BVN Compania De Minas Buenaventura SA

Compañía de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced 2Q24 results for production and volume sold.

Production per Metal

Three Months Ended June 30, 2024

Six Months Ended June 30, 2024

2024 Updated Guidance (1)

 

Gold ounces produced

 

 

 

 

 

 

El Brocal

3,981

10,656

17.0k - 20.0k

Orcopampa

17,569

36,595

70.0k - 75.0k

Tambomayo

8,934

18,058

28.0k - 32.0k

Julcani

1,033

1,412

2.8k - 3.2k

La Zanja

2,303

3,692

5.0k - 7.0k

Total Direct Operations (2)

33,819

70,412

122.8k - 137.2k

Coimolache

7,390

30,186

38.0k - 43.0k

Total incl. Associated (3)

35,247

78,405

131.5k - 146.7k

 

Silver ounces produced

 

 

 

 

 

 

El Brocal

312,440

1,185,460

1.4M - 1.7M

Uchucchacua

409,481

916,532

2.2M - 2.5M

Yumpag (4)

2,461,616

3,426,612

7.5M - 8.0M

Orcopampa

7,979

15,966

-

Tambomayo

380,370

709,437

1.7M - 1.9M

Julcani

442,400

828,741

1.7M - 1.9M

La Zanja

3,692

6,003

-

Total Direct Operations (2)

4,017,977

7,088,751

14.5M - 16.0M

Coimolache

35,678

139,635

0.1M - 0.2M

Total incl. Associated (3)

3,911,774

6,687,504

14.0M - 15.4M

 

Lead metric tons produced

 

 

 

 

 

 

Uchucchacua

3,037

6,947

13.0k - 15.0k

Tambomayo

1,085

2,113

3.5k - 4.0k

Julcani

261

510

0.9k - 1.0k

Total Direct Operations (2)

4,383

9,570

17.4k - 20.0k

 

Zinc metric tons produced

 

 

 

 

 

 

El Brocal

0

1,985

1.9k - 2.0k

Uchucchacua

4,874

10,368

17.0k - 19.0k

Tambomayo

1,477

2,812

5.4k - 5.8k

Total Direct Operations (2)

6,352

15,165

24.3k - 26.8k

 

Copper metric tons produced

 

 

 

 

 

 

El Brocal

10,123

25,565

55.0k - 60.0k

Total Direct Operations (2)

10,123

25,565

55.0k - 60.0k

1. 2024 projections are considered to be forward-looking statements and represent management’s good faith estimates or expectations of future production results as of July 2024.
2. Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
3. Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache.
4. Considers ore from the pilot stope approved within Yumpag EIA-sd.

Volume Sold per Metal

Three Months Ended June 30, 2024

Six Months Ended June 30, 2024

 

Gold ounces sold

 

 

 

El Brocal

2,192

6,765

Orcopampa

17,365

36,196

Tambomayo

8,317

16,761

Julcani

909

1,234

La Zanja

2,437

3,850

Total Direct Operations (1)

31,220

64,806

Coimolache

8,375

30,076

Total incl. Associated (2)

33,732

74,255

 

Silver ounces sold

 

 

 

El Brocal

249,032

989,899

Uchucchacua

354,404

790,717

Yumpag (3)

2,452,482

3,556,610

Orcopampa

4,231

12,143

Tambomayo

343,677

633,058

Julcani

420,236

803,609

La Zanja

9,638

15,690

Total Direct Operations (1)

3,833,701

6,801,726

Coimolache

40,753

138,645

Total incl. Associated (2)

3,753,989

6,475,510

 

Lead metric tons sold

 

 

 

El Brocal

0

72

Uchucchacua

2,774

6,263

Yumpag (3)

34

34

Tambomayo

928

1,843

Julcani

232

461

Total Direct Operations (1)

3,967

8,674

 

Zinc metric tons sold

 

 

 

El Brocal

0

1,592

Uchucchacua

4,033

8,568

Tambomayo

1,195

2,262

Total Direct Operations (1)

5,228

12,422

 

Copper metric tons sold

 

 

 

El Brocal

9,571

24,138

Tambomayo

63

63

Julcani

38

60

Total Direct Operations (1)

9,673

24,261

1. Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
2. Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache.
3. Considers ore from the pilot stope approved within Yumpag EIA-sd.

Average realized prices(1)(2)

Three Months Ended June 30, 2024

Six Months Ended June 30, 2024

 

Gold (US$/Oz)

 

2,336

 

2,219

Silver (US$/Oz)

29.98

27.13

Lead (US$/MT)

 

2,153

 

2,077

Zinc (US$/MT)

2,703

2,490

Copper (US$/MT)

 

9,998

 

8,952

1. Considers Buenaventura consolidated figures.
2. Realized prices include both provisional sales and final adjustments for price changes.

Commentary on Operations

Tambomayo:

• Gold, lead and zinc production exceeded 2Q24 projections due to a positive reconciliation of gold, lead and zinc grades relative to the mid-term production program, partially offset by decreased silver production. Full year 2024 lead and zinc guidance has therefore been updated. 2024 gold guidance remains unchanged.

Orcopampa:

• 2Q24 gold production was in line with expectations. 2024 guidance remains unchanged.

Coimolache:

• 2Q24 gold production was in line with expectations. 2024 guidance remains unchanged.
• Coimolache’s third Environmental Impact Assessment was approved by Peru’s National Service of Environmental Certification for Sustainable Investments (SENACE) on May 31, 2024. This permit enables Buenaventura to file for the relevant construction permit to increase leach pad capacity at Coimolache.

Julcani:

• Silver and lead production was in line with expectations for 2Q24. 2024 guidance remains unchanged.

Uchucchacua:

• Silver production was in line with expectations for 2Q24.
• Lead and zinc production exceeded 2Q24 projections due to a positive ore grade reconciliation. 2024 guidance remains unchanged.
• Uchucchacua daily throughput increased to an average 1,200 TPD during the 6M24, aligned with the Company’s targeted 1,500 TPD by year end 2024.

Yumpag:

• Silver production exceeded 2Q24 projections as ore processing was initiated earlier than expected, in March 2024, due to operating permit approval which was initially expected in May 2024. 2024 guidance has therefore been updated.

El Brocal:

• Copper and silver production was below expectations for 2Q24 due to a decrease in volume processed during the quarter resulting from a 16 day voluntary temporary suspension of El Brocal’s processing plant facilities, as was announced by the Company on May 22, 2024.
• Buenaventura announced that ore treatment operations at its El Brocal processing plant resumed operations at midnight on June 7, 2024. El Brocal had accumulated approximately 220,000 tonnes of copper ore upon the plant’s reinitiation. The processing of said stockpiled inventories, combined with production from the mine, will gradually ramp to a processing rate of 15,000 tons per day, leveraging the two plants’ previously idle capacity. El Brocal is expected to achieve its nine month 2024 copper production target by September 2024. Full year 2024 copper guidance therefore remains unchanged.
• The Company’s target to achieve a 11,000 TPD underground mining rate by year end 2024 remains unchanged.
• Open pit ore inventories were fully processed by the end of 1Q24. Lead and zinc production is not expected until the open pit resumes operation. The Company temporarily suspended mining activities at the open pit mine for up to three years, as was previously announced on October 3, 2023. 2024 zinc guidance has therefore been updated.

Company Description

Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache).

The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).

(*) Operations wholly owned by Buenaventura.

Note on Forward-Looking Statements

This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240716976503/en/

Contacts in Lima: Daniel Dominguez, Chief Financial Officer +51 1 419 2540

Gabriel Salas, Head of Investor Relations +51 1 419 2591 gabriel.salas@buenaventura.pe

Contact in New York: Barbara Cano, InspIR Group +1 646 452 2334 barbara@inspirgroup.com

Website: www.buenaventura.com