BVN Compania De Minas Buenaventura SA

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

1. 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.
2. 2023 Uchucchacua and Yumpaq Guidance is subject to permit approval to begin production.
3. 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