Compañia 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 results for the fourth quarter (4Q16) and twelve-month
(FY16) periods ended December 31, 2016. All figures have been
prepared in accordance with IFRS (International Financial Reporting
Standards) on a non-GAAP basis and are stated in U.S. dollars
(US$).
Fourth Quarter and Full Year 2016 Highlights:
- In 4Q16, EBITDA from direct operations
was US$80.4 million compared to US$19.6 million reported in 4Q15.
Adjusted EBITDA (including associated companies) increased 126%
(US$ 176.8 million) in 4Q16, compared to the US$ 78.4 million in
4Q15.
- All in Sustaining Cost (AISC*)
decreased 11% in 4Q16 (US$ 846/oz), compared to 4Q15 (US$
953/oz).
- Full year 2016 attributable production
was 627k gold ounces and 24.7 million silver ounces, compared to
745k gold ounces and 22.1 million silver ounces in 2015.
- Positive results in explorations,
especially in the Orcopampa Mine (See appendix 4).
- Net income in 4Q16 was negative US$
405.9 million mainly due to a US$422.5 million non-cash adjustments
from Yanacocha (attributable to Buenaventura).
- Tambomayo produced its first doré bar
in December 2016. Full plant capacity is expected by 2Q17.
- Buenaventura´s Net debt/EBITDA ratio
has been reduced to 1.74x, in line with guidance.
- Important improvement at El Brocal.
Good operating results.
- In line with Buenaventura´s dividend
policy, a dividend payment of US$ 0.057 per share/ADS will be
declared.
Financial Highlights (in millions
of US$, except EPS figures):
4Q16
4Q15 Var% FY16
FY15 Var% Total
Revenues 287.1 235.1
22% 1,068.8 929.5
15% Operating Profit 24.8
-43.5
N.A. 132.2
-136.9
N.A. EBITDA Direct Operations
80.4 19.6
309%
333.3 99.8
234%
Adjusted EBITDA (Inc Associates) 176.8
78.4
126% 645.2
371.6
74% Net Income
-405.9 -292.6
39%
-323.5 -317.2
2%
EPS** -1.60 -1.15
39% -1.27 -1.25
2% (*) See Appendix 5 (**)
as of December 31, 2016 Buenaventura had a
weighted average number of shares outstanding of 254,186,867.
Operating Revenues
During 4Q16, net sales were US$281.3 million, a 23% increase
compared to the US$227.9 million reported in 4Q15. This result was
mainly explained by an increase in all metal prices as well as
higher volume sales of copper, zinc and lead.
Royalty income decreased 19% from US$7.2 million in 4Q15 to
US$5.8 million in 4Q16 as a result of lower revenues at Yanacocha
(21% QoQ).
Operating Highlights
4Q16 4Q15 Var%
FY16 FY15
Var% Net Sales
(in millions of US$)
281.3 227.9
23%
1,044.5 897.1
16%
Average Realized Gold Price (US$/oz) (1) (2)
1,149 1,093
5%
1,244 1,150
8% Average
Realized Gold Price (US$/oz) inc. Affiliates (3)
1,179 1,096
8%
1,245 1,154
8% Average
Realized Silver Price (US$/oz) (1) (2)
17.80 14.46
23%
17.65 15.06
17% Average
Realized Lead Price (US$/MT) (1) (2) 2,335
1,665
40% 1,978
1,712
16% Average
Realized
Zinc Price (US$/MT) (1)
(2)
2,641 1,447
82%
2,267 1,839
23%
Average Realized Copper Price (US$/MT) (1) (2)
5,568 4,332
29%
4,919 4,515
9%
Volume Sold 4Q16
4Q15 Var%
FY16 FY15 Var%
Gold Oz Direct Operations (1) 85,836
93,352
-8% 354,116
364,831
-3% Gold Oz inc
Associated Companies (3) 171,484
207,701
-17% 691,649
825,749
-16% Silver Oz
(1) 5,938,481 6,571,227
-10% 21,863,019
20,811,046
5% Lead MT (1)
8,304 10,302
-19%
29,678 32,389
-8% Zinc
MT (1) 19,963 16,087
24% 62,829 55,529
13% Copper MT (1) 12,779
9,176
39% 45,674
29,094
57% (1)
Buenaventura’s Direct Operations includes 100% of
Buenaventura’s operating units, 100% of La Zanja and 100% of El
Brocal (2) The realized price considers the adjustments of
quotational periods (3) Considers 100% of Buenaventura’s operating
units, 100% of La Zanja, 100% of El Brocal, 40.95% of Coimolache
and 43.65% of Yanacocha
Net sales increased 16%, from US$897.1 million in FY15 to
US$1,044.5 million in FY16. Royalty income for FY16 was US$24.3
million, 25% lower than US$32.4 million during FY15.
Production and Operating Costs
In 4Q16, Buenaventura’s gold equity production from direct
operations was 68,268, 4% lower compared to the figure reported in
4Q15 (70,910 gold ounces). Gold production including associated
companies in 4Q16 was 159,212 ounces, 13% lower than the amount
reported in the same period 2015. This decline is explained by a
decrease in production from Yanacocha. Zinc and Copper equity
production were higher during 4Q16 compared to 4Q15 mainly as a
result of higher production coming from El Brocal.
Buenaventura´s gold equity production from direct operations in
FY16 was in line compared to the figure reported in FY15. Silver
equity production from direct operations in FY16 was 11% higher
compared to FY15, this was mainly due to higher production coming
from the Uchuchacua (16% YoY) and Mallay (27% YoY) mines.
Buenaventura´s Zinc equity production increased 18% in FY16
compared to FY15. This increment is explained by higher production
from the Uchuchacua mine (27% YoY), Mallay mine (14% YoY) and El
Brocal (8% YoY). Buenaventura´s copper production increased 65% in
FY15 compared to FY15 due to higher production from El Brocal (53%
YoY).
Equity Production
4Q16 4Q15 Var%
FY16 FY15
Var% Gold Oz Direct Operations(1)
68,268 70,910
-4%
281,086 286,178
-2%
Gold Oz including Associated Companies 159,212
182,247
-13%
627,434 744,800
-16% Silver
Oz Direct Operations(1) 6,109,374
6,201,646
-1% 23,448,833
21,194,300
11% Silver Oz
including Associated Companies 6,382,558
6,506,921
-2% 24,672,571
22,131,806
11% Lead MT
7,396 8,779
-16%
28,531 28,412
0%
Zinc MT 15,646 12,642
24% 51,465 43,694
18% Copper MT Direct Operations(1)
8,218 5,034
63%
29,195 17,674
65%
Copper MT including Associated Companies
34,222 23,757
44%
127,584 66,032
93%
Consolidated Production
4Q16 4Q15 Var%
FY16 FY15
Var% Gold Oz(2) 86,803
90,490
-4% 356,367
357,570
0% Silver Oz(2)
6,624,276 6,786,872
-2% 24,648,761 23,035,110
7% Lead MT(2) 9,174
11,924
-23% 33,850
37,135
-9% Zinc
MT(2) 23,896 19,975
20% 75,075 68,240
10% Copper MT(2) 13,929
9,244
51% 49,460
32,400
53% (1)
Buenaventura’s Direct Operations includes 100% of
Buenaventura’s operating units, 53.06% of La Zanja and 61.32% of El
Brocal (2) Considers 100% of Buenaventura’s operating units, 100%
of La Zanja and 100% of El Brocal
Orcopampa (100% owned by
Buenaventura)
Production
4Q16 4Q15 Var%
FY16 FY15
Var% Gold Oz
45,973 48,606
-5%
191,102 204,629
-7%
Silver Oz 199,509
170,254
17% 692,318
562,795
23%
Cost Applicable to Sales
4Q16 4Q15 Var% FY16
FY15 Var% Gold US$/Oz
772 682
13% 704 678
4%
Gold production at Orcopampa decreased 5% in 4Q16 (compared to
4Q15) mainly due to lower ore treated and lower ore grade (see
Appendix 2). Cost Applicable to Sales (CAS) in 4Q16 (772 US$/Oz)
increased 13% compared to 4Q15 (682 US$/Oz), mainly due to lower
volume sold (12% QoQ) and higher exploration efforts from the
Pucara, Pucarina and Lucia areas.
Gold production guidance for 2017 is 180k – 190k ounces.
Uchucchacua (100% owned by
Buenaventura)
Production
4Q16 4Q15 Var%
FY16 FY15
Var% Silver Oz
4,042,722 4,118,509
-2%
16,212,746 13,919,922
16%
Zinc MT 1,662
1,602
4% 7,227
5,692
27% Lead
MT 2,855 2,565
11% 10,724 8,433
27%
Cost Applicable to Sales
4Q16
4Q15 Var% FY16
FY15 Var% Silver
US$/Oz 11.53 12.82
-10% 11.03 13.93
-21%
Silver production in 4Q16 was in line with the figure reported
in 4Q15. In FY16, silver production increased 16% compared to FY15,
mainly due to more ore treated (16% YoY) (see Appendix 2).
Cost Applicable to Sales (CAS) in 4Q16 decreased 10% compared to
4Q15, an improvement primarily explained by i) increasing
efficiencies as a result of massive mining using the bench &
fill method and ii) lower commercial deductions.
Silver production guidance for 2017 is 16.0 million – 17.0
million ounces.
Mallay (100% owned by
Buenaventura)
Production
4Q16 4Q15 Var%
FY16 FY15
Var% Silver Oz
374,756 357,236
5%
1,627,246 1,285,361
27%
Zinc MT 2,326
2,407
-3% 10,463
9,173
14% Lead
MT 1,476 1,841
-20% 7,383 7,193
3%
Cost Applicable to Sales
4Q16
4Q15 Var% FY16
FY15 Var% Silver US$/Oz
13.48 13.77
-2%
12.78 13.90
-8%
Silver production in 4Q16 increased 5% compared to 4Q15, mainly
due to more ore treated). In FY16, silver production increased 16%
compared to FY15, explained by more ore treated (29% YoY) (see
Appendix 2).
Cost Applicable to Sales (CAS) in 4Q16 was in line with the
figure reported in 4Q15.
Silver production guidance for 2017 is 1.5 million – 1.7 million
ounces.
Julcani (100% owned by
Buenaventura)
Production
4Q16 4Q15 Var%
FY16 FY15
Var% Silver Oz
790,618 868,662
-9%
3,264,420 3,266,453
0%
Cost Applicable to Sales
4Q16
4Q15 Var% FY16
FY15 Var% Silver
US$/Oz 12.50 11.32
10% 11.62 12.30
-6%
Silver production in 4Q16 was 9% lower compared to 4Q15, mainly
due to lower ore grades. FY16 production was 3,264,420 in line with
FY15. Cost Applicable to Sales (CAS) in 4Q16 was 10% higher than
4Q15, primarily explained by lower volume sold.
Silver production guidance for 2017 is 3.0 million – 3.4 million
ounces.
La Zanja (53.06% owned by
Buenaventura)
Production
4Q16 4Q15 Var %
FY16 FY15
Var % Gold Oz
32,739 37,709
-13%
139,724 141,071
-1%
Silver Oz 58,279
89,111
-35% 217,292
331,080
-34%
Cost Applicable to Sales
4Q16 4Q15
Var % FY16
FY15 Var % Gold
US$/Oz 730 517
41% 607 753
-19%
Gold production in 4Q16 decreased 13% compared to 4Q15. CAS in
4Q16 increased 41% compared to 3Q15, primarily due to i) less
volume sold ii) more hauling expenses.
Gold production guidance for 2017 is 115k – 125k ounces.
Tantahuatay (40.10% owned by
Buenaventura)
Production
4Q16 4Q15 Var %
FY16 FY15
Var % Gold Oz
39,926 47,697
-16%
150,816 144,782
4% Silver
Oz 123,786 281,440
-56% 711,337
879,832
-19%
Cost Applicable to Sales
4Q16 4Q15 Var
% FY16 FY15
Var % Gold US$/Oz
534 388
38%
492 489
1%
Gold production in 4Q16 decreased 16% compared to the figure
reported in 4Q15. CAS in 4Q16 increased 38% compared to 4Q15 mainly
due to lower volume sold and higher exploration expenses.
Gold production guidance for 2017 is 145k – 155k ounces
El Brocal (61.32% owned by
Buenaventura)
Production
4Q16 4Q15 Var %
FY16 FY15
Var % Copper MT
13,858 9,165
51%
49,170 32,061
53% Zinc
MT 19,908 15,966
25% 57,385 53,319
8% Silver Oz
1,158,392 1,183,101
-2% 2,634,739 3,669,500
-28%
Cost Applicable to
Sales 4Q16
4Q15 Var %
FY16 FY15 Var %
Copper US$/Lb 1.97
2.47
-20% 2.11
2.41
-13% Zinc
US$/Lb 0.84 0.65
28% 0.82 0.73
13%
During 4Q16, copper production increased 51% compared to 4Q15
and 53% in FY16 compared to FY15 due to a higher ore volume treated
and ore grade. In 4Q16 zinc production increased 25% compared to
4Q15 and 8% in FY16 compared to FY15 as a result of higher ore
treated and ore grade.
In 4Q16, zinc Cost Applicable to sales (CAS) increased 28%
compared to 4Q15 mainly due to lower silver by-product contribution
and a higher stripping ratio (9.4 in 4Q16 compared to 4.5 in 4Q16).
Copper CAS in 4Q16 decreased 20% compared to 4Q15 mainly explained
by more volume sold due to better ore grades and better commercial
terms.
Zinc production guidance for 2017 is 70k – 80k MT, while copper
production guidance for 2017 is 55k – 65k MT.
General and Administrative Expenses
General and administrative expenses in 4Q16 were US$23.6
million, 8% lower compared to the US$25.6 million in 4Q15 mainly
due to lower insurance expenses (65% QoQ). For FY16, the expense
was US$81.7 million (US$84.4 million in FY15).
Exploration in Non-Operating Areas
Exploration costs in non-operating areas during 4Q16 were
US$11.8 million compared with US$5.0 million in 4Q15. During the
period, Buenaventura’s main exploration efforts were focused on the
San Gabriel project (US$5.15 million), the Tambomayo project
(US$2.30 million), and Marcapunta Norte (US$0.41 million). For
FY16, the expense was US$26.6 million (US$30.6 million in
FY15).
Share in Associated Companies
During 4Q16, Buenaventura’s share in associated companies was
negative US$402.5 million, compared to negative US$235.0 million
reported in 4Q15, composed by:
Share in the Result of
Associates
(in millions of US$)
4Q16 4Q15
Var % FY16 FY15
Var % Cerro Verde 22.5
-3.6
N.A. 66.8
6.5
924% Coimolache 6.5
7.5
-14% 23.5
16.6
42% Yanacocha
-431.5 -238.9
81%
-455.6 -196.5
132% Total
-402.5 -235.0
71%
-365.3 -173.4
111%
YANACOCHA
At Yanacocha (43.65% owned by Buenaventura), during 4Q16, gold
production was 171,675 ounces, 19% lower than 4Q15 production
(211,256 ounces). For FY16, gold production was 654,934 ounces, 29%
lower than 917,690 ounces in FY15.
Gold production guidance at Yanacocha for 2017 is 530k – 560k
ounces.
In 4Q16, Yanacocha reported a net loss of US$988.6 million, this
includes a US$889.4 million non-cash impairment (US$ 388.2 million
attributable to Buenaventura) and a US$ 78.5 million non-cash
reclamation provision (US$ 34.3 million attributable to
Buenaventura), compared to a net loss of US$547.4 million reported
in 4Q15.
CAS in 4Q16 was US$829/oz, 11% higher than the US$747/oz
reported in 4Q15 mainly due to lower volume sold (158,227 gold
ounces in 4Q16 vs 216,733 gold ounces in 4Q15).
Quecher Main (oxide deposit) is expected to extend the life of
the Yanacocha operation to 2025 with an average annual production
of approximately 200,000 gold ounces per year between 2020 and
2025. The estimated CAPEX of the project is $275 and $325 million.
A project decision is expected in 2H17.
Studies are in process for Yanacocha sulfides. The project added
2 million ounces to resources.
Capital expenditures at Yanacocha were US$20.4 million in 4Q16,
while for FY16 total capital expenditures were US$83.1 million.
CERRO VERDE
At Cerro Verde (19.58% owned by Buenaventura), during 4Q16
copper production was 132,814 MT (26,005 MT attributable to
Buenaventura), a 39% increase compared to 4Q15 (95,619 MT and
18,722 MT attributable to Buenaventura). For FY16, copper
production was 502,495 MT (98,388 MT attributable to
Buenaventura).
During 4Q16, Cerro Verde reported a net income of US$114.9
million compared to net loss of US$13.2 million in 4Q15. This
increase was primarily due to: i) higher volumes sold and ii)
higher realized price (US$2.72/Lb in 4Q16 compared to US$2.07/Lb).
For FY16, net income was US$340.9 million (compared to US$33.8
million in FY15).
Capital expenditures at Cerro Verde were US$72.2 million in
4Q16, while for FY16 was US$421.6 million.
Syndicated Loan (US$1.8B): US$400 million have been prepaid. It
is expected to be fully paid by 2018, depending on copper
prices.
Copper production guidance at Cerro Verde for 2017 is 500k MT –
550k MT.
COIMOLACHE (Tantahuatay operation)
At Coimolache (40.10% owned by Buenaventura), attributable
contribution to net income in 4Q16 was US$6.5 million (US$7.5
million in 4Q15). For FY16, the contribution was US$23.5 million,
compared to US$16.6 million reported in FY15.
Project Development and Exploration
The Tambomayo Project (100% ownership)
- The first doré bar was produced in
December 2016.
- Working on Ramp-up, full capacity
expected by 2Q17.
- 2017 Production Guidance of 120 – 150
Au Oz.
- Total CAPEX: US$ 362 million.
The San Gabriel Project (100% ownership)
- Updating the economic model with 2016
exploration results.
- Approval of the Environmental Impact
Assessment (EIA) expected by 1H17.
- Project decision for next stage is
expected in 1H17.
- During 2H17 basic and detailed
engineering will be delivered.
Other
During the February 28, 2017 Board meeting, the Directors passed
the following resolution:
- To call for the Annual Shareholders
Meeting to be held on March 28, with the following items to be
proposed for approval:
a. Approval of the Annual Report as of
December 31, 2016
b. Approval of the Financial Statements as of
December 31, 2016
c. Appointment of Ernst and Young (Paredes,
Zaldivar, Burga y Asociados) as External Auditors for fiscal year
2017.
d. Declaration of cash dividend of US$ 0.057
per share or ADS, payable on May 2, 2017.
e. Election of the new members of the board
for the period 2017 – 2019.
Company Description
Compañía de Minas Buenaventura S.A.A. is Peru’s largest,
publicly traded, precious metals company and a major holder of
mining rights in Peru. The Company is engaged in the mining,
processing, development and exploration of gold and silver and
other metals via wholly owned mines as well as through its
participation in joint exploration projects.
Buenaventura currently operates several mines in Peru
(Orcopampa*, Uchucchacua*, Mallay*, Julcani*, El Brocal, La Zanja
and Coimolache and is developing the Tambomayo project.
The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership
with Newmont Mining Corporation), an important precious metal
producer; 19.58% of Sociedad Minera Cerro Verde, an important
Peruvian copper producer.
For a printed version of the Company’s 2015 Form 20-F, please
contact the investor relations contacts on page 1 of this report,
or download the PDF format file from the Company’s web site at
www.buenaventura.com.
(*) 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 the Company’s, Yanacocha’s and 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 the Company’s, Yanacocha’s and 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.
**Tables to follow**
APPENDIX 1
Equity Participation in
Subsidiaries and Associates (as of
Decemberr 31, 2016)
BVNEquity %
OperatingMines / Business
El Molle Verde S.A.C* 100.00
Trapiche Project Minera La Zanja S.A* 53.06
La Zanja Sociedad Minera El Brocal S.A.A*
61.32 Colquijirca and Marcapunta Compañía Minera
Coimolache S.A ** 40.10 Tantahuatay
Minera Yanacocha S.R.L ** 43.65
Yanacocha Sociedad Minera Cerro Verde S.A.A ** 19.58
Cerro Verde Processadora Industrial Rio Seco S.A*
100.00 Rio Seco chemical plant
Consorcio Energético de Huancavelica S.A* 100.00
Energy – Huanza Hydroelectrical plant Buenaventura
Ingenieros S.A* 100.00 Engineering
Consultant (*) Consolidates (**) Equity
Accounting
APPENDIX 2
GOLD PRODUCTION
4Q16 4Q15
% FY16 FY15
% Mining Unit
Operating Results Underground Orcopampa
Ore Milled DMT 113,723 120,878
-6% 464,366 458,222
1%
Ore Grade OZ/MT 0.41 0.42
-3% 0.41 0.46
-12% Recovery
Rate % 97.3% 93.9%
4% 96.3% 95.3%
1%
Ounces Produced* 45,973 48,606
-5% 191,102
204,629
-7% Mining Unit
Operating Results Open Pit La Zanja
Ounces Produced 32,739 37,709 -13% 139,724 141,071 -1% Tantahuatay
Ounces Produced 39,926
47,697 -16% 150,816
144,782 4%
SILVER PRODUCTION
4Q16 4Q15
% FY16 FY15
% Mining Unit Operating
Results Underground Uchucchacua Ore Milled
DMT 324,291 318,219
2% 1,267,752 1,121,474
13% Ore
Grade OZ/MT 14.82 15.38
-4% 15.23 14.80
3% Recovery
Rate % 84.1% 84.2%
0% 83.9% 83.9%
0%
Ounces Produced 4,042,722
4,118,509
-2% 16,212,746
13,919,922
16% Julcani Ore Milled DMT
42,440 45,024
-6% 173,865 177,948
-2% Ore Grade OZ/MT
19.23 20.06
-4% 19.51 19.22
2% Recovery Rate % 96.9%
96.2%
1% 96.3% 95.5%
1% Ounces
Produced 790,618 868,662
-9% 3,264,420 3,266,453
0% Mallay Ore Milled DMT 51,613 42,812
21%
204,035 158,124
29% Ore Grade OZ/MT 7.66 8.93
-14%
8.49 8.66
-2% Recovery Rate % 94.7% 93.4%
1% 93.9%
93.8%
0% Ounces Produced
374,756 357,236
5%
1,627,246 1,285,361
27%
Mining Unit Operating Results
Open Pit Colquijirca Ounces Produced
897,695 1,030,199
-13% 1,835,242 2,811,391
-35%
ZINC PRODUCTION
4Q16 4Q15 %
FY16 FY15
% Mining Unit Operating Results
Underground Uchucchacua Ore Milled DMT 324,291
318,219
2% 1,267,752 1,121,474
13% Ore Grade % 1.20%
1.04%
15% 1.17% 1.05%
11% Recovery Rate % 42.4% 48.0%
-12% 48.8% 48.2%
1% MT Produced
1,662 1,602
4%
7,227 5,693
27%
Mallay Ore Milled DMT 51,613 42,812
21% 204,035 158,123
29% Ore Grade % 5.03% 6.51%
-23% 5.79% 6.60%
-12% Recovery Rate % 89.6% 86.3%
4% 88.3% 87.9%
0% MT Produced 2,326
2,407
-3% 10,463
9,172
14% Mining Unit
Operating Results Open
Pit Colquijirca MT Produced 19,908
15,966
25% 57,385
53,319
8%
APPENDIX 3: EBITDA Reconciliation (in thousand US$)
4Q16
4Q15 FY 2016 FY
2015 Net Income -409,169 -315,297
-327,814 -375,545
Add /
Substract: 490,123
335,185 994,094
479,294 Provision for income tax, net 15,879
18,697 53,504 14,763
Share in associated companies by the equity method, net
402,543 234,996 365,321
173,375 Interest income -769
-8,585 -6,830 -11,026 Interest expense
4,995 6,494 31,580
27,572 Loss on currency exchange difference
-1,383 6,176 -2,638
13,693 Long Term Compensation provision 54,606
63,505 192,647 232,583
Depreciation and Amortization 1,561
-134 8,133 495 Workers´ participation
provision 0 0 0
3,803 Loss from discontinued operations 12,691
14,036 19,073 20,233
Impairment of Long-Lived Assets 0 0
333,304 3,803
EBITDA Buenaventura
Direct Operations 80,954
19,888 666,280
103,749 EBITDA Yanacocha (43.65%) 0
0 0 0
EBITDA Cerro
Verde (19.58%) 0 0 0
0
EBITDA Coimolache (40.01%) 0
0 0 0
Adjusted EBITDA
(including Associated companies) 80,954
19,888 666,280
103,749
Note:
EBITDA (Buenaventura Direct Operations) consists of earnings
before net interest, taxes, depreciation and amortization, share in
associated companies, net, loss on currency exchange difference,
other, net, provision for workers’ profit sharing and provision for
long-term officers’ compensation.
EBITDA (including associated companies) consists of EBITDA
(Buenaventura Direct Operations), plus (1) Buenaventura’s equity
share of EBITDA (Yanacocha) (2) Buenaventura’s equity share of
EBITDA (Cerro Verde), plus (3) Buenaventura’s equity share of
EBITDA (Coimolache). All EBITDA mentioned were similarly calculated
using financial information provided to Buenaventura by the
associated companies.
Buenaventura presents EBITDA (Buenaventura Direct Operations)
and EBITDA (including affiliates) to provide further information
with respect to its operating performance and the operating
performance of its equity investees, the affiliates. EBITDA
(Buenaventura Direct Operations) and EBITDA (including affiliates)
are not a measure of financial performance under IFRS, and may not
be comparable to similarly titled measures of other companies. You
should not consider EBITDA (Buenaventura Direct Operations) and
EBITDA (including affiliates) as alternatives to operating income
or net income determined in accordance with IFRS, as an indicator
of Buenaventura’s, affiliates operating performance, or as an
alternative to cash flows from operating activities, determined in
accordance with IFRS, as an indicator of cash flows or as a measure
of liquidity.
APPENDIX 4: PRELIMINARY PROVEN AND PROBABLE RESERVES
GOLD % Ownership MT (000)
Grade Oz/TMS Oz (000) Attributable
(000) Orcopampa 100.00 764 0.472 361 361 Julcani 100.00 295
0.009 3 3 Mallay 100.00 162 0.015 2 2 Tambomayo 100.00 2,128 0.281
597 597 La Zanja 53.06 15,116 0.017 253 134 La Zanja (on Pads and
Plant) 53.06 11 6 Tantahuatay (Oxides) 40.10 81,267 0.013 1,023 410
Tantahuatay PAD 40.10 11 5 El Brocal Marcapunta (Sulphides)* 61.32
N.A. N.A. N.A. N.A. Yanacocha 43.65 5,057 2,207
SILVER % Ownership MT (000)
Grade Oz/TMS Oz (000) Attributable
(000) Uchucchacua (Silver - Zinc - Lead) 100.00 4,653 14.220
66,170 66,170 Julcani 100.00 295 20.960 6,182 6,182 Mallay 100.00
162 9.200 1,492 1,492 Orcopampa 100.00 764 1.520 1,158 1,158
Tambomayo 100.00 2,128 9.650 20,539 20,539 La Zanja 53.06 15,116
0.270 4,156 2,205 La Zanja (on Pads and Plant) 53.06 162 86
Tantahuatay Oxidos 40.10 81,267 0.259 21,078 8,451 Tantahuatay PAD
40.10 50 20 El Brocal (Tajo Norte - La Llave)* 61.32 N.A. N.A. N.A.
N.A. El Brocal Marcapunta (Sulphides)* 61.32 N.A. N.A. N.A. N.A.
Yanacocha 43.65 55,333 24,153 Cerro Verde (Sulphides) 19.58 N.A.
N.A. N.A. N.A.
ZINC % Ownership
MT (000) % Zn MT (000)
Attributable (000) Uchucchacua (Silver - Zinc - Lead) 100.00 4,653
1.87 87 87 Mallay 100.00 162 7.69 12 12 Tambomayo 100.00 2,128 2.41
51 51 El Brocal (Tajo Norte - La Llave)* 61.32 N.A. N.A. N.A. N.A.
LEAD % Ownership MT (000)
% Pb MT (000) Attributable (000)
Uchucchacua (Silver - Sulphides) 100.00 4,653 1.42 66 66 Julcani
100.00 295 2.30 7 7 Mallay 100.00 162 4.65 8 8 Tambomayo 100.00
2,128 1.20 26 26 El Brocal (Tajo Norte - La Llave)* 61.32 N.A. N.A.
N.A. N.A. * To be included in the annual report.
COPPER % Ownership MT (000) % Cu
MT (000) Attributable (000) Julcani
100.00 295 0.49 1 1 El Brocal Marcapunta (Sulphides)* 61.32 N.A.
N.A. N.A. N.A. Cerro Verde (Sulphides)* 19.58 N.A. N.A. N.A. N.A.
Cerro Verde (Oxides)* 19.58 N.A. N.A. N.A. N.A.
MOLYBDENUM % Ownership MT (000)
% Mo Oz (000) Attributable (000)
Cerro Verde (Sulphides)* 19.58 N.A. N.A. N.A. N.A.
Prices used for Reserves calculation:
Gold 1,250 US$/Oz - Silver
19 US$/Oz - Zinc 2,100 US$/MT - Lead 1,800 US$/MT -
Copper 5,000 US$/MT
* To be included in the annual report.
APPENDIX 5: COST APPLICABLE TO SALES RECONCILIATION
Reconciliation of Costs Applicable to Sales and Cost
Applicable to Sales per Unit Sold
Cost applicable to sales consists of cost of sales, excluding
depreciation and amortization, plus selling expenses. Cost
applicable to sales per unit sold for each mine consists of cost
applicable to sales for a particular metal produced at a given mine
divided by the volume of such metal produced at such mine in the
specified period. We note that cost applicable to sales is not
directly comparable to the cash operating cost figures disclosed in
previously furnished earnings releases.
Cost applicable to sales and Cost applicable to sales per unit
of mineral sold are not measures of financial performance under
IFRS, and may not be comparable to similarly titled measures of
other companies. We consider Cost applicable to sales and Cost
applicable to sales per unit of mineral sold to be key measures in
managing and evaluating our operating performance. These measures
are widely reported in the precious metals industry as a benchmark
for performance, but do not have standardized meanings. You should
not consider Cost applicable to sales or Cost applicable to sales
per unit of mineral sold as alternatives to cost of sales
determined in accordance with IFRS, as indicators of our operating
performance. Cost applicable to sales and Cost applicable to sales
per unit of mineral sold are calculated without adjusting for
by-product revenue amounts.
The tables below set forth (i) a reconciliation of consolidated
Cost of sales, excluding depreciation and amortization to
consolidated Cost applicable to sales, (ii) reconciliations of the
components of Cost applicable to sales (by mine and mineral) to the
corresponding consolidated line items set forth on our consolidated
statements of profit or loss for the three and nine months ended
September 30, 2015 and 2016, and (iii) reconciliations of Cost of
sales, excluding depreciation and amortization to Cost applicable
to sales for each of our mining units. The amounts set forth in
Cost applicable to sales and Cost applicable to sales per unit sold
for each mine and mineral indicated in the tables below can be
reconciled to the amounts set forth on our consolidated statements
of profit or loss for the three and nine months ended September 30,
2015 and 2016 by reference to the reconciliations of Cost of sales,
excluding depreciation and amortization (by mine and mineral),
Selling Expenses (by mine and metal) expenses and Exploration in
units in operations (by mine and mineral) to consolidated Cost of
sales, excluding depreciation and amortization, consolidated
Selling Expenses and consolidated Exploration in units in
operations expenses, respectively, set forth below.
Set forth below is a reconciliation of consolidated Cost of
sales, excluding depreciation and amortization, to consolidated
Cost applicable to sales:
For the 3 months ended December
31
For the 12 months ended December 31 2016
2015 2016 2015 (in
thousands of US$) Consolidated Cost of sales excluding
depreciation and amortization 137,021 145,874 508,566 573,102
Add: Consolidated Exploration in units in operation 29,943
23,691 96,149 89,699 Consolidated Commercial deductions 73,107
60,998 244,413 196,145 Consolidated Selling expenses 6,087 6,664
21,733 19,365
Consolidated Cost applicable to sales
246,158 237,227 870,861 878,311
Set forth below is a reconciliation of Cost of sales, excluding
depreciation and amortization (by mine and mineral) to consolidated
Cost of sales:
For the 3 months ended December 31 For the
12 months ended December 31 2016 2015 2016
2015
Cost of sales by
mine and mineral
(in thousands of US$) Julcani, Gold 0 9 15 49 Julcani,
Silver 5,485 6,739 20,032 23,134 Julcani, Lead 510 484 1,855 1,906
Julcani, Copper 26 53 83 242 Mallay, Gold 53 148 512 201 Mallay,
Silver 2,292 2,234 9,461 8,014 Mallay, Lead 1,327 1,343 4,943 5,190
Mallay, Zinc 2,095 1,317 7,371 6,256 Orcopampa, Gold 21,376 25,886
88,213 104,204 Orcopampa, Silver 1,108 877 4,271 3,512 Orcopampa,
Copper 54 0 92 0 Uchucchacua, Gold 56 7 123 25 Uchucchacua, Silver
25,190 31,325 92,188 110,351 Uchucchacua, Lead 1,927 1,714 5,763
6,356 Uchucchacua, Zinc 1,324 1,038 4,262 4,825 La Zanja, Gold
25,017 19,179 89,816 105,795 La Zanja, Silver 652 454 1,787 3,213
El Brocal, Gold 1,539 1,759 6,773 4,258 El Brocal, Silver 4,161
7,066 12,161 21,024 El Brocal, Lead 3,024 5,641 9,878 15,244 El
Brocal, Zinc 14,093 10,475 45,506 42,157 El Brocal, Copper 22,826
22,449 92,224 68,711 Non Mining Units 2,886 5,678 11,237 38,435
Consolidated Cost of sales, excluding depreciation and
amortization 137,021 145,874 508,566
573,102 Set forth below is a reconciliation of
Exploration expenses in units in operation (by mine and mineral) to
consolidated Exploration expenses in mining units:
For the 3 months ended
December 31 For the 12 months ended December 31
2016 2015 2016 2015
Exploration expenses in units in operation by mine and
mineral
(in thousands of US$)
Julcani, Gold 0 4 8 25 Julcani, Silver 2,764 2,641 10,086 11,597
Julcani, Lead 257 190 934 956 Julcani, Copper 13 21 42 121 Mallay,
Gold 21 60 183 77 Mallay, Silver 893 902 3,379 3,073 Mallay, Lead
517 542 1,765 1,990 Mallay, Zinc 816 532 2,633 2,399 Orcopampa,
Gold 13,701 9,680 42,985 40,344 Orcopampa, Silver 710 328 2,081
1,360 Orcopampa, Copper 34 0 45 0 Uchucchacua, Gold 19 2 38 6
Uchucchacua, Silver 8,589 8,075 28,292 25,160 Uchucchacua, Lead 657
442 1,769 1,449 Uchucchacua, Zinc 452 267 1,308 1,100 La Zanja,
Gold 487 6 591 41 La Zanja, Silver 13 0 12 1 El Brocal, Gold 0 0 0
0 El Brocal, Silver 0 0 0 0 El Brocal, Lead 0 0 0 0 El Brocal, Zinc
0 0 0 0 El Brocal, Copper 0 0 0 0 Non Mining Units 0 0 0 0
Consolidated Exploration expenses in units in operation
29,943 23,691 96,149 89,699 Set
forth below is a reconciliation of Commercial Deductions in units
in operation (by mine and mineral) to consolidated Commercial
deductions:
For the 3 months ended December 31 For the 12
months ended December 31 2016 2015 2016
2015
Commercial
Deductions in units in operation by mine and mineral
(in thousands of US$) Julcani, Gold 0 3 3 14 Julcani, Silver
1,129 2,007 5,021 7,258 Julcani, Lead 104 144 465 591 Julcani,
Copper 5 17 25 81 Mallay, Gold 26 60 192 89 Mallay, Silver 1,167
1,216 4,745 4,098 Mallay, Lead 668 735 2,471 2,655 Mallay, Zinc
1,587 1,158 5,796 4,313 Orcopampa, Gold 164 55 496 255 Orcopampa,
Silver 67 0 149 0 Orcopampa, Copper 12 0 21 0 Uchucchacua, Gold 19
2 46 7 Uchucchacua, Silver 9,552 12,517 37,877 37,753 Uchucchacua,
Lead 727 675 2,348 2,161 Uchucchacua, Zinc 1,805 1,499 6,006 5,457
La Zanja, Gold 112 53 293 194 La Zanja, Silver 2 6 15 18 El Brocal,
Gold 2,487 1,925 9,028 4,847 El Brocal, Silver 3,876 3,992 9,971
13,583 El Brocal, Lead 2,072 2,269 5,490 6,669 El Brocal, Zinc
16,196 6,903 39,944 24,622 El Brocal, Copper 31,330 25,762 114,012
81,479 Non Mining Units 0 0 0 0
Consolidated Commercial
deductions in units in operation 73,107 60,998
244,413 196,145 Set forth below is a
reconciliation of Selling expenses (by mine and mineral) to
consolidated Selling expenses:
For the 3 months ended December 31
For the 12 months ended December 31 2016
2015 2016 2015
Selling expenses
by mine and mineral
(in thousands of US$) Julcani, Gold 0 0 1 2 Julcani, Silver
216 180 770 963 Julcani, Lead 20 13 71 79 Julcani, Copper 1 1 3 10
Mallay, Gold 3 11 36 15 Mallay, Silver 136 163 658 580 Mallay, Lead
78 98 344 376 Mallay, Zinc 124 96 512 453 Orcopampa, Gold 454 190
1,024 823 Orcopampa, Silver 24 6 50 28 Orcopampa, Copper 1 0 1 0
Uchucchacua, Gold 3 0 6 1 Uchucchacua, Silver 1,136 1,060 4,173
3,225 Uchucchacua, Lead 87 58 261 186 Uchucchacua, Zinc 60 35 193
141 La Zanja, Gold 251 244 1,032 1,171 La Zanja, Silver 7 6 21 36
El Brocal, Gold 88 134 419 255 El Brocal, Silver 239 539 752 1,258
El Brocal, Lead 174 431 611 912 El Brocal, Zinc 809 799 2,815 2,522
El Brocal, Copper 1,310 1,713 5,704 4,110 Non Mining Units 867 886
2,278 2,220
Consolidated Selling expenses 6,087
6,664 21,733 19,365
JULCANI 4Q
2016 4Q 2015 GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC
(MT) COPPER (MT) TOTAL
GOLD (OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT)
TOTAL Cost of Sales (without D&A) (US$000) 0 5,485 510 -
26 6,022 9 6,739 484 - 53 7,285
Add: Exploration Expenses
(US$000) 0 2,764 257 - 13 3,034 4 2,641 190 - 21 2,855 Commercial
Deductions (US$000) -0 1,129 104 - 5 1,237 3 2,007 144 - 17 2,171
Selling Expenses (US$000) 0 216 20 - 1 237 0 180 13 - 1 195
Cost
Applicable to Sales (US$000) 0 9,594 891
- 45 10,530 16 11,567 832
- 92 12,506 Divide: Volume Sold
1 767,334 587 - 17 Not
Applicable 18 1,022,162 674 - 26
Not Applicable
CAS 515
12.50 1,517 -
2,630 Not Applicable 870
11.32 1,233 -
3,543 Not Applicable
JULCANI FY 2016
FY 2015 GOLD (OZ) SILVER
(OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC
(MT) COPPER (MT) TOTAL Cost of
Sales (without D&A) (US$000) 15 20,032 1,855
- 83 21,985 49 23,134
1,906 - 242 25,332
Add: Exploration
Expenses (US$000) 8 10,086 934 - 42 11,069 25 11,597 956 - 121
12,699 Commercial Deductions (US$000) 3 5,021 465 - 25 5,514 14
7,258 591 - 81 7,944 Selling Expenses (US$000) 1 770 71 - 3 845 2
963 79 - 10 1,055
Cost Applicable to Sales (US$000)
27 35,908 3,325 - 153
39,413 90 42,953 3,533 -
454 47,030 Divide: Volume Sold 32
3,090,967 2,679 - 54 Not
Applicable 94 3,493,166 2,478 -
103 No Aplicable
CAS 825
11.62 1,241 -
2,837 No Applicable 955
12.30 1,425 -
4,416 No Applicable
MALLAY 4Q 2016 4Q
2015 GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER (MT)
TOTAL GOLD (OZ) SILVER
(OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL Cost of Sales (without
D&A) (US$000) 53 2,292 1,327 2,095
- 5,767 148 2,234 1,343 1,317 -
5,041
Add: Exploration Expenses (US$000) 21 893 517
816 - 2,247 60 902 542 532 - 2,035 Commercial Deductions (US$000)
26 1,167 668 1,587 - 3,447 60 1,216 735 1,158 - 3,168 Selling
Expenses (US$000) 3 136 78 124 - 341 11 163 98 96 - 367
Cost
Applicable to Sales (US$000) 103 4,487
2,590 4,622 - 11,802 278
4,514 2,717 3,102 - 10,611
Divide: Volume Sold 109 332,930 1,360
1,925 - Not Applicable 292 327,697
1,765 1,981 - Not Applicable
CAS
950 13.48 1,905
2,400 - Not Applicable
954 13.77 1,540
1,566 - Not Applicable
MALLAY FY 2016
FY 2015 GOLD (OZ) SILVER
(OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC
(MT) COPPER (MT) TOTAL Cost of
Sales (without D&A) (US$000) 512 9,461 4,943 7,371 -
22,287 201 8,014 5,190 6,256 - 19,660
Add: Exploration
Expenses (US$000) 183 3,379 1,765 2,633 - 7,960 77 3,073 1,990
2,399 - 7,539 Commercial Deductions (US$000) 192 4,745 2,471 5,796
- 13,204 89 4,098 2,655 4,313 - 11,155 Selling Expenses (US$000) 36
658 344 512 - 1,549 15 580 376 453 - 1,424
Cost Applicable to
Sales (US$000) 923 18,242 9,523
16,312 - 45,000 381 15,765
10,211 13,421 - 39,778 Divide:
Volume Sold 1,041 1,426,986 6,775 8,728
- Not Applicable 396 1,134,528
6,612 7,482 - Not Applicable
CAS
886 12.78 1,406
1,869 - No Applicable
960 13.90 1,544
1,794 - No Applicable
ORCOPAMPA 4Q 2016 4Q 2015
GOLD (OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT)
TOTAL GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER
(MT) TOTAL Cost of Sales (without D&A)
(US$000) 21,376 1,108 - - 54 22,537 25,886 877
- - - 26,763
Add: - Exploration Expenses (US$000) 13,701 710
- - 34 14,445 9,680 328 - - - 10,008 Commercial Deductions (US$000)
164 67 - - 12 243 55 - - - - 55 Selling Expenses (US$000) 454 24 -
- 1 479 190 6 - - - 196
Cost Applicable to Sales (US$000)
35,694 1,908 - - 102
37,704 35,810 1,212 - - -
37,022 Divide: Volume Sold 46,239
156,126 - - 24 Not Applicable
52,488 139,557 - - - Not
Applicable
CAS
772 12.22 -
- 4,244 Not Applicable
682 8.68 - -
- Not Applicable
ORCOPAMPA FY 2016 FY 2015
GOLD (OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT)
TOTAL GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER
(MT) TOTAL Cost of Sales (without D&A)
(US$000) 88,213 4,271 - - 92 92,576 104,204 3,512 - -
- 107,716
Add: Exploration Expenses (US$000) 42,985 2,081 -
- 45 45,111 40,344 1,360 - - - 41,704 Commercial Deductions
(US$000) 496 149 - - 21 667 255 0 - - - 255 Selling Expenses
(US$000) 1,024 50 - - 1 1,075 823 28 - - - 851
Cost Applicable
to Sales (US$000) 132,718 6,552 - -
159 139,429 145,626 4,900 -
- - 150,526 Divide: Volume Sold
188,511 680,708 - - 48 Not
Applicable 214,821 555,314 - - -
Not Applicable
CAS 704
9.62 - - 3,305
No Applicable 678 8.82
- - - No
Applicable
UCHUCCHACUA 4Q 2016 4Q
2015 GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER
(MT) TOTAL GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL Cost of Sales
(without D&A) (US$000) 56 25,190 1,927
1,324 - 28,497 7 31,325 1,714 1,038 - 34,084
Add:
Exploration Expenses (US$000) 19 8,589 657 452 - 9,717 2 8,075 442
267 - 8,786 Commercial Deductions (US$000) 19 9,552 727 1,805 -
12,103 2 12,517 675 1,499 - 14,694 Selling Expenses (US$000) 3
1,136 87 60 - 1,285 0 1,060 58 35 - 1,153
Cost Applicable to
Sales (US$000) 97 44,467 3,398
3,641 - 51,602 11 52,977
2,890 2,839 - 58,718 Divide:
Volume Sold 127 3,856,346 2,218 1,254
- Not Applicable 12 4,132,034
1,993 1,520 - Not Applicable
CAS
763 11.53 1,532
2,903 - No Applicable
920 12.82 1,450
1,868 - No Applicable
UCHUCCHACUA FY 2016 FY 2015
GOLD (OZ) SILVER (OZ) LEAD
(MT) ZINC (MT) COPPER (MT)
TOTAL GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER
(MT) TOTAL Cost of Sales (without D&A)
(US$000) 123 92,188 5,763 4,262 - 102,336 25
110,351
6,356 4,825 - 121,557
Add: Exploration Expenses (US$000) 38
28,292 1,769 1,308 - 31,406 6 25,160 1,449 1,100 - 27,715
Commercial Deductions (US$000) 46 37,877 2,348 6,006 - 46,277 7
37,753 2,161 5,457 - 45,379 Selling Expenses (US$000) 6 4,173 261
193 - 4,632 1 3,225 186 141 - 3,552
Cost Applicable to Sales
(US$000) 212 162,529 10,140 11,770
- 184,651 39 176,490 10,152
11,523 - 198,203 Divide: Volume Sold
279 14,739,128 8,350 5,295 -
Not Applicable 38 12,666,673 6,560
4,750 - Not Applicable
CAS
758 11.03 1,214
2,223 - No Applicable
1,014 13.93 1,548
2,426 - No Applicable
LA ZANJA 4Q 2016
4Q 2015 GOLD (OZ) SILVER
(OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC
(MT) COPPER (MT) TOTAL Cost of
Sales (without D&A) (US$000) 25,017 652 - - -
25,669 19,179 454 - - - 19,633
Add: Exploration Expenses
(US$000) 487 13 - - - 500 6 0 - - - 6 Commercial Deductions
(US$000) 112 2 - - - 114 53 6 - - - 59 Selling Expenses (US$000)
251 7 - - - 258 244 6 - - - 250
Cost Applicable to Sales
(US$000) 25,868 673 - - -
26,541 19,482 466 - - -
19,948 Divide: Volume Sold 35,430
62,569 - - - Not Applicable
37,706 68,585 - - - Not
Applicable
CAS 730 10.76
- - - Not
Applicable 517 6.79 -
- - Not Applicable
LA ZANJA FY 2016 FY 2015
GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER (MT)
TOTAL GOLD (OZ) SILVER
(OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL Cost of Sales (without
D&A) (US$000) 89,816 1,787 - - - 91,603 105,795
3,213 - - - 109,008
Add: Exploration Expenses (US$000) 591
12 - - - 603 41 1 - - - 42 Commercial Deductions (US$000) 293 15 -
- - 307 194 18 - - - 212 Selling Expenses (US$000) 1,032 21 - - -
1,053 1,171 36 - - - 1,207
Cost Applicable to Sales (US$000)
91,732 1,835 - - - 93,566
107,201 3,268 - - -
110,469 Divide: Volume Sold 151,189
229,055 - - - Not Applicable
142,299 324,151 - - - Not
Applicable
CAS 607 8.01
- - - No
Applicable 753 10.08
- - - Not
Applicable
BROCAL 4Q 2016
4Q 2015 GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL GOLD
(OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT) TOTAL Cost
of Sales (without D&A) (US$000) 1,539
4,161
3,024 14,093 22,826 45,643 1,759 7,066 5,641 10,475 22,449
47,390
Add: Exploration Expenses (US$000) - - - - - - - - -
- - - Commercial Deductions (US$000) 2,487 3,876 2,072 16,196
31,330 55,962 1,925 3,992 2,269 6,903 25,762 40,851 Selling
Expenses (US$000) 88 239 174 809 1,310 2,620 134 539 431 799 1,713
3,617
Cost Applicable to Sales (US$000) 4,115
8,276 5,270 31,098 55,466
104,225 3,818 11,597 8,340
18,177 49,924 91,858 Divide: Volume
Sold 3,931 763,176 4,138 16,784
12,738 Not Applicable 2,835 881,192
5,870 12,586 9,150 Not Applicable
CAS
1,047 10.84 1,273
1,853 4,354 Not Applicable
1,347 13.16 1,421
1,444 5,456 Not Applicable
BROCAL FY
2016 FY 2015 GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC
(MT) COPPER (MT) TOTAL
GOLD (OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT)
TOTAL Cost of Sales (without D&A) (US$000) 6,773
12,161 9,878 45,506 92,224 166,542 4,258 21,024 15,244 42,157
68,711 151,394
Add: Exploration Expenses (US$000) - - - - -
- - - - - - - Commercial Deductions (US$000) 9,028 9,971 5,490
39,944 114,012 178,444 4,847 13,583 6,669 24,622 81,479 131,200
Selling Expenses (US$000) 419 752 611 2,815 5,704 10,301 255 1,258
912 2,522 4,110 9,056
Cost Applicable to Sales (US$000)
16,220 22,884 15,979 88,265
211,940 355,287 9,359 35,865
22,826 69,301 154,300 291,650
Divide: Volume Sold 13,062 1,696,176
11,874 48,806 45,572 Not Applicable
7,181 2,637,215 16,739 43,297 28,991
Not Applicable
CAS 1,242
13.49 1,346 1,808
4,651 No Applicable 1,303
13.60 1,364 1,601
5,322 Not Applicable
NON MINING COMPANIES 4Q 2016 4Q 2015
GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER (MT)
TOTAL GOLD (OZ) SILVER
(OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL Cost of Sales (without
D&A) (US$000) - - - - -
2,886 - - - - - 5,678
Add: Selling Expenses (US$000)
- - - - - 867 - -
- - - 886 Total (US$000) -
- - - - 3,753 - -
- - - 6,564
NON MINING COMPANIES FY 2016 FY 2015
GOLD (OZ) SILVER (OZ) LEAD
(MT) ZINC (MT) COPPER (MT)
TOTAL GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER
(MT) TOTAL Cost of Sales (without D&A)
(US$000) - - - - - 11,237 - - -
- - 38,435
Add: Selling Expenses (US$000) - -
- - - 2,278 - - -
- - 2,220 Total (US$000) - -
- - - 13,515 - - -
- - 40,655
BUENAVENTURA CONSOLIDATED 4Q 2016
4Q 2015 GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL GOLD
(OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT) TOTAL Cost
of Sales (without D&A) (US$000) 48,042 38,887
6,788 17,512 22,906 137,021 46,987
48,695 9,182 12,829 22,502
145,874
Add: Exploration Expenses (US$000) 14,228 12,969
1,431 1,268 48 29,943 9,751 11,946 1,174 799 21 23,691 Commercial
Deductions (US$000) 2,808 15,793 3,571 19,588 31,347 73,107 2,098
19,738 3,824 9,560 25,778 60,998 Selling Expenses (US$000) 800
1,756 359 993 1,312 6,087 579 1,954 599 930 1,715 6,664
Cost
Applicable to Sales (US$000) 65,877 69,406
12,149 39,361 55,613 246,158
59,416 82,333 14,779 24,119
50,016 237,227 Divide: Volume Sold
85,836 5,938,481 8,304 19,963 12,779
Not Applicable 93,352 6,571,227 10,302
16,087 9,176 Not Applicable
CAS
767 11.69 1,463
1,972 4,352 Not Applicable
636 12.53 1,434
1,499 5,451 Not Applicable
BUENAVENTURA CONSOLIDATED FY 2016 FY
2015 GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER
(MT) TOTAL GOLD (OZ)
SILVER (OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL Cost of Sales
(without D&A) (US$000) 185,451 139,900 22,439
57,140 92,399 508,566 214,531 169,249
28,697 53,238 68,953 573,102
Add: Exploration Expenses
(US$000) 43,804 43,849 4,468 3,941 87 96,149 40,493 41,191 4,395
3,499 121 89,699 Commercial Deductions (US$000) 10,058 57,778
10,774 51,746 114,058 244,413 5,405 62,711 12,077 34,392 81,560
196,145 Selling Expenses (US$000) 2,517 6,422 1,287 3,520 5,709
21,733 2,267 6,089 1,553 3,116 4,120 19,365
Cost Applicable to
Sales (US$000) 241,831 247,949 38,968
116,346 212,252 870,861 262,696
279,240 46,721 94,245 154,754
878,311 Divide: Volume Sold 354,116
21,863,019 29,678 62,829 45,674 Not
Applicable 364,831 20,811,046 32,389
55,529 29,094 Not Applicable
CAS
683 11.34 1,313
1,852 4,647 Not Applicable
720 13.42 1,443
1,697 5,319 Not Applicable
COIMOLACHE 4Q 2016 4Q 2015
GOLD (OZ) SILVER (OZ) LEAD
(MT) ZINC (MT) COPPER (MT)
TOTAL GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER
(MT) TOTAL Cost of Sales (without D&A)
(US$000) 15,769 686 - - - 16,455 16,925 1,368
- - - 18,292
Add: Exploration Expenses (US$000) 6,001 261 -
- - 6,262 1,578 128 - - - 1,706 Commercial Deductions (US$000) 40 2
- - - 41 267 30 - - - 298 Selling Expenses (US$000) 306 13 - - -
319 381 31 - - - 412
Cost Applicable to Sales (US$000)
22,116 962 - - - 23,077
19,151 1,556 - - - 20,708
Divide: Volume Sold 41,454 129,123 -
- - Not Applicable 49,363
294,995 - - - Not Applicable
CAS
534 7.45 -
- - Not Applicable
388 5.28 - -
- Not Applicable
COIMOLACHE FY 2016 FY 2015
GOLD (OZ) SILVER (OZ) LEAD
(MT) ZINC (MT) COPPER (MT)
TOTAL GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER
(MT) TOTAL Cost of Sales (without D&A)
(US$000) 58,809 3,886 - - - 62,695 55,952 4,576 - - -
60,527
Add: Exploration Expenses (US$000) 12,804 846 - - -
13,650 12,598 1,030 - - - 13,628 Commercial Deductions (US$000) 474
42 - - - 516 776 71 - - - 847 Selling Expenses (US$000) 1,058 70 -
- - 1,128 1,028 84 - - - 1,112
Cost Applicable to Sales
(US$000) 73,145 4,844 - - -
77,989 70,353 5,761 - - -
76,114 Divide: Volume Sold 148,781
721,891 - - - Not Applicable
143,791 874,271 - - - Not
Applicable
CAS 492 6.71
- - - No
Applicable 489 6.59 -
- - Not Applicable
APPENDIX 6: ALL-IN SUSTAINING COST
All-in Sustaining Cost for 4Q16
Buenaventura1 La Zanja Tantahuatay
Attributable 2 4Q16 4Q16
4Q16
4Q16
Au Ounces Sold BVN 81,622 Au Ounces bought from La Zanja -35,147 Au
Ounces Sold Net 46,475 34,505 41,454 81,405
4Q16
4Q16
4Q16
4Q16
Income Statement & Cash Flow US$ 000'
US$/Oz Au US$ 000' US$/Oz Au US$
000' US$/Oz Au US$ 000' US$/Oz
Au Cost of Sales3 68,722 1,479 26,510 768 16,455 397
89,386 1,098 Exploration in Operating Units 29,443 634 3,076 89
6,262 151 33,586 413 Royalties 4,325 93 0 0 0 0 4,325 53 Comercial
Deductions4 17,032 366 551 16 41 1 17,341 213 Selling Expenses
2,394 52 205 6 319 8 2,631 32 Administrative Expenses5 12,215 263
338 10 2,345 57 13,335 164 Other Expenses 0 0 2,143 62 1,742 42
1,836 23 Other Incomes -5,093 -110 -4,513 -131 -2,818 -68 -8,618
-106 Administrative charges 0 0 1,539 45 514 12 1,023 13 Sustaining
Capex6 21,117 454 3,098 90 8,581 207 26,201 322 By-product
Credit -110,761 -2,383 -1,063 -31 -2,149 -52 -112,187 -1,378
All-in Sustaining Cost 39,394 848
31,883 924 31,293 755 68,858
846 *All-in Sustaining Cost does not include:
Depreciation and Amortization, Stoppage of mining units,
Exploration in non-operating areas.
Notes:
1.
Non-consolidated financial statements for
Compañia De Minas Buenaventura S.A.A.
2.
Considers 100% from Compañia De Minas
Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from
Tantahuatay.
3.
For Buenaventura does not consider
purchase of concentrate from La Zanja.
4.
For all metals produced.
5.
For Buenaventura, does not consider
management services charged to subsidiaries.
6.
Sustaining Capex + Growth Capex equals
Acquisitions of mining concessions, development costs, property,
plant and equipment.
All-in Sustaining Cost for 4Q15
Buenaventura1 La Zanja
Tantahuatay Attributable Production2
4Q15
4Q15
4Q15
4Q15
Au Ounces Sold BVN 90,462 Au Ounces bought from La Zanja -37,652 Au
Ounces Sold Net 52,810 37,847 49,363 92,684
4Q15
4Q15
4Q15
4Q15
Income Statement & Cash Flow US$ 000'
US$/Oz Au US$ 000' US$/Oz Au US$
000' US$/Oz Au US$ 000' US$/Oz
Au Cost of Sales3 78,768 1,492 19,617 518 18,292 371
96,511 1,041 Exploration in Operating Units 25,492 483 549 15 1,706
35 26,467 286 Royalties 5,041 95 0 0 0 0 5,041 54 Comercial
Deductions4 20,088 380 873 23 298 6 20,671 223 Selling Expenses
1,913 36 254 7 411 8 2,212 24 Administrative Expenses5 11,481 217
1,051 28 821 17 12,368 133 Other Expenses 0 0 4,018 106 1,502 30
2,734 30 Other Incomes -2,898 -55 -5,638 -149 -2,249 -46 -6,791 -73
Other administrative charges 0 0 2,718 72 564 11 1,668 18
Sustaining Capex6 16,209 307 1,592 42 15,865 321 23,414 253
By-product Credit -93,749 -1,775 -977 -26 -4,346 -88 -96,010 -1,036
All-in Sustaining Cost 62,345 1,181
24,057 636 32,864 666 88,286
953 *All-in Sustaining Cost does not include:
Depreciation and Amortization, Stoppage of mining units,
Exploration in non-operating areas.
Notes:
1.
Non-consolidated financial statements for
Compañia De Minas Buenaventura S.A.A. (Does not consider El
Brocal)
2.
Considers 100% from Compañia De Minas
Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from
Tantahuatay.
3.
For Buenaventura does not consider
purchase of concentrate from La Zanja.
4.
For all metals produced.
5.
For Buenaventura, does not consider
management services charged to subsidiaries. For La Zanja does not
consider US$ 3.8 MM Impairment.
6.
Sustaining Capex + Growth Capex equals
Acquisitions of mining concessions, development costs, property,
plant and equipment.
All-in
Sustaining Cost for FY16
Buenaventura1 La Zanja
Tantahuatay Attributable 2
FY16
FY16
FY16
FY16
Au Ounces Sold BVN 340,879 Au Ounces bought from La Zanja -150,145
Au Ounces Sold Net 190,735 142,207 148,781 325,844
FY16
FY16
FY16
FY16
Income Statement & Cash Flow US$ 000'
US$/Oz Au US$ 000' US$/Oz Au US$
000' US$/Oz Au US$ 000' US$/Oz
Au Cost of Sales3 272,452 1,428 86,514 608 62,695 421
343,494 1,054 Exploration in Operating Units 95,546 501 5,222 37
13,650 92 103,790 319 Royalties 19,824 104 0 0 0 0 19,824 61
Comercial Deductions4 65,663 344 3,163 22 516 3 67,548 207 Selling
Expenses 8,216 43 937 7 1,128 8 9,165 28 Administrative Expenses5
49,286 258 1,979 14 4,144 28 51,998 160 Other Expenses 0 0 8,721 61
6,583 44 7,267 22 Other Incomes -10,255 -54 -17,258 -121 -8,710 -59
-22,904 -70 Administrative charges 0 0 4,301 30 1,372 9 2,832 9
Sustaining Capex6 54,930 288 14,995 105 27,064 182 73,738 226
By-product Credit -419,793 -2,201 -3,864 -27 -12,418 -83
-426,822 -1,310
All-in Sustaining Cost 135,870
712 104,709 736 96,023 645
229,929 706 *All-in Sustaining Cost does not
include: Depreciation and Amortization, Stoppage of mining units,
Exploration in non-operating areas.
Notes:
1.
Non-consolidated financial statements for
Compañia De Minas Buenaventura S.A.A.
2.
Considers 100% from Compañia De Minas
Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from
Tantahuatay.
3.
For Buenaventura does not consider
purchase of concentrate from La Zanja.
4.
For all metals produced.
5.
For Buenaventura, does not consider
management services charged to subsidiaries.
6.
Sustaining Capex + Growth Capex equals
Acquisitions of mining concessions, development costs, property,
plant and equipment.
All-in Sustaining Cost for FY15
Buenaventura1
La Zanja
Coimolache
Attributable Production2
FY15
FY15
FY15
FY15
Au Ounces Sold BVN 373,548 Au Ounces bought from La Zanja -142,129
Au Ounces Sold Net 231,419 138,465 143,791 362,541
FY15
FY15
FY15
FY15
Income Statement & Cash Flow US$ 000'
US$/Oz Au US$ 000' US$/Oz Au US$
000' US$/Oz Au US$ 000' US$/Oz
Au Cost of Sales3 307,709 1,330 106,749 771 60,527 421
388,619 1,072 Exploration in Operating Units 91,548 396 8,995 65
13,628 95 101,785 281 Royalties 21,942 95 0 0 0 0 21,942 61
Comercial Deductions4 64,799 280 3,367 24 847 6 66,925 185 Selling
Expenses 7,001 30 1,207 9 1,112 8 8,087 22 Administrative Expenses5
47,125 204 2,251 16 2,185 15 49,195 136 Other Expenses 0 0 14,174
102 7,136 50 10,382 29 Other Incomes -6,881 -30 -21,676 -157 -9,270
-64 -22,099 -61 Other administrative charges 0 0 8,190 59 1,369 10
4,894 14 Sustaining Capex6 38,861 168 27,615 199 48,509 337 72,964
201 By-product Credit -320,485 -1,385 -4,947 -36 -13,468 -94
-328,510 -906
All-in Sustaining Cost 251,619
1,087 145,926 1,054 112,575 783
374,184 1,032 *All-in Sustaining Cost does not
include: Depreciation and Amortization, Stoppage of mining units,
Exploration in non-operating areas.
Notes:
1.
Non-consolidated financial statements for
Compañia De Minas Buenaventura S.A.A. (Does not consider El
Brocal)
2.
Considers 100% from Compañia De Minas
Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from
Tantahuatay.
3.
For Buenaventura does not consider
purchase of concentrate from La Zanja.
4.
For all metals produced.
5.
For Buenaventura, does not consider
management services charged to subsidiaries. For La Zanja does not
consider US$ 3.8 MM Impairment.
6.
Sustaining Capex + Growth Capex equals
Acquisitions of mining concessions, development costs, property,
plant and equipment.
APPENDIX 7
Compañía de Minas Buenaventura
S.A.A. and Subsidiaries Consolidated Statement of Financial
Position As of December 31, 2016 and December 31, 2015
2,016 2,015 Assets US$(000)
US$(000) Current assets Cash and cash equivalents
80,544 78,519 Trade and other accounts receivable, net 269,089
219,862 Income tax credit 19,956 45,919 Prepaid expenses 11,392
8,231 Inventory, net 120,947 101,473
501,928 454,004
Assets classified as held for sale - 15,592
501,928
469,596 Non-current assets Trade and other
receivables, net 166,048 162,567 Long-term inventory 14,027 26,029
Long-term income tax credit 3,660 - Investment in associates
1,536,607 2,043,983 Mining concessions, development costs,
property, plant and equipment, net 1,960,025 1,747,624 Investment
properties, net 10,089 10,719 Deferred income tax asset, net 25,881
41,574 Prepaid expenses 30,431 29,235 Other assets 17,719 15,854
3,764,487 4,077,585 Total assets
4,266,415 4,547,181 Liabilities and
shareholders’ equity, net Current liabilities Bank loans
55,000 285,302 Trade and other payables 273,440 247,114 Provisions
62,502 49,829 Income tax payable 8,686 2,444 Embedded derivatives
for sale of concentrate, net 1,524 1,694 Financial obligations
40,110 33,394 Hedge derivative financial instruments 3,863 10,643
445,125 630,420 Liabilities directly
associated with assets classified as held for sale - 20,611
445,125 651,031 Non-current
liabilities Trade and other payables 15,982 15,057 Provisions
174,190 141,885 Financial obligations 552,232 320,316 Contingent
consideration liability 19,343 16,994 Deferred income tax
liability, net 12,330 12,662
774,077 506,914
Total liabilities 1,219,202 1,157,945
Shareholders’ equity, net Capital stock 750,497
750,497 Investment shares 791 1,396 Additional paid-in capital
218,450 219,055 Legal reserve 162,744 162,714 Other reserves 269
269 Retained earnings 1,690,123 2,024,895 Other reserves of equity
(1,783) 2,240 Shareholders’ equity, net attributable to owners of
the parent
2,821,091 3,161,066 Non-controlling
interest 226,122 228,170
Total shareholders’ equity, net
3,047,213 3,389,236 Total
liabilities and shareholders’ equity, net 4,266,415
4,547,181 - -
Compañía de Minas Buenaventura S.A.A. and
Subsidiaries Consolidated Statement of Income For the
three and twelve month periods ended December 31, 2016 and 2015
For the three month periodended
December, 31
For the twelve month periodended
December, 31
2,016 2,015 2,016 2,015 US$(000)
US$(000) US$(000) US$(000) Continuing
operations Operating income Net sales of goods 269,360
219,766 1,015,670 846,269 Net sales of services 11,923 8,141 28,782
50,839 Royalty income 5,846 7,214 24,339 32,414
Total operating
income 287,129 235,121 1,068,791 929,522
Operating
costs Cost of sales, without considering depreciation and
amortization (134,618) (132,580) (497,812) (513,490) Cost of
services, without considering depreciation and amortization (2,403)
(13,294) (10,754) (59,612) Exploration in operating units (29,943)
(23,691) (96,149) (89,699) Depreciation and amortization (54,606)
(63,505) (192,647) (232,583) Mining royalties (7,236) (5,344)
(27,611) (27,188)
Total operating costs (228,806) (238,414)
(824,973) (922,572)
Gross profit
(loss) 58,323 (3,293) 243,818 6,950
Operating
expenses, net Administrative expenses (23,644) (25,566)
(81,692) (84,372) Exploration in non-operating areas (11,765)
(4,950) (26,589) (30,610) Selling expenses (6,087) (6,664) (21,733)
(19,365) Provision for impairment of long-lived assets - - -
(3,803) Other, net 7,960 (3,010) 18,392 (5,735)
Total operating
expenses, net (33,536) (40,190) (111,622) (143,885)
Operating profit (loss) 24,787 (43,483) 132,196 (136,935)
Other income (expense), net Share in the results of
associates under equity method (402,543) (234,996) (365,321)
(173,375) Financial costs (4,995) (6,494) (31,580) (27,572) Net
gain (loss) from currency exchange difference 1,383 (6,176) 2,638
(13,693) Financial income 769 8,585 6,830 11,026
Total other
income, net (405,386) (239,081) (387,433) (203,614)
Profit (loss) before income tax (380,599) (282,564)
(255,237) (340,549) Current income tax (7,085) (3,666)
(39,444) (14,222) Deferred income tax (8,794) (15,031) (14,060)
(541)
Profit (loss) from continuing
operations (396,478) (301,261) (308,741) (355,312)
Discontinued operations Loss from discontinued operations
(12,691) (14,036) (19,073) (20,233)
Net loss (409,169)
(315,297) (327,814) (375,545) Attributable to: Owners of the
parent (405,864) (292,554) (323,492) (317,210) Non-controlling
interest (3,305) (22,743) (4,322) (58,335) (409,169) (315,297)
(327,814) (375,545)
Basic and diluted loss per share
attributable to equity holders of the parent, stated in U.S.
dollars (1.60) (1.15) (1.27) (1.25)
Weighted average
number of shares outstanding (common and investment), in
units 254,186,867 254,186,867 254,186,867 254,186,867
Compañía de
Minas Buenaventura S.A.A. and Subsidiaries Consolidated
Statement of Cash Flows For the three and twelve month
periods ended December 31, 2016 and 2015
For the three month periodended
December, 31
For the twelve month periodended
December, 31
2016 2015 2016 2015 US$(000)
US$(000) US$(000) US$(000) Operating
activities Proceeds from sales 325,469 243,306 1,003,422
965,273 Proceeds from dividends 2,414 1,916 142,340 6,691 Value
Added Tax recovered 11,939 6,908 117,661 81,692 Royalty received
5,974 10,017 25,961 38,983 Interest received 374 1,153 2,140 3,650
Payments to suppliers and third-parties (155,803) (173,546)
(672,419) (727,017) Payments to employees (32,894) (47,409)
(138,113) (175,329) Payments of interest (15,197) (4,235) (34,138)
(21,518) Payments of mining royalties (4,643) (5,429) (20,052)
(22,836) Payment of income taxes (21,235) (4,943) (35,401) (22,330)
Net cash and cash equivalents provided by operating
activities 116,398 27,738 391,401 127,259
Investing
activities Proceeds from sales of mining concessions, property,
plant and equipment 1,529 2,892 7,180 5,481 Acquisitions of mining
concessions, development costs, property, plant and equipment
(127,170) (44,759) (366,834) (211,286) Loans granted to associates
- (104,000) - (124,800) Loans granted to third parties - (829) -
(829) Payments for acquisitions of other assets (5,222) (10,238)
(5,222) (10,238) Proceeds from loan to third parties - (141) - -
Opening of time deposits - 7,350 - -
Net cash and cash
equivalents used in investing activities (130,863) (149,725)
(364,876) (341,672)
Financing activities Proceeds
from financial obligations - (9,704) 275,210 296 Proceeds from bank
loans 24,649 104,503 200,500 344,503 Payments of bank loans
(27,197) - (442,957) (90,000) Payments of financial obligations
(8,296) (21) (33,476) (29,891) Dividends paid to controlling
interest (7,612) 70 (7,621) - Dividends paid to non-controlling
interest (1,691) (2,440) (7,400) (10,488) Acquisition of
non-controlling interest - - (5,459) - Increase of restricted bank
accounts 1,924 - (2,087) - Repurchase of treasury shares - -
(1,210) -
Net cash and cash equivalents provided by (used
in) financing activities (18,223) 92,408 (24,500) 214,420
Net increase (decrease) in cash and cash equivalents during
the period (32,688) (29,579) 2,025 7 Cash and cash equivalents at
the beginning of the period 113,232 108,098 78,519 78,512
Cash and cash equivalents at period-end
80,544 78,519 80,544 78,519
For the three month periodended
December, 31
For the twelve month periodended
December, 31
2016 2015 2016
2015 US$(000) US$(000) US$(000)
US$(000) Reconciliation of net profit to cash and cash
equivalents provided by operating activities Net
loss (409,169) (315,297) (327,814) (375,545)
Plus
(less): Depreciation and amortization 54,606 63,505 192,647
232,583 Reversal (provision) for impairment loss of inventories
(2,941) (973) (12,086) 12,737 Net loss (gain) on sales of mining
concessions, property, plant and equipment (9,252) (14,060) (7,180)
(440) Net loss (gain) from currency exchange difference (1,383)
6,176 (2,638) 13,693 Provision for impairment of long–lived assets
- - 2,043 11,255 Accretion expense of provision for closure of
mining units and exploration projects 2,258 412 5,068 3,343 Net
share in results of associates 402,543 234,996 365,321 173,375 Loss
attributable to non-controlling interest 3,305 22,743 4,322 58,335
Deferred income tax expense (income) 8,794 15,031 14,060 541
Provision for estimated fair value of embedded derivatives related
to concentrate 3,807 (732) (5,491) (7,079) sales and adjustments on
open liquidations Hedge derivative instruments 3,745 - 3,745 -
Other net 3,816 (508) (596) (30,111)
Net changes in
operating assets and liabilities: Decrease (increase) in
operating assets - Trade and other accounts receivable 31,225
(125,467) (37,010) (73,497) Inventories 13,214 58,592 6,437 70,248
Income tax credit (1,917) 2,437 22,303 7,827 Prepaid expenses
(4,361) (27,727) (7,476) (20,485) Increase (decrease) in operating
liabilities - Trade and other accounts payable 19,324 25,779 41,232
(9,431) Income tax payable 6,242 (165) 6,242 (1,112) Provisions
(9,872) 81,080 (14,068) 54,331 Proceeds from dividends 2,414 1,916
142,340 6,691
Net cash and cash
equivalents provided by operating activities 116,398 27,738
391,401 127,259
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170228007010/en/
Contacts in Lima:Carlos Galvez, (511) 419
2540Chief Financial OfficerorDaniel Dominguez,
(511) 419 2591Manager of Financial Planning and Investor
Relationsdaniel.dominguez@buenaventura.peorRodrigo
Echecopar, (511) 419 2609Investor Relations
Coordinatorrodrigo.echecopar@buenaventura.peorContacts
in NY:Barbara Cano,
646-452-2334barbara.cano@mbsvalue.comorCompany
Website: www.buenaventura.pe/ir
Compania De Minas Buenav... (NYSE:BVN)
Historical Stock Chart
From Mar 2024 to May 2024
Compania De Minas Buenav... (NYSE:BVN)
Historical Stock Chart
From May 2023 to May 2024
