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 second quarter (2Q22) and six-month
period ended June 30, 2022. 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$).
Second Quarter 2022 Highlights:
- 2Q22 EBITDA from direct operations was US$ -19.1 million,
compared to US$ 68.5 million reported in 2Q21.
- 2Q22 Operating Cash Flow reached US$ 72.7 million, compared to
US$ 101.7 million in 2Q21.
- 2Q22 net loss was US$ 39.9 million, compared to a US$ 37.5
million net income for the same period in 2021.
- 2Q22 exploration at operating units increased to US$ 18.9
million, compared to US$ 14.5 million in 2Q21. This increase was
part of the Company’s revised strategy to increase its focus on
exploration in order to extend LOM.
- 2Q22 capital expenditures were US$ 30.4 million, compared to
US$ 21.4 million for the same period in 2021. 2Q22 CAPEX includes
US$ 11.0 million related to the San Gabriel Project and US$ 6.3
million related to the Yumpag Project.
- The Company continued its strategy of progressively reducing
fixed costs at the Uchucchacua mine to improve the cost structure
efficiency when the operation restarts.
- COVID related expenses were reduced from US$ 19.1 million in
2Q21 to US$ 1.9 million reported in 2Q22.
- Buenaventura’s cash position reached US$ 326.3 million as of
June 30, 2022. Net Debt was reduced to US$ 416.4 million, with and
average maturity of 3.8 years (vs. 2Q21: 2.2 years).
- On April 29, 2022, Cerro Verde paid a total dividend of US$ 150
million. Buenaventura received US$ 29.4 million relative to its
stake in Cerro Verde.
- Huanza’s current debt amounts to US$90 million with a coupon
rate of 5.05% per annum, payable until 2027.
Financial Highlights (in millions of US$, except EPS
figures):
2Q22
2Q21
Var
6M22
6M21
Var
Total Revenues
150.1
240.9
-38%
383.0
426.7
-10%
Operating Income
-70.4
10.5
N.A.
6.9
1.0
N.A.
EBITDA Direct Operations
-19.1
68.5
N.A.
412.9
108.2
282%
EBITDA Including Affiliates
51.6
180.9
-71%
630.4
343.6
83%
Net Income
-39.9
37.5
N.A.
596.3
53.9
N.A.
EPS
-0.16
0.15
N.A.
2.35
0.21
N.A.
(*) As of June 30, 2022, Buenaventura had a weighted average
number of shares outstanding of 253,986,867.
For a full version of Compañía de Minas Buenaventura Second
Quarter 2022 Earnings Release, please visit:
https://www.buenaventura.com/en/inversionistas/reportes-trimestrales/2022
CONFERENCE CALL
INFORMATION:
Compañia de Minas Buenaventura will host a conference call on
Wednesday, July 27, 2022 to discuss these results at 10:00 a.m.
Eastern Time / 9:00 a.m. Peru Time
To participate in the conference call, please dial:
Toll Free US: +1-844-282-4460
Toll International: +1-412-317-5611
Passcode: Ask to be joined into the
Compañía de Minas Buenaventura’s call.
Webcast:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=wOfpBsWy
If you would prefer to receive a call rather than dialing in,
please register via the following link. Please use this option
10-15 minutes prior to conference call start time:
Call Me Link:
https://hd.choruscall.com/?callme=true&passcode=&info=company-email&r=true&b=9
Passcode: 5165108
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 metals company and a major holder of
mining rights in Peru. The Company is engaged in the mining,
processing, development and exploration of gold and silver and
other metals via wholly owned mines as well as through its
participation in joint exploration projects.
Buenaventura currently operates several mines in Peru:
Tambomayo*, Orcopampa*, Uchucchacua*, Julcani*, La Zanja*, El
Brocal and Coimolache.
The Company owns 19.58% of Sociedad Minera Cerro Verde, an
important Peruvian copper producer.
For a printed version of the Company’s 2021 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/20220726006191/en/
Contacts in Lima: Daniel Dominguez, Chief Financial
Officer (511) 419 2540
Gabriel Salas, Head of Investor Relations (511) 419 2591 /
gabriel.salas@buenaventura.pe
Contact in NY: Barbara Cano (646) 452-2334 /
barbara@inspirgroup.com
Company Website: www.buenaventura.com
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