Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
17 July 2024 - 7:24AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of July 2024
Commission File Number: 001-14370
COMPANIA DE MINAS BUENAVENTURA S.A.A.
(Exact name of registrant as specified in its charter)
BUENAVENTURA MINING COMPANY INC.
(Translation of registrant’s name into English)
CARLOS VILLARAN 790
SANTA
CATALINA, LIMA 13, PERU
(Address of principal executive office)
Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form
40-F ¨
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ¨ No x
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ¨ No x
Buenaventura Announces Second
Quarter 2024 Results for Production and Volume Sold per Metal
Lima, Peru, July 16, 2024 –
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.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
COMPAÑÍA DE MINAS BUENAVENTURA S.A.A. |
| |
|
|
| Date: July 16, 2024 |
By: |
/s/ DANIEL DOMÍNGUEZ VERA |
| |
Name: |
Daniel Domínguez Vera |
| |
Title: |
Market Relations Officer |
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