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 3Q22 results for production and volume sold.

3Q22 Production per Metal (100% basis)

1Q22 (Actual)

2Q22 (Actual)

3Q22 (Actual)

9M22 (Actual)

2022 Updated Guidance (1)

 

 

 

 

 

Gold (Oz.)

 

 

 

 

 

Orcopampa

19,031

17,749

20,164

56,944

70k - 75k

Tambomayo

13,867

14,351

13,755

41,973

50k - 55k

La Zanja

5,900

4,767

8,786

19,452

31k - 38k

Coimolache

19,512

19,930

21,899

61,341

80k - 85k

El Brocal

4,350

4,457

7,085

15,892

20k - 23k

 

 

 

 

 

Silver (Oz.)

 

 

 

 

 

Uchucchacua

0

0

0

0

0

El Brocal

1,059,666

806,123

813,272

2,679,061

3.0M - 3.5M

Tambomayo

419,396

433,820

546,256

1,399,472

1.8M - 2.4M

Julcani

661,132

640,557

692,876

1,994,565

2.4M - 2.7M

 

 

 

 

 

Lead (MT)

 

 

 

 

 

El Brocal

2,497

1,306

1,781

5,584

6.0k - 7.0k

Uchucchacua

0

0

0

0

0

Tambomayo

2,509

2,823

2,639

7,970

9.5k - 10.5k

 

 

 

 

 

Zinc (MT)

 

 

 

 

 

El Brocal

8,772

4,146

6,403

19,321

22.0k - 24.0k

Uchucchacua

0

0

0

0

0

Tambomayo

3,543

3,920

3,446

10,910

13.0k - 15.0k

 

 

 

 

 

Copper (MT)

 

 

 

 

 

El Brocal

10,159

10,537

12,108

32,805

40.0k - 45.0k

1. 2022 outlook projections shown above are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of October 2022.

3Q22 Comments

Tambomayo:

• 3Q22 gold, lead and zinc production exceeded expectations due to an increase in grade and metallurgical recovery. 2022 guidance has subsequently been updated.
• 3Q22 silver production was in line with expectations for the quarter. 2022 guidance remains unchanged.

Orcopampa:

• 3Q22 gold production exceeded expectations due to an increase in treated ore and higher gold grades. 2022 guidance has been updated.

Coimolache:

• 3Q22 gold production was in line with expectations for the quarter. 2022 guidance remains unchanged.

La Zanja:

• 3Q22 gold production was below expectations for the quarter. 2022 guidance has been updated to reflect slower than expected gold extraction from the leach pad, requiring a portion of the expected 2022 production to carry forward into 2023.
• As was previously announced, Pampa Verde open pit production will conclude by the end of October 2022. Nevertheless, leaching will continue at La Zanja’s San Pedro pad for as long as this remains profitable. Copper sulfide exploration will continue within La Zanja's operational footprint.

Julcani:

• 3Q22 silver production exceeded expectations due to increased treated ore and higher silver grades. 2022 guidance has therefore been updated.

Uchucchacua:

• Exploration and mine development continues as planned at the Uchucchacua mine. The 2H23 target to resume production remains unchanged.
• Yumpag project construction and permitting continue according to schedule. The 1H24 target to begin production remains unchanged.

El Brocal:

• 3Q22 lead and zinc production exceeded expectations due to an increase in grade and metallurgical recovery from open pit´s low-grade stockpiles. 2022 guidance has subsequently been updated.
• Rehabilitation works are progressing as planned at El Brocal’s western wall due to the previously announced March 2022 landslide. Production within the pit continue as planned outside of the area in process of rehabilitation.
• 3Q22 gold exceeded expectations due to an increase in grade and metallurgical recovery from the underground mine. 2022 guidance has subsequently been updated.
• 3Q22 copper and silver production was in line with expectations for the quarter. 2022 guidance remains unchanged.

3Q22 Payable Volume Sold

3Q22 Volume Sold per Metal (100% basis)

 

 

 

 

1Q22 (Actual)

2Q22 (Actual)

3Q22 (Actual)

9M22 (Actual)

 

 

 

 

Gold (Oz.)

 

 

 

 

Orcopampa

19,307

17,719

19,814

56,840

Tambomayo

12,181

12,917

12,150

37,248

La Zanja

5,773

4,452

8,470

18,695

Coimolache

20,586

20,551

21,431

62,568

El Brocal

2,907

2,590

5,229

10,725

 

 

 

 

Silver (Oz.)

 

 

 

 

Uchucchacua

18,730

139,688

150,426

308,844

El Brocal

852,933

650,260

642,558

2,145,751

Tambomayo

351,077

376,313

468,076

1,195,466

Julcani

636,303

605,634

651,077

1,893,014

 

 

 

 

Lead (MT)

 

 

 

 

El Brocal

2,239

1,071

1,568

4,878

Uchucchacua

0

18

0

18

Tambomayo

2,275

2,629

2,449

7,353

 

 

 

 

Zinc (MT)

 

 

 

 

El Brocal

7,256

3,370

5,229

15,855

Uchucchacua

0

0

0

0

Tambomayo

2,922

3,262

2,832

9,016

 

 

 

 

Copper (MT)

 

 

 

 

El Brocal

9,697

10,311

11,431

31,439

 

 

 

 

Realized Metal Prices*

 

 

 

 

1Q22 (Actual)

2Q22 (Actual)

3Q22 (Actual)

9M22 (Actual)

Gold (Oz)

1,896

1,825

1,678

1,794

Silver (Oz)

24.10

22.71

17.33

21.32

Lead (MT)

2,363

2,180

1,713

2,093

Zinc (MT)

4,105

4,489

3,412

3,983

Copper (MT)

9,950

9,073

7,261

8,685

 

 

 

 

*Buenaventura consolidated figures.

Appendix

1. 3Q22 Production per Metal

 

1Q22 (Actual)

2Q22 (Actual)

3Q22 (Actual)

9M22 (Actual)

 

 

 

 

Silver (Oz.)

 

 

 

 

Orcopampa

7,856

7,334

8,247

23,437

La Zanja

23,363

30,318

31,665

85,347

Coimolache

77,195

75,504

76,133

228,832

 

 

 

 

Lead (MT)

 

 

 

 

Julcani

99

124

140

363

 

 

 

 

2. 3Q22 Volume Sold per Metal

 

1Q22 (Actual)

2Q22 (Actual)

3Q22 (Actual)

9M22 (Actual)

 

 

 

 

Silver (Oz.)

 

 

 

 

Orcopampa

6,928

12,411

7,715

27,054

La Zanja

21,818

29,273

32,268

83,358

Coimolache

96,634

84,859

78,028

259,521

 

 

 

 

Lead (MT)

 

 

 

 

Julcani

76

93

112

280

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 2021 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 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/20221010005543/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 Contacts in NY: Barbara Cano (646) 452 2334 barbara@inspirgroup.com Company Website: www.buenaventura.com.pe/ir