Buenaventura Announces First Quarter 2020 Results for Production and Volume Sold per Metal
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 1Q20 results for production and volume sold.
| 1Q20 Production per Metal | ||||||
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| Gold (Oz.) | January | February | March | 1Q | Type of Proccesing Plant | |
| Orcopampa | 3,992 | 4,129 | 40 | 8,160 | Flotation | |
| Tambomayo | 5,111 | 7,067 | 2,371 | 14,549 | Flotation | |
| La Zanja | 614 | 1,750 | 932 | 3,297 | Heap leaching | |
| Tantahuatay | 10,095 | 6,679 | 5,719 | 22,493 | Heap leaching | |
| Yanacocha | 45,520 | 35,326 | 40,956 | 121,802 | Heap leaching | |
| El Brocal | 1,570 | 1,476 | 1,008 | 4,054 | Flotation | |
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| Silver (Oz.) | January | February | March | 1Q | Type of Proccesing Plant | |
| Uchucchacua | 773,878 | 767,022 | 415,563 | 1,956,463 | Flotation | |
| El Brocal | 221,958 | 267,914 | 188,195 | 678,067 | Flotation | |
| Tambomayo | 132,079 | 200,105 | 53,347 | 385,532 | Flotation | |
| Julcani | 217,316 | 219,535 | 113,700 | 550,552 | Flotation | |
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| Lead (MT) | January | February | March | 1Q | Type of Proccesing Plant | |
| El Brocal | 1,535 | 2,579 | 1,346 | 5,460 | Flotation | |
| Uchucchacua | 1,044 | 814 | 414 | 2,273 | Flotation | |
| Tambomayo | 543 | 443 | 208 | 1,194 | Flotation | |
| Julcani | 54 | 59 | 36 | 149 | Flotation | |
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| Zinc (MT) | January | February | March | 1Q | Type of Proccesing Plant | |
| El Brocal | 5,089 | 5,692 | 4,277 | 15,058 | Flotation | |
| Uchucchacua | 1,179 | 861 | 320 | 2,360 | Flotation | |
| Tambomayo | 609 | 461 | 197 | 1,267 | Flotation | |
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| Copper (MT) | January | February | March | 1Q | Type of Proccesing Plant | |
| Cerro Verde | 39,195 | 31,497 | 21,519 | 92,211 | Flotation | |
| El Brocal | 3,415 | 3,053 | 2,654 | 9,122 | Flotation | |
Additional Comments
- Peru’s state of emergency and related mandated lockdown began on March 16, 2020.
- As was announced on March 30, 2020, Buenaventura has suspended the full year 2020 guidance provided at the Company’s March 9, 2020 Investor Day.
- The Company expects to provide updated guidance on May 18, 2020 with the release of its 1Q20 Financial Results.
- Buenaventura’s enhanced mine plan will target high-grade areas while maintaining a focus on exploration and cost reduction, once the Company’s mines resume production.
- Mineral at Orcopampa is treated during the last two weeks of the month, aligned with the mine’s working protocol. No mineral was therefore treated during the month of March.
- The Uchucchacua mine plan is designed to ramp-up production to exploit high-grade areas starting the second quarter of 2020.
| 1Q20 Payable Volume sold per Metal (100% basis) | |
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| 1Q20 (Actual) | |
| Gold (Oz.) |
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| Orcopampa | 9,016 |
| Tambomayo | 5,286 |
| La Zanja | 3,295 |
| Tantahuatay | 23,978 |
| El Brocal | 2,639 |
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| Silver (Oz.) |
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| Uchucchacua | 1,880,330 |
| El Brocal | 466,365 |
| Tambomayo | 110,661 |
| Julcani | 514,114 |
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| Lead (MT) |
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| El Brocal | 5,145 |
| Uchucchacua | 1,972 |
| Tambomayo | 282 |
| Julcani | 95 |
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| Zinc (MT) |
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| El Brocal | 12,438 |
| Uchucchacua | 1,874 |
| Tambomayo | 992 |
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| Copper (MT) |
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| El Brocal | 8,458 |
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| Realized Metal Prices* | |
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| Gold (Oz) | 1,692 |
| Silver (Oz) | 17.16 |
| Lead (MT) | 1,653 |
| Zinc (MT) | 1,824 |
| Copper (MT) | 5,536 |
*Buenaventura consolidated figures
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*, El Brocal, La Zanja and Coimolache).
The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation & Sumitomo Corporation), an important precious metal producer and 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc., Sumitomo Corporation & Sumitomo Metals).
For a printed version of the Company’s 201* Form 20-F, please contact the persons indicated above, or download a PDF format file from the Company’s web site. (*) 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 the Company’s, Yanacocha’s and 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, Yanacocha’s and 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/20200428006003/en/
Contact
Contacts in Lima: Leandro García, Chief Financial Officer
(511) 419 2540
Rodrigo Echecopar, Head of Investor Relations
(511) 419 2591 / rodrigo.echecopar@buenaventura.pe
Contacts in NY:
Barbara Cano
(646) 452 2334
barbara@inspirgroup.com
