BVN Compania De Minas Buenaventura SA

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

 

For the month of October 2024

 

Commission File Number: 001-14370

 

 

COMPANIA DE MINAS BUENAVENTURA S.A.A.

(Exact name of registrant as specified in its charter)

 

BUENAVENTURA MINING COMPANY INC.

(Translation of registrant’s name into English)

 

 

CARLOS VILLARAN 790

SANTA CATALINA, LIMA 13, PERU

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F  x            Form 40-F  ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

 

Yes  ¨            No  x

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

 

Yes  ¨            No  x

 

 

 

 

Buenaventura Announces Third Quarter 2024 Results for Production and Volume Sold per Metal

 

Lima, Peru, October 16, 2024 – Compañía 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 3Q24 results for production and volume sold.

 

Production per Metal

 

		Three Months Ended September 30, 2024				Nine Months Ended September 30, 2024				2024 Updated Guidance (1)
Gold ounces produced
El Brocal			6,673				17,329				19.0k - 22.0k
Orcopampa			17,831				54,426				70.0k - 75.0k
Tambomayo			8,015				26,072				28.0k - 32.0k
Julcani			1,428				2,839				3.5k - 4.0k
La Zanja			4,963				8,655				10.0k - 12.0k
Total Direct Operations (2)			38,909				109,321				130.5k - 145.0k
Coimolache			8,368				38,554				41.0k - 46.0k
Total incl. Associated (3)			39,690				118,095				139.6k - 155.0k
Silver ounces produced
El Brocal			516,480				1,701,940				1.8M - 2.0M
Uchucchacua			608,412				1,524,944				2.2M - 2.5M
Yumpag (4)			2,591,227				6,017,839				7.5M - 8.0M
Orcopampa			6,891				22,857				-
Tambomayo			434,054				1,143,490				1.7M - 1.9M
Julcani			261,492				1,090,232				1.5M - 1.7M
La Zanja			8,901				14,904				-
Total Direct Operations (2)			4,427,457				11,516,207				14.7M - 16.1M
Coimolache			38,705				178,341				0.1M - 0.2M
Total incl. Associated (3)			4,243,769				10,931,273				14.0M - 15.4M
Lead metric tons produced
Uchucchacua			3,865				10,812				13.0k - 15.0k
Tambomayo			979				3,093				3.5k - 4.0k
Julcani			108				619				0.9k - 1.0k
Total Direct Operations (2)			4,953				14,523				17.4k - 20.0k
Zinc metric tons produced
El Brocal			0				1,985				1.9k - 2.0k
Uchucchacua			6,153				16,521				19.0k - 22.0k
Tambomayo			1,222				4,034				5.4k - 5.8k
Total Direct Operations (2)			7,374				22,540				26.3k - 29.8k
Copper metric tons produced
El Brocal			16,769				42,334				55.0k - 60.0k
Total Direct Operations (2)			16,769				42,334				55.0k - 60.0k

1.

2024 projections are considered to be forward-looking statements and represent management’s good faith estimates or expectations of future production results as of October 2024.

2.

Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.

3.

Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache.

4.

Considers ore from the pilot stope approved within Yumpag EIA-sd.

 

 

 

Volume Sold per Metal

 

		Three Months Ended September 30, 2024				Nine Months Ended September 30, 2024
Gold ounces sold
El Brocal			3,912				10,676
Orcopampa			18,027				54,223
Tambomayo			7,438				24,199
Julcani			1,293				2,527
La Zanja			4,676				8,525
Total Direct Operations (1)			35,345				100,151
Coimolache			8,450				38,526
Total incl. Associated (2)			37,225				111,480
Silver ounces sold
El Brocal			413,407				1,403,306
Uchucchacua			555,012				1,345,729
Yumpag (3)			2,229,149				5,785,760
Orcopampa			10,031				22,174
Tambomayo			402,631				1,035,689
Julcani			248,442				1,052,051
La Zanja			16,450				32,140
Total Direct Operations (1)			3,875,123				10,676,849
Coimolache			38,748				177,393
Total incl. Associated (2)			3,731,208				10,206,718
Lead metric tons sold
El Brocal			0				72
Uchucchacua			3,489				9,752
Yumpag (3)			21				55
Tambomayo			849				2,692
Julcani			96				557
Total Direct Operations (1)			4,455				13,129
Zinc metric tons sold
El Brocal			0				1,592
Uchucchacua			5,026				13,593
Tambomayo			969				3,231
Total Direct Operations (1)			5,995				18,417
Copper metric tons sold
El Brocal			15,571				39,709
Tambomayo			32				95
Julcani			20				79
Total Direct Operations (1)			15,622				39,883

 

1.

Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.

2.

Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache.

3.

Considers ore from the pilot stope approved within Yumpag EIA-sd.

 

 

 

Average realized prices⁽¹⁾⁽²⁾

 

		Three Months Ended September 30, 2024				Nine Months Ended September 30, 2024				Year Ended December 31, 2023
Gold (US$/Oz)			2,514				2,323				1,954
Silver (US$/Oz)			29.92				28.14				23.98
Lead (US$/MT)			2,082				2,078				2,093
Zinc (US$/MT)			2,883				2,618				2,315
Copper (US$/MT)			9,391				9,124				8,418

 

1.

Considers Buenaventura consolidated figures.

2.

Realized prices include both provisional sales and final adjustments for price changes.

 

Commentary on Operations

 

Tambomayo:

 

·

Gold, lead and zinc production was in line with expectations. 2024 guidance remains unchanged.

 

·

Silver production was below 3Q24 projections due to delays related to mine development and in the preparation of high silver grade ore stopes. 2024 remains unchanged.

 

Orcopampa:

 

·

3Q24 gold and silver production was in line with expectations. 2024 guidance remains unchanged.

 

Coimolache:

 

·

Gold production exceeded 3Q24 projections due to an accelerated percolation rate at the leach pad. 2024 guidance has therefore been updated.

 

·

During the 3Q24, Buenaventura filed for a leach pad expansion construction permit at Coimolache, which is currently pending with the Ministry of Energy and Mines. Approval is expected by the end of 1Q25, enabling the Company to begin construction in 2Q25 and to resume leaching fresh ore in 3Q25.

 

Julcani:

 

·

Gold and copper production at the Julcani mine is gradually increasing as the operation transitions to zones richer in these metals, successfully offsetting lower production from the Achilla zone which has historically produced lead and silver.

 

·

2024 guidance has therefore been revised to reflect increased gold production with lower silver grades.

 

 

 

Uchucchacua:

 

·

Silver and lead production was in line with expectations for 3Q24. 2024 guidance remains unchanged.

 

·

Zinc production exceeded expectations due to higher grades than was previously projected. 2024 guidance has therefore been updated.

 

·

Uchucchacua achieved 1,500 TPD average daily throughput in 3Q24, aligned with the Company’s targeted 1,500 TPD by year end 2024.

 

Yumpag:

 

·

Silver production was in line with expectations for 3Q24. 2024 guidance remains unchanged.

 

El Brocal:

 

·

Copper production was in line with expectations for 3Q24. 2024 guidance remains unchanged.

 

·

Gold and silver production exceeded expectations for 3Q24 due to increased volume processed during the quarter. 2024 guidance has therefore been updated.

 

·

All ore stockpiled in 2Q24 was processed during the 3Q24, enabling El Brocal to meet its targeted production for the first nine months of 2024. The average mining rate during 3Q24 was 12,000 tons per day, and the average mining rate for the first nine months of the year was 11,000 tons per day, aligned with the Company’s target for full year production to exceed 11,000 tons per day.

 

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.

  

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	COMPAÑÍA DE MINAS BUENAVENTURA S.A.A.
Date: October 16, 2024	By:	/s/ DANIEL DOMÍNGUEZ VERA
	Name:	Daniel Domínguez Vera
	Title:	Market Relations Officer

 

 

 

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