Mineros Holds $0.10 Dividend; 20% Withholding Applies
International shareholders of Mineros S.A. should check whether a tax treaty with Colombia reduces the 20% withholding on their quarterly payments.
Updated on Nov. 6, 2026 in Corporate Finance
Mineros S.A., a gold producer with operations in Nicaragua, has proposed a $0.10 per share annual dividend for 2025, paid as four quarterly installments of $0.025 per common share. Shareholders vote on the proposal at a March 31, 2025 meeting, and non-Colombian tax residents face a 20% withholding tax on the payments.
Why it matters
The proposed total distribution of $29,973,740 equals the dividend approved for 2024 and represents 35% of the company's profit for the year, above the company's policy of paying at least 15% of prior-year net income. For international shareholders, the withholding rate and treaty status will determine the net yield.
The board proposed $0.10 per share for the year, identical to the 2024 dividend, which the company says totals $29,973,740. That payout equals 35% of 2025 profit against a policy floor of 15% of prior-year net income.
The players
Mineros S.A.
Colombian gold producer headquartered in Medellin with mining operations in Nicaragua, whose common shares trade on the Toronto Stock Exchange.
Toronto Stock Exchange
Canadian exchange where Mineros common shares are listed under the symbol MSA, giving the company access to international investors.
The details
Mineros's board proposed the dividend for shareholder approval at the ordinary general meeting, where holders will vote with or without variation. If approved as proposed, the payout is split into four quarterly installments of $0.025 per share, payable May 2, August 1, and November 4, 2025, and February 2, 2026. Dividends are paid from taxed profits earned during and after 2017, and non-Colombian tax residents will see 20% withheld, though residents of countries with a tax treaty with Colombia may qualify for a lower rate.
Timeline
February 20, 2025: Board announced the dividend proposal.
March 31, 2025: Shareholders vote on the proposal at the general meeting.
May 2, 2025: First quarterly installment of $0.025 per share payable.
August 1, 2025: Second quarterly installment payable.
November 4, 2025: Third quarterly installment payable.
Market Landscape
The 2025 proposal repeats the 2024 dividend exactly, holding per-share payout flat rather than raising it. The distribution sits above the company's own 15% policy floor, setting a payout level that Mineros's board has now chosen to maintain for a second consecutive year.
Shareholders should model the four quarterly installments net of the 20% withholding tax, and check whether their country's tax treaty with Colombia lowers that rate. Finance teams tracking Mineros should weigh a payout that exceeds the company's own policy floor against its capital needs, a question for qualified tax advisers where individual positions are concerned.
The takeaway
The dividend's withholding and treaty treatment, not the headline per-share figure, will determine what foreign holders actually receive. Watch the March 31 vote outcome and whether any variation is adopted before the May 2 first installment.
What happens next
Shareholders vote on the dividend at the March 31, 2025 meeting, and the first $0.025 installment is payable May 2, 2025 if approved without variation.
Further reading
For context on how boards set and defend payouts, explore our Corporate Finance coverage.
