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 third quarter (3Q24) and nine-month period ended
September 30, 2024 (9M24). 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$).
Third Quarter and Nine-Month 2024 Highlights:
- 3Q24 EBITDA from direct operations excluding the sale of
Chaupiloma Royalty Company was US$ 132.4 million, compared to US$
53.3 million reported in 3Q23. 9M24 EBITDA from direct operations
excluding the sale of Chaupiloma Royalty Company reached US$ 333.8
million, compared to US$ 121.9 million reported in 9M23.
- 3Q24 net income including the sale of Chaupiloma Royalty
Company reached US$ 236.9 million, compared to a US$ 28.0 million
net loss for the same period in 2023. 9M24 net income including the
sale of Chaupiloma Royalty Company was US$ 369.1 million, compared
to US$ 29.6 million in net income for the 9M23.
- Buenaventura's cash position reached US$ 457.9 million by
quarter’s end, September 30, 2024, while net debt amounted to US$
224.7 million, resulting in a Leverage Ratio of 0.50x.
- Buenaventura's 3Q24 consolidated silver production increased by
2.5M Oz, zinc production increased by 96% YoY, and lead production
increased by 206% YoY, primarily driven by increased production at
Uchucchacua and Yumpag. Gold production increased by 7% YoY due to
increased output at Julcani and La Zanja. However, copper
production decreased by 9% YoY. In 3Q23, copper production at El
Brocal had increased due to higher than estimated copper content
mined from the open pit transitional ore.
- 100% of the ore stockpiled during 2Q24 due to Buenaventura’s
voluntary temporary suspension of El Brocal’s processing plant
facilities was processed during the 3Q24. The underground mine
reached a record ~12 KTPD average throughput and Uchucchacua
reached an average 1,500 TPD throughput during 3Q24, which was
achieved earlier than had previously been forecast. Yumpag
maintained steady 1,000 TPD production during 3Q24.
- Buenaventura completed the sale of its Chaupiloma Royalty
Company to Franco-Nevada for US$ 210 million during 3Q24, as was
announced on August 13, 2024.
- 3Q24 CAPEX related to San Gabriel was US$ 76.8 million,
primarily allocated to the mine’s water dam and to power line
construction.
- Buenaventura’s credit rating was upgraded by Moody’s to B1 with
a positive outlook. Moody’s cited Buenaventura's operational
improvements driven by increased production from its El Brocal,
Yumpag and Uchucchacua mines as well as efficiency in cost
reduction, cash flow generation, and conservative liquidity
management as key factors.
Financial Highlights (in millions of US$, excluding
EPS):
3Q24
3Q23
Var %
9M24
9M23
Var %
Total Revenues
331.1
211.3
57%
855.0
570.0
50%
Operating Income
286.4
-29.5
N.A.
399.9
-39.0
N.A.
EBITDA Direct Operations (1)
132.4
53.3
149%
333.8
121.9
174%
EBITDA Including Affiliates (1)
238.0
152.7
56%
660.3
418.5
58%
Net Income (2)
236.9
-28.0
N.A.
369.1
29.6
1,146%
EPS (3)
0.93
-0.11
N.A.
1.45
0.12
1,146%
(1)
Does not include US$ 208.9 million from
the sale of Chaupiloma Royalty Company.
(2)
Net Income attributable to owners of the
parent.
(3)
As of September 30, 2024, Buenaventura had
a weighted average number of shares outstanding of 253,986,867.
For a full version of Compañía de Minas Buenaventura Third
Quarter 2024 Earnings Release, please visit:
https://www.buenaventura.com/en/inversionistas/reportes-trimestrales/2024
CONFERENCE CALL
INFORMATION:
Compañia de Minas Buenaventura will host a conference call on
Thursday, October 31, 2024, to discuss these results at 12:00 p.m.
Eastern Time / 11:00 a.m. Lima Time.
To participate in the conference call, please dial:
Toll-Free US: +1 844 481 2914
Toll International: +1 412 317 0697
Passcode: Please ask to be joined into
the Compañía de Minas Buenaventura’s call.
Webcast:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=BTkJOjlx
If you would prefer to receive a call rather than dial in, please
use the following link 10-15 minutes prior to the conference call
start time:
Call Me Link:
https://hd.choruscall.com/?callme=true&passcode=&info=company-email&r=true&b=16
Passcode: 9089757
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 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).
For a printed version of the Company’s 2023 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, 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, 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/20241030643286/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
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