Bloomberg News

Colombian Mineros Gains Most Since 2010 on Quia, GoldSands Deals

January 26, 2012

Jan. 26 (Bloomberg) -- Mineros SA, Colombia’s largest gold producer, gained the most since September 2010 after the company bought 11 percent of Canadian mining company Quia Resources Inc. and reached a separate agreement giving it options to acquire interest in Peruvian gold mining concessions.

Mineros rose 6.4 percent to 5,300 pesos in Bogota today. Mineros has the option to increase its stake in Quia, which is exploring for gold in Colombia, to almost 15 percent, according to a statement distributed yesterday by e-mail.

Quia is among the first miners operating in the San Lucas gold belt in Colombia, which is “among the least explored and most prospective gold belts in Colombia,” analysts from Interbolsa SA, including Juan Felipe Mejia, said in an e-mailed report on the acquisition today.

Mineros has also reached an agreement with GoldSands Development giving Mineros options to acquire 85 percent interest in 50 gold mining concessions in Peru, GoldSands said in a regulatory filing yesterday.

--With assistance from Heather Walsh in Bogota. Editors: Brendan Walsh, Glenn J. Kalinoski

To contact the reporter on this story: Blake Schmidt in Bogota at bschmidt16@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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