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 3Q24 results for production and volume sold.

Production per Metal

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2024

2024 Updated Guidance (1)

 

Gold ounces produced

 

 

 

 

 

 

El Brocal

6,673

 

17,329

 

19.0k - 22.0k

Orcopampa

17,831

 

54,426

 

70.0k - 75.0k

Tambomayo

8,015

 

26,072

 

28.0k - 32.0k

Julcani

1,428

 

2,839

 

3.5k - 4.0k

La Zanja

4,963

 

8,655

 

10.0k - 12.0k

Total Direct Operations (2)

38,909

 

109,321

 

130.5k - 145.0k

Coimolache

8,368

 

38,554

 

41.0k - 46.0k

Total incl. Associated (3)

39,690

 

118,095

 

139.6k - 155.0k

 

 

 

 

 

Silver ounces produced

 

 

 

 

 

 

El Brocal

516,480

 

1,701,940

 

1.8M - 2.0M

Uchucchacua

608,412

 

1,524,944

 

2.2M - 2.5M

Yumpag (4)

2,591,227

 

6,017,839

 

7.5M - 8.0M

Orcopampa

6,891

 

22,857

 

-

Tambomayo

434,054

 

1,143,490

 

1.7M - 1.9M

Julcani

261,492

 

1,090,232

 

1.5M - 1.7M

La Zanja

8,901

 

14,904

 

-

Total Direct Operations (2)

4,427,457

 

11,516,207

 

14.7M - 16.1M

Coimolache

38,705

 

178,341

 

0.1M - 0.2M

Total incl. Associated (3)

4,243,769

 

10,931,273

 

14.0M - 15.4M

 

 

 

 

 

Lead metric tons produced

 

 

 

 

 

 

Uchucchacua

3,865

 

10,812

 

13.0k - 15.0k

Tambomayo

979

 

3,093

 

3.5k - 4.0k

Julcani

108

 

619

 

0.9k - 1.0k

Total Direct Operations (2)

4,953

 

14,523

 

17.4k - 20.0k

 

 

 

 

 

Zinc metric tons produced

 

 

 

 

 

 

El Brocal

0

 

1,985

 

1.9k - 2.0k

Uchucchacua

6,153

 

16,521

 

19.0k - 22.0k

Tambomayo

1,222

 

4,034

 

5.4k - 5.8k

Total Direct Operations (2)

7,374

 

22,540

 

26.3k - 29.8k

 

 

 

 

 

Copper metric tons produced

 

 

 

 

 

 

El Brocal

16,769

 

42,334

 

55.0k - 60.0k

Total Direct Operations (2)

16,769

 

42,334

 

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 October 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 September 30, 2024

Nine Months Ended September 30, 2024

 

Gold ounces sold

 

 

 

 

El Brocal

3,912

 

10,676

Orcopampa

18,027

 

54,223

Tambomayo

7,438

 

24,199

Julcani

1,293

 

2,527

La Zanja

4,676

 

8,525

Total Direct Operations (1)

35,345

 

100,151

Coimolache

8,450

 

38,526

Total incl. Associated (2)

37,225

 

111,480

 

 

 

Silver ounces sold

 

 

 

 

El Brocal

413,407

 

1,403,306

Uchucchacua

555,012

 

1,345,729

Yumpag (3)

2,229,149

 

5,785,760

Orcopampa

10,031

 

22,174

Tambomayo

402,631

 

1,035,689

Julcani

248,442

 

1,052,051

La Zanja

16,450

 

32,140

Total Direct Operations (1)

3,875,123

 

10,676,849

Coimolache

38,748

 

177,393

Total incl. Associated (2)

3,731,208

 

10,206,718

 

 

 

Lead metric tons sold

 

 

 

 

El Brocal

0

 

72

Uchucchacua

3,489

 

9,752

Yumpag (3)

21

 

55

Tambomayo

849

 

2,692

Julcani

96

 

557

Total Direct Operations (1)

4,455

 

13,129

 

 

 

Zinc metric tons sold

 

 

 

 

El Brocal

0

 

1,592

Uchucchacua

5,026

 

13,593

Tambomayo

969

 

3,231

Total Direct Operations (1)

5,995

 

18,417

 

 

 

Copper metric tons sold

 

 

 

 

El Brocal

15,571

 

39,709

Tambomayo

32

 

95

Julcani

20

 

79

Total Direct Operations (1)

15,622

 

39,883

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 September 30, 2024

Nine Months Ended September 30, 2024

Year Ended December 31, 2023

 

Gold (US$/Oz)

 

2,514

 

2,323

 

1,954

Silver (US$/Oz)

29.92

 

28.14

 

23.98

Lead (US$/MT)

 

2,082

 

2,078

 

2,093

Zinc (US$/MT)

2,883

 

2,618

 

2,315

Copper (US$/MT)

 

9,391

 

9,124

 

8,418

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 was in line with expectations. 2024 guidance remains unchanged.
• Silver production was below 3Q24 projections due to delays related to mine development and in the preparation of high silver grade ore stopes. 2024 remains unchanged.

Orcopampa:

• 3Q24 gold and silver production was in line with expectations. 2024 guidance remains unchanged.

Coimolache:

• Gold production exceeded 3Q24 projections due to an accelerated percolation rate at the leach pad. 2024 guidance has therefore been updated.
• During the 3Q24, Buenaventura filed for a leach pad expansion construction permit at Coimolache, which is currently pending with the Ministry of Energy and Mines. Approval is expected by the end of 1Q25, enabling the Company to begin construction in 2Q25 and to resume leaching fresh ore in 3Q25.

Julcani:

• Gold and copper production at the Julcani mine is gradually increasing as the operation transitions to zones richer in these metals, successfully offsetting lower production from the Achilla zone which has historically produced lead and silver.
• 2024 guidance has therefore been revised to reflect increased gold production with lower silver grades.

Uchucchacua:

• Silver and lead production was in line with expectations for 3Q24. 2024 guidance remains unchanged.
• Zinc production exceeded expectations due to higher grades than was previously projected. 2024 guidance has therefore been updated.
• Uchucchacua achieved 1,500 TPD average daily throughput in 3Q24, aligned with the Company’s targeted 1,500 TPD by year end 2024.

Yumpag:

• Silver production was in line with expectations for 3Q24. 2024 guidance remains unchanged.

El Brocal:

• Copper production was in line with expectations for 3Q24. 2024 guidance remains unchanged.
• Gold and silver production exceeded expectations for 3Q24 due to increased volume processed during the quarter. 2024 guidance has therefore been updated.
• All ore stockpiled in 2Q24 was processed during the 3Q24, enabling El Brocal to meet its targeted production for the first nine months of 2024. The average mining rate during 3Q24 was 12,000 tons per day, and the average mining rate for the first nine months of the year was 11,000 tons per day, aligned with the Company’s target for full year production to exceed 11,000 tons per day.

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/20241016331347/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