025, further solidified Sun Valley’s position as the dominant majority shareholder, increasing its stake from an already substantial 57.4% to a commanding 65.38%.
This acquisition, officially completed on July 14, involved the purchase of 23,851,918 common shares by Sun Valley, representing a total investment of approximately COP $131 billion — roughly CAD $44.8 million. Each share was acquired at a price of COP $5,500, equivalent to approximately CAD $1.88 per unit at the closing date.
This move not only underscores Sun Valley’s intention to strengthen its control over Mineros S.A., but also marked the full exit of other key players, such as Corficolombiana S.A., whose stake dropped from 7.96% to 0%.
Mineros on the Foreign Investment Radar
Sun Valley, a privately held investment firm based in Zug, Switzerland, and specialized in metals and mining, is no newcomer to the sector. Its strategy is focused on financing the entire precious metals supply chain—from exploration and mine development to production, processing, and refining. This expertise and financial strength have enabled it to position itself as Mineros’ dominant partner.
The Swiss firm had previously expressed interest in increasing its presence in Mineros, but this latest move enhances its level of control and may lead to new strategic decisions for the mining company.
Indeed, Sun Valley did not rule out future acquisitions or divestitures, indicating that it would continue to evaluate its position based on market conditions and other relevant factors.
From a regulatory standpoint, the transaction was supported by Canadian regulations that allow foreign entities to conduct offers without additional acquisition requirements. It was duly reported to securities authorities through the SEDAR+ system.
Founded over 50 years ago and operating in both Colombia and Nicaragua, Mineros S.A. has remained a significant player in low-cost gold production. The company is listed on both the Colombian Stock Exchange (under the symbol MINEROS) and the Toronto Stock Exchange (TSX: MSA), making it one of the few regional mining firms with an international market presence.
Mineros has long been recognized for its focus on sustainability, operational safety, and dividend distribution. However, the new shareholding landscape suggests the possibility of significant adjustments, especially if Sun Valley opts to implement strategic changes or internal restructuring to pursue greater profitability or expansion.
In a global context where investors are seeking safe-haven assets and exposure to strategic commodities like gold, such transactions reflect a broader trend of shareholder consolidation in key sectors. The bet on companies like Mineros—with diversified assets, controlled costs, and a foothold in emerging markets—has become increasingly attractive.
For now, Mineros embarks on a new chapter in its corporate history with a stronger majority shareholder, potentially opening up growth opportunities—or raising questions about the future of its corporate governance. What is certain is that in the complex landscape of gold mining, today’s decisions can redefine tomorrow’s extraction. And Mineros, with Sun Valley at the helm, is preparing for that next stage.
Read the original article in 360 Radio published on July 16, 2025: Click here.
EN 
ES