FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of July 2016
BUENAVENTURA MINING COMPANY INC.
(Translation of Registrant's Name into English)
CARLOS VILLARAN 790
SANTA CATALINA, LIMA 13, PERU
(Address of Principal Executive Offices)
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 whether the registrant
by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934.
Yes
¨
No
x
If "Yes" is marked, indicate
below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________________.
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Buenaventura Announces Second Quarter and
Six-Month 2016 Results
Lima, Peru, July 26, 2016 –
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, announced today results for the second quarter (2Q16) and six-month (6M16) periods ended June 30, 2016. 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 2016 Highlights:
·
In 2Q16, EBITDA from direct operations was US$109.4 million, a 270% increase compared to US$29.6 million reported in 2Q15. Adjusted EBITDA (including associated companies) increased 84% (US$ 188.9 million in 2Q16 compared to the US$ 102.4 million in 2Q15).
·
All In Sustaining Cost (AISC) decreased 34% in 2Q16 (US$ 610/oz in 2Q16 compared to the US$ 929/oz in 2Q15). This confirms the cost reduction trend, already shown in the 1Q16.
·
Total attributable production in 2Q16 was 153k gold ounces and 6.0 million silver ounces, compared to 181k gold ounces and 4.4 million silver ounces in 2Q15.
·
The Tambomayo project remains on schedule and within budget. Total project progress is at 81%. Production ramp up is expected by 4Q16.
·
Buenaventura raised US$ 275 million in long-term debt. The proceeds were mainly used to reprofile its current short-term debt (US$ 245 million).
·
At San Gabriel the Public Hearing was successfully held on June 17, as an important step in the process receiving the Environmental Impact Assessment approval by the end of the 2016.
Financial
Highlights
(in millions of US$, except EPS figures)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q16
|
2Q15
|
Var%
|
6M16
|
6M15
|
Var%
|
|
|
|
|
Total Revenues
|
285.3
|
243.9
|
17%
|
512.6
|
483.4
|
6%
|
|
|
|
|
Operating Profit
|
60.5
|
-35.5
|
N.A.
|
73.6
|
-39.2
|
N.A.
|
|
|
|
|
EBITDA Direct Operations
|
109.4
|
29.6
|
270%
|
170.5
|
74.6
|
129%
|
|
|
|
|
Adjusted EBITDA (Inc Associates)
|
188.9
|
102.4
|
84%
|
334.8
|
236.2
|
42%
|
|
|
|
|
Net Income
|
55.5
|
-18.7
|
N.A.
|
107.0
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-1.4
|
N.A.
|
|
|
|
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EPS*
|
0.22
|
-0.07
|
N.A.
|
0.42
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-0.01
|
N.A.
|
|
|
|
|
|
|
|
|
|
|
|
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(*) as of June 30, 2016 Buenaventura had 254,186,867 outstanding shares.
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Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
2
of 23
During 2Q16, net sales were US$279.4 million, an 18% increase
compared to the US$236.6 million reported in 2Q15. This was mainly explained by an increase in gold and silver prices as well
additional volume sold of all metals.
The higher revenues from our operations
partially offset a royalty income decrease of 21%, to US$5.9 million in 2Q16 compared to the US$7.4 reported in 2Q15. This was
due to lower revenues at Yanacocha (19% lower QoQ).
|
Operating Highlights
|
2Q16
|
2Q15
|
Var%
|
6M16
|
6M15
|
Var%
|
|
Net Sales
(in millions of US$)
|
279.4
|
236.6
|
18%
|
500.1
|
466.9
|
7%
|
|
Average Realized Gold Price (US$/oz)
1 2
|
1,275
|
1,185
|
8%
|
1,242
|
1,203
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3%
|
|
Average Realized Gold Price (US$/oz) inc. Affiliates
3
|
1,268
|
1,187
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7%
|
1,232
|
1,206
|
2%
|
|
Average Realized Silver Price (US$/oz)
1 2
|
17.80
|
16.18
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10%
|
16.14
|
15.76
|
2%
|
|
Average Realized Lead Price (US$/MT)
1 2
|
1,783
|
1,918
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-7%
|
1,783
|
1,791
|
0%
|
|
Average Realized
Zinc Price (US$/MT)
1 2
|
2,112
|
2,145
|
-2%
|
1,894
|
2,103
|
-10%
|
|
Average Realized Copper Price (US$/MT)
1 2
|
4,754
|
5,150
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-8%
|
4,587
|
5,124
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-10%
|
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Volume Sold
|
2Q16
|
2Q15
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Var%
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6M16
|
6M15
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Var%
|
|
Gold Oz Direct Operations
1
|
92,752
|
86,272
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8%
|
173,741
|
180,109
|
-4%
|
|
Gold Oz inc Associated Companies
3
|
174,827
|
187,074
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-7%
|
346,917
|
400,767
|
-13%
|
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Silver Oz
1
|
5,634,615
|
4,723,560
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19%
|
10,949,395
|
9,438,198
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16%
|
|
Lead MT
1
|
7,669
|
6,309
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22%
|
14,236
|
15,678
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-9%
|
|
Zinc MT
1
|
15,484
|
13,364
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16%
|
27,826
|
26,899
|
3%
|
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Copper MT
1
|
10,572
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8,831
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20%
|
21,670
|
12,465
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74%
|
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(1)
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Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 100%
of La Zanja and 100% of El Brocal
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(2)
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The realized price considers the adjustments of quotational periods
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(3)
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Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal, 40.95%
of Coimolache and 43.65% of Yanacocha
|
For 6M16, net sales increased 7%, from
US$466.9 million in 6M15 to US$500.1 million in 6M16. Royalty income for 6M16 was US$12.5 million (US$16.5 million in 2015).
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
3
of 23
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Production and Operating Costs
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In 2Q16, Buenaventura’s gold equity
production from direct operations was in-line compared to the figure reported in 2Q15 (84,997 gold ounces in 2Q16 vs 86,334 gold
ounces in 2Q15). Gold production including associated companies in 2Q16 was 152,884 ounces, 15% lower than the amount reported
in the same period 2015. This is explained by a decrease in production from Yanacocha. Silver equity production from direct operations
increased 35%, mainly due to higher production at the Uchucchacua mine and the Mallay mine (5.7 million silver ounces in 2Q16 vs
4.2 million silver ounces in 2Q15).
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Equity Production
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2Q16
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2Q15
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Var%
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6M16
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6M15
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Var%
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Gold Oz Direct Operations
1
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84,997
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86,334
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-2%
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164,709
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165,526
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0%
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Gold Oz including Associated Companies
|
152,884
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180,585
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-15%
|
311,317
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368,053
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-15%
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Silver Oz Direct Operations
1
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5,737,314
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4,238,092
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35%
|
11,734,124
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9,649,014
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22%
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Silver Oz including Associated Companies
|
5,976,999
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4,363,845
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37%
|
12,190,679
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9,908,549
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23%
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Lead MT
|
7,065
|
5,652
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25%
|
14,047
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13,092
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7%
|
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Zinc MT
|
12,573
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9,660
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30%
|
22,644
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21,005
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8%
|
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Copper MT Direct Operations
1
|
6,911
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5,263
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31%
|
13,370
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7,453
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79%
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Copper MT including Associated Companies
|
31,609
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14,450
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119%
|
62,233
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26,160
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138%
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Orcopampa’s
(100% owned
by Buenaventura)
|
Production
|
|
|
|
2Q16
|
2Q15
|
Var%
|
6M16
|
6M15
|
Var%
|
|
Gold
|
Oz
|
47,826
|
51,921
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-8%
|
91,962
|
101,989
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-10%
|
|
Silver
|
Oz
|
166,186
|
133,401
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25%
|
313,600
|
245,611
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28%
|
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Cost Applicable to Sales
|
|
|
|
2Q16
|
2Q15
|
Var%
|
6M16
|
6M15
|
Var%
|
|
Gold
|
US$/Oz
|
704
|
694
|
1%
|
696
|
696
|
0%
|
Gold production at Orcopampa decreased
8% in 2Q16 (compared to 2Q15) mainly due to lower ore grade (Appendix 2). Cost Applicable to Sales (CAS) in 2Q16 was US$ 704/oz
of gold, in line with the Cost Applicable to Sales (CAS) reported in 2Q15.
Gold production guidance for 2016 is 190k
– 200k ounces.
1
Direct Operation production includes 100% of Buenaventura’s
operating units, 53.06% of La Zanja, 59.6% of El Brocal (since May 2016) and 40.10% of Coimolache.
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
4
of 23
Uchucchacua
(100% owned by Buenaventura)
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Production
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|
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2Q16
|
2Q15
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Var%
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6M16
|
6M15
|
Var%
|
|
Silver
|
Oz
|
3,921,199
|
2,497,189
|
57%
|
8,083,174
|
6,026,362
|
34%
|
|
Zinc
|
MT
|
1,890
|
1,212
|
56%
|
3,615
|
2,798
|
29%
|
|
Lead
|
MT
|
2,591
|
1,470
|
76%
|
5,097
|
3,529
|
44%
|
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Cost Applicable to Sales
|
|
|
|
2Q16
|
2Q15
|
Var%
|
6M16
|
6M15
|
Var%
|
|
Silver
|
US$/Oz
|
11.11
|
15.67
|
-29%
|
10.75
|
15.04
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-29%
|
Silver production in 2Q16 increased 57%
compared to 2Q15, due to higher volumes of ore treated (29-day stoppage in May 2015) and higher ore grade (Appendix 2. Cost Applicable
to Sales (CAS) in 2Q16 decreased 29% compared to 2Q15, primarily due to lower labor expenses resulting from a reduced headcount
and lower reagent cost and consumption.
Silver production guidance for 2016 is
15.5 million – 16.5 million ounces.
Mallay (100% owned by Buenaventura)
|
Production
|
|
|
|
2Q16
|
2Q15
|
Var%
|
6M16
|
6M15
|
Var%
|
|
Silver
|
Oz
|
431,346
|
297,777
|
45%
|
839,964
|
605,031
|
39%
|
|
Zinc
|
MT
|
2,632
|
2,141
|
23%
|
5,396
|
4,320
|
25%
|
|
Lead
|
MT
|
1,873
|
1,776
|
5%
|
3,942
|
3,428
|
15%
|
|
Cost Applicable to Sales
|
|
|
|
2Q16
|
2Q15
|
Var%
|
6M16
|
6M15
|
Var%
|
|
Silver
|
US$/Oz
|
12.57
|
13.58
|
-7%
|
12.27
|
13.94
|
-12%
|
Silver production in 2Q16 increased 45%
compared to 2Q15, due to increased amounts of ore treated (Appendix 2). Cost Applicable to Sales (CAS) in 2Q16 was 7% lower compared
to 2Q15 due to more volume sold, lower reagent cost and consumption.
Silver production guidance for 2016 is
1.5 million – 1.9 million ounces.
Julcani (100% owned by Buenaventura)
|
Production
|
|
|
|
2Q16
|
2Q15
|
Var%
|
6M16
|
6M15
|
Var%
|
|
Silver
|
Oz
|
837,937
|
786,628
|
7%
|
1,690,989
|
1,602,980
|
5%
|
|
Cost Applicable to Sales
|
|
|
|
2Q16
|
2Q15
|
Var%
|
6M16
|
6M15
|
Var%
|
|
Silver
|
US$/Oz
|
11.40
|
12.29
|
-7%
|
11.05
|
12.62
|
-12%
|
Silver production in 2Q16 increased 7%
compared to 2Q15 production, mainly due to a higher ore grade (Appendix 2). Cost Applicable to Sales (CAS) in 2Q16 was 7% lower
than 2Q15, primarily due to fewer meters drifted and lower reagents cost and consumption, despite lower volume sold.
Silver production guidance for 2016 is
3.0 million – 3.4 million ounces.
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
5
of 23
La Zanja (53.06% owned by Buenaventura)
|
Production
|
|
|
|
2Q16
|
2Q15
|
Var%
|
6M16
|
6M15
|
Var%
|
|
Gold
|
Oz
|
35,384
|
37,254
|
-5%
|
69,577
|
67,709
|
3%
|
|
Silver
|
Oz
|
49,468
|
67,817
|
-27%
|
108,703
|
163,125
|
-33%
|
|
Cost Applicable to Sales
|
|
|
|
2Q16
|
2Q15
|
Var%
|
6M16
|
6M15
|
Var%
|
|
Gold
|
US$/Oz
|
533
|
822
|
-35%
|
535
|
803
|
-33%
|
Gold production in 2Q16 decreased 5% compared
to 2Q15. CAS in 2Q16 decreased 35% compared to 2Q15, primarily due to i) lower headcount generated by new synergies with Tantahuatay
mine, ii) lower reagent prices and consumption, and iii) lower contractor expenses due to better prices.
Gold production guidance for 2016 is 130k
– 140k ounces.
Tantahuatay (40.10% owned by Buenaventura)
|
Production
|
|
|
|
2Q16
|
2Q15
|
Var%
|
6M16
|
6M15
|
Var%
|
|
Gold
|
Oz
|
36,733
|
32,139
|
14%
|
71,295
|
62,346
|
14%
|
|
Silver
|
Oz
|
180,578
|
178,695
|
1%
|
424,568
|
338,959
|
25%
|
|
Cost Applicable to Sales
|
|
|
|
2Q16
|
2Q15
|
Var%
|
6M16
|
6M15
|
Var%
|
|
Gold
|
US$/Oz
|
469
|
497
|
-6%
|
449
|
575
|
-22%
|
Gold production in 2Q16 increased 14%
compared to the figure reported in 2Q15. CAS in 2Q16 decreased 6% compared to 2Q15 mainly due to lower reagent consumption and
prices.
Gold production guidance for 2016 is 145k
– 155k ounces
El Brocal
(59.26%* owned by Buenaventura)
|
Production
|
|
|
|
2Q16
|
2Q15
|
Var%
|
6M16
|
6M15
|
Var%
|
|
Copper
|
MT
|
11,677
|
9,580
|
22%
|
23,020
|
13,450
|
71%
|
|
Zinc
|
MT
|
13,725
|
11,664
|
18%
|
23,641
|
25,683
|
-8%
|
|
Silver
|
Oz
|
480,818
|
768,385
|
-37%
|
1,007,541
|
1,750,639
|
-42%
|
|
Cost Applicable to Sales
|
|
|
|
2Q16
|
2Q15
|
Var%
|
6M16
|
6M15
|
Var%
|
|
Copper
|
US$/MT
|
4,815
|
5,297
|
-9%
|
4,808
|
5,366
|
-10%
|
|
Zinc
|
US$/MT
|
1,688
|
1,659
|
2%
|
1,610
|
1,578
|
2%
|
During 2Q16, Copper production increased
22% compared to 2Q15, due to a higher ore volume treated and ore grade. Moreover, in 2Q16 zinc production increased 18% due to
higher ore treated and recovery rate.
(*) Since May 2016, the new ownership of
El Brocal is 59.26%.
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
6
of 23
In 2Q16, Zinc CAS was in line with the
Cost Applicable to Sales (CAS) reported in 2Q15. Copper CAS in 2Q16 decreased 9% compared to 2Q15 mainly due lower commercial deductions
per ton due the renegotiation of the commercial contracts.
Zinc production guidance for 2016 is 60k
– 70k MT, while copper production guidance for 2016 is 35k – 45k MT.
|
General and Administrative Expenses
|
|
General and administrative expenses in
2Q16 were US$19.8million, 8% higher compared to the US$18.3 million in 2Q15. For 6M16, the expense was US$41.2 million (US$39.0
million in 6M15).
|
Exploration in Non-Operating Areas
|
|
Exploration in non-operating areas during
2Q16 was US$5.0 million compared with the US$9.7 million in 2Q15. During the period, Buenaventura’s main exploration efforts
were focused on the Tambomayo project (US$1.71 million), San Gabriel project (US$0.96 million) and Marcapunta (US$0.88 million).
For 6M16, the expense was US$8.5 million (US$20.4 million in 6M15).
|
Share in Associated Companies
|
|
During 2Q16, Buenaventura’s share
in associated companies was US$20.7 million, compared to US$12.0 million reported in 2Q15, composed by:
|
Share in the Result of Associates
(in millions of US$)
|
2Q16
|
2Q15
|
Var %
|
6M16
|
6M15
|
Var %
|
|
Cerro Verde
|
15.8
|
(0.2)
|
N.A.
|
34.8
|
7.8
|
347%
|
|
Coimolache
|
6.4
|
3.9
|
64%
|
12.1
|
6.0
|
103%
|
|
Yanacocha
|
(1.5)
|
8.3
|
N.A.
|
2.2
|
34.5
|
-94%
|
|
Total
|
20.7
|
12.0
|
73%
|
49.1
|
48.2
|
2%
|
YANACOCHA
At Yanacocha (43.65% owned by Buenaventura),
during 2Q16, gold production was 155,524 ounces, 28% lower than 2Q15 production (215,924 ounces). For 6M16, gold production was
335,872 ounces, 28% lower than 463,979 ounces in 6M15.
Gold production guidance at Yanacocha for
2016 is 630k – 660k ounces.
In 2Q16, Yanacocha reported a net loss
of US$3.5 million compared to a net income of US$18.9 million reported in 2Q15. CAS in 2Q16 was US$790/oz, 22% higher than the
US$648/oz reported in 2Q15 mainly due to: i) a higher inventory write-down (US$26.0 million in 2Q16 compared to US$17.9 million
in 2Q15), and ii) lower volume sold (154,486 gold ounces in 2Q16 vs 203,413 gold ounces in 2Q15).
Capital expenditures at Yanacocha were
US$22.3 million in 2Q16, while for 6M16 was US$36.0 million.
Currently, Yanacocha is focusing its exploration
efforts on the Quecher Main project. An oxide deposit that could extend Yanacocha operation mine life to 2024. This project is
currently in the feasibility stage of development and could potentially add an average of 200,000 ounces gold per year starting
in 2020.
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
7
of 23
CERRO VERDE
At Cerro Verde (19.58% owned by Buenaventura),
during 2Q16 copper production was 126,143 MT (24,699 MT attributable to Buenaventura), a 169% increase compared to 2Q15 (46,920
MT and 9,187 MT attributable to Buenaventura). For 6M16, copper production was 249,557 MT (48,863 MT attributable to Buenaventura).
During 2Q16, Cerro Verde reported a net
income of US$80.8 million compared to net loss of US$0.9 million in 2Q15. This was primarily due to: i) a lower cash cost, and
ii) more volume sold. For 6M16, net income was US$177.7 million (compared to US$39.8 million in 6M15).
Capital expenditures at Cerro Verde were
US$143.3 million in 2Q16, and US$306.3 million in 6M16.
Copper production guidance at Cerro Verde
for 2016 is 500k MT – 550k MT.
COIMOLACHE (Tantahuatay operation)
At Coimolache (40.10% owned by Buenaventura),
attributable contribution to net income in 2Q16 was US$6.4 million (US$3.9 million in 2Q15). For 6M16, the contribution was US$12.1
million, compared to US$6.0 million reported in 6M15.
|
Project
Development and Exploration
|
|
The Tambomayo Project (100% ownership)
|
|
·
|
Detailed
engineering currently at 100% of development
|
|
|
·
|
Overall
project progress is at 81% (As of July 2016)
|
|
|
o
|
Exploration and mine development
are at 100% of progress.
|
|
|
o
|
The construction of the facilities
are at 70% of progress.
|
|
|
·
|
CAPEX:
US$ 340 M (Total disbursement as of 2Q16 US$232 M):
|
|
|
o
|
Exploration and mine development US$122
M (Disbursement as of 2Q16 S$122 M).
|
|
|
o
|
Civil works and Equipment US$218 M (Disbursement
as of 2Q16 S$110 M).
|
The San Gabriel Project (100% ownership)
|
|
·
|
The
project has been rescheduled in order to preserve cash flow.
|
|
|
·
|
Environmental
Impact Assessment (EIA) of the project´s construction is expected to be approved
in 4Q16 (the Public Audience was successfully held in June)
|
|
|
o
|
Drilling program: 7,000 meters in order to confirm resources and certainty
|
|
|
o
|
Metallurgical studies to be completed in order to improve recovery in the first years of production
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
8
of 23
* * *
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 (Orcopampa*, Uchucchacua*, Mallay*, Julcani*, El Brocal, La Zanja and Coimolache and is developing the Tambomayo
and San Gabriel projects.
The Company owns 43.65% of Minera Yanacocha
S.R.L (a partnership with Newmont Mining Corporation), an important precious metal producer; 19.58% of Sociedad Minera Cerro Verde,
an important Peruvian copper producer.
For a printed version of the Company’s
2015 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 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.
|
**Tables to follow**
APPENDIX 1
|
Equity Participation in
Subsidiaries and Associates
(as of June 30, 2016)
|
|
|
BVN
|
Operating
|
|
|
Equity %
|
Mines / Business
|
|
El Molle Verde S.A.C*
|
100.00
|
Trapiche project
|
|
Minera La Zanja S.A*
|
53.06
|
La Zanja
|
|
Sociedad Minera El Brocal S.A.A*
|
59.26
|
Colquijirca and Marcapunta
|
|
Compañía Minera Coimolache S.A **
|
40.10
|
Tantahuatay
|
|
Minera Yanacocha S.R.L **
|
43.65
|
Yanacocha
|
|
Sociedad Minera Cerro Verde S.A.A **
|
19.58
|
Cerro Verde
|
|
Processadora Industrial Rio Seco S.A*
|
100.00
|
Rio Seco chemical plant
|
|
Consorcio Energético de Huancavelica S.A*
|
100.00
|
Energy – Huanza Hydroelectrical plant
|
|
Buenaventura Ingenieros S.A*
|
100.00
|
Engineering Consultant
|
(*)Consolidates
(**) Equity Accounting
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
9
of 23
APPENDIX 2
|
|
|
GOLD PRODUCTION
|
|
|
|
2Q16
|
2Q15
|
%
|
6M16
|
6M15
|
%
|
|
Mining Unit
|
Operating Results
|
Underground
|
|
Orcopampa
|
Ore Milled DMT
|
118,341
|
114,421
|
3%
|
228,930
|
222,836
|
3%
|
|
|
Ore Grade OZ/MT
|
0.42
|
0.47
|
-9%
|
0.43
|
0.47
|
-8%
|
|
|
Recovery Rate %
|
94.9%
|
95.6%
|
-1%
|
95.5%
|
96.0%
|
-1%
|
|
|
Ounces Produced*
|
47,826
|
51,921
|
-8%
|
91,962
|
101,989
|
-10%
|
|
Mining Unit
|
Operating Results
|
Open Pit
|
|
La Zanja
|
Ounces Produced
|
35,384
|
37,254
|
-5%
|
69,577
|
67,709
|
3%
|
|
Tantahuatay
|
Ounces Produced
|
36,733
|
32,139
|
14%
|
71,295
|
62,346
|
14%
|
|
* Includes ounces from retreatment of taling dams
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SILVER PRODUCTION
|
|
|
|
2Q16
|
2Q15
|
%
|
6M16
|
6M15
|
%
|
|
Mining Unit
|
Operating Results
|
Underground
|
|
Uchucchacua
|
Ore Milled DMT
|
304,241
|
209,949
|
45%
|
622,623
|
492,522
|
26%
|
|
|
Ore Grade OZ/MT
|
15.37
|
14.16
|
9%
|
15.49
|
14.58
|
6%
|
|
|
Recovery Rate %
|
83.9%
|
84.0%
|
0%
|
83.8%
|
83.9%
|
0%
|
|
|
Ounces Produced
|
3,921,199
|
2,497,189
|
57%
|
8,083,174
|
6,026,362
|
34%
|
|
Julcani
|
Ore Milled DMT
|
43,796
|
44,306
|
-1%
|
88,778
|
87,988
|
1%
|
|
|
Ore Grade OZ/MT
|
19.97
|
18.67
|
7%
|
19.91
|
19.14
|
4%
|
|
|
Recovery Rate %
|
95.8%
|
95.1%
|
1%
|
95.7%
|
95.2%
|
1%
|
|
|
Ounces Produced
|
837,937
|
786,628
|
7%
|
1,690,989
|
1,602,980
|
5%
|
|
Mallay
|
Ore Milled DMT
|
52,413
|
36,615
|
43%
|
100,959
|
73,424
|
38%
|
|
|
Ore Grade OZ/MT
|
8.95
|
8.66
|
3%
|
8.97
|
8.71
|
3%
|
|
|
Recovery Rate %
|
92.0%
|
93.9%
|
-2%
|
92.8%
|
94.6%
|
-2%
|
|
|
Ounces Produced
|
431,346
|
297,777
|
45%
|
839,964
|
605,031
|
39%
|
|
Mining Unit
|
Operating Results
|
Open Pit
|
|
Colquijirca
|
Ounces Produced
|
480,818
|
768,385
|
-37%
|
1,007,541
|
1,750,639
|
-42%
|
|
|
|
|
|
|
|
|
|
|
|
|
ZINC PRODUCTION
|
|
|
|
2Q16
|
2Q15
|
%
|
6M16
|
6M15
|
%
|
|
Mining Unit
|
Operating Results
|
Underground
|
|
Uchucchacua
|
Ore Milled DMT
|
304,241
|
209,949
|
45%
|
622,623
|
492,522
|
26%
|
|
|
Ore Grade %
|
1.17%
|
1.08%
|
8%
|
1.15%
|
1.07%
|
8%
|
|
|
Recovery Rate %
|
52.88%
|
52.6%
|
1%
|
50.2%
|
53.1%
|
-5%
|
|
|
MT Produced
|
1,890
|
1,212
|
56%
|
3,615
|
2,798
|
29%
|
|
Mallay
|
Ore Milled DMT
|
52,413
|
36,615
|
43%
|
100,959
|
73,424
|
38%
|
|
|
Ore Grade %
|
5.7%
|
6.9%
|
-17%
|
6.10%
|
6.63%
|
-8%
|
|
|
Recovery Rate %
|
88.2%
|
84.9%
|
4%
|
87.6%
|
88.8%
|
-1%
|
|
|
MT Produced
|
2,632
|
2,141
|
23%
|
5,396
|
4,320
|
25%
|
|
Mining Unit
|
Operating Results
|
Open Pit
|
|
Colquijirca
|
MT Produced
|
13,725
|
11,664
|
18%
|
23,641
|
25,683
|
-8%
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
10
of 23
APPENDIX 3: EBITDA Reconciliation (in thousand US$)
|
|
2Q16
|
2Q15
|
6M16
|
6M15
|
|
Net Income
|
58,473
|
-31,490
|
109,721
|
-21,242
|
|
Add / Substract:
|
50,921
|
61,060
|
60,820
|
95,833
|
|
Provision for income tax, net
|
14,197
|
-64
|
7,408
|
10,363
|
|
Share in associated companies by the equity method, net
|
-20,675
|
-11,966
|
-49,072
|
-48,240
|
|
Interest income
|
-1,965
|
-970
|
-4,312
|
-1,614
|
|
Interest expense
|
7,694
|
8,269
|
15,674
|
14,144
|
|
Loss on currency exchange difference
|
891
|
1,264
|
-5,488
|
3,581
|
|
Long Term Compensation provision
|
590
|
33
|
590
|
135
|
|
Depreciation and Amortization
|
45,842
|
61,355
|
92,680
|
109,514
|
|
Workers´ participation provision
|
2,418
|
-89
|
3,694
|
383
|
|
Impairment of long-term lived assets
|
0
|
3,803
|
0
|
3,803
|
|
Write-Down adjustment
|
0
|
0
|
0
|
0
|
|
Loss from discontinued operations
|
1,929
|
-575
|
-354
|
3,764
|
|
EBITDA Buenaventura Direct Operations
|
109,394
|
29,570
|
170,541
|
74,591
|
|
EBITDA Yanacocha (43.65%)
|
20,221
|
48,931
|
45,625
|
112,515
|
|
EBITDA Cerro Verde (19.58%)
|
46,315
|
15,153
|
94,548
|
32,858
|
|
EBITDA Coimolache (40.10%)
|
12,935
|
8,775
|
24,055
|
16,205
|
|
EBITDA Buenaventura + All Associates
|
188,865
|
102,430
|
334,770
|
236,169
|
Note:
EBITDA (Buenaventura Direct Operations)
consists of earnings before net interest, taxes, depreciation and amortization, share in associated companies, net, loss on currency
exchange difference, other, net, provision for workers’ profit sharing and provision for long-term officers’ compensation.
EBITDA (including associated companies)
consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura’s equity share of EBITDA (Yanacocha) (2) Buenaventura’s
equity share of EBITDA (Cerro Verde), plus (3) Buenaventura’s equity share of EBITDA (Coimolache). All EBITDA mentioned were
similarly calculated using financial information provided to Buenaventura by the associated companies.
Buenaventura presents EBITDA (Buenaventura
Direct Operations) and EBITDA (including affiliates) to provide further information with respect to its operating performance and
the operating performance of its equity investees, the affiliates. EBITDA (Buenaventura Direct Operations) and EBITDA (including
affiliates) are not a measure of financial performance under IFRS, and may not be comparable to similarly titled measures of other
companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) as alternatives to
operating income or net income determined in accordance with IFRS, as an indicator of Buenaventura’s, affiliates operating
performance, or as an alternative to cash flows from operating activities, determined in accordance with IFRS, as an indicator
of cash flows or as a measure of liquidity.
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
11
of 23
APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION
Reconciliation of Costs Applicable to
Sales and Cost Applicable to Sales per Unit Sold
Cost applicable to sales consists of cost
of sales, excluding depreciation and amortization, plus selling expenses. Cost applicable to sales per unit sold for each mine
consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced
at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost
figures disclosed in previously furnished earnings releases.
Cost applicable to sales and Cost applicable
to sales per unit of mineral sold are not measures of financial performance under IFRS, and may not be comparable to similarly
titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold
to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals
industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales
or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators
of our operating performance. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without
adjusting for by-product revenue amounts.
The tables below set forth (i) a reconciliation
of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations
of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our
consolidated statements of profit or loss for the three and six months ended June 30, 2014 and 2015, and (iii) reconciliations
of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units. The amounts
set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables
below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and six months
ended June 30, 2014 and 2015 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by
mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to
consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration
in units in operations expenses, respectively, set forth below.
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
12
of 23
Set forth below is a reconciliation of consolidated Cost of
sales, excluding depreciation and amortization, to consolidated Cost applicable to sales:
|
|
|
For the 3 months ended June 30
|
|
For the 6months ended June 30
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
(in thousands of US$)
|
|
|
|
|
|
Consolidated Cost of sales excluding depreciation and amortization
|
|
126,383
|
|
147,515
|
|
241,793
|
|
281,307
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Consolidated Exploration in units in operation
|
|
22,105
|
|
22,618
|
|
41,221
|
|
45,018
|
|
Consolidated Commercial deductions
|
|
59,375
|
|
53,568
|
|
113,717
|
|
90,054
|
|
Consolidated Selling expenses
|
|
5,342
|
|
3,893
|
|
10,115
|
|
8,046
|
|
Consolidated Cost applicable to sales
|
|
213,205
|
|
227,594
|
|
406,846
|
|
424,425
|
Set forth below is a reconciliation of Cost of sales, excluding
depreciation and amortization (by mine and mineral) to consolidated Cost of sales:
|
|
|
For the 3 months ended Mar 31
|
|
For the 6months ended June 30
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Cost of sales by mine and mineral
|
|
(in thousands of US$)
|
|
Julcani, Gold
|
|
5
|
|
23
|
|
5
|
|
34
|
|
Julcani, Silver
|
|
5,077
|
|
8,214
|
|
9,082
|
|
12,688
|
|
Julcani, Lead
|
|
498
|
|
693
|
|
885
|
|
1,139
|
|
Julcani, Copper
|
|
21
|
|
88
|
|
49
|
|
147
|
|
Mallay, Gold
|
|
245
|
|
0
|
|
364
|
|
0
|
|
Mallay, Silver
|
|
2,577
|
|
1,788
|
|
4,668
|
|
3,834
|
|
Mallay, Lead
|
|
1,230
|
|
1,351
|
|
2,525
|
|
2,537
|
|
Mallay, Zinc
|
|
1,872
|
|
1,683
|
|
3,381
|
|
3,340
|
|
Orcopampa, Gold
|
|
20,761
|
|
23,330
|
|
42,532
|
|
54,022
|
|
Orcopampa, Silver
|
|
959
|
|
872
|
|
2,040
|
|
1,822
|
|
Orcopampa, Copper
|
|
0
|
|
0
|
|
6
|
|
6
|
|
Uchucchacua, Gold
|
|
31
|
|
2
|
|
48
|
|
2
|
|
Uchucchacua, Silver
|
|
24,885
|
|
25,055
|
|
46,443
|
|
50,203
|
|
Uchucchacua, Lead
|
|
1,363
|
|
1,584
|
|
2,670
|
|
2,903
|
|
Uchucchacua, Zinc
|
|
1,047
|
|
2,269
|
|
1,931
|
|
3,018
|
|
La Zanja, Gold
|
|
24,049
|
|
29,630
|
|
41,767
|
|
54,315
|
|
La Zanja, Silver
|
|
398
|
|
740
|
|
834
|
|
1,864
|
|
El Brocal, Gold
|
|
1,805
|
|
877
|
|
3,769
|
|
1,310
|
|
El Brocal, Silver
|
|
2,429
|
|
3,834
|
|
5,131
|
|
9,810
|
|
El Brocal, Lead
|
|
2,262
|
|
2,080
|
|
4,419
|
|
6,863
|
|
El Brocal, Zinc
|
|
10,684
|
|
9,608
|
|
17,974
|
|
20,063
|
|
El Brocal, Copper
|
|
21,485
|
|
20,750
|
|
45,595
|
|
28,881
|
|
Non Mining Units
|
|
2,702
|
|
13,043
|
|
5,676
|
|
22,504
|
|
Consolidated Cost of sales, excluding depreciation and amortization
|
|
126,383
|
|
147,515
|
|
241,793
|
|
281,307
|
Set forth below is a reconciliation of Exploration expenses
in units in operation (by mine and mineral) to consolidated Exploration expenses in mining units:
|
|
|
For the 3 months ended Mar 31
|
|
For the 6months ended June 30
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Exploration expenses in units in operation by mine and mineral
|
|
(in thousands of US$)
|
|
Julcani, Gold
|
|
3
|
|
12
|
|
3
|
|
17
|
|
Julcani, Silver
|
|
2,602
|
|
4,184
|
|
4,813
|
|
6,370
|
|
Julcani, Lead
|
|
255
|
|
353
|
|
469
|
|
572
|
|
Julcani, Copper
|
|
11
|
|
45
|
|
26
|
|
74
|
|
Mallay, Gold
|
|
89
|
|
0
|
|
130
|
|
0
|
|
Mallay, Silver
|
|
940
|
|
797
|
|
1,668
|
|
1,479
|
|
Mallay, Lead
|
|
449
|
|
602
|
|
902
|
|
978
|
|
Mallay, Zinc
|
|
683
|
|
750
|
|
1,208
|
|
1,288
|
|
Orcopampa, Gold
|
|
9,392
|
|
9,778
|
|
17,579
|
|
21,297
|
|
Orcopampa, Silver
|
|
434
|
|
366
|
|
843
|
|
718
|
|
Orcopampa, Copper
|
|
0
|
|
0
|
|
2
|
|
2
|
|
Uchucchacua, Gold
|
|
8
|
|
0
|
|
13
|
|
0
|
|
Uchucchacua, Silver
|
|
6,598
|
|
4,957
|
|
12,335
|
|
10,909
|
|
Uchucchacua, Lead
|
|
361
|
|
313
|
|
709
|
|
631
|
|
Uchucchacua, Zinc
|
|
277
|
|
449
|
|
513
|
|
656
|
|
La Zanja, Gold
|
|
3
|
|
12
|
|
7
|
|
25
|
|
La Zanja, Silver
|
|
0
|
|
0
|
|
0
|
|
1
|
|
El Brocal, Gold
|
|
0
|
|
0
|
|
0
|
|
0
|
|
El Brocal, Silver
|
|
0
|
|
0
|
|
0
|
|
0
|
|
El Brocal, Lead
|
|
0
|
|
0
|
|
0
|
|
0
|
|
El Brocal, Zinc
|
|
0
|
|
0
|
|
0
|
|
0
|
|
El Brocal, Copper
|
|
0
|
|
0
|
|
0
|
|
0
|
|
Non Mining Units
|
|
0
|
|
0
|
|
0
|
|
0
|
|
Consolidated Exploration expenses in units in operation
|
|
22,105
|
|
22,618
|
|
41,221
|
|
45,018
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
13
of 23
Set forth below is a reconciliation of Commercial Deductions
in units in operation (by mine and mineral) to consolidated Commercial deductions:
|
|
|
For the 3 months ended Mar 31
|
|
For the 6months ended June 30
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Commercial Deductions in units in operation by mine and mineral
|
|
(in thousands of US$)
|
|
Julcani, Gold
|
|
1
|
|
7
|
|
1
|
|
9
|
|
Julcani, Silver
|
|
1,435
|
|
2,682
|
|
2,870
|
|
4,010
|
|
Julcani, Lead
|
|
140
|
|
225
|
|
275
|
|
352
|
|
Julcani, Copper
|
|
7
|
|
30
|
|
18
|
|
49
|
|
Mallay, Gold
|
|
80
|
|
0
|
|
124
|
|
0
|
|
Mallay, Silver
|
|
1,149
|
|
920
|
|
2,259
|
|
1,799
|
|
Mallay, Lead
|
|
550
|
|
682
|
|
1,231
|
|
1,188
|
|
Mallay, Zinc
|
|
1,302
|
|
1,235
|
|
2,672
|
|
2,093
|
|
Orcopampa, Gold
|
|
48
|
|
64
|
|
150
|
|
120
|
|
Orcopampa, Silver
|
|
0
|
|
0
|
|
16
|
|
0
|
|
Orcopampa, Copper
|
|
0
|
|
0
|
|
1
|
|
1
|
|
Uchucchacua, Gold
|
|
12
|
|
1
|
|
18
|
|
1
|
|
Uchucchacua, Silver
|
|
10,384
|
|
8,179
|
|
19,640
|
|
16,142
|
|
Uchucchacua, Lead
|
|
561
|
|
495
|
|
1,129
|
|
921
|
|
Uchucchacua, Zinc
|
|
1,431
|
|
2,237
|
|
2,743
|
|
3,127
|
|
La Zanja, Gold
|
|
107
|
|
39
|
|
165
|
|
63
|
|
La Zanja, Silver
|
|
7
|
|
0
|
|
8
|
|
0
|
|
El Brocal, Gold
|
|
2,408
|
|
1,098
|
|
4,602
|
|
1,635
|
|
El Brocal, Silver
|
|
2,092
|
|
3,361
|
|
4,120
|
|
6,946
|
|
El Brocal, Lead
|
|
1,266
|
|
1,078
|
|
2,321
|
|
3,271
|
|
El Brocal, Zinc
|
|
8,599
|
|
6,282
|
|
13,954
|
|
12,088
|
|
El Brocal, Copper
|
|
27,796
|
|
24,953
|
|
55,401
|
|
36,241
|
|
Non Mining Units
|
|
0
|
|
0
|
|
0
|
|
0
|
|
Consolidated Commercial deductions in units in operation
|
|
59,375
|
|
53,568
|
|
113,717
|
|
90,054
|
Set forth below is a reconciliation of Selling expenses (by
mine and mineral) to consolidated Selling expenses:
|
|
|
For the 3 months ended Mar 31
|
|
For the 6months ended June 30
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Selling expenses by mine and mineral
|
|
(in thousands of US$)
|
|
Julcani, Gold
|
|
0
|
|
1
|
|
0
|
|
2
|
|
Julcani, Silver
|
|
207
|
|
344
|
|
385
|
|
584
|
|
Julcani, Lead
|
|
20
|
|
29
|
|
38
|
|
52
|
|
Julcani, Copper
|
|
1
|
|
4
|
|
2
|
|
7
|
|
Mallay, Gold
|
|
17
|
|
0
|
|
26
|
|
0
|
|
Mallay, Silver
|
|
176
|
|
133
|
|
337
|
|
272
|
|
Mallay, Lead
|
|
84
|
|
101
|
|
182
|
|
180
|
|
Mallay, Zinc
|
|
128
|
|
126
|
|
244
|
|
237
|
|
Orcopampa, Gold
|
|
161
|
|
192
|
|
320
|
|
442
|
|
Orcopampa, Silver
|
|
7
|
|
7
|
|
15
|
|
15
|
|
Orcopampa, Copper
|
|
0
|
|
0
|
|
0
|
|
0
|
|
Uchucchacua, Gold
|
|
2
|
|
0
|
|
2
|
|
0
|
|
Uchucchacua, Silver
|
|
1,214
|
|
543
|
|
2,023
|
|
1,351
|
|
Uchucchacua, Lead
|
|
67
|
|
34
|
|
116
|
|
78
|
|
Uchucchacua, Zinc
|
|
51
|
|
49
|
|
84
|
|
81
|
|
La Zanja, Gold
|
|
269
|
|
353
|
|
486
|
|
655
|
|
La Zanja, Silver
|
|
4
|
|
9
|
|
10
|
|
22
|
|
El Brocal, Gold
|
|
131
|
|
37
|
|
251
|
|
65
|
|
El Brocal, Silver
|
|
176
|
|
160
|
|
342
|
|
485
|
|
El Brocal, Lead
|
|
164
|
|
87
|
|
294
|
|
340
|
|
El Brocal, Zinc
|
|
776
|
|
402
|
|
1,197
|
|
993
|
|
El Brocal, Copper
|
|
1,560
|
|
869
|
|
3,036
|
|
1,429
|
|
Non Mining Units
|
|
127
|
|
413
|
|
725
|
|
758
|
|
Consolidated Selling expenses
|
|
5,342
|
|
3,893
|
|
10,115
|
|
8,046
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
14
of 23
|
|
JULCANI
|
|
|
2Q
2016
|
2Q
2015
|
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
|
Cost
of Sales (without D&A) (US$000)
|
5
|
5,077
|
498
|
-
|
21
|
5,600
|
23
|
8,214
|
693
|
-
|
88
|
9,019
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
3
|
2,602
|
255
|
-
|
11
|
2,871
|
12
|
4,184
|
353
|
-
|
45
|
4,594
|
|
Commercial
Deductions (US$000)
|
1
|
1,435
|
140
|
-
|
7
|
1,583
|
7
|
2,682
|
225
|
-
|
30
|
2,944
|
|
Selling
Expenses (US$000)
|
0
|
207
|
20
|
-
|
1
|
228
|
1
|
344
|
29
|
-
|
4
|
377
|
|
Cost
Applicable to Sales (US$000)
|
9
|
9,321
|
913
|
-
|
39
|
10,282
|
43
|
15,425
|
1,300
|
-
|
168
|
16,935
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
11
|
817,511
|
787
|
-
|
13
|
Not
Applicable
|
49
|
1,254,805
|
926
|
-
|
39
|
Not
Applicable
|
|
CAS
|
812
|
11.40
|
1,160
|
-
|
3,015
|
Not
Applicable
|
872
|
12.29
|
1,404
|
-
|
4,258
|
Not
Applicable
|
|
|
MALLAY
|
|
|
2Q
2016
|
2Q
2015
|
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
|
Cost
of Sales (without D&A) (US$000)
|
245
|
2,577
|
1,230
|
1,872
|
-
|
5,923
|
-
|
1,788
|
1,351
|
1,683
|
-
|
4,822
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
89
|
940
|
449
|
683
|
-
|
2,161
|
-
|
797
|
602
|
750
|
-
|
2,148
|
|
Commercial
Deductions (US$000)
|
80
|
1,149
|
550
|
1,302
|
-
|
3,081
|
-
|
920
|
682
|
1,235
|
-
|
2,837
|
|
Selling
Expenses (US$000)
|
17
|
176
|
84
|
128
|
-
|
404
|
-
|
133
|
101
|
126
|
-
|
360
|
|
Cost
Applicable to Sales (US$000)
|
430
|
4,842
|
2,312
|
3,985
|
-
|
11,569
|
-
|
3,638
|
2,736
|
3,793
|
-
|
10,167
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
459
|
385,120
|
1,771
|
2,231
|
-
|
Not
Applicable
|
-
|
267,856
|
1,654
|
1,841
|
-
|
Not
Applicable
|
|
CAS
|
937
|
12.57
|
1,305
|
1,786
|
-
|
Not
Applicable
|
-
|
13.58
|
1,654
|
2,060
|
-
|
Not
Applicable
|
|
|
ORCOPAMPA
|
|
|
2Q
2016
|
2Q
2015
|
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
|
Cost
of Sales (without D&A) (US$000)
|
20,761
|
959
|
-
|
-
|
-
|
21,720
|
23,330
|
872
|
-
|
-
|
-
|
24,202
|
|
Add:
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
9,392
|
434
|
-
|
-
|
-
|
9,826
|
9,778
|
366
|
-
|
-
|
-
|
10,144
|
|
Commercial
Deductions (US$000)
|
48
|
-
|
-
|
-
|
-
|
48
|
64
|
-
|
-
|
-
|
-
|
64
|
|
Selling
Expenses (US$000)
|
161
|
7
|
-
|
-
|
-
|
168
|
192
|
7
|
-
|
-
|
-
|
199
|
|
Cost
Applicable to Sales (US$000)
|
30,362
|
1,400
|
-
|
-
|
-
|
31,762
|
33,364
|
1,245
|
-
|
-
|
-
|
34,609
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
43,130
|
155,889
|
-
|
-
|
-
|
Not
Applicable
|
48,047
|
133,795
|
-
|
-
|
-
|
Not
Applicable
|
|
CAS
|
704
|
8.98
|
-
|
-
|
-
|
Not
Applicable
|
694
|
9.31
|
-
|
-
|
-
|
Not
Applicable
|
|
|
UCHUCCHACUA
|
|
|
2Q
2016
|
2Q
2015
|
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
|
Cost
of Sales (without D&A) (US$000)
|
31
|
24,885
|
1,363
|
1,047
|
-
|
27,326
|
2
|
25,055
|
1,584
|
2,269
|
-
|
28,910
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
8
|
6,598
|
361
|
277
|
-
|
7,245
|
0
|
4,957
|
313
|
449
|
-
|
5,720
|
|
Commercial
Deductions (US$000)
|
12
|
10,384
|
561
|
1,431
|
-
|
12,388
|
1
|
8,179
|
495
|
2,237
|
-
|
10,911
|
|
Selling
Expenses (US$000)
|
2
|
1,214
|
67
|
51
|
-
|
1,333
|
0
|
543
|
34
|
49
|
-
|
627
|
|
Cost
Applicable to Sales (US$000)
|
53
|
43,080
|
2,353
|
2,806
|
-
|
48,292
|
3
|
38,734
|
2,427
|
5,004
|
-
|
46,167
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
68
|
3,876,108
|
2,199
|
1,367
|
-
|
Not
Applicable
|
3
|
2,472,030
|
1,273
|
1,701
|
-
|
Not
Applicable
|
|
CAS
|
782
|
11.11
|
1,070
|
2,052
|
-
|
No
Applicable
|
1,124
|
15.67
|
1,907
|
2,942
|
-
|
No
Applicable
|
|
|
JULCANI
|
|
|
6M
2016
|
6M
2015
|
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
|
Cost
of Sales (without D&A) (US$000)
|
5
|
9,082
|
885
|
-
|
49
|
10,021
|
34
|
12,688
|
1,139
|
-
|
147
|
14,009
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
3
|
4,813
|
469
|
-
|
26
|
5,311
|
17
|
6,370
|
572
|
-
|
74
|
7,033
|
|
Commercial
Deductions (US$000)
|
1
|
2,870
|
275
|
-
|
18
|
3,165
|
9
|
4,010
|
352
|
-
|
49
|
4,420
|
|
Selling
Expenses (US$000)
|
0
|
385
|
38
|
-
|
2
|
425
|
2
|
584
|
52
|
-
|
7
|
645
|
|
Cost
Applicable to Sales (US$000)
|
9
|
17,151
|
1,666
|
-
|
96
|
18,922
|
62
|
23,653
|
2,115
|
-
|
277
|
26,107
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
11
|
1,551,735
|
1,365
|
-
|
31
|
Not
Applicable
|
64
|
1,873,579
|
1,399
|
-
|
58
|
No
Aplicable
|
|
CAS
|
847
|
11.05
|
1,220
|
-
|
3,057
|
No
Applicable
|
974
|
12.62
|
1,512
|
-
|
4,741
|
No
Applicable
|
|
|
MALLAY
|
|
|
6M
2016
|
6M
2015
|
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
|
Cost
of Sales (without D&A) (US$000)
|
364
|
4,668
|
2,525
|
3,381
|
-
|
10,938
|
-
|
3,834
|
2,537
|
3,340
|
-
|
9,711
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
130
|
1,668
|
902
|
1,208
|
-
|
3,909
|
-
|
1,479
|
978
|
1,288
|
-
|
3,745
|
|
Commercial
Deductions (US$000)
|
124
|
2,259
|
1,231
|
2,672
|
-
|
6,285
|
-
|
1,799
|
1,188
|
2,093
|
-
|
5,080
|
|
Selling
Expenses (US$000)
|
26
|
337
|
182
|
244
|
-
|
790
|
-
|
272
|
180
|
237
|
-
|
688
|
|
Cost
Applicable to Sales (US$000)
|
644
|
8,932
|
4,841
|
7,506
|
-
|
21,922
|
-
|
7,384
|
4,883
|
6,958
|
-
|
19,224
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
699
|
727,710
|
3,570
|
4,526
|
-
|
Not
Applicable
|
-
|
529,674
|
3,110
|
3,477
|
-
|
Not
Applicable
|
|
CAS
|
921
|
12.27
|
1,356
|
1,658
|
-
|
No
Applicable
|
-
|
13.94
|
1,570
|
2,001
|
-
|
No
Applicable
|
|
|
ORCOPAMPA
|
|
|
6M
2016
|
6M
2015
|
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
|
Cost
of Sales (without D&A) (US$000)
|
42,532
|
2,040
|
-
|
-
|
6
|
44,578
|
54,022
|
1,822
|
-
|
-
|
6
|
55,851
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
17,579
|
843
|
-
|
-
|
2
|
18,424
|
21,297
|
718
|
-
|
-
|
2
|
22,018
|
|
Commercial
Deductions (US$000)
|
150
|
16
|
-
|
-
|
1
|
167
|
120
|
0
|
-
|
-
|
1
|
121
|
|
Selling
Expenses (US$000)
|
320
|
15
|
-
|
-
|
0
|
335
|
442
|
15
|
-
|
-
|
0
|
457
|
|
Cost
Applicable to Sales (US$000)
|
60,580
|
2,914
|
-
|
-
|
9
|
63,504
|
75,881
|
2,556
|
-
|
-
|
10
|
78,447
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
87,081
|
342,097
|
-
|
-
|
3
|
Not
Applicable
|
108,957
|
279,184
|
-
|
-
|
3
|
Not
Applicable
|
|
CAS
|
696
|
8.52
|
-
|
-
|
3,073
|
No
Applicable
|
696
|
9.15
|
-
|
-
|
3,171
|
No
Applicable
|
|
|
UCHUCCHACUA
|
|
|
6M
2016
|
6M
2015
|
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
|
Cost
of Sales (without D&A) (US$000)
|
48
|
46,443
|
2,670
|
1,931
|
-
|
51,092
|
2
|
50,203
|
2,903
|
3,018
|
-
|
56,126
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
13
|
12,335
|
709
|
513
|
-
|
13,570
|
0
|
10,909
|
631
|
656
|
-
|
12,196
|
|
Commercial
Deductions (US$000)
|
18
|
19,640
|
1,129
|
2,743
|
-
|
23,530
|
1
|
16,142
|
921
|
3,127
|
-
|
20,190
|
|
Selling
Expenses (US$000)
|
2
|
2,023
|
116
|
84
|
-
|
2,225
|
0
|
1,351
|
78
|
81
|
-
|
1,510
|
|
Cost
Applicable to Sales (US$000)
|
81
|
80,440
|
4,625
|
5,271
|
-
|
90,417
|
3
|
78,604
|
4,532
|
6,883
|
-
|
90,022
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
101
|
7,484,129
|
3,990
|
2,728
|
-
|
Not
Applicable
|
3
|
5,226,729
|
2,736
|
2,415
|
-
|
Not
Applicable
|
|
CAS
|
802
|
10.75
|
1,159
|
1,932
|
-
|
No
Applicable
|
1,101
|
15.04
|
1,657
|
2,850
|
-
|
No
Applicable
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
15
of 23
|
|
LA
ZANJA
|
|
|
2Q
2016
|
2Q
2015
|
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
|
Cost
of Sales (without D&A) (US$000)
|
24,049
|
398
|
-
|
-
|
-
|
24,447
|
29,630
|
740
|
-
|
-
|
-
|
30,370
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
3
|
0
|
-
|
-
|
-
|
3
|
12
|
0
|
-
|
-
|
-
|
13
|
|
Commercial
Deductions (US$000)
|
107
|
7
|
-
|
-
|
-
|
114
|
39
|
-
|
-
|
-
|
-
|
39
|
|
Selling
Expenses (US$000)
|
269
|
4
|
-
|
-
|
-
|
274
|
353
|
9
|
-
|
-
|
-
|
362
|
|
Cost Applicable to
Sales (US$000)
|
24,428
|
410
|
-
|
-
|
-
|
24,838
|
30,035
|
749
|
-
|
-
|
-
|
30,784
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
45,856
|
57,602
|
-
|
-
|
-
|
Not
Applicable
|
36,518
|
68,376
|
-
|
-
|
-
|
Not
Applicable
|
|
CAS
|
533
|
7.11
|
-
|
-
|
-
|
Not
Applicable
|
822
|
10.96
|
-
|
-
|
-
|
Not
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROCAL
|
|
|
2Q
2016
|
2Q
2015
|
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
|
Cost
of Sales (without D&A) (US$000)
|
1,805
|
2,429
|
2,262
|
10,684
|
21,485
|
38,665
|
877
|
3,834
|
2,080
|
9,608
|
20,750
|
37,149
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Commercial
Deductions (US$000)
|
2,408
|
2,092
|
1,266
|
8,599
|
27,796
|
42,160
|
1,098
|
3,361
|
1,078
|
6,282
|
24,953
|
36,773
|
|
Selling
Expenses (US$000)
|
131
|
176
|
164
|
776
|
1,560
|
2,808
|
37
|
160
|
87
|
402
|
869
|
1,555
|
|
Cost Applicable to
Sales (US$000)
|
4,344
|
4,698
|
3,692
|
20,059
|
50,841
|
83,633
|
2,012
|
7,356
|
3,245
|
16,292
|
46,572
|
75,477
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
3,228
|
342,385
|
2,912
|
11,886
|
10,560
|
Not
Applicable
|
1,656
|
526,698
|
2,456
|
9,822
|
8,792
|
Not
Applicable
|
|
CAS
|
1,346
|
13.72
|
1,268
|
1,688
|
4,815
|
Not
Applicable
|
1,215
|
13.97
|
1,321
|
1,659
|
5,297
|
Not
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON
MINING COMPANIES
|
|
|
2Q
2016
|
2Q
2015
|
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
|
Cost
of Sales (without D&A) (US$000)
|
-
|
-
|
-
|
-
|
-
|
2,702
|
-
|
-
|
-
|
-
|
-
|
13,043
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
127
|
-
|
-
|
-
|
-
|
-
|
413
|
|
Total
(US$000)
|
-
|
-
|
-
|
-
|
-
|
2,829
|
-
|
-
|
-
|
-
|
-
|
13,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUENAVENTURA
CONSOLIDATED
|
|
|
2Q
2016
|
2Q
2015
|
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
|
Cost
of Sales (without D&A) (US$000)
|
46,896
|
36,325
|
5,353
|
13,602
|
21,506
|
126,383
|
53,862
|
40,504
|
5,708
|
13,559
|
20,839
|
147,515
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
9,495
|
10,574
|
1,065
|
960
|
11
|
22,105
|
9,802
|
10,304
|
1,268
|
1,198
|
45
|
22,618
|
|
Commercial
Deductions (US$000)
|
2,657
|
15,067
|
2,516
|
11,333
|
27,802
|
59,375
|
1,208
|
15,141
|
2,480
|
9,755
|
24,984
|
53,568
|
|
Selling
Expenses (US$000)
|
579
|
1,785
|
335
|
955
|
1,561
|
5,342
|
583
|
1,197
|
251
|
577
|
872
|
3,893
|
|
Cost Applicable to
Sales (US$000)
|
59,627
|
63,751
|
9,269
|
26,850
|
50,880
|
213,205
|
65,455
|
67,146
|
9,708
|
25,089
|
46,740
|
227,594
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
92,752
|
5,634,615
|
7,669
|
15,484
|
10,572
|
Not
Applicable
|
86,272
|
4,723,560
|
6,309
|
13,364
|
8,831
|
Not
Applicable
|
|
CAS
|
643
|
11.31
|
1,209
|
1,734
|
4,812
|
Not
Applicable
|
759
|
14.22
|
1,539
|
1,877
|
5,292
|
Not
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COIMOLACHE
|
|
|
2Q
2016
|
2Q
2015
|
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
|
Cost
of Sales (without D&A) (US$000)
|
13,952
|
993
|
-
|
-
|
-
|
14,945
|
12,873
|
963
|
-
|
-
|
-
|
13,836
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
2,756
|
196
|
-
|
-
|
-
|
2,952
|
1,752
|
131
|
-
|
-
|
-
|
1,883
|
|
Commercial
Deductions (US$000)
|
190
|
17
|
-
|
-
|
-
|
207
|
89
|
7
|
-
|
-
|
-
|
95
|
|
Selling
Expenses (US$000)
|
270
|
19
|
-
|
-
|
-
|
289
|
214
|
16
|
-
|
-
|
-
|
230
|
|
Cost Applicable to
Sales (US$000)
|
17,167
|
1,225
|
-
|
-
|
-
|
18,392
|
14,927
|
1,117
|
-
|
-
|
-
|
16,044
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
36,596
|
191,812
|
-
|
-
|
-
|
Not
Applicable
|
30,024
|
162,106
|
-
|
-
|
-
|
Not
Applicable
|
|
CAS
|
469
|
6.39
|
-
|
-
|
-
|
Not
Applicable
|
497
|
6.89
|
-
|
-
|
-
|
Not
Applicable
|
|
|
LA
ZANJA
|
|
|
6M
2016
|
6M
2015
|
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
|
Cost
of Sales (without D&A) (US$000)
|
41,767
|
834
|
-
|
-
|
-
|
42,601
|
54,315
|
1,864
|
-
|
-
|
-
|
56,179
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
7
|
0
|
-
|
-
|
-
|
7
|
25
|
1
|
-
|
-
|
-
|
26
|
|
Commercial
Deductions (US$000)
|
165
|
8
|
-
|
-
|
-
|
173
|
63
|
-
|
-
|
-
|
-
|
63
|
|
Selling
Expenses (US$000)
|
486
|
10
|
-
|
-
|
-
|
496
|
655
|
22
|
-
|
-
|
-
|
677
|
|
Cost Applicable to
Sales (US$000)
|
42,425
|
851
|
-
|
-
|
-
|
43,277
|
55,058
|
1,888
|
-
|
-
|
-
|
56,945
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
79,288
|
126,389
|
-
|
-
|
-
|
Not
Applicable
|
68,598
|
176,299
|
-
|
-
|
-
|
Not
Applicable
|
|
CAS
|
535
|
6.74
|
-
|
-
|
-
|
No
Applicable
|
803
|
10.71
|
-
|
-
|
-
|
Not
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROCAL
|
|
|
6M
2016
|
6M
2015
|
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
|
Cost
of Sales (without D&A) (US$000)
|
3,769
|
5,131
|
4,419
|
17,974
|
45,595
|
76,887
|
1,310
|
9,810
|
6,863
|
20,063
|
28,881
|
66,927
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Commercial
Deductions (US$000)
|
4,602
|
4,120
|
2,321
|
13,954
|
55,401
|
80,397
|
1,635
|
6,946
|
3,271
|
12,088
|
36,241
|
60,180
|
|
Selling
Expenses (US$000)
|
251
|
342
|
294
|
1,197
|
3,036
|
5,119
|
65
|
485
|
340
|
993
|
1,429
|
3,311
|
|
Cost Applicable to
Sales (US$000)
|
8,622
|
9,592
|
7,033
|
33,124
|
104,032
|
162,403
|
3,010
|
17,241
|
10,474
|
33,143
|
66,550
|
130,418
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
6,561
|
717,335
|
5,310
|
20,573
|
21,636
|
Not
Applicable
|
2,488
|
1,352,732
|
8,432
|
21,007
|
12,403
|
Not
Applicable
|
|
CAS
|
1,314
|
13.37
|
1,324
|
1,610
|
4,808
|
No
Applicable
|
1,210
|
12.75
|
1,242
|
1,578
|
5,366
|
Not
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON
MINING COMPANIES
|
|
|
6M
2016
|
6M
2015
|
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
|
Cost
of Sales (without D&A) (US$000)
|
-
|
-
|
-
|
-
|
-
|
5,676
|
-
|
-
|
-
|
-
|
-
|
22,504
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
725
|
-
|
-
|
-
|
-
|
-
|
758
|
|
Total
(US$000)
|
-
|
-
|
-
|
-
|
-
|
6,401
|
-
|
-
|
-
|
-
|
-
|
23,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUENAVENTURA
CONSOLIDATED
|
|
|
6M
2016
|
6M
2015
|
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
|
Cost
of Sales (without D&A) (US$000)
|
88,485
|
68,196
|
10,499
|
23,286
|
45,651
|
241,793
|
109,683
|
80,223
|
13,442
|
26,421
|
29,034
|
281,307
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
17,731
|
19,660
|
2,081
|
1,721
|
29
|
41,221
|
21,340
|
19,477
|
2,181
|
1,944
|
76
|
45,018
|
|
Commercial
Deductions (US$000)
|
5,060
|
28,913
|
4,955
|
19,368
|
55,420
|
113,717
|
1,827
|
28,897
|
5,732
|
17,308
|
36,290
|
90,054
|
|
Selling
Expenses (US$000)
|
1,085
|
3,111
|
630
|
1,525
|
3,038
|
10,115
|
1,163
|
2,729
|
650
|
1,310
|
1,436
|
8,046
|
|
Cost Applicable to
Sales (US$000)
|
112,362
|
119,880
|
18,165
|
45,900
|
104,137
|
406,846
|
134,013
|
131,326
|
22,004
|
46,983
|
66,837
|
424,425
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
173,741
|
10,949,395
|
14,236
|
27,826
|
21,670
|
Not
Applicable
|
180,109
|
9,438,198
|
15,678
|
26,899
|
12,465
|
Not
Applicable
|
|
CAS
|
647
|
10.95
|
1,276
|
1,650
|
4,806
|
Not
Applicable
|
744
|
13.91
|
1,404
|
1,747
|
5,362
|
Not
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COIMOLACHE
|
|
|
6M
2016
|
6M
2015
|
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
|
Cost
of Sales (without D&A) (US$000)
|
26,374
|
2,100
|
-
|
-
|
-
|
28,474
|
25,349
|
1,913
|
-
|
-
|
-
|
27,262
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
3,950
|
315
|
-
|
-
|
-
|
4,265
|
8,852
|
668
|
-
|
-
|
-
|
9,520
|
|
Commercial
Deductions (US$000)
|
320
|
33
|
-
|
-
|
-
|
353
|
289
|
23
|
-
|
-
|
-
|
312
|
|
Selling
Expenses (US$000)
|
512
|
41
|
-
|
-
|
-
|
553
|
440
|
33
|
-
|
-
|
-
|
473
|
|
Cost Applicable to
Sales (US$000)
|
31,157
|
2,488
|
-
|
-
|
-
|
33,645
|
34,930
|
2,637
|
-
|
-
|
-
|
37,567
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
69,404
|
430,003
|
-
|
-
|
-
|
Not
Applicable
|
60,746
|
331,507
|
-
|
-
|
-
|
Not
Applicable
|
|
CAS
|
449
|
5.79
|
-
|
-
|
-
|
No
Applicable
|
575
|
7.95
|
-
|
-
|
-
|
Not
Applicable
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
16
of 23
APPENDIX 5: ALL-IN SUSTAINING COST
All-in Sustaining Cost for 2Q16
|
|
|
Buenaventura
1
|
|
|
La Zanja
|
|
|
Tantahuatay
|
|
|
Attributable
2
|
|
|
|
|
2Q16
|
|
|
2Q16
|
|
|
2Q16
|
|
|
2Q16
|
|
|
Au Ounces Sold BVN
|
|
|
88,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces bought from La Zanja
|
|
|
-45,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces Sold Net
|
|
|
43,669
|
|
|
|
45,566
|
|
|
|
36,596
|
|
|
|
82,519
|
|
|
|
|
2Q16
|
|
|
2Q16
|
|
|
2Q16
|
|
|
2Q16
|
|
|
Income Statement & Cash Flow
|
|
US$ 000'
|
|
|
US$/Oz Au
|
|
|
US$ 000'
|
|
|
US$/Oz Au
|
|
|
US$ 000'
|
|
|
US$/Oz Au
|
|
|
US$ 000'
|
|
|
US$/Oz Au
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales
3
|
|
|
78,168
|
|
|
|
1,790
|
|
|
|
19,818
|
|
|
|
435
|
|
|
|
14,945
|
|
|
|
408
|
|
|
|
94,676
|
|
|
|
1,147
|
|
|
Exploration in Operating Units
|
|
|
22,102
|
|
|
|
506
|
|
|
|
678
|
|
|
|
15
|
|
|
|
2,952.23
|
|
|
|
81
|
|
|
|
23,645
|
|
|
|
287
|
|
|
Royalties
|
|
|
4,682
|
|
|
|
107
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
4,682
|
|
|
|
57
|
|
|
Comercial Deductions
4
|
|
|
17,101
|
|
|
|
392
|
|
|
|
1,188
|
|
|
|
26
|
|
|
|
207
|
|
|
|
6
|
|
|
|
17,814
|
|
|
|
216
|
|
|
Selling Expenses
|
|
|
2,136
|
|
|
|
49
|
|
|
|
273.75
|
|
|
|
6
|
|
|
|
289
|
|
|
|
8
|
|
|
|
2,397
|
|
|
|
29
|
|
|
Administrative Expenses
5
|
|
|
11,680
|
|
|
|
267
|
|
|
|
534
|
|
|
|
12
|
|
|
|
498
|
|
|
|
14
|
|
|
|
12,163
|
|
|
|
147
|
|
|
Other Expenses
|
|
|
0
|
|
|
|
0
|
|
|
|
2,204
|
|
|
|
48
|
|
|
|
1,332
|
|
|
|
36
|
|
|
|
1,704
|
|
|
|
21
|
|
|
Other Incomes
|
|
|
-1,408
|
|
|
|
-32
|
|
|
|
-3,353
|
|
|
|
-74
|
|
|
|
-1,709
|
|
|
|
-47
|
|
|
|
-3,872
|
|
|
|
-47
|
|
|
Administrative charges
|
|
|
0
|
|
|
|
0
|
|
|
|
615.74
|
|
|
|
14
|
|
|
|
182
|
|
|
|
5
|
|
|
|
400
|
|
|
|
5
|
|
|
Sustaining Capex
6
|
|
|
5,098
|
|
|
|
117
|
|
|
|
2,550
|
|
|
|
56
|
|
|
|
5,065
|
|
|
|
138
|
|
|
|
8,482
|
|
|
|
103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By-product Credit
|
|
|
-109,859
|
|
|
|
-2,516
|
|
|
|
-1,071
|
|
|
|
-24
|
|
|
|
-3,332
|
|
|
|
-91
|
|
|
|
-111,763
|
|
|
|
-1,354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All-in Sustaining Cost
|
|
|
29,700
|
|
|
|
680
|
|
|
|
23,436
|
|
|
|
514
|
|
|
|
20,430
|
|
|
|
558
|
|
|
|
50,326
|
|
|
|
610
|
|
*All-in Sustaining Cost does not include: Depreciation and Amortization,
Stoppage of mining units, Exploration in non-operating areas.
Notes:
1. Non-consolidated financial statements for Compañia De
Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A.,
53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from
La Zanja.
4. For all metals produced.
5. For Buenaventura, does not consider management services charged
to subsidiaries.
6. Sustaining Capex + Growth Capex equals Acquisitions of mining
concessions, development costs, property, plant and equipment.
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
17
of 23
All-in Sustaining Cost for 2Q15
|
|
|
Buenaventura
1
|
|
|
La Zanja
|
|
|
Tantahuatay
|
|
|
Attributable Production
2
|
|
|
|
|
2Q15
|
|
|
2Q15
|
|
|
2Q15
|
|
|
2Q15
|
|
|
Au Ounces Sold BVN
|
|
|
84,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces bought from La Zanja
|
|
|
-36,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces Sold Net
|
|
|
48,098
|
|
|
|
39,651
|
|
|
|
30,024
|
|
|
|
81,175
|
|
|
|
|
2Q15
|
|
|
2Q15
|
|
|
2Q15
|
|
|
2Q15
|
|
|
Income Statement & Cash Flow
|
|
US$ 000'
|
|
|
US$/Oz Au
|
|
|
US$ 000'
|
|
|
US$/Oz Au
|
|
|
US$ 000'
|
|
|
US$/Oz Au
|
|
|
US$ 000'
|
|
|
US$/Oz Au
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales
3
|
|
|
65,094
|
|
|
|
1,353
|
|
|
|
33,793
|
|
|
|
852
|
|
|
|
13,836
|
|
|
|
461
|
|
|
|
88,572
|
|
|
|
1,091
|
|
|
Exploration in Operating Units
|
|
|
22,605
|
|
|
|
470
|
|
|
|
2,600
|
|
|
|
66
|
|
|
|
1,883
|
|
|
|
63
|
|
|
|
24,739
|
|
|
|
305
|
|
|
Royalties
|
|
|
4,801
|
|
|
|
100
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
4,801
|
|
|
|
59
|
|
|
Comercial Deductions
4
|
|
|
16,756
|
|
|
|
348
|
|
|
|
945
|
|
|
|
24
|
|
|
|
95
|
|
|
|
3
|
|
|
|
17,296
|
|
|
|
213
|
|
|
Selling Expenses
|
|
|
1,565
|
|
|
|
33
|
|
|
|
362
|
|
|
|
9
|
|
|
|
231
|
|
|
|
8
|
|
|
|
1,849
|
|
|
|
23
|
|
|
Administrative Expenses
5
|
|
|
10,167
|
|
|
|
211
|
|
|
|
366
|
|
|
|
9
|
|
|
|
394
|
|
|
|
13
|
|
|
|
10,519
|
|
|
|
130
|
|
|
Other Expenses
|
|
|
0
|
|
|
|
0
|
|
|
|
4,518
|
|
|
|
114
|
|
|
|
1,862
|
|
|
|
62
|
|
|
|
3,144
|
|
|
|
39
|
|
|
Other Incomes
|
|
|
-1,266
|
|
|
|
-26
|
|
|
|
-5,549
|
|
|
|
-140
|
|
|
|
-2,155
|
|
|
|
-72
|
|
|
|
-5,074
|
|
|
|
-63
|
|
|
Other administrative charges
|
|
|
0
|
|
|
|
0
|
|
|
|
858
|
|
|
|
22
|
|
|
|
126
|
|
|
|
4
|
|
|
|
506
|
|
|
|
6
|
|
|
Sustaining Capex
6
|
|
|
4,599
|
|
|
|
96
|
|
|
|
9,406
|
|
|
|
237
|
|
|
|
9,178
|
|
|
|
306
|
|
|
|
13,270
|
|
|
|
163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By-product Credit
|
|
|
-82,469
|
|
|
|
-1,715
|
|
|
|
-1,249
|
|
|
|
-32
|
|
|
|
-2,643
|
|
|
|
-88
|
|
|
|
-84,192
|
|
|
|
-1,037
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All-in Sustaining Cost
|
|
|
41,852
|
|
|
|
870
|
|
|
|
46,048
|
|
|
|
1,161
|
|
|
|
22,808
|
|
|
|
760
|
|
|
|
75,430
|
|
|
|
929
|
|
*All-in Sustaining Cost does not include: Depreciation and Amortization,
Stoppage of mining units, Exploration in non-operating areas.
Notes:
1. Non-consolidated financial statements for Compañia De
Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A.,
53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from
La Zanja.
4. For all metals produced.
5. For Buenaventura, does not consider management services charged
to subsidiaries. For La Zanja does not consider US$ 3.8 MM Impairment.
6. Sustaining Capex + Growth Capex equals Acquisitions of mining
concessions, development costs, property, plant and equipment.
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
18
of 23
All-in Sustaining Cost for 6M16
|
|
|
Buenaventura
1
|
|
|
La Zanja
|
|
|
Tantahuatay
|
|
|
Attributable
2
|
|
|
|
|
6M16
|
|
|
6M16
|
|
|
6M16
|
|
|
6M16
|
|
|
Au Ounces Sold BVN
|
|
|
166,478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces bought from La Zanja
|
|
|
-78,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces Sold Net
|
|
|
87,892
|
|
|
|
71,996
|
|
|
|
69,404
|
|
|
|
153,921
|
|
|
|
|
6M16
|
|
|
6M16
|
|
|
6M16
|
|
|
6M16
|
|
|
Income Statement & Cash Flow
|
|
US$ 000'
|
|
|
US$/Oz Au
|
|
|
US$ 000'
|
|
|
US$/Oz Au
|
|
|
US$ 000'
|
|
|
US$/Oz Au
|
|
|
US$ 000'
|
|
|
US$/Oz Au
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales
3
|
|
|
136,579
|
|
|
|
1,554
|
|
|
|
36,824
|
|
|
|
511
|
|
|
|
28,474
|
|
|
|
410
|
|
|
|
167,535
|
|
|
|
1,088
|
|
|
Exploration in Operating Units
|
|
|
41,214
|
|
|
|
469
|
|
|
|
1,272
|
|
|
|
18
|
|
|
|
4,265.25
|
|
|
|
61
|
|
|
|
43,599
|
|
|
|
283
|
|
|
Royalties
|
|
|
9,356
|
|
|
|
106
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
9,356
|
|
|
|
61
|
|
|
Comercial Deductions
4
|
|
|
33,147
|
|
|
|
377
|
|
|
|
-1,808
|
|
|
|
-25
|
|
|
|
353
|
|
|
|
5
|
|
|
|
32,329
|
|
|
|
210
|
|
|
Selling Expenses
|
|
|
3,777
|
|
|
|
43
|
|
|
|
496
|
|
|
|
7
|
|
|
|
553
|
|
|
|
8
|
|
|
|
4,262
|
|
|
|
28
|
|
|
Administrative Expenses
5
|
|
|
24,418
|
|
|
|
278
|
|
|
|
1,026
|
|
|
|
14
|
|
|
|
1,053
|
|
|
|
15
|
|
|
|
25,384
|
|
|
|
165
|
|
|
Other Expenses
|
|
|
0
|
|
|
|
0
|
|
|
|
4,094
|
|
|
|
57
|
|
|
|
2,139
|
|
|
|
31
|
|
|
|
3,030
|
|
|
|
20
|
|
|
Other Incomes
|
|
|
-2,169
|
|
|
|
-25
|
|
|
|
-7,156
|
|
|
|
-99
|
|
|
|
-2,820
|
|
|
|
-41
|
|
|
|
-7,097
|
|
|
|
-46
|
|
|
Administrative charges
|
|
|
0
|
|
|
|
0
|
|
|
|
1,199
|
|
|
|
17
|
|
|
|
504
|
|
|
|
7
|
|
|
|
838
|
|
|
|
5
|
|
|
Sustaining Capex
6
|
|
|
16,078
|
|
|
|
183
|
|
|
|
2,821
|
|
|
|
39
|
|
|
|
8,872
|
|
|
|
128
|
|
|
|
21,132
|
|
|
|
137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By-product Credit
|
|
|
-193,054
|
|
|
|
-2,196
|
|
|
|
-1,786
|
|
|
|
-25
|
|
|
|
-6,896
|
|
|
|
-99
|
|
|
|
-196,766
|
|
|
|
-1,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All-in Sustaining Cost
|
|
|
69,346
|
|
|
|
789
|
|
|
|
36,982
|
|
|
|
514
|
|
|
|
36,496
|
|
|
|
526
|
|
|
|
103,602
|
|
|
|
673
|
|
*All-in Sustaining Cost does not include: Depreciation and Amortization,
Stoppage of mining units, Exploration in non-operating areas.
Notes:
1. Non-consolidated financial statements for Compañia De
Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A.,
53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from
La Zanja.
4. For all metals produced.
5. For Buenaventura, does not consider management services charged
to subsidiaries.
6. Sustaining Capex + Growth Capex equals Acquisitions of mining
concessions, development costs, property, plant and equipment.
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
19
of 23
All-in Sustaining Cost for 6M15
|
|
|
Buenaventura
1
|
|
|
La Zanja
|
|
|
Tantahuatay
|
|
|
Attributable Production
2
|
|
|
|
|
6M15
|
|
|
6M15
|
|
|
6M15
|
|
|
6M15
|
|
|
Au Ounces Sold BVN
|
|
|
177,622
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces bought from La Zanja
|
|
|
-68,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces Sold Net
|
|
|
109,023
|
|
|
|
67,628
|
|
|
|
60,746
|
|
|
|
169,263
|
|
|
|
|
6M15
|
|
|
6M15
|
|
|
6M15
|
|
|
6M15
|
|
|
Income Statement & Cash Flow
|
|
US$ 000'
|
|
|
US$/Oz Au
|
|
|
US$ 000'
|
|
|
US$/Oz Au
|
|
|
US$ 000'
|
|
|
US$/Oz Au
|
|
|
US$ 000'
|
|
|
US$/Oz Au
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales
3
|
|
|
144,524
|
|
|
|
1,326
|
|
|
|
57,182
|
|
|
|
846
|
|
|
|
27,262
|
|
|
|
449
|
|
|
|
185,796
|
|
|
|
1,098
|
|
|
Exploration in Operating Units
|
|
|
44,992
|
|
|
|
413
|
|
|
|
8,310
|
|
|
|
123
|
|
|
|
9,521
|
|
|
|
157
|
|
|
|
53,218
|
|
|
|
314
|
|
|
Royalties
|
|
|
11,600
|
|
|
|
106
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
11,600
|
|
|
|
69
|
|
|
Comercial Deductions
4
|
|
|
29,810
|
|
|
|
273
|
|
|
|
1,639
|
|
|
|
24
|
|
|
|
312
|
|
|
|
5
|
|
|
|
30,804
|
|
|
|
182
|
|
|
Selling Expenses
|
|
|
3,302
|
|
|
|
30
|
|
|
|
677
|
|
|
|
10
|
|
|
|
474
|
|
|
|
8
|
|
|
|
3,851
|
|
|
|
23
|
|
|
Administrative Expenses
5
|
|
|
22,749
|
|
|
|
209
|
|
|
|
740
|
|
|
|
11
|
|
|
|
928
|
|
|
|
15
|
|
|
|
23,514
|
|
|
|
139
|
|
|
Other Expenses
|
|
|
0
|
|
|
|
0
|
|
|
|
6,630
|
|
|
|
98
|
|
|
|
2,748
|
|
|
|
45
|
|
|
|
4,620
|
|
|
|
27
|
|
|
Other Incomes
|
|
|
-2,471
|
|
|
|
-23
|
|
|
|
-9,335
|
|
|
|
-138
|
|
|
|
-3,599
|
|
|
|
-59
|
|
|
|
-8,867
|
|
|
|
-52
|
|
|
Other administrative charges
|
|
|
0
|
|
|
|
0
|
|
|
|
2,442
|
|
|
|
36
|
|
|
|
571
|
|
|
|
9
|
|
|
|
1,525
|
|
|
|
9
|
|
|
Sustaining Capex
6
|
|
|
10,009
|
|
|
|
92
|
|
|
|
13,536
|
|
|
|
200
|
|
|
|
15,552
|
|
|
|
256
|
|
|
|
23,427
|
|
|
|
138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By-product Credit
|
|
|
-150,069
|
|
|
|
-1,376
|
|
|
|
-2,636
|
|
|
|
-39
|
|
|
|
-5,532
|
|
|
|
-91
|
|
|
|
-153,685
|
|
|
|
-908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All-in Sustaining Cost
|
|
|
114,446
|
|
|
|
1,050
|
|
|
|
79,185
|
|
|
|
1,171
|
|
|
|
48,236
|
|
|
|
794
|
|
|
|
175,802
|
|
|
|
1,039
|
|
*All-in Sustaining Cost does not include: Depreciation and Amortization,
Stoppage of mining units, Exploration in non-operating areas.
Notes:
1. Non-consolidated financial statements for Compañia De
Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A.,
53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from
La Zanja.
4. For all metals produced.
5. For Buenaventura, does not consider management services charged
to subsidiaries. For La Zanja does not consider US$ 3.8 MM Impairment.
6. Sustaining Capex + Growth Capex equals Acquisitions of mining
concessions, development costs, property, plant and equipment.
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
20
of 23
APPENDIX 6
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Financial Position
As of June 30, 2016 and December 31, 2015
|
|
|
2016
|
|
|
2015
|
|
|
|
|
US$(000)
|
|
|
US$(000)
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
181,452
|
|
|
|
78,519
|
|
|
Trade and other accounts receivable, net
|
|
|
262,162
|
|
|
|
219,862
|
|
|
Inventory, net
|
|
|
120,119
|
|
|
|
101,473
|
|
|
Income tax credit
|
|
|
23,741
|
|
|
|
45,919
|
|
|
Prepaid expenses
|
|
|
10,366
|
|
|
|
8,231
|
|
|
Embedded derivatives for concentrate sales, net
|
|
|
17,292
|
|
|
|
-
|
|
|
Total current assets
|
|
|
615,132
|
|
|
|
454,004
|
|
|
Assets classified as held for sale
|
|
|
4,905
|
|
|
|
15,592
|
|
|
|
|
|
620,037
|
|
|
|
469,596
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
Trade and other accounts receivable, net
|
|
|
177,259
|
|
|
|
162,567
|
|
|
Inventory, net
|
|
|
14,381
|
|
|
|
26,029
|
|
|
Investment in associates
|
|
|
1,956,380
|
|
|
|
2,043,983
|
|
|
Mining concessions, development costs, property, plant and equipment, net
|
|
|
1,782,188
|
|
|
|
1,747,624
|
|
|
Investment properties, net
|
|
|
10,307
|
|
|
|
10,719
|
|
|
Deferred income tax asset, net
|
|
|
46,038
|
|
|
|
41,574
|
|
|
Prepaid expenses
|
|
|
30,868
|
|
|
|
29,235
|
|
|
Other assets
|
|
|
17,925
|
|
|
|
15,854
|
|
|
Total non-current assets
|
|
|
4,035,346
|
|
|
|
4,077,585
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
4,655,383
|
|
|
|
4,547,181
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Bank loans
|
|
|
54,368
|
|
|
|
285,302
|
|
|
Trade and other accounts payable
|
|
|
234,385
|
|
|
|
247,114
|
|
|
Provisions
|
|
|
64,122
|
|
|
|
49,829
|
|
|
Income tax payable
|
|
|
1,850
|
|
|
|
2,444
|
|
|
Embedded derivatives for concentrate sales, net
|
|
|
-
|
|
|
|
1,694
|
|
|
Hedge derivative financial instruments
|
|
|
90
|
|
|
|
10,643
|
|
|
Financial obligations
|
|
|
36,510
|
|
|
|
33,394
|
|
|
Total current liabilities
|
|
|
391,325
|
|
|
|
630,420
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities directly associated with assets classified as held for sale
|
|
|
6,396
|
|
|
|
20,611
|
|
|
|
|
|
397,721
|
|
|
|
651,031
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
Trade and other accounts payable
|
|
|
18,538
|
|
|
|
15,057
|
|
|
Provisions
|
|
|
147,664
|
|
|
|
141,885
|
|
|
Financial obligations
|
|
|
572,393
|
|
|
|
320,316
|
|
|
Contingent consideration liability
|
|
|
16,994
|
|
|
|
16,994
|
|
|
Deferred income tax liability, net
|
|
|
7,911
|
|
|
|
12,662
|
|
|
Total non-current liabilities
|
|
|
763,500
|
|
|
|
506,914
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
1,161,221
|
|
|
|
1,157,945
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity
|
|
|
|
|
|
|
|
|
|
Capital stock
|
|
|
750,497
|
|
|
|
750,497
|
|
|
Investment shares
|
|
|
1,396
|
|
|
|
1,396
|
|
|
Additional paid-in capital
|
|
|
219,055
|
|
|
|
219,055
|
|
|
Legal reserve
|
|
|
162,744
|
|
|
|
162,714
|
|
|
Other reserves
|
|
|
269
|
|
|
|
269
|
|
|
Retained earnings
|
|
|
2,136,198
|
|
|
|
2,024,895
|
|
|
Other reserves of equity
|
|
|
(1,454
|
)
|
|
|
2,240
|
|
|
Shareholders’ equity, net attributable to owners of the parent
|
|
|
3,268,705
|
|
|
|
3,161,066
|
|
|
Non-controlling interest
|
|
|
225,457
|
|
|
|
228,170
|
|
|
Total shareholders’ equity
|
|
|
3,494,162
|
|
|
|
3,389,236
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity
|
|
|
4,655,383
|
|
|
|
4,547,181
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
21
of 23
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of profit or loss
For the three and six-month periods ended June 30, 2016 and 2015
|
|
|
For the three-month period
ended June 30,
|
|
|
For the six-month period
ended June 30,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
|
US$(000)
|
|
|
US$(000)
|
|
|
US$(000)
|
|
|
US$(000)
|
|
|
Continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales of goods
|
|
|
273,746
|
|
|
|
214,034
|
|
|
|
488,826
|
|
|
|
434,634
|
|
|
Net sales of services
|
|
|
5,693
|
|
|
|
22,516
|
|
|
|
11,261
|
|
|
|
32,307
|
|
|
Royalty income
|
|
|
5,861
|
|
|
|
7,390
|
|
|
|
12,546
|
|
|
|
16,480
|
|
|
Total operating income
|
|
|
285,300
|
|
|
|
243,940
|
|
|
|
512,633
|
|
|
|
483,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales of goods, excluding depreciation and amortization
|
|
|
(115,963
|
)
|
|
|
(130,223
|
)
|
|
|
(223,120
|
)
|
|
|
(250,405
|
)
|
|
Cost of services, excluding depreciation and amortization
|
|
|
(10,420
|
)
|
|
|
(17,292
|
)
|
|
|
(18,673
|
)
|
|
|
(30,902
|
)
|
|
Depreciation and amortization
|
|
|
(45,842
|
)
|
|
|
(61,355
|
)
|
|
|
(92,680
|
)
|
|
|
(109,514
|
)
|
|
Exploration in operating units
|
|
|
(22,105
|
)
|
|
|
(22,618
|
)
|
|
|
(41,221
|
)
|
|
|
(45,018
|
)
|
|
Mining royalties
|
|
|
(5,963
|
)
|
|
|
(6,482
|
)
|
|
|
(12,131
|
)
|
|
|
(14,907
|
)
|
|
Total operating costs
|
|
|
(200,293
|
)
|
|
|
(237,970
|
)
|
|
|
(387,825
|
)
|
|
|
(450,746
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
85,007
|
|
|
|
5,970
|
|
|
|
124,808
|
|
|
|
32,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
|
(19,758
|
)
|
|
|
(18,299
|
)
|
|
|
(41,169
|
)
|
|
|
(38,968
|
)
|
|
Selling expenses
|
|
|
(5,342
|
)
|
|
|
(3,893
|
)
|
|
|
(10,115
|
)
|
|
|
(8,046
|
)
|
|
Exploration in non-operating areas
|
|
|
(4,955
|
)
|
|
|
(9,704
|
)
|
|
|
(8,469
|
)
|
|
|
(20,401
|
)
|
|
Reversal (expense) for provision for contingencies
|
|
|
1,087
|
|
|
|
(731
|
)
|
|
|
202
|
|
|
|
(481
|
)
|
|
Impairment of long-lived assets
|
|
|
-
|
|
|
|
(3,803
|
)
|
|
|
-
|
|
|
|
(3,803
|
)
|
|
Other, net
|
|
|
4,505
|
|
|
|
(5,072
|
)
|
|
|
8,320
|
|
|
|
(220
|
)
|
|
Total operating expenses, net
|
|
|
(24,463
|
)
|
|
|
(41,502
|
)
|
|
|
(51,231
|
)
|
|
|
(71,919
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss)
|
|
|
60,544
|
|
|
|
(35,532
|
)
|
|
|
73,577
|
|
|
|
(39,244
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense), net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share in results of associates under equity method
|
|
|
20,675
|
|
|
|
11,966
|
|
|
|
49,072
|
|
|
|
48,240
|
|
|
Financial income
|
|
|
1,965
|
|
|
|
970
|
|
|
|
4,312
|
|
|
|
1,614
|
|
|
Net gain (loss) from currency exchange difference
|
|
|
(891
|
)
|
|
|
(1,264
|
)
|
|
|
5,488
|
|
|
|
(3,581
|
)
|
|
Financial costs
|
|
|
(7,694
|
)
|
|
|
(8,269
|
)
|
|
|
(15,674
|
)
|
|
|
(14,144
|
)
|
|
Total other income (expense), net
|
|
|
14,055
|
|
|
|
3,403
|
|
|
|
43,198
|
|
|
|
32,129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) before income tax
|
|
|
74,599
|
|
|
|
(32,129
|
)
|
|
|
116,775
|
|
|
|
(7,115
|
)
|
|
Current income tax
|
|
|
(12,214
|
)
|
|
|
(2,003
|
)
|
|
|
(19,217
|
)
|
|
|
(7,380
|
)
|
|
Deferred income tax
|
|
|
(1,983
|
)
|
|
|
2,067
|
|
|
|
11,809
|
|
|
|
(2,983
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) from continuing operations
|
|
|
60,402
|
|
|
|
(32,065
|
)
|
|
|
109,367
|
|
|
|
(17,478
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) from discontinued operations
|
|
|
(1,929
|
)
|
|
|
575
|
|
|
|
354
|
|
|
|
(3,764
|
)
|
|
Net profit
|
|
|
58,473
|
|
|
|
(31,490
|
)
|
|
|
109,721
|
|
|
|
(21,242
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the parent
|
|
|
55,461
|
|
|
|
(18,746
|
)
|
|
|
107,023
|
|
|
|
(1,427
|
)
|
|
Non-controlling interest
|
|
|
3,012
|
|
|
|
(12,744
|
)
|
|
|
2,698
|
|
|
|
(19,815
|
)
|
|
|
|
|
58,473
|
|
|
|
(31,490
|
)
|
|
|
109,721
|
|
|
|
(21,242
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted profit (loss) per share attributable to equity holders of the parent, stated in U.S. dollars
|
|
|
0.22
|
|
|
|
(0.07
|
)
|
|
|
0.42
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for continuing operations, basic and diluted per share attributable to equity holders of the parent, expressed in U.S. dollars
|
|
|
0.24
|
|
|
|
(0.13
|
)
|
|
|
0.43
|
|
|
|
(0.07
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding (common and investment), in units
|
|
|
253,715,190
|
|
|
|
253,715,190
|
|
|
|
253,715,190
|
|
|
|
253,715,190
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
22
of 23
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statements of cash Flows
For the three and six-month periods ended June 30, 2016 and 2015
|
|
|
For the three-month period ended
June 30,
|
|
|
For the six-month period ended
June 30,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
|
US$(000)
|
|
|
US$(000)
|
|
|
US$(000)
|
|
|
US$(000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales
|
|
|
234,024
|
|
|
|
250,675
|
|
|
|
415,845
|
|
|
|
482,454
|
|
|
Dividends received
|
|
|
2,769
|
|
|
|
902
|
|
|
|
136,784
|
|
|
|
2,959
|
|
|
Value Added Tax recovered
|
|
|
17,779
|
|
|
|
19,506
|
|
|
|
70,872
|
|
|
|
52,873
|
|
|
Royalties received
|
|
|
13,501
|
|
|
|
9,397
|
|
|
|
21,058
|
|
|
|
22,841
|
|
|
Interest received
|
|
|
60
|
|
|
|
855
|
|
|
|
1,714
|
|
|
|
1,797
|
|
|
Payments to suppliers and third-parties
|
|
|
(164,963
|
)
|
|
|
(183,029
|
)
|
|
|
(333,019
|
)
|
|
|
(361,783
|
)
|
|
Payments to employees
|
|
|
(33,389
|
)
|
|
|
(41,700
|
)
|
|
|
(69,154
|
)
|
|
|
(87,028
|
)
|
|
Payments of interest
|
|
|
(14,083
|
)
|
|
|
(4,129
|
)
|
|
|
(17,873
|
)
|
|
|
(9,599
|
)
|
|
Payment of income taxes
|
|
|
(9,304
|
)
|
|
|
(7,121
|
)
|
|
|
(11,461
|
)
|
|
|
(11,262
|
)
|
|
Payments of mining royalties
|
|
|
(4,887
|
)
|
|
|
(5,684
|
)
|
|
|
(9,356
|
)
|
|
|
(11,882
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents provided by operating activities
|
|
|
41,507
|
|
|
|
39,672
|
|
|
|
205,410
|
|
|
|
81,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of mining concessions, property, plant and equipment
|
|
|
1,962
|
|
|
|
1,886
|
|
|
|
2,072
|
|
|
|
2,020
|
|
|
Proceeds from sales of intangibles
|
|
|
227
|
|
|
|
-
|
|
|
|
227
|
|
|
|
-
|
|
|
Payments of mining concessions, development costs, property, plant and equipment
|
|
|
(69,340
|
)
|
|
|
(44,514
|
)
|
|
|
(121,368
|
)
|
|
|
(81,632
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents used in investing activities
|
|
|
(67,151
|
)
|
|
|
(42,628
|
)
|
|
|
(119,069
|
)
|
|
|
(79,612
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase of bank loans
|
|
|
15,851
|
|
|
|
-
|
|
|
|
175,851
|
|
|
|
90,000
|
|
|
Payment of bank loans
|
|
|
(252,000
|
)
|
|
|
-
|
|
|
|
(412,000
|
)
|
|
|
(40,000
|
)
|
|
Increase of financial obligations
|
|
|
273,814
|
|
|
|
-
|
|
|
|
275,000
|
|
|
|
10,000
|
|
|
Payment of financial obligations
|
|
|
(8,299
|
)
|
|
|
(4,068
|
)
|
|
|
(16,883
|
)
|
|
|
(9,086
|
)
|
|
Dividends paid to non-controlling interest
|
|
|
(1,980
|
)
|
|
|
(2,640
|
)
|
|
|
(4,060
|
)
|
|
|
(5,908
|
)
|
|
Acquisition of non-controlling interest
|
|
|
(1,149
|
)
|
|
|
-
|
|
|
|
(1,307
|
)
|
|
|
-
|
|
|
Increase of restricted current accounts
|
|
|
4,395
|
|
|
|
|
|
|
|
(1,988
|
)
|
|
|
-
|
|
|
Payments of dividends
|
|
|
(9
|
)
|
|
|
-
|
|
|
|
(9
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents provided by (used in) financing activities
|
|
|
30,623
|
|
|
|
(6,708
|
)
|
|
|
14,604
|
|
|
|
45,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents during the period
|
|
|
4,979
|
|
|
|
(9,664
|
)
|
|
|
100,945
|
|
|
|
46,764
|
|
|
Cash and cash equivalents at the beginning of the period
|
|
|
174,485
|
|
|
|
134,940
|
|
|
|
78,519
|
|
|
|
78,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at period-end
|
|
|
179,464
|
|
|
|
125,276
|
|
|
|
179,464
|
|
|
|
125,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized gain (loss) on hedge derivates
|
|
|
-
|
|
|
|
(2,131
|
)
|
|
|
-
|
|
|
|
(2,296
|
)
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter and Six-Month 2016 Results
Page
23
of 23
|
|
|
For the three-month period ended
June 30,
|
|
|
For the six-month period ended
June 30,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
|
US$(000)
|
|
|
US$(000)
|
|
|
US$(000)
|
|
|
US$(000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net profit to cash and cash equivalents provided by operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit (loss) attributable to owners of the parent
|
|
|
55,461
|
|
|
|
(18,746
|
)
|
|
|
107,023
|
|
|
|
(1,427
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus (less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
41,781
|
|
|
|
61,355
|
|
|
|
92,680
|
|
|
|
117,808
|
|
|
Net loss (gain) on sales of mining concessions, property, plant and equipment
|
|
|
2,182
|
|
|
|
1,639
|
|
|
|
2,072
|
|
|
|
2,953
|
|
|
Accretion expense of provision for closure of mining units and exploration projects
|
|
|
960
|
|
|
|
2,560
|
|
|
|
1,698
|
|
|
|
2,835
|
|
|
Net loss attributable to non-controlling interest
|
|
|
3,012
|
|
|
|
(12,744
|
)
|
|
|
2,698
|
|
|
|
(19,815
|
)
|
|
Net share in results of associates under equity method
|
|
|
(20,675
|
)
|
|
|
(11,966
|
)
|
|
|
(49,072
|
)
|
|
|
(48,240
|
)
|
|
Provision for estimated fair value of embedded derivatives related to concentrate
|
|
|
(16,928
|
)
|
|
|
6,061
|
|
|
|
(29,949
|
)
|
|
|
(595
|
)
|
|
sales and adjustments on open liquidations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax expense (income)
|
|
|
1,983
|
|
|
|
(2,067
|
)
|
|
|
(11,809
|
)
|
|
|
2,983
|
|
|
Provision return for impairment of inventories
|
|
|
(7,072
|
)
|
|
|
6,034
|
|
|
|
(8,854
|
)
|
|
|
4,782
|
|
|
Net loss (gain) from currency exchange difference
|
|
|
891
|
|
|
|
1,187
|
|
|
|
(5,488
|
)
|
|
|
3,504
|
|
|
Impairment of long-lived assets
|
|
|
-
|
|
|
|
3,803
|
|
|
|
-
|
|
|
|
3,803
|
|
|
Provision for employee bonus
|
|
|
(5,658
|
)
|
|
|
(8,175
|
)
|
|
|
-
|
|
|
|
-
|
|
|
Other net
|
|
|
(675
|
)
|
|
|
8,379
|
|
|
|
(587
|
)
|
|
|
956
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease
(increase) in operating assets -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other accounts receivable
|
|
|
(37,715
|
)
|
|
|
8,780
|
|
|
|
(36,178
|
)
|
|
|
29,474
|
|
|
Inventories
|
|
|
(7,978
|
)
|
|
|
(3,335
|
)
|
|
|
1,821
|
|
|
|
24,466
|
|
|
Income tax credit
|
|
|
10,057
|
|
|
|
(1,879
|
)
|
|
|
18,001
|
|
|
|
(180
|
)
|
|
Prepaid expenses
|
|
|
(558
|
)
|
|
|
1,539
|
|
|
|
(6,924
|
)
|
|
|
2,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in operating liabilities -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other accounts payable
|
|
|
14,321
|
|
|
|
20,286
|
|
|
|
(16,337
|
)
|
|
|
(14,359
|
)
|
|
Provisions
|
|
|
5,386
|
|
|
|
(23,941
|
)
|
|
|
8,425
|
|
|
|
(32,594
|
)
|
|
Income tax payable
|
|
|
(37
|
)
|
|
|
-
|
|
|
|
(594
|
)
|
|
|
(642
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from dividends
|
|
|
2,769
|
|
|
|
902
|
|
|
|
136,784
|
|
|
|
2,959
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents provided by operating activities
|
|
|
41,507
|
|
|
|
39,672
|
|
|
|
205,410
|
|
|
|
81,370
|
|
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.
/s/ CARLOS E. GALVEZ PINILLOS
Carlos E. Gálvez Pinillos
Chief Financial Officer
Date: July 27, 2016
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