Silver production in 3Q16 increased 28% compared to 3Q15, mainly
due to increased amounts ore treated (see Appendix 2). Cost Applicable to Sales (CAS) in 3Q16 was 7% lower compared to 3Q15 mainly
due to more volume sold.
Silver production in 3Q16 is in line with
the figure reported in 3Q15. Cost Applicable to Sales (CAS) in 3Q16 was 8% lower than 3Q15, an improvement primarily mainly explained
by higher volume sold and lower commercial deductions.
Gold production in 3Q16 increased 5% compared
to 3Q15. CAS in 3Q16 decreased 29% compared to 3Q15, an improvement primarily due to i) lower headcount generated by new synergies
with Tantahuatay mine, ii) lower reagent and explosives prices and consumption, and iii) lower contractor expenses resulting from
more favorable prices.
Gold production in 3Q16 increased 14%
compared to the figure reported in 3Q15. CAS in 3Q16 increased 9% compared to 3Q15 mainly due to an inventory write-down and higher
exploration expenses.
El Brocal
(61.32%* owned by
Buenaventura)
Production
|
|
|
3Q16
|
3Q15
|
Var
%
|
9M16
|
9M15
|
Var
%
|
Copper
|
MT
|
12,291
|
9,446
|
30%
|
35,312
|
22,895
|
54%
|
Zinc
|
MT
|
13,836
|
11,670
|
19%
|
37,477
|
37,353
|
0%
|
Silver
|
Oz
|
468,806
|
735,760
|
-36%
|
1,476,348
|
2,486,399
|
-41%
|
|
|
|
|
|
|
|
|
Cost
Applicable to Sales
|
|
|
3Q16
|
3Q15
|
Var
%
|
9M16
|
9M15
|
Var
%
|
Copper
|
US$/Lb
|
2.17
|
2.34
|
-7%
|
2.18
|
2.39
|
-9%
|
Zinc
|
US$/Lb
|
0.92
|
0.83
|
12%
|
0.80
|
0.75
|
7%
|
During 3Q16, copper production increased
30% compared to 3Q15, due to a higher ore volume treated and ore grade. Moreover, in 3Q16 zinc production increased 19% as a result
of higher ore treated.
(*) Since August 2016, the new ownership
of El Brocal is 61.32%.
|
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page
6
of 23
|
In 3Q16, zinc Cost Applicable to sales
(CAS) increased 12% compared to 3Q15 mainly due to lower ore grade and lower silver by-product contribution. Copper CAS in 3Q16
decreased 7% compared to 3Q15 mainly due higher ore grade and lower commercial deductions per ton resulting from the renegotiation
of commercial contracts.
Zinc production guidance for 2016 is 55k
– 65k MT, while copper production guidance for 2016 is 40k – 50k MT.
General
and Administrative Expenses
|
General and administrative expenses in
3Q16 were US$16.9 million, 15% lower compared to the US$19.8 million in 3Q15. For 9M16, the expense was US$58.0 million (US$58.8
million in 9M15).
Exploration
in Non-Operating Areas
|
Exploration costs in non-operating areas
during 3Q16 were US$6.4 million compared with US$5.3 million in 3Q15. During the period, Buenaventura’s main exploration
efforts were focused on the Tambomayo project (US$1.75 million), the San Gabriel project (US$1.21 million) and Marcapunta Norte
(US$0.32 million). For 9M16, the expense was US$14.8 million (US$25.7 million in 9M15).
Share
in Associated Companies
|
During 3Q16, Buenaventura’s share
in associated companies was negative US$11.9 million, compared to US$13.4 million reported in 3Q15, composed by:
Share in the Result of Associates
(in millions of US$)
|
3Q16
|
3Q15
|
Var
%
|
9M16
|
9M15
|
Var
%
|
Cerro
Verde
|
9.5
|
1.3
|
621%
|
44.3
|
10.1
|
339%
|
Coimolache
|
4.9
|
4.1
|
20%
|
17.0
|
9.1
|
87%
|
Yanacocha
|
-26.2
|
8.0
|
N.A.
|
-24.1
|
42.4
|
N.A.
|
Total
|
-11.9
|
13.4
|
N.A.
|
37.2
|
61.6
|
-40%
|
YANACOCHA
At Yanacocha (43.65% owned by Buenaventura),
during 3Q16, gold production was 147,386 ounces, 39% lower than 3Q15 production (242,454 ounces). For 9M16, gold production was
483,258 ounces, 32% lower than 706,433 ounces in 9M15.
Gold production guidance at Yanacocha
for 2016 is 630k – 660k ounces.
In 3Q16, Yanacocha reported a net loss
of US$60.1 million compared to a net income of US$18.2 million reported in 3Q15. CAS in 3Q16 was US$1,040/oz, 65% higher than
the US$630/oz reported in 3Q15 mainly due to: i) an inventory write-down of US$49.4 million in 3Q16 (US$19.9 million in 3Q15),
and ii) lower volume sold (145,582 gold ounces in 3Q16 vs 257,606 gold ounces in 3Q15).
Advancing Yanacocha sulfides through Chaquicocha
exploration drilling.
Capital expenditures at Yanacocha were
US$26.7 million in 3Q16, while for 9M16 was US$62.7 million.
|
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page
7
of 23
|
CERRO VERDE
At Cerro Verde (19.58% owned by Buenaventura),
during 3Q16 copper production was 120,124 MT (23,520 MT attributable to Buenaventura), a 115% increase compared to 3Q15 (55,811
MT and 10,928 MT attributable to Buenaventura). For 9M16, copper production was 369,681 MT (72,384 MT attributable to Buenaventura).
During 3Q16, Cerro Verde reported a net
income of US$48.3 million compared to net income of US$6.7 million in 3Q15. This increase was primarily due to: i) a lower cash
cost, and ii) higher volumes sold. For 9M16, net income was US$226.0 million (compared to US$46.5 million in 9M15).
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 3Q16 was US$4.9 million (US$4.1 million in 3Q15). For 9M16, the contribution was US$17.0
million, compared to US$9.1 million reported in 9M15.
Project
Development and Exploration
|
The Tambomayo Project (100% ownership)
|
·
|
Proyect
is on schedule and within budget
|
|
·
|
Overall
project progress is at 96% (As of September 2016)
|
|
o
|
Exploration and mine development
are completed (100% of progress).
|
|
o
|
The construction progress of the
facilities is at 93%.
|
|
·
|
The
following facilities have been completed and already commissioned:
|
|
o
|
Power line and substations
|
|
o
|
Crusher and stockpile area
|
The San Gabriel Project (100% ownership)
|
·
|
Environmental
Impact Assessment (EIA) of the project´s construction is expected to be approved
in December 2016.
|
|
o
|
Drilling program: 3,000 meters in
order to confirm resources and certainty
|
|
o
|
Complete Metallurgical studies to
be completed in order to improve recovery
|
During the October 27, 2016 meeting, the
Board of Directors meeting passed the following resolution:
|
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page
8
of 23
|
|
·
|
Declaration
of cash dividend of US$ 0.030 per share or ADS, payable on November 30, 2016
|
* *
*
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
project.
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 September 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*
|
61.32
|
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.
Third Quarter and Nine-Month 2016 Results
Page
9
of 23
|
APPENDIX 2
|
|
GOLD
PRODUCTION
|
|
|
3Q16
|
3Q15
|
%
|
9M16
|
9M15
|
%
|
Mining
Unit
|
Operating
Results
|
Underground
|
Orcopampa
|
Ore
Milled DMT
|
121,714
|
114,509
|
6%
|
350,643
|
337,344
|
4%
|
|
Ore
Grade OZ/MT
|
0.42
|
0.49
|
-14%
|
0.42
|
0.48
|
-11%
|
|
Recovery
Rate %
|
97.0%
|
95.2%
|
2%
|
96.0%
|
95.8%
|
0%
|
|
Ounces
Produced*
|
53,167
|
54,035
|
-2%
|
145,129
|
156,023
|
-7%
|
Mining
Unit
|
Operating
Results
|
Open
Pit
|
La
Zanja
|
Ounces
Produced
|
37,407
|
35,653
|
5%
|
106,984
|
103,362
|
4%
|
Tantahuatay
|
Ounces
Produced
|
39,595
|
34,739
|
14%
|
110,890
|
97,085
|
14%
|
|
|
|
|
|
|
|
|
|
|
SILVER
PRODUCTION
|
|
|
3Q16
|
3Q15
|
%
|
9M16
|
9M15
|
%
|
Mining
Unit
|
Operating
Results
|
Underground
|
Uchucchacua
|
Ore
Milled DMT
|
320,838
|
310,733
|
3%
|
943,460
|
803,255
|
17%
|
|
Ore
Grade OZ/MT
|
15.15
|
14.56
|
4%
|
15.37
|
14.57
|
6%
|
|
Recovery
Rate %
|
84.1%
|
83.5%
|
1%
|
83.9%
|
83.8%
|
0%
|
|
Ounces
Produced
|
4,086,850
|
3,775,051
|
8%
|
12,170,024
|
9,801,413
|
24%
|
Julcani
|
Ore
Milled DMT
|
42,647
|
44,937
|
-5%
|
131,425
|
132,924
|
-1%
|
|
Ore
Grade OZ/MT
|
18.96
|
18.51
|
2%
|
19.60
|
18.93
|
4%
|
|
Recovery
Rate %
|
96.8%
|
95.5%
|
1%
|
96.1%
|
95.3%
|
1%
|
|
Ounces
Produced
|
782,813
|
794,810
|
-2%
|
2,473,802
|
2,397,790
|
3%
|
Mallay
|
Ore
Milled DMT
|
51,463
|
41,888
|
23%
|
152,422
|
115,312
|
32%
|
|
Ore
Grade OZ/MT
|
8.39
|
8.31
|
1%
|
8.77
|
8.57
|
2%
|
|
Recovery
Rate %
|
93.3%
|
92.8%
|
1%
|
93.7%
|
94.0%
|
0%
|
|
Ounces
Produced
|
412,526
|
323,095
|
28%
|
1,252,490
|
928,126
|
35%
|
Mining
Unit
|
Operating
Results
|
Open
Pit
|
Colquijirca
|
Ounces
Produced
|
277,255
|
517,648
|
-46%
|
937,547
|
1,781,192
|
-47%
|
|
|
|
|
|
|
|
|
|
|
ZINC
PRODUCTION
|
|
|
3Q16
|
3Q15
|
%
|
9M16
|
9M15
|
%
|
Mining
Unit
|
Operating
Results
|
Underground
|
Uchucchacua
|
Ore
Milled DMT
|
320,838
|
310,733
|
3%
|
943,460
|
803,256
|
17%
|
|
Ore
Grade %
|
1.16%
|
1.03%
|
13%
|
1.15%
|
1.05%
|
10%
|
|
Recovery
Rate %
|
52.45%
|
40.5%
|
29%
|
51.0%
|
48.2%
|
6%
|
|
MT
Produced
|
1,950
|
1,294
|
51%
|
5,566
|
4,091
|
36%
|
Mallay
|
Ore
Milled DMT
|
51,463
|
41,888
|
23%
|
152,422
|
115,312
|
32%
|
|
Ore
Grade %
|
5.93%
|
6.6%
|
-11%
|
6.05%
|
6.64%
|
-9%
|
|
Recovery
Rate %
|
88.5%
|
87.8%
|
1%
|
87.9%
|
88.5%
|
-1%
|
|
MT
Produced
|
2,740
|
2,445
|
12%
|
8,137
|
6,765
|
20%
|
Mining
Unit
|
Operating
Results
|
Open
Pit
|
Colquijirca
|
MT
Produced
|
13,836
|
11,670
|
19%
|
37,477
|
37,353
|
0%
|
|
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page
10
of 23
|
APPENDIX 3: EBITDA Reconciliation (in thousand US$)
|
3Q16
|
3Q15
|
9M16
|
9M15
|
Net
Income
|
-28,366
|
-39,006
|
81,355
|
-60,248
|
Add
/ Substract:
|
111,685
|
44,596
|
171,593
|
140,429
|
Provision
for income tax, net
|
31,129
|
-14,297
|
37,625
|
-3,934
|
Share
in associated companies by the equity method, net
|
11,850
|
-13,381
|
-37,222
|
-61,621
|
Interest
income
|
-1,749
|
-827
|
-6,061
|
-2,441
|
Interest
expense
|
10,911
|
6,934
|
26,585
|
21,078
|
Loss
on currency exchange difference
|
4,233
|
3,936
|
-1,255
|
7,517
|
Long
Term Compensation provision
|
336
|
-12
|
926
|
123
|
Depreciation
and Amortization
|
45,361
|
59,564
|
138,041
|
169,078
|
Workers´
participation provision
|
2,878
|
246
|
6,572
|
629
|
Impairment
of long-term lived assets
|
0
|
0
|
0
|
3,803
|
Loss
from discontinued operations
|
6,736
|
2,433
|
6,382
|
6,197
|
EBITDA
Buenaventura Direct Operations
|
83,319
|
5,590
|
252,948
|
80,181
|
EBITDA
Yanacocha (43.65%)
|
-2,817
|
40,736
|
42,808
|
153,251
|
EBITDA
Cerro Verde (19.58%)
|
41,603
|
11,906
|
136,151
|
44,764
|
EBITDA
Coimolache (40.10%)
|
12,515
|
9,402
|
36,567
|
25,605
|
Adjusted
EBITDA (Including Associated companies)
|
134,620
|
67,634
|
468,475
|
303,801
|
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.
Third Quarter and Nine-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 nine months ended September 30, 2015 and 2016, 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
nine months ended September 30, 2015 and 2016 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.
Third Quarter and Nine-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 Sep 30
|
|
For
the 9 months ended Sep 30
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
(in
thousands of US$)
|
|
|
|
|
Consolidated
Cost of sales excluding depreciation and amortization
|
129,752
|
|
145,921
|
|
371,545
|
|
427,228
|
Add:
|
|
|
|
|
|
|
|
Consolidated
Exploration in units in operation
|
24,985
|
|
20,990
|
|
66,206
|
|
66,008
|
Consolidated
Commercial deductions
|
57,590
|
|
45,094
|
|
171,306
|
|
135,147
|
Consolidated
Selling expenses
|
5,531
|
|
4,655
|
|
15,646
|
|
12,701
|
Consolidated Cost applicable to sales
|
217,858
|
|
216,660
|
|
624,703
|
|
641,084
|
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 Sep 30
|
|
For
the 9 months ended Sep 30
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Cost
of sales by mine and mineral
|
(in
thousands of US$)
|
Julcani,
Gold
|
9
|
|
6
|
|
15
|
|
40
|
Julcani,
Silver
|
5,460
|
|
3,709
|
|
14,545
|
|
16,398
|
Julcani,
Lead
|
464
|
|
282
|
|
1,345
|
|
1,420
|
Julcani,
Copper
|
9
|
|
41
|
|
57
|
|
189
|
Mallay,
Gold
|
103
|
|
58
|
|
454
|
|
54
|
Mallay,
Silver
|
2,476
|
|
1,950
|
|
7,157
|
|
5,784
|
Mallay,
Lead
|
1,120
|
|
1,313
|
|
3,620
|
|
3,848
|
Mallay,
Zinc
|
1,883
|
|
1,588
|
|
5,289
|
|
4,933
|
Orcopampa,
Gold
|
24,293
|
|
24,290
|
|
66,824
|
|
78,317
|
Orcopampa,
Silver
|
1,136
|
|
813
|
|
3,173
|
|
2,636
|
Orcopampa,
Copper
|
33
|
|
0
|
|
42
|
|
0
|
Uchucchacua,
Gold
|
20
|
|
16
|
|
68
|
|
18
|
Uchucchacua,
Silver
|
20,552
|
|
28,758
|
|
66,971
|
|
78,965
|
Uchucchacua,
Lead
|
1,185
|
|
1,748
|
|
3,855
|
|
4,653
|
Uchucchacua,
Zinc
|
990
|
|
825
|
|
2,946
|
|
3,837
|
La
Zanja, Gold
|
22,964
|
|
32,256
|
|
64,726
|
|
86,549
|
La
Zanja, Silver
|
369
|
|
940
|
|
1,208
|
|
2,826
|
El
Brocal, Gold
|
1,600
|
|
1,370
|
|
5,370
|
|
2,542
|
El
Brocal, Silver
|
2,513
|
|
3,861
|
|
7,645
|
|
14,007
|
El
Brocal, Lead
|
2,299
|
|
2,566
|
|
6,718
|
|
9,693
|
El
Brocal, Zinc
|
12,747
|
|
11,403
|
|
30,718
|
|
31,404
|
El
Brocal, Copper
|
24,852
|
|
17,878
|
|
70,449
|
|
46,358
|
Non
Mining Units
|
2,675
|
|
10,252
|
|
8,351
|
|
32,757
|
Consolidated
Cost of sales, excluding depreciation and amortization
|
129,752
|
|
145,921
|
|
371,545
|
|
427,228
|
Set forth below is a reconciliation of Exploration expenses
in units in operation (by mine and mineral) to consolidated Exploration expenses in mining units:
|
For
the 3 months ended Sep 30
|
|
For
the 9 months ended Sep 30
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Exploration
expenses in units in operation by mine and mineral
|
(in
thousands of US$)
|
Julcani,
Gold
|
4
|
|
4
|
|
7
|
|
22
|
Julcani,
Silver
|
2,503
|
|
2,582
|
|
7,321
|
|
8,944
|
Julcani,
Lead
|
213
|
|
196
|
|
677
|
|
775
|
Julcani,
Copper
|
4
|
|
29
|
|
29
|
|
103
|
Mallay,
Gold
|
33
|
|
21
|
|
157
|
|
20
|
Mallay,
Silver
|
800
|
|
699
|
|
2,475
|
|
2,178
|
Mallay,
Lead
|
362
|
|
470
|
|
1,252
|
|
1,449
|
Mallay,
Zinc
|
609
|
|
569
|
|
1,829
|
|
1,857
|
Orcopampa,
Gold
|
11,680
|
|
9,364
|
|
29,259
|
|
30,664
|
Orcopampa,
Silver
|
546
|
|
313
|
|
1,389
|
|
1,032
|
Orcopampa,
Copper
|
16
|
|
0
|
|
18
|
|
0
|
Uchucchacua,
Gold
|
7
|
|
3
|
|
20
|
|
4
|
Uchucchacua,
Silver
|
7,336
|
|
6,177
|
|
19,671
|
|
17,087
|
Uchucchacua,
Lead
|
423
|
|
375
|
|
1,132
|
|
1,007
|
Uchucchacua,
Zinc
|
353
|
|
177
|
|
865
|
|
830
|
La
Zanja, Gold
|
94
|
|
10
|
|
101
|
|
35
|
La
Zanja, Silver
|
2
|
|
0
|
|
2
|
|
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
|
24,985
|
|
20,990
|
|
66,206
|
|
66,008
|
|
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-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 Sep 30
|
|
For
the 9 months ended Sep 30
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Commercial
Deductions in units in operation by mine and mineral
|
(in
thousands of US$)
|
Julcani,
Gold
|
2
|
|
2
|
|
3
|
|
11
|
Julcani,
Silver
|
1,022
|
|
1,241
|
|
3,892
|
|
5,251
|
Julcani,
Lead
|
87
|
|
95
|
|
362
|
|
447
|
Julcani,
Copper
|
1
|
|
16
|
|
20
|
|
64
|
Mallay,
Gold
|
42
|
|
29
|
|
166
|
|
29
|
Mallay,
Silver
|
1,319
|
|
1,083
|
|
3,578
|
|
2,883
|
Mallay,
Lead
|
572
|
|
732
|
|
1,803
|
|
1,920
|
Mallay,
Zinc
|
1,538
|
|
1,062
|
|
4,210
|
|
3,155
|
Orcopampa,
Gold
|
183
|
|
81
|
|
331
|
|
200
|
Orcopampa,
Silver
|
66
|
|
0
|
|
82
|
|
0
|
Orcopampa,
Copper
|
8
|
|
0
|
|
9
|
|
0
|
Uchucchacua,
Gold
|
8
|
|
5
|
|
27
|
|
5
|
Uchucchacua,
Silver
|
8,686
|
|
9,094
|
|
28,325
|
|
25,236
|
Uchucchacua,
Lead
|
491
|
|
565
|
|
1,620
|
|
1,486
|
Uchucchacua,
Zinc
|
1,458
|
|
831
|
|
4,201
|
|
3,958
|
La
Zanja, Gold
|
16
|
|
77
|
|
181
|
|
141
|
La
Zanja, Silver
|
4
|
|
12
|
|
12
|
|
12
|
El
Brocal, Gold
|
1,939
|
|
1,287
|
|
6,541
|
|
2,922
|
El
Brocal, Silver
|
1,974
|
|
2,646
|
|
6,094
|
|
9,592
|
El
Brocal, Lead
|
1,097
|
|
1,129
|
|
3,418
|
|
4,400
|
El
Brocal, Zinc
|
9,794
|
|
5,631
|
|
23,747
|
|
17,719
|
El
Brocal, Copper
|
27,281
|
|
19,477
|
|
82,682
|
|
55,717
|
Non
Mining Units
|
0
|
|
0
|
|
0
|
|
0
|
Consolidated
Commercial deductions in units in operation
|
57,590
|
|
45,094
|
|
171,306
|
|
135,147
|
Set forth below is a reconciliation of Selling expenses (by
mine and mineral) to consolidated Selling expenses:
|
For
the 3 months ended Sep 30
|
|
For
the 9 months ended Sep 30
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Selling
expenses by mine and mineral
|
(in
thousands of US$)
|
Julcani,
Gold
|
0
|
|
0
|
|
1
|
|
2
|
Julcani,
Silver
|
168
|
|
197
|
|
554
|
|
781
|
Julcani,
Lead
|
14
|
|
15
|
|
51
|
|
68
|
Julcani,
Copper
|
0
|
|
2
|
|
2
|
|
9
|
Mallay,
Gold
|
8
|
|
4
|
|
33
|
|
4
|
Mallay,
Silver
|
185
|
|
147
|
|
523
|
|
418
|
Mallay,
Lead
|
84
|
|
99
|
|
265
|
|
278
|
Mallay,
Zinc
|
141
|
|
119
|
|
387
|
|
357
|
Orcopampa,
Gold
|
249
|
|
192
|
|
569
|
|
634
|
Orcopampa,
Silver
|
12
|
|
6
|
|
27
|
|
21
|
Orcopampa,
Copper
|
0
|
|
0
|
|
0
|
|
0
|
Uchucchacua,
Gold
|
1
|
|
0
|
|
3
|
|
0
|
Uchucchacua,
Silver
|
1,014
|
|
816
|
|
3,036
|
|
2,166
|
Uchucchacua,
Lead
|
58
|
|
50
|
|
175
|
|
128
|
Uchucchacua,
Zinc
|
49
|
|
23
|
|
134
|
|
105
|
La
Zanja, Gold
|
294
|
|
272
|
|
780
|
|
927
|
La
Zanja, Silver
|
5
|
|
8
|
|
15
|
|
30
|
El
Brocal, Gold
|
93
|
|
79
|
|
341
|
|
133
|
El
Brocal, Silver
|
146
|
|
222
|
|
486
|
|
733
|
El
Brocal, Lead
|
134
|
|
147
|
|
427
|
|
507
|
El
Brocal, Zinc
|
742
|
|
654
|
|
1,952
|
|
1,642
|
El
Brocal, Copper
|
1,447
|
|
1,026
|
|
4,476
|
|
2,424
|
Non
Mining Units
|
686
|
|
576
|
|
1,411
|
|
1,334
|
Consolidated
Selling expenses
|
5,531
|
|
4,655
|
|
15,646
|
|
12,701
|
|
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page
14
of 23
|
|
JULCANI
|
|
3Q
2016
|
3Q
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)
|
9
|
5,460
|
464
|
-
|
9
|
5,942
|
6
|
3,709
|
282
|
-
|
41
|
4,038
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
4
|
2,503
|
213
|
-
|
4
|
2,724
|
4
|
2,582
|
196
|
-
|
29
|
2,811
|
Commercial
Deductions (US$000)
|
2
|
1,022
|
87
|
-
|
1
|
1,112
|
2
|
1,241
|
95
|
-
|
16
|
1,353
|
Selling
Expenses (US$000)
|
0
|
168
|
14
|
-
|
0
|
183
|
0
|
197
|
15
|
-
|
2
|
215
|
Cost Applicable to
Sales (US$000)
|
16
|
9,153
|
777
|
-
|
15
|
9,961
|
12
|
7,729
|
588
|
-
|
88
|
8,417
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
21
|
771,898
|
726
|
-
|
5
|
Not
Applicable
|
12
|
597,425
|
405
|
-
|
19
|
Not
Applicable
|
CAS
|
776
|
11.86
|
1,070
|
-
|
2,751
|
Not
Applicable
|
993
|
12.94
|
1,451
|
-
|
4,722
|
Not
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MALLAY
|
|
3Q
2016
|
3Q
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)
|
103
|
2,476
|
1,120
|
1,883
|
-
|
5,582
|
58
|
1,950
|
1,313
|
1,588
|
-
|
4,908
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
33
|
800
|
362
|
609
|
-
|
1,804
|
21
|
699
|
470
|
569
|
-
|
1,759
|
Commercial
Deductions (US$000)
|
42
|
1,319
|
572
|
1,538
|
-
|
3,471
|
29
|
1,083
|
732
|
1,062
|
-
|
2,906
|
Selling
Expenses (US$000)
|
8
|
185
|
84
|
141
|
-
|
418
|
4
|
147
|
99
|
119
|
-
|
369
|
Cost Applicable to
Sales (US$000)
|
186
|
4,781
|
2,138
|
4,171
|
-
|
11,275
|
112
|
3,878
|
2,614
|
3,338
|
-
|
9,942
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
234
|
366,346
|
1,845
|
2,277
|
-
|
Not
Applicable
|
105
|
277,157
|
1,737
|
2,024
|
-
|
Not
Applicable
|
CAS
|
794
|
13.05
|
1,159
|
1,832
|
-
|
Not
Applicable
|
1,066.11
|
13.99
|
1,505
|
1,649
|
-
|
Not
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORCOPAMPA
|
|
3Q
2016
|
3Q
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)
|
24,293
|
1,136
|
-
|
-
|
33
|
25,461
|
24,290
|
813
|
-
|
-
|
-
|
25,102
|
Add:
|
|
|
|
|
-
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
11,680
|
546
|
-
|
-
|
16
|
12,242
|
9,364
|
313
|
-
|
-
|
-
|
9,678
|
Commercial
Deductions (US$000)
|
183
|
66
|
-
|
-
|
8
|
257
|
81
|
-
|
-
|
-
|
-
|
81
|
Selling
Expenses (US$000)
|
249
|
12
|
-
|
-
|
0
|
261
|
192
|
6
|
-
|
-
|
-
|
198
|
Cost Applicable to
Sales (US$000)
|
36,405
|
1,759
|
-
|
-
|
57
|
38,221
|
33,926
|
1,133
|
-
|
-
|
-
|
35,059
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
55,191
|
182,484
|
-
|
-
|
21
|
Not
Applicable
|
53,376
|
136,573
|
-
|
-
|
-
|
Not
Applicable
|
CAS
|
660
|
9.64
|
-
|
-
|
2,693
|
Not
Applicable
|
636
|
8.29
|
-
|
-
|
-
|
Not
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UCHUCCHACUA
|
|
3Q
2016
|
3Q
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
|
20,552
|
1,185
|
990
|
-
|
22,747
|
16
|
28,758
|
1,748
|
825
|
-
|
31,347
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
7
|
7,336
|
423
|
353
|
-
|
8,119
|
3
|
6,177
|
375
|
177
|
-
|
6,733
|
Commercial
Deductions (US$000)
|
8
|
8,686
|
491
|
1,458
|
-
|
10,644
|
5
|
9,094
|
565
|
831
|
-
|
10,495
|
Selling
Expenses (US$000)
|
1
|
1,014
|
58
|
49
|
-
|
1,122
|
0
|
816
|
50
|
23
|
-
|
889
|
Cost Applicable to
Sales (US$000)
|
36
|
37,588
|
2,157
|
2,850
|
-
|
42,632
|
25
|
44,845
|
2,738
|
1,856
|
-
|
49,464
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
51
|
3,398,654
|
2,141
|
1,313
|
-
|
Not
Applicable
|
23
|
3,307,909
|
1,831
|
815
|
-
|
Not
Applicable
|
CAS
|
714
|
11.06
|
1,008
|
2,171
|
-
|
No
Applicable
|
1,047
|
13.56
|
1,496
|
2,277
|
-
|
No
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JULCANI
|
|
9M
2016
|
9M
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)
|
15
|
14,545
|
1,345
|
-
|
57
|
15,963
|
40
|
16,398
|
1,420
|
-
|
189
|
18,047
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
7
|
7,321
|
677
|
-
|
29
|
8,035
|
22
|
8,944
|
775
|
-
|
103
|
9,844
|
Commercial
Deductions (US$000)
|
3
|
3,892
|
362
|
-
|
20
|
4,277
|
11
|
5,251
|
447
|
-
|
64
|
5,773
|
Selling
Expenses (US$000)
|
1
|
554
|
51
|
-
|
2
|
608
|
2
|
781
|
68
|
-
|
9
|
860
|
Cost Applicable to
Sales (US$000)
|
26
|
26,313
|
2,436
|
-
|
108
|
28,883
|
75
|
31,375
|
2,710
|
-
|
365
|
34,524
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
31
|
2,323,633
|
2,092
|
-
|
37
|
Not
Applicable
|
76
|
2,471,004
|
1,804
|
-
|
77
|
No
Aplicable
|
CAS
|
828
|
11.32
|
1,165
|
-
|
2,939
|
No
Applicable
|
984
|
12.70
|
1,502
|
-
|
4,739
|
No
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MALLAY
|
|
9M
2016
|
9M
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)
|
454
|
7,157
|
3,620
|
5,289
|
-
|
16,520
|
54
|
5,784
|
3,848
|
4,933
|
-
|
14,619
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
157
|
2,475
|
1,252
|
1,829
|
-
|
5,713
|
20
|
2,178
|
1,449
|
1,857
|
-
|
5,504
|
Commercial
Deductions (US$000)
|
166
|
3,578
|
1,803
|
4,210
|
-
|
9,757
|
29
|
2,883
|
1,920
|
3,155
|
-
|
7,987
|
Selling
Expenses (US$000)
|
33
|
523
|
265
|
387
|
-
|
1,208
|
4
|
418
|
278
|
357
|
-
|
1,057
|
Cost Applicable to
Sales (US$000)
|
810
|
13,734
|
6,940
|
11,715
|
-
|
33,198
|
108
|
11,262
|
7,494
|
10,302
|
-
|
29,167
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
933
|
1,094,056
|
5,415
|
6,802
|
-
|
Not
Applicable
|
105
|
806,831
|
4,847
|
5,501
|
-
|
Not
Applicable
|
CAS
|
868
|
12.55
|
1,281
|
1,722
|
-
|
No
Applicable
|
1,029
|
13.96
|
1,546
|
1,873
|
-
|
No
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORCOPAMPA
|
|
9M
2016
|
9M
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)
|
66,824
|
3,173
|
-
|
-
|
42
|
70,039
|
78,317
|
2,636
|
-
|
-
|
-
|
80,953
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
29,259
|
1,389
|
-
|
-
|
18
|
30,666
|
30,664
|
1,032
|
-
|
-
|
-
|
31,696
|
Commercial
Deductions (US$000)
|
331
|
82
|
-
|
-
|
9
|
423
|
200
|
0
|
-
|
-
|
-
|
200
|
Selling
Expenses (US$000)
|
569
|
27
|
-
|
-
|
0
|
596
|
634
|
21
|
-
|
-
|
-
|
655
|
Cost Applicable to
Sales (US$000)
|
96,983
|
4,671
|
-
|
-
|
70
|
101,724
|
109,815
|
3,689
|
-
|
-
|
-
|
113,504
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
142,272
|
524,582
|
-
|
-
|
24
|
Not
Applicable
|
162,333
|
415,757
|
-
|
-
|
-
|
Not
Applicable
|
CAS
|
682
|
8.90
|
-
|
-
|
2,885
|
No
Applicable
|
676
|
8.87
|
-
|
-
|
-
|
No
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UCHUCCHACUA
|
|
9M
2016
|
9M
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)
|
68
|
66,971
|
3,855
|
2,946
|
-
|
73,839
|
18
|
78,965
|
4,653
|
3,837
|
-
|
87,473
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
20
|
19,671
|
1,132
|
865
|
-
|
21,689
|
4
|
17,087
|
1,007
|
830
|
-
|
18,929
|
Commercial
Deductions (US$000)
|
27
|
28,325
|
1,620
|
4,201
|
-
|
34,174
|
5
|
25,236
|
1,486
|
3,958
|
-
|
30,685
|
Selling
Expenses (US$000)
|
3
|
3,036
|
175
|
134
|
-
|
3,347
|
0
|
2,166
|
128
|
105
|
-
|
2,399
|
Cost Applicable to
Sales (US$000)
|
118
|
118,003
|
6,782
|
8,146
|
-
|
133,049
|
27
|
123,454
|
7,273
|
8,731
|
-
|
139,486
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
153
|
10,882,782
|
6,131
|
4,041
|
-
|
Not
Applicable
|
26
|
8,534,639
|
4,567
|
3,230
|
-
|
Not
Applicable
|
CAS
|
771
|
10.84
|
1,106
|
2,016
|
-
|
No
Applicable
|
1,058
|
14.47
|
1,593
|
2,703
|
-
|
No
Applicable
|
|
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page
15
of 23
|
|
LA
ZANJA
|
|
3Q
2016
|
3Q
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)
|
22,964
|
369
|
-
|
-
|
-
|
23,333
|
32,256
|
940
|
-
|
-
|
-
|
33,196
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
94
|
2
|
-
|
-
|
-
|
96
|
10
|
0
|
-
|
-
|
-
|
10
|
Commercial
Deductions (US$000)
|
16
|
4
|
-
|
-
|
-
|
21
|
77
|
12
|
-
|
-
|
-
|
90
|
Selling
Expenses (US$000)
|
294
|
5
|
-
|
-
|
-
|
299
|
272
|
8
|
-
|
-
|
-
|
280
|
Cost
Applicable to Sales (US$000)
|
23,369
|
380
|
-
|
-
|
-
|
23,749
|
32,615
|
961
|
-
|
-
|
-
|
33,576
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
36,472
|
40,097
|
-
|
-
|
-
|
Not
Applicable
|
35,995
|
79,267
|
-
|
-
|
-
|
Not
Applicable
|
CAS
|
641
|
9.47
|
-
|
-
|
-
|
Not
Applicable
|
906
|
12.12
|
-
|
-
|
-
|
Not
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROCAL
|
|
3Q
2016
|
3Q
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)
|
1,600
|
2,513
|
2,299
|
12,747
|
24,852
|
44,012
|
1,370
|
3,861
|
2,566
|
11,403
|
17,878
|
37,077
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Commercial
Deductions (US$000)
|
1,939
|
1,974
|
1,097
|
9,794
|
27,281
|
42,085
|
1,287
|
2,646
|
1,129
|
5,631
|
19,477
|
30,169
|
Selling
Expenses (US$000)
|
93
|
146
|
134
|
742
|
1,447
|
2,562
|
79
|
222
|
147
|
654
|
1,026
|
2,128
|
Cost
Applicable to Sales (US$000)
|
3,632
|
4,634
|
3,530
|
23,283
|
53,580
|
88,659
|
2,735
|
6,729
|
3,842
|
17,688
|
38,380
|
69,374
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
2,570
|
215,665
|
2,426
|
11,450
|
11,199
|
Not
Applicable
|
1,858
|
403,292
|
2,436
|
9,704
|
7,437
|
Not
Applicable
|
CAS
|
1,413
|
21.49
|
1,455
|
2,033
|
4,785
|
Not
Applicable
|
1,472
|
16.68
|
1,577
|
1,823
|
5,161
|
Not
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON
MINING COMPANIES
|
|
3Q
2016
|
3Q
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)
|
-
|
-
|
-
|
-
|
-
|
2,675
|
-
|
-
|
-
|
-
|
-
|
10,252
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
686
|
-
|
-
|
-
|
-
|
-
|
576
|
Total
(US$000)
|
-
|
-
|
-
|
-
|
-
|
3,361
|
-
|
-
|
-
|
-
|
-
|
10,828
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUENAVENTURA
CONSOLIDATED
|
|
3Q
2016
|
3Q
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)
|
48,989
|
32,507
|
5,067
|
15,620
|
24,894
|
129,752
|
57,995
|
40,031
|
5,908
|
13,816
|
17,919
|
145,921
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
11,819
|
11,187
|
997
|
962
|
20
|
24,985
|
9,402
|
9,771
|
1,042
|
746
|
29
|
20,990
|
Commercial
Deductions (US$000)
|
2,190
|
13,072
|
2,248
|
12,790
|
27,291
|
57,590
|
1,480
|
14,077
|
2,521
|
7,524
|
19,492
|
45,094
|
Selling
Expenses (US$000)
|
645
|
1,530
|
290
|
932
|
1,447
|
5,531
|
547
|
1,396
|
311
|
797
|
1,028
|
4,655
|
Cost
Applicable to Sales (US$000)
|
63,644
|
58,295
|
8,603
|
30,304
|
53,651
|
217,858
|
69,424
|
65,274
|
9,782
|
22,883
|
38,468
|
216,660
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
94,539
|
4,975,143
|
7,138
|
15,040
|
11,225
|
Not
Applicable
|
91,370
|
4,801,621
|
6,409
|
12,543
|
7,456
|
Not
Applicable
|
CAS
|
673
|
11.72
|
1,205
|
2,015
|
4,780
|
Not
Applicable
|
760
|
13.59
|
1,526
|
1,824
|
5,160
|
Not
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COIMOLACHE
|
|
3Q
2016
|
3Q
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)
|
16,681
|
1,085
|
-
|
-
|
-
|
17,766
|
13,666
|
1,307
|
-
|
-
|
-
|
14,973
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
2,932
|
191
|
-
|
-
|
-
|
3,123
|
2,192
|
210
|
-
|
-
|
-
|
2,402
|
Commercial
Deductions (US$000)
|
114
|
7
|
-
|
-
|
-
|
122
|
219
|
18
|
-
|
-
|
-
|
237
|
Selling
Expenses (US$000)
|
240
|
16
|
-
|
-
|
-
|
256
|
207
|
20
|
-
|
-
|
-
|
227
|
Cost
Applicable to Sales (US$000)
|
19,967
|
1,299
|
-
|
-
|
-
|
21,267
|
16,285
|
1,554
|
-
|
-
|
-
|
17,839
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
37,923
|
162,764
|
-
|
-
|
-
|
Not
Applicable
|
33,682
|
247,769
|
-
|
-
|
-
|
Not
Applicable
|
CAS
|
527
|
7.98
|
-
|
-
|
-
|
Not
Applicable
|
484
|
6.27
|
-
|
-
|
-
|
Not
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA
ZANJA
|
|
9M
2016
|
9M
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)
|
64,726
|
1,208
|
-
|
-
|
-
|
65,934
|
86,549
|
2,826
|
-
|
-
|
-
|
89,375
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
101
|
2
|
-
|
-
|
-
|
103
|
35
|
1
|
-
|
-
|
-
|
36
|
Commercial
Deductions (US$000)
|
181
|
12
|
-
|
-
|
-
|
193
|
141
|
12
|
-
|
-
|
-
|
153
|
Selling
Expenses (US$000)
|
780
|
15
|
-
|
-
|
-
|
795
|
927
|
30
|
-
|
-
|
-
|
957
|
Cost
Applicable to Sales (US$000)
|
65,788
|
1,237
|
-
|
-
|
-
|
67,025
|
87,652
|
2,869
|
-
|
-
|
-
|
90,521
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
115,760
|
166,485
|
-
|
-
|
-
|
Not
Applicable
|
104,594
|
255,566
|
-
|
-
|
-
|
Not
Applicable
|
CAS
|
568
|
7.43
|
-
|
-
|
-
|
No
Applicable
|
838
|
11.23
|
-
|
-
|
-
|
Not
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROCAL
|
|
9M
2016
|
9M
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)
|
5,370
|
7,645
|
6,718
|
30,718
|
70,449
|
120,899
|
2,542
|
14,007
|
9,693
|
31,404
|
46,358
|
104,004
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Commercial
Deductions (US$000)
|
6,541
|
6,094
|
3,418
|
23,747
|
82,682
|
122,482
|
2,922
|
9,592
|
4,400
|
17,719
|
55,717
|
90,349
|
Selling
Expenses (US$000)
|
341
|
486
|
427
|
1,952
|
4,476
|
7,681
|
133
|
733
|
507
|
1,642
|
2,424
|
5,439
|
Cost
Applicable to Sales (US$000)
|
12,252
|
14,224
|
10,563
|
56,417
|
157,607
|
251,062
|
5,597
|
24,331
|
14,600
|
50,765
|
104,499
|
199,792
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
9,131
|
933,000
|
7,736
|
32,023
|
32,834
|
Not
Applicable
|
4,346
|
1,756,023
|
10,869
|
30,711
|
19,840
|
Not
Applicable
|
CAS
|
1,342
|
15.25
|
1,365
|
1,762
|
4,800
|
No
Applicable
|
1,288
|
13.86
|
1,343
|
1,653
|
5,267
|
Not
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON
MINING COMPANIES
|
|
9M
2016
|
9M
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)
|
-
|
-
|
-
|
-
|
-
|
8,351
|
-
|
-
|
-
|
-
|
-
|
32,757
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
1,411
|
-
|
-
|
-
|
-
|
-
|
1,334
|
Total
(US$000)
|
-
|
-
|
-
|
-
|
-
|
9,762
|
-
|
-
|
-
|
-
|
-
|
34,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUENAVENTURA
CONSOLIDATED
|
|
9M
2016
|
9M
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)
|
137,456
|
100,699
|
15,538
|
38,953
|
70,548
|
371,545
|
167,522
|
120,615
|
19,613
|
40,174
|
46,546
|
427,228
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
29,544
|
30,859
|
3,061
|
2,694
|
47
|
66,206
|
30,745
|
29,243
|
3,230
|
2,688
|
103
|
66,008
|
Commercial
Deductions (US$000)
|
7,249
|
41,985
|
7,203
|
32,158
|
82,711
|
171,306
|
3,307
|
42,973
|
8,253
|
24,832
|
55,782
|
135,147
|
Selling
Expenses (US$000)
|
1,727
|
4,640
|
917
|
2,472
|
4,478
|
15,646
|
1,700
|
4,149
|
980
|
2,104
|
2,433
|
12,701
|
Cost
Applicable to Sales (US$000)
|
175,976
|
178,183
|
26,720
|
76,277
|
157,785
|
624,703
|
203,273
|
196,981
|
32,077
|
69,798
|
104,864
|
641,084
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
268,280
|
15,924,538
|
21,374
|
42,866
|
32,895
|
Not
Applicable
|
271,479
|
14,239,819
|
22,086
|
39,442
|
19,917
|
Not
Applicable
|
CAS
|
656
|
11.19
|
1,250
|
1,779
|
4,797
|
Not
Applicable
|
749
|
13.83
|
1,452
|
1,770
|
5,265
|
Not
Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COIMOLACHE
|
|
9M
2016
|
9M
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)
|
43,048
|
3,192
|
-
|
-
|
-
|
46,240
|
39,023
|
3,212
|
-
|
-
|
-
|
42,235
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
6,878
|
510
|
-
|
-
|
-
|
7,388
|
11,015
|
907
|
-
|
-
|
-
|
11,922
|
Commercial
Deductions (US$000)
|
434
|
40
|
-
|
-
|
-
|
474
|
509
|
40
|
-
|
-
|
-
|
549
|
Selling
Expenses (US$000)
|
753
|
56
|
-
|
-
|
-
|
809
|
647
|
53
|
-
|
-
|
-
|
700
|
Cost
Applicable to Sales (US$000)
|
51,114
|
3,798
|
-
|
-
|
-
|
54,911
|
51,194
|
4,212
|
-
|
-
|
-
|
55,406
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
107,327
|
592,768
|
-
|
-
|
-
|
Not
Applicable
|
94,428
|
579,275
|
-
|
-
|
-
|
Not
Applicable
|
CAS
|
476
|
6.41
|
-
|
-
|
-
|
No
Applicable
|
542
|
7.27
|
-
|
-
|
-
|
Not
Applicable
|
|
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page
16
of 23
|
APPENDIX 5: ALL-IN SUSTAINING COST
All-in Sustaining Cost for 3Q16
|
|
Buenaventura
1
|
|
|
La Zanja
|
|
|
Tantahuatay
|
|
|
Attributable
2
|
|
|
|
3Q16
|
|
|
3Q16
|
|
|
3Q16
|
|
|
3Q16
|
|
Au Ounces Sold BVN
|
|
|
91,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces bought from La Zanja
|
|
|
-36,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces Sold Net
|
|
|
55,497
|
|
|
|
51,272
|
|
|
|
37,923
|
|
|
|
97,907
|
|
|
|
|
3Q16
|
|
|
|
3Q16
|
|
|
|
3Q16
|
|
|
|
3Q16
|
|
Income Statement &
Cash Flow
|
|
|
US$
000'
|
|
|
|
US$/Oz
Au
|
|
|
|
US$
000'
|
|
|
|
US$/Oz
Au
|
|
|
|
US$
000'
|
|
|
|
US$/Oz
Au
|
|
|
|
US$
000'
|
|
|
|
US$/Oz
Au
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales
3
|
|
|
67,151
|
|
|
|
1,210
|
|
|
|
23,180
|
|
|
|
452
|
|
|
|
17,766
|
|
|
|
468
|
|
|
|
86,573
|
|
|
|
884
|
|
Exploration in Operating Units
|
|
|
24,889
|
|
|
|
448
|
|
|
|
875
|
|
|
|
17
|
|
|
|
3,122
|
|
|
|
82
|
|
|
|
26,605
|
|
|
|
272
|
|
Royalties
|
|
|
6,143
|
|
|
|
111
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
6,143
|
|
|
|
63
|
|
Comercial Deductions
4
|
|
|
15,484
|
|
|
|
279
|
|
|
|
803
|
|
|
|
16
|
|
|
|
122
|
|
|
|
3
|
|
|
|
15,959
|
|
|
|
163
|
|
Selling Expenses
|
|
|
2,045
|
|
|
|
37
|
|
|
|
236
|
|
|
|
5
|
|
|
|
256
|
|
|
|
7
|
|
|
|
2,273
|
|
|
|
23
|
|
Administrative Expenses
5
|
|
|
12,653
|
|
|
|
228
|
|
|
|
615
|
|
|
|
12
|
|
|
|
746
|
|
|
|
20
|
|
|
|
13,279
|
|
|
|
136
|
|
Other Expenses
|
|
|
0
|
|
|
|
0
|
|
|
|
2,484
|
|
|
|
48
|
|
|
|
2,702
|
|
|
|
71
|
|
|
|
2,401
|
|
|
|
25
|
|
Other Incomes
|
|
|
-2,993
|
|
|
|
-54
|
|
|
|
-5,589
|
|
|
|
-109
|
|
|
|
-3,072
|
|
|
|
-81
|
|
|
|
-7,190
|
|
|
|
-73
|
|
Administrative charges
|
|
|
0
|
|
|
|
0
|
|
|
|
1,562
|
|
|
|
30
|
|
|
|
354
|
|
|
|
9
|
|
|
|
971
|
|
|
|
10
|
|
Sustaining Capex
6
|
|
|
17,774
|
|
|
|
320
|
|
|
|
9,076
|
|
|
|
177
|
|
|
|
9,611
|
|
|
|
253
|
|
|
|
26,443
|
|
|
|
270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By-product Credit
|
|
|
-115,724
|
|
|
|
-2,085
|
|
|
|
-1,015
|
|
|
|
-20
|
|
|
|
-3,373
|
|
|
|
-89
|
|
|
|
-117,615
|
|
|
|
-1,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All-in Sustaining Cost
|
|
|
27,422
|
|
|
|
494
|
|
|
|
32,227
|
|
|
|
629
|
|
|
|
28,234
|
|
|
|
745
|
|
|
|
55,842
|
|
|
|
570
|
|
*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.
Third Quarter and Nine-Month 2016 Results
Page
17
of 23
|
All-in Sustaining Cost for 3Q15
|
|
Buenaventura
1
|
|
|
La Zanja
|
|
|
Tantahuatay
|
|
|
Attributable
Production
2
|
|
|
|
3Q15
|
|
|
3Q15
|
|
|
3Q15
|
|
|
3Q15
|
|
Au Ounces Sold BVN
|
|
|
92,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces bought from La Zanja
|
|
|
-35,879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces Sold Net
|
|
|
56,987
|
|
|
|
32,990
|
|
|
|
33,682
|
|
|
|
87,996
|
|
|
|
|
3Q15
|
|
|
|
3Q15
|
|
|
|
3Q15
|
|
|
|
3Q15
|
|
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
|
|
|
76,109
|
|
|
|
1,336
|
|
|
|
29,950
|
|
|
|
908
|
|
|
|
14,973
|
|
|
|
445
|
|
|
|
98,004
|
|
|
|
1,114
|
|
Exploration in Operating Units
|
|
|
20,982
|
|
|
|
368
|
|
|
|
137
|
|
|
|
4
|
|
|
|
2,402
|
|
|
|
71
|
|
|
|
22,018
|
|
|
|
250
|
|
Royalties
|
|
|
5,302
|
|
|
|
93
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
5,302
|
|
|
|
60
|
|
Comercial Deductions
4
|
|
|
14,852
|
|
|
|
261
|
|
|
|
855
|
|
|
|
26
|
|
|
|
237
|
|
|
|
7
|
|
|
|
15,401
|
|
|
|
175
|
|
Selling Expenses
|
|
|
1,724
|
|
|
|
30
|
|
|
|
277
|
|
|
|
8
|
|
|
|
227
|
|
|
|
7
|
|
|
|
1,962
|
|
|
|
22
|
|
Administrative Expenses
5
|
|
|
11,516
|
|
|
|
202
|
|
|
|
459
|
|
|
|
14
|
|
|
|
436
|
|
|
|
13
|
|
|
|
11,934
|
|
|
|
136
|
|
Other Expenses
|
|
|
0
|
|
|
|
0
|
|
|
|
3,525
|
|
|
|
107
|
|
|
|
2,887
|
|
|
|
86
|
|
|
|
3,028
|
|
|
|
34
|
|
Other Incomes
|
|
|
-965
|
|
|
|
-17
|
|
|
|
-6,704
|
|
|
|
-203
|
|
|
|
-3,422
|
|
|
|
-102
|
|
|
|
-5,894
|
|
|
|
-67
|
|
Other administrative charges
|
|
|
0
|
|
|
|
0
|
|
|
|
3,031
|
|
|
|
92
|
|
|
|
233
|
|
|
|
7
|
|
|
|
1,702
|
|
|
|
19
|
|
Sustaining Capex
6
|
|
|
12,643
|
|
|
|
222
|
|
|
|
12,488
|
|
|
|
379
|
|
|
|
17,092
|
|
|
|
507
|
|
|
|
26,122
|
|
|
|
297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By-product Credit
|
|
|
-74,363
|
|
|
|
-1,305
|
|
|
|
-1,333
|
|
|
|
-40
|
|
|
|
-3,590
|
|
|
|
-107
|
|
|
|
-76,510
|
|
|
|
-869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All-in Sustaining Cost
|
|
|
67,800
|
|
|
|
1,190
|
|
|
|
42,684
|
|
|
|
1,294
|
|
|
|
31,476
|
|
|
|
935
|
|
|
|
103,069
|
|
|
|
1,171
|
|
*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.
Third Quarter and Nine-Month 2016 Results
Page
18
of 23
|
All-in Sustaining Cost for 9M16
|
|
Buenaventura
1
|
|
|
La Zanja
|
|
|
Tantahuatay
|
|
|
Attributable
2
|
|
|
|
9M16
|
|
|
9M16
|
|
|
9M16
|
|
|
9M16
|
|
Au Ounces Sold BVN
|
|
|
258,386
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces bought from La Zanja
|
|
|
-114,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces Sold Net
|
|
|
143,389
|
|
|
|
107,702
|
|
|
|
107,327
|
|
|
|
243,568
|
|
|
|
|
9M16
|
|
|
|
9M16
|
|
|
|
9M16
|
|
|
|
9M16
|
|
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
|
|
|
342,087
|
|
|
|
2,386
|
|
|
|
60,004
|
|
|
|
557
|
|
|
|
46,240
|
|
|
|
431
|
|
|
|
392,465
|
|
|
|
1,611
|
|
Exploration in Operating Units
|
|
|
66,103
|
|
|
|
461
|
|
|
|
2,147
|
|
|
|
20
|
|
|
|
7,388
|
|
|
|
69
|
|
|
|
70,204
|
|
|
|
288
|
|
Royalties
|
|
|
15,499
|
|
|
|
108
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
15,499
|
|
|
|
64
|
|
Comercial Deductions
4
|
|
|
48,833
|
|
|
|
341
|
|
|
|
2,611
|
|
|
|
24
|
|
|
|
474
|
|
|
|
4
|
|
|
|
50,409
|
|
|
|
207
|
|
Selling Expenses
|
|
|
10,738
|
|
|
|
75
|
|
|
|
732
|
|
|
|
7
|
|
|
|
809
|
|
|
|
8
|
|
|
|
11,450
|
|
|
|
47
|
|
Administrative Expenses
5
|
|
|
38,122
|
|
|
|
266
|
|
|
|
1,641
|
|
|
|
15
|
|
|
|
1,799
|
|
|
|
17
|
|
|
|
39,714
|
|
|
|
163
|
|
Other Expenses
|
|
|
0
|
|
|
|
0
|
|
|
|
6,578
|
|
|
|
61
|
|
|
|
4,840
|
|
|
|
45
|
|
|
|
5,431
|
|
|
|
22
|
|
Other Incomes
|
|
|
-5,162
|
|
|
|
-36
|
|
|
|
-12,745
|
|
|
|
-118
|
|
|
|
-5,892
|
|
|
|
-55
|
|
|
|
-14,287
|
|
|
|
-59
|
|
Administrative charges
|
|
|
0
|
|
|
|
0
|
|
|
|
1,959
|
|
|
|
18
|
|
|
|
858
|
|
|
|
8
|
|
|
|
1,383
|
|
|
|
6
|
|
Sustaining Capex
6
|
|
|
33,852
|
|
|
|
236
|
|
|
|
11,897
|
|
|
|
110
|
|
|
|
18,483
|
|
|
|
172
|
|
|
|
47,575
|
|
|
|
195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By-product Credit
|
|
|
-458,672
|
|
|
|
-3,199
|
|
|
|
-2,801
|
|
|
|
-26
|
|
|
|
-10,269
|
|
|
|
-96
|
|
|
|
-464,275
|
|
|
|
-1,906
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All-in Sustaining Cost
|
|
|
91,401
|
|
|
|
637
|
|
|
|
72,022
|
|
|
|
669
|
|
|
|
64,731
|
|
|
|
603
|
|
|
|
155,569
|
|
|
|
639
|
|
*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.
Third Quarter and Nine-Month 2016 Results
Page
19
of 23
|
All-in Sustaining Cost for 9M15
|
|
Buenaventura
1
|
|
|
La Zanja
|
|
|
Tantahuatay
|
|
|
Attributable
Production
2
|
|
|
|
9M15
|
|
|
9M15
|
|
|
9M15
|
|
|
9M15
|
|
Au Ounces Sold BVN
|
|
|
283,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces bought from La Zanja
|
|
|
-104,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces Sold Net
|
|
|
178,608
|
|
|
|
100,618
|
|
|
|
94,428
|
|
|
|
269,857
|
|
|
|
|
9M15
|
|
|
|
9M15
|
|
|
|
9M15
|
|
|
|
9M15
|
|
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
|
|
|
228,941
|
|
|
|
1,282
|
|
|
|
87,133
|
|
|
|
866
|
|
|
|
42,235
|
|
|
|
447
|
|
|
|
292,108
|
|
|
|
1,082
|
|
Exploration in Operating Units
|
|
|
66,056
|
|
|
|
370
|
|
|
|
8,446
|
|
|
|
84
|
|
|
|
11,922
|
|
|
|
126
|
|
|
|
75,318
|
|
|
|
279
|
|
Royalties
|
|
|
16,902
|
|
|
|
95
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
16,902
|
|
|
|
63
|
|
Comercial Deductions
4
|
|
|
44,711
|
|
|
|
250
|
|
|
|
2,494
|
|
|
|
25
|
|
|
|
549
|
|
|
|
6
|
|
|
|
46,254
|
|
|
|
171
|
|
Selling Expenses
|
|
|
5,088
|
|
|
|
28
|
|
|
|
954
|
|
|
|
9
|
|
|
|
700
|
|
|
|
7
|
|
|
|
5,875
|
|
|
|
22
|
|
Administrative Expenses
5
|
|
|
35,644
|
|
|
|
200
|
|
|
|
1,200
|
|
|
|
12
|
|
|
|
1,364
|
|
|
|
14
|
|
|
|
36,827
|
|
|
|
136
|
|
Other Expenses
|
|
|
0
|
|
|
|
0
|
|
|
|
10,156
|
|
|
|
101
|
|
|
|
5,635
|
|
|
|
60
|
|
|
|
7,648
|
|
|
|
28
|
|
Other Incomes
|
|
|
-3,983
|
|
|
|
-22
|
|
|
|
-16,039
|
|
|
|
-159
|
|
|
|
-7,022
|
|
|
|
-74
|
|
|
|
-15,308
|
|
|
|
-57
|
|
Other administrative charges
|
|
|
0
|
|
|
|
0
|
|
|
|
5,472
|
|
|
|
54
|
|
|
|
126
|
|
|
|
1
|
|
|
|
2,954
|
|
|
|
11
|
|
Sustaining Capex
6
|
|
|
22,652
|
|
|
|
127
|
|
|
|
26,024
|
|
|
|
259
|
|
|
|
32,644
|
|
|
|
346
|
|
|
|
49,549
|
|
|
|
184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By-product Credit
|
|
|
-226,736
|
|
|
|
-1,269
|
|
|
|
-3,969
|
|
|
|
-39
|
|
|
|
-9,122
|
|
|
|
-97
|
|
|
|
-232,500
|
|
|
|
-862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All-in Sustaining Cost
|
|
|
189,275
|
|
|
|
1,060
|
|
|
|
121,870
|
|
|
|
1,211
|
|
|
|
79,032
|
|
|
|
837
|
|
|
|
285,626
|
|
|
|
1,058
|
|
*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.
Third Quarter and Nine-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 September 30, 2016 and December 31, 2015
|
|
2016
|
|
|
2015
|
|
|
|
US$(000)
|
|
|
US$(000)
|
|
Assets
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
117,243
|
|
|
|
78,519
|
|
Trade and other accounts receivable, net
|
|
|
286,035
|
|
|
|
219,862
|
|
Inventory, net
|
|
|
139,127
|
|
|
|
101,473
|
|
Income tax credit
|
|
|
17,607
|
|
|
|
45,919
|
|
Prepaid expenses
|
|
|
6,860
|
|
|
|
8,231
|
|
Total current assets
|
|
|
566,872
|
|
|
|
454,004
|
|
Assets classified as held for sale
|
|
|
4,421
|
|
|
|
15,592
|
|
|
|
|
571,293
|
|
|
|
469,596
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
Trade and other accounts receivable, net
|
|
|
167,869
|
|
|
|
162,567
|
|
Income tax credit
|
|
|
4,092
|
|
|
|
-
|
|
Inventory, net
|
|
|
5,655
|
|
|
|
26,029
|
|
Investment in associates
|
|
|
1,941,603
|
|
|
|
2,043,983
|
|
Mining concessions, development costs, property, plant and equipment, net
|
|
|
1,854,681
|
|
|
|
1,747,624
|
|
Investment properties, net
|
|
|
10,293
|
|
|
|
10,719
|
|
Deferred income tax asset, net
|
|
|
30,653
|
|
|
|
41,574
|
|
Prepaid expenses
|
|
|
30,647
|
|
|
|
29,235
|
|
Other assets
|
|
|
17,814
|
|
|
|
15,854
|
|
Total non-current assets
|
|
|
4,063,307
|
|
|
|
4,077,585
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
4,634,600
|
|
|
|
4,547,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Bank loans
|
|
|
54,547
|
|
|
|
285,302
|
|
Trade and other accounts payable
|
|
|
240,000
|
|
|
|
247,114
|
|
Provisions
|
|
|
60,805
|
|
|
|
49,829
|
|
Income tax payable
|
|
|
4,516
|
|
|
|
2,444
|
|
Embedded derivatives for concentrate sales, net
|
|
|
4,153
|
|
|
|
1,694
|
|
Hedge derivative financial instruments
|
|
|
219
|
|
|
|
10,643
|
|
Financial obligations
|
|
|
38,945
|
|
|
|
33,394
|
|
Total current liabilities
|
|
|
403,185
|
|
|
|
630,420
|
|
|
|
|
|
|
|
|
|
|
Liabilities directly associated with assets classified as held for sale
|
|
|
8,768
|
|
|
|
20,611
|
|
|
|
|
411,953
|
|
|
|
651,031
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
Trade and other accounts payable
|
|
|
17,266
|
|
|
|
15,057
|
|
Provisions
|
|
|
144,752
|
|
|
|
141,885
|
|
Financial obligations
|
|
|
561,712
|
|
|
|
320,316
|
|
Contingent consideration liability
|
|
|
20,524
|
|
|
|
16,994
|
|
Deferred income tax liability, net
|
|
|
10,206
|
|
|
|
12,662
|
|
Total non-current liabilities
|
|
|
754,460
|
|
|
|
506,914
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
1,166,413
|
|
|
|
1,157,945
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity
|
|
|
|
|
|
|
|
|
Capital stock
|
|
|
750,497
|
|
|
|
750,497
|
|
Investment shares
|
|
|
791
|
|
|
|
1,396
|
|
Additional paid-in capital
|
|
|
218,450
|
|
|
|
219,055
|
|
Legal reserve
|
|
|
162,744
|
|
|
|
162,714
|
|
Other reserves
|
|
|
269
|
|
|
|
269
|
|
Retained earnings
|
|
|
2,103,608
|
|
|
|
2,024,895
|
|
Other reserves of equity
|
|
|
(313
|
)
|
|
|
2,240
|
|
Shareholders’ equity, net attributable to owners of the parent
|
|
|
3,236,046
|
|
|
|
3,161,066
|
|
Non-controlling interest
|
|
|
232,141
|
|
|
|
228,170
|
|
Total shareholders’ equity
|
|
|
3,468,187
|
|
|
|
3,389,236
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity
|
|
|
4,634,600
|
|
|
|
4,547,181
|
|
|
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-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-month and nine-month periods ended September 30,
2016 and 2015
|
|
For the three-month period
ended September 30,
|
|
|
For the nine-month period
ended September 30,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
US$(000)
|
|
|
US$(000)
|
|
|
US$(000)
|
|
|
US$(000)
|
|
Continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales of goods
|
|
|
257,484
|
|
|
|
191,869
|
|
|
|
746,310
|
|
|
|
626,503
|
|
Net sales of services
|
|
|
5,598
|
|
|
|
10,391
|
|
|
|
16,859
|
|
|
|
42,698
|
|
Royalty income
|
|
|
5,947
|
|
|
|
8,720
|
|
|
|
18,493
|
|
|
|
25,200
|
|
Total operating income
|
|
|
269,029
|
|
|
|
210,980
|
|
|
|
781,662
|
|
|
|
694,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales of goods, excluding depreciation and amortization
|
|
|
(127,210
|
)
|
|
|
(130,505
|
)
|
|
|
(363,194
|
)
|
|
|
(380,910
|
)
|
Cost of services, excluding depreciation and amortization
|
|
|
(2,542
|
)
|
|
|
(15,416
|
)
|
|
|
(8,351
|
)
|
|
|
(46,318
|
)
|
Depreciation and amortization
|
|
|
(45,361
|
)
|
|
|
(59,564
|
)
|
|
|
(138,041
|
)
|
|
|
(169,078
|
)
|
Exploration in operating units
|
|
|
(24,985
|
)
|
|
|
(20,990
|
)
|
|
|
(66,206
|
)
|
|
|
(66,008
|
)
|
Mining royalties
|
|
|
(7,332
|
)
|
|
|
(6,937
|
)
|
|
|
(20,375
|
)
|
|
|
(21,844
|
)
|
Total operating costs
|
|
|
(207,430
|
)
|
|
|
(233,412
|
)
|
|
|
(596,167
|
)
|
|
|
(684,158
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
61,599
|
|
|
|
(22,432
|
)
|
|
|
185,495
|
|
|
|
10,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
|
(16,879
|
)
|
|
|
(19,838
|
)
|
|
|
(58,048
|
)
|
|
|
(58,806
|
)
|
Exploration in non-operating areas
|
|
|
(6,355
|
)
|
|
|
(5,259
|
)
|
|
|
(14,824
|
)
|
|
|
(25,660
|
)
|
Selling expenses
|
|
|
(5,531
|
)
|
|
|
(4,655
|
)
|
|
|
(15,646
|
)
|
|
|
(12,701
|
)
|
Reversal (expense) for provision for contingencies
|
|
|
(331
|
)
|
|
|
201
|
|
|
|
(129
|
)
|
|
|
(280
|
)
|
Provision for impairment of long–lived assets
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,803
|
)
|
Other, net
|
|
|
2,241
|
|
|
|
(2,225
|
)
|
|
|
10,561
|
|
|
|
(2,445
|
)
|
Total operating expenses, net
|
|
|
(26,855
|
)
|
|
|
(31,776
|
)
|
|
|
(78,086
|
)
|
|
|
(103,695
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss)
|
|
|
34,744
|
|
|
|
(54,208
|
)
|
|
|
107,409
|
|
|
|
(93,452
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense), net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share in results of associates under equity method
|
|
|
(11,850
|
)
|
|
|
13,381
|
|
|
|
37,222
|
|
|
|
61,621
|
|
Financial income
|
|
|
1,749
|
|
|
|
827
|
|
|
|
6,061
|
|
|
|
2,441
|
|
Net gain (loss) from currency exchange difference
|
|
|
(4,233
|
)
|
|
|
(3,936
|
)
|
|
|
1,255
|
|
|
|
(7,517
|
)
|
Financial costs
|
|
|
(10,911
|
)
|
|
|
(6,934
|
)
|
|
|
(26,585
|
)
|
|
|
(21,078
|
)
|
Total other income (expense), net
|
|
|
(25,245
|
)
|
|
|
3,338
|
|
|
|
17,953
|
|
|
|
35,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) before income tax
|
|
|
9,499
|
|
|
|
(50,870
|
)
|
|
|
125,362
|
|
|
|
(57,985
|
)
|
Current income tax
|
|
|
(14,054
|
)
|
|
|
(3,176
|
)
|
|
|
(32,359
|
)
|
|
|
(10,556
|
)
|
Deferred income tax
|
|
|
(17,075
|
)
|
|
|
17,473
|
|
|
|
(5,266
|
)
|
|
|
14,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) from continuing operations
|
|
|
(21,630
|
)
|
|
|
(36,573
|
)
|
|
|
87,737
|
|
|
|
(54,051
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) from discontinued operations
|
|
|
(6,736
|
)
|
|
|
(2,433
|
)
|
|
|
(6,382
|
)
|
|
|
(6,197
|
)
|
Net profit
|
|
|
(28,366
|
)
|
|
|
(39,006
|
)
|
|
|
81,355
|
|
|
|
(60,248
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the parent
|
|
|
(24,651
|
)
|
|
|
(23,229
|
)
|
|
|
82,372
|
|
|
|
(24,656
|
)
|
Non-controlling interest
|
|
|
(3,715
|
)
|
|
|
(15,777
|
)
|
|
|
(1,017
|
)
|
|
|
(35,592
|
)
|
|
|
|
(28,366
|
)
|
|
|
(39,006
|
)
|
|
|
81,355
|
|
|
|
(60,248
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted profit (loss) per share attributable
to equity holders of the parent, stated in U.S. dollars
|
|
|
(0.10
|
)
|
|
|
(0.09
|
)
|
|
|
0.32
|
|
|
|
(0.10
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for continuing operations, basic and
diluted per share attributable to equity holders of the parent, expressed in U.S. dollars
|
|
|
(0.07
|
)
|
|
|
(0.08
|
)
|
|
|
0.35
|
|
|
|
(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.
Third Quarter and Nine-Month 2016 Results
Page
22
of 23
|
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statements of cash Flows
For the three-month and nine-month periods ended September 30,
2016 and 2015
|
|
For the three-month period
ended
September 30,
|
|
|
For the nine-month period
ended
September 30,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
US$(000)
|
|
|
US$(000)
|
|
|
US$(000)
|
|
|
US$(000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales
|
|
|
262,108
|
|
|
|
239,513
|
|
|
|
677,953
|
|
|
|
721,967
|
|
Proceeds from dividends
|
|
|
3,142
|
|
|
|
1,816
|
|
|
|
139,926
|
|
|
|
4,775
|
|
Value Added Tax recovered
|
|
|
34,850
|
|
|
|
21,911
|
|
|
|
105,722
|
|
|
|
74,784
|
|
Royalty received
|
|
|
5,947
|
|
|
|
7,151
|
|
|
|
27,005
|
|
|
|
28,966
|
|
Interest received
|
|
|
52
|
|
|
|
700
|
|
|
|
1,766
|
|
|
|
2,497
|
|
Payments to suppliers and third-parties
|
|
|
(190,615
|
)
|
|
|
(192,714
|
)
|
|
|
(523,634
|
)
|
|
|
(553,471
|
)
|
Payments to employees
|
|
|
(36,065
|
)
|
|
|
(40,892
|
)
|
|
|
(105,219
|
)
|
|
|
(127,920
|
)
|
Payments of interest
|
|
|
(1,068
|
)
|
|
|
(7,684
|
)
|
|
|
(18,941
|
)
|
|
|
(17,283
|
)
|
Payment of income taxes
|
|
|
(2,705
|
)
|
|
|
(6,125
|
)
|
|
|
(14,166
|
)
|
|
|
(17,387
|
)
|
Payments of mining royalties
|
|
|
(6,053
|
)
|
|
|
(5,525
|
)
|
|
|
(15,409
|
)
|
|
|
(17,407
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents provided by operating activities
|
|
|
69,593
|
|
|
|
18,151
|
|
|
|
275,003
|
|
|
|
99,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of mining concessions, property, plant and equipment
|
|
|
3,352
|
|
|
|
569
|
|
|
|
5,651
|
|
|
|
2,589
|
|
Proceeds from loan to third parties
|
|
|
-
|
|
|
|
141
|
|
|
|
-
|
|
|
|
141
|
|
Acquisitions of mining concessions, development costs, property, plant and equipment
|
|
|
(118,296
|
)
|
|
|
(84,895
|
)
|
|
|
(239,664
|
)
|
|
|
(166,527
|
)
|
Loans granted to associates
|
|
|
-
|
|
|
|
(20,800
|
)
|
|
|
-
|
|
|
|
(20,800
|
)
|
Opening of time deposits
|
|
|
-
|
|
|
|
(7,350
|
)
|
|
|
-
|
|
|
|
(7,350
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents used in investing activities
|
|
|
(114,944
|
)
|
|
|
(112,335
|
)
|
|
|
(234,013
|
)
|
|
|
(191,947
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from bank loans
|
|
|
-
|
|
|
|
150,000
|
|
|
|
175,851
|
|
|
|
240,000
|
|
Payments of bank loans
|
|
|
(3,760
|
)
|
|
|
(50,000
|
)
|
|
|
(415,760
|
)
|
|
|
(90,000
|
)
|
Proceeds from financial obligations
|
|
|
210
|
|
|
|
-
|
|
|
|
275,210
|
|
|
|
10,000
|
|
Payments of financial obligations
|
|
|
(8,297
|
)
|
|
|
(20,784
|
)
|
|
|
(25,180
|
)
|
|
|
(29,870
|
)
|
Dividends paid to non-controlling interest
|
|
|
(1,649
|
)
|
|
|
(2,140
|
)
|
|
|
(5,709
|
)
|
|
|
(8,048
|
)
|
Acquisition of non-controlling interest
|
|
|
(4,152
|
)
|
|
|
-
|
|
|
|
(5,459
|
)
|
|
|
-
|
|
Increase of restricted bank accounts
|
|
|
(2,023
|
)
|
|
|
-
|
|
|
|
(4,011
|
)
|
|
|
-
|
|
Repurchase of treasury shares
|
|
|
(1,210
|
)
|
|
|
-
|
|
|
|
(1,210
|
)
|
|
|
-
|
|
Payments of dividends
|
|
|
-
|
|
|
|
(70
|
)
|
|
|
(9
|
)
|
|
|
(70
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents provided by (used in) financing
activities
|
|
|
(20,881
|
)
|
|
|
77,006
|
|
|
|
(6,277
|
)
|
|
|
122,012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents during the period
|
|
|
(66,232
|
)
|
|
|
(17,178
|
)
|
|
|
34,713
|
|
|
|
29,586
|
|
Cash and cash equivalents at the beginning of the period
|
|
|
179,464
|
|
|
|
125,276
|
|
|
|
78,519
|
|
|
|
78,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at period-end
|
|
|
113,232
|
|
|
|
108,098
|
|
|
|
113,232
|
|
|
|
108,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) for changes in the fair value of hedge financial instruments
|
|
|
827
|
|
|
|
(154
|
)
|
|
|
(2,911
|
)
|
|
|
(2,495
|
)
|
Changes in the asset for closure of mining units
|
|
|
-
|
|
|
|
12,272
|
|
|
|
8,433
|
|
|
|
53,988
|
|
|
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2016 Results
Page
23
of 23
|
|
|
For the three-month period
ended
September 30,
|
|
|
For the nine-month period
ended
September 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
|
|
|
(24,651
|
)
|
|
|
(23,229
|
)
|
|
|
82,372
|
|
|
|
(24,656
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus (less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
45,361
|
|
|
|
61,377
|
|
|
|
138,041
|
|
|
|
179,185
|
|
Net loss (gain) on sales of mining concessions,
property, plant and equipment
|
|
|
-
|
|
|
|
10,667
|
|
|
|
2,072
|
|
|
|
13,620
|
|
Accretion expense of provision for closure of mining
units and exploration projects
|
|
|
1,112
|
|
|
|
96
|
|
|
|
2,810
|
|
|
|
2,931
|
|
Loss (income) attributable to non-controlling interest
|
|
|
(3,715
|
)
|
|
|
(15,777
|
)
|
|
|
(1,017
|
)
|
|
|
(35,592
|
)
|
Net share in results of associates
|
|
|
11,850
|
|
|
|
(13,381
|
)
|
|
|
(37,222
|
)
|
|
|
(61,621
|
)
|
Provision for estimated fair value of embedded derivatives
related to concentrate
|
|
|
20,651
|
|
|
|
(5,752
|
)
|
|
|
(9,298
|
)
|
|
|
(6,347
|
)
|
sales and adjustments on open liquidations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax expense (income)
|
|
|
17,075
|
|
|
|
(17,473
|
)
|
|
|
5,266
|
|
|
|
(14,490
|
)
|
Reversal (provision) for impairment loss of inventories
|
|
|
(291
|
)
|
|
|
8,928
|
|
|
|
(9,145
|
)
|
|
|
13,710
|
|
Net loss (gain) from currency exchange difference
|
|
|
4,233
|
|
|
|
3,945
|
|
|
|
(1,255
|
)
|
|
|
7,525
|
|
Provision for impairment of long–lived assets
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,803
|
|
Other net
|
|
|
(765
|
)
|
|
|
(513
|
)
|
|
|
(1,352
|
)
|
|
|
3,326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in operating assets -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other accounts receivable
|
|
|
(32,057
|
)
|
|
|
22,496
|
|
|
|
(68,235
|
)
|
|
|
51,970
|
|
Inventories
|
|
|
(8,598
|
)
|
|
|
(12,810
|
)
|
|
|
(6,777
|
)
|
|
|
11,656
|
|
Income tax credit
|
|
|
6,219
|
|
|
|
5,570
|
|
|
|
24,220
|
|
|
|
5,390
|
|
Prepaid expenses
|
|
|
3,809
|
|
|
|
4,543
|
|
|
|
(3,115
|
)
|
|
|
7,242
|
|
Increase (decrease) in operating liabilities -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other accounts payable
|
|
|
38,245
|
|
|
|
(17,892
|
)
|
|
|
21,908
|
|
|
|
(35,210
|
)
|
Provisions
|
|
|
(12,621
|
)
|
|
|
5,845
|
|
|
|
(4,196
|
)
|
|
|
(26,749
|
)
|
Income tax payable
|
|
|
594
|
|
|
|
(305
|
)
|
|
|
-
|
|
|
|
(947
|
)
|
Proceeds from dividends
|
|
|
3,142
|
|
|
|
1,816
|
|
|
|
139,926
|
|
|
|
4,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents provided by operating activities
|
|
|
69,593
|
|
|
|
18,151
|
|
|
|
275,003
|
|
|
|
99,521
|
|
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: October 28, 2016
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