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 second quarter (2Q21) and six-month
period ended June 30, 2021. 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$).
Second Quarter 2021 Highlights:
- 2Q21 EBITDA from direct operations reached US$ 66.9 million,
compared to US$ 26.4 million reported in 2Q20.
- 2Q21 Adjusted EBITDA including associated companies reached US$
229.7 million, compared to US$ 84.5 million in 2Q20.
- 2Q21 net income reached US$ 37.5 million, compared to a US$
15.6 million net loss for the same period in 2020.
- 2Q21 exploration at operating units increased to US$ 14.5
million, compared to US$ 2.5 million in 2Q20. This increase was
part of the Company’s revised strategy to increase exploration
activities.
- 2Q21 capital expenditures were US$ 21.5 million, compared to
US$ 11.6 million for the same period in 2020.
- Cost Applicable to Sales (CAS) for the 6M21 reflect a US$ 30.8
million impact due to COVID-19-related expenses. Said expenses are
expected to decrease in the second half of 2021 with the increase
of vaccinated workforce.
- Buenaventura’s cash position reached US$ 255.2 million as of
June 30, 2021.
- On April 29, 2021, Cerro Verde paid a total dividend of US$ 200
million. Buenaventura received US$ 39.2 million relative to its
stake in Cerro Verde.
- On July 23, 2021 the Company issued senior unsecured notes for
an aggregate amount of US$ 550 million with a coupon rate of 5.5%
per annum, due 2026.
- The net proceeds from the bond fully paid down the SUNAT
dispute on July 30, 2021.
Financial Highlights (in millions of
US$, except EPS figures):
2Q21
2Q20
Var
6M21
6M20
Var
Total Revenues
240.9
97.8
146%
426.7
212.3
101%
Operating Income
8.9
-17.9
N.A.
-2.1
-77.5
97%
EBITDA Direct Operations
66.9
26.4
153%
105.2
19.7
435%
EBITDA Including Affiliates
229.7
84.5
172%
412.6
114.6
260%
Net Income
37.5
-19.1
N.A.
53.9
-99.5
N.A.
EPS
0.15
-0.08
N.A.
0.21
-0.39
N.A.
(*)
As of June 30, 2021, Buenaventura had a
weighted average number of shares outstanding of 253,986,867.
For a full version of Compañía de Minas Buenaventura Second
Quarter 2021 Earnings Release, please visit:
http://www.buenaventura.com/en/inversionistas
CONFERENCE CALL
INFORMATION:
Compañia de Minas Buenaventura will host a conference call on
Tuesday, August 3, 2021 to discuss these results at 10:00 a.m.
Eastern Time / 9:00 a.m. Peru Time
To participate in the conference call, please dial:
Toll Free US: +1-844-282-4460
Toll International: +1-412-317-5611
Passcode: Ask to be joined into the
Compañía de Minas Buenaventura’s call.
Webcast:
https://services.choruscall.com/mediaframe/webcast.html?webcastid=1W9DI9BW
If you would prefer to receive a call rather than dialing in,
please register via the following link. Please use this option
10-15 minutes prior to conference call start time:
Call Me Link:
https://hd.choruscall.com/?callme=true&passcode=&info=company-email&r=true&b=9
Passcode: 0727765
Participants who do not wish to be interrupted to have their
information gathered may have Chorus Call dial out to them by
clicking on the above link, filling in the information, and
pressing the green phone button at the bottom. The phone number
provided will be automatically called and connected to the
conference without any interruption to the participant. (Please
note: Participants will be joined directly to the conference and
will hear hold music until the call begins. No confirmation message
will be played when joined.)
--
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:
Tambomayo*, Orcopampa*, Uchucchacua*, Julcani*, El Brocal, La Zanja
and Coimolache.
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 2020 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 and related conference call contain, in
addition to historical information, forward-looking statements
including statements related to the Company’s ability to manage its
business and liquidity during and after the COVID-19 pandemic, the
impact of the COVID-19 pandemic on the Company’s results of
operations, including net revenues, earnings and cash flows, the
Company’s ability to reduce costs and capital spending in response
to the COVID-19 pandemic if needed, the Company’s balance sheet,
liquidity and inventory position throughout and following the
COVID-19 pandemic, the Company’s prospects for financial
performance, growth and achievement of its long-term growth
algorithm following the COVID-19 pandemic, future dividends and
share repurchases.
This press release may also 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210802005816/en/
Contacts in Lima: Daniel Dominguez, Chief Financial
Officer (511) 419 2540
Gabriel Salas, Head of Investor Relations (511) 419 2591 /
gabriel.salas@buenaventura.pe
Contact in NY: Barbara Cano (646) 452-2334 /
barbara@inspirgroup.com
Company Website: www.buenaventura.com
Compania De Minas Buenav... (NYSE:BVN)
Historical Stock Chart
From Apr 2024 to May 2024
Compania De Minas Buenav... (NYSE:BVN)
Historical Stock Chart
From May 2023 to May 2024