Buenaventura Announces Second Quarter 2023 Results for Production and Volume Sold per Metal
14 July 2023 - 9:00AM
Business Wire
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 2Q23 results for production and volume sold.
2Q23 Production per Metal (100% basis)
1Q23(Actual) 2Q23(Actual) 6M23(Actual)
2023 UpdatedGuidance (1)(2)(3)
Gold (Oz.)
Orcopampa
19,996
19,975
39,971
72k - 80k
Tambomayo
10,600
10,896
21,496
35k - 40k
Coimolache
6,536
9,632
16,168
60k - 65k
El Brocal
4,421
4,377
8,798
24k - 26k
Silver (Oz.)
Uchucchacua
0
0
0
0.7M - 1.0M
Yumpag
0
0
0
1.6M - 1.8M
El Brocal
436,678
635,530
1,072,208
2.7M - 3.0M
Tambomayo
394,305
540,732
935,038
1.9M - 2.2M
Julcani
417,887
472,740
890,626
1.9M - 2.1M
Lead (MT)
El Brocal
0
1,275
1,275
7.5k - 8.3k
Uchucchacua
0
0
0
1.4k - 1.5k
Yumpag
0
0
0
0.3k - 0.4k
Tambomayo
1,324
924
2,248
2.9k - 3.2k
Zinc (MT)
El Brocal
0
3,812
3,812
23.0k - 25.0k
Uchucchacua
0
0
0
2.0k - 2.2k
Tambomayo
1,552
1,150
2,702
4.8k - 5.3k
Copper (MT)
El Brocal
12,238
13,213
25,452
45.0k - 50.0k
- Above 2023 projections are considered forward-looking
statements and represent management’s good faith estimates or
expectations of future production results as of July 2023.
- 2023 Uchucchacua and Yumpaq Guidance is subject to permit
approval to begin production.
- El Brocal stockpiled ore mined from its open pit during the
1Q23. Lead and zinc ore are being treated at the processing plant
starting in 2Q23. The underground mine will operate continuously
throughout 2023.
2Q23 Comments
Tambomayo:
- Gold, silver, lead and zinc production was in line with 2Q23
expectations. 2023 guidance remains unchanged.
Orcopampa:
- 2Q23 gold production exceeded expectations due to higher gold
grades extracted from the Pucará and Ramal 4 vein system. 2023
guidance remains unchanged.
Coimolache:
- 2Q23 gold production was below quarterly projections due to a
slower than expected leach pad gold extraction rate with longer
than expected percolation time. These are expected to increase in
the second half of 2023. 2023 guidance therefore remains
unchanged.
Julcani:
- 2Q23 silver production was below projections due to a negative
geology reconciliation with decreased treated ore. 2023 guidance
has therefore been updated.
Yumpag:
- 4Q23 targeted production initiation remains unchanged and is
subject to the final permitting and approval required to
operate.
Uchucchacua:
- Exploration and mine development continued during 2Q23 as
planned.
- During 3Q23 Buenaventura will focus on ensuring processing
plant operational readiness to receive ore from Uchucchacua and
Yumpag by the end of 2023.
El Brocal:
- 2Q23 copper production exceeded projections due to underground
mine production ramp-up which remains ahead of expectations.
Buenaventura expects to reach its targeted 10,000 tpd by 4Q23. 2023
guidance remains unchanged.
- Open pit polymetallic ore processing resumed as planned during
2Q23. Zinc and lead production during the quarter was in line with
expectations. 2023 guidance remains unchanged.
2Q23 Payable Volume Sold
2Q23 Volume Sold per Metal(100% basis)
1Q23(Actual) 2Q23(Actual) 6M23(Actual)
Gold (Oz.)
Orcopampa
20,326
19,718
40,044
Tambomayo
9,360
9,868
19,228
Coimolache
6,854
8,170
15,024
El Brocal
2,595
2,427
5,022
Silver (Oz.)
Uchucchacua
130,642
150,637
281,279
Yumpag
0
0
0
El Brocal
379,158
508,257
887,415
Tambomayo
370,299
485,593
855,892
Julcani
412,890
449,841
862,731
Lead (MT)
El Brocal
88
1,215
1,302
Uchucchacua
0
0
0
Yumpag
0
0
0
Tambomayo
1,189
808
1,996
Zinc (MT)
El Brocal
38
3,094
3,132
Uchucchacua
0
0
0
Tambomayo
1,269
895
2,163
Copper (MT)
El Brocal
11,748
12,355
24,104
Realized Metal
Prices*
1Q23 (Actual)
2Q23 (Actual)
6M23 (Actual)
Gold (Oz)
1,915
1,945
1,930
Silver (Oz)
22.5
24.27
23.48
Lead (MT)
2,139
1,846
1,960
Zinc (MT)
2,004
2,497
2,375
Copper (MT)
8,972
8,992
8,983
*Buenaventura consolidated figures.
Appendix
1. 2Q23 Production per Metal
(100% basis)
1Q23 (Actual)
2Q23 (Actual)
6M23 (Actual)
Gold (Oz.)
La Zanja
3,051
2,030
5,081
Silver (Oz.)
Orcopampa
7,618
7,242
14,860
La Zanja
6,630
5,322
11,951
Coimolache
25,485
64,084
89,570
Lead (MT)
Julcani
106
159
266
2. 2Q23 Volume Sold per Metal
(100% basis)
1Q23 (Actual)
2Q23 (Actual)
6M23 (Actual)
Gold (Oz.)
La Zanja
3,211
1,892
5,103
Silver (Oz.)
Orcopampa
6,699
6,023
12,722
La Zanja
10,942
11,589
22,531
Coimolache
24,909
57,608
82,517
Lead (MT)
Julcani
94
138
232
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/20230713972796/en/
In Lima: Daniel Dominguez, Chief Financial Officer
+51 (511) 419 2540
Gabriel Salas, Head of Investor Relations +51 (511)
419 2591 / Gabriel.salas@buenaventura.pe
Company Website: www.buenaventura.com.pe/ir
In NY: Barbara Cano +1 (646) 452 2334
barbara@inspirgroup.com
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