Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or
“the Company”) (NYSE:BVN; Lima Stock Exchange:BUE.LM), Peru’s
largest publicly-traded precious metals mining company, today
announced results for the second quarter (2Q17) and six-month
(6M17) period ended June 30, 2017. 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 2017 Highlights:
- In 2Q17, EBITDA from direct operations
was US$56.5 million; a 48% decrease compared to US$108.3 million
reported in 2Q16. 2Q17 Adjusted EBITDA (including associated
companies) reached US$ 110.2 million; a 40% decrease compared to
US$ 183.6 million in 2Q16.
- Total attributable production in 2Q17
was 145k gold ounces and 6.7 million silver ounces, compared to
153k gold ounces and 6.0 million silver ounces in 2Q16.
- Production remained in line with the
annual budget at most of the Company’s mines.
- Tambomayo showed a steady improvement
in the ramp up process.
- El Brocal reported its third
consecutive quarter of positive operating performance and financial
results despite challenges at the mill engine (20x30)
- At Cerro Verde, the syndicated loan has
been refinanced with subsequent repayment of the shareholder´s
loan.
Financial Highlights (in millions of US$, except EPS
figures):
2Q17 2Q16
Var% 6M17
6M16 Var% Total Revenues
256.7 285.3
-10%
535.0 512.6
4%
Operating Profit 19.8 60.5
-67% 42.9 73.6
-42% EBITDA Direct Operations
56.5 108.3
-48%
137.3 170.3
-19%
Adjusted EBITDA (Inc Associates) 110.2
183.6
-40% 288.3
326.7
-12% Net Income
-6.2 55.5
N.A.
64.5 107.0
-40%
EPS* -0.02 0.22
N.A. 0.25 0.42
-40%
(*) as of June 30, 2017 Buenaventura had a weighted average
number of shares outstanding of 253,986,867.
Operating Revenues
During 2Q17, net sales were US$252.1 million; a 10% decrease
compared to US$279.4 million reported in 2Q16. This result was
primarily due to a decrease in silver prices as well as to a lower
volume of gold sold.
Royalty income decreased 21%; from US$5.9 million in 2Q16 to
US$4.6 million in 2Q17 due to a 21% sequential decrease in revenues
at Yanacocha.
Operating Highlights 2Q17
2Q16 Var% 6M17
6M16 Var% Net
Sales
(in millions of US$)
252.1 279.4
-10%
524.9 500.1
5%
Average Realized Gold Price (US$/oz) (1) (2)
1,265 1,275
-1%
1,248 1,242
0% Average
Realized Gold Price (US$/oz) inc. Affiliates (3)
1,256 1,268
-1%
1,236 1,232
0% Average
Realized Silver Price (US$/oz) (1) (2)
16.75 17.80
-6%
16.70 16.14
3% Average
Realized Lead Price (US$/MT) (1) (2) 2,199
1,783
23% 2,245
1,783
26% Average
Realized
Zinc Price (US$/MT) (1)
(2)
2,644 2,112
25%
2,781 1,894
47%
Average Realized Copper Price (US$/MT) (1) (2)
5,446 4,754
15%
5,719 4,587
25%
Volume Sold 2Q17
2Q16 Var%
6M17 6M16 Var%
Consolidated Gold Oz1 82,582
92,752
-11% 160,919
173,741
-7% Gold Oz inc
Associated Companies 3 147,996
174,827
-15% 303,058
346,917
-13% Consolidated
Silver Oz 1 5,390,786
5,634,615
-4% 11,390,394
10,949,395
4% Consolidated Lead
MT 1 9,401 7,669
23% 19,120 14,236
34% Consolidated Zinc MT 1
14,198 15,484
-8%
30,889 27,826
11%
Consolidated Copper MT 1 10,050
10,572
-5% 19,879
21,670
-8% (1) Buenaventura’s
Direct Operations includes 100% of Buenaventura’s operating units,
100% of La Zanja and 100% of El Brocal. (2) The realized price
considers the adjustments of quotational periods. (3) Considers
100% of Buenaventura’s operating units, 100% of La Zanja, 100% of
El Brocal, 40.095% of Coimolache and 43.65% of Yanacocha.
Production and Operating Costs
In 2Q17, Buenaventura’s gold equity production from direct
operations was 79,330; a 7% decrease (84,997 gold ounces) as
compared to 2Q16. In 2Q17, gold production including associated
companies was 144,804 ounces; a 5% decrease as compared to the same
period in 2016. This decline is due to a decrease in production at
La Zanja, Coimolache and Yanacocha mines; these three mines are
located in northern Peru and were affected by heavy rains
associated with the Coastal El Niño. This was partially offset by
initial contribution by Tambomayo in the amount of 12,454 gold
ounces. Silver and lead equity production increased during 2Q17
compared to 2Q16 primarily due to increased production at
Uchucchacua (10% QoQ) and El Brocal (103% QoQ).
Buenaventura´s 6M17 gold equity production from direct
operations decreased by 14% compared to the figure reported in
6M16. Silver equity production from direct operations in 6M17 was
4% higher compared to 6M16, this was mainly due to higher
production coming from the Uchuchacua (3%) and El Brocal (101%)
mines. Buenaventura´s zinc equity production increased 11% in 6M17
compared to 6M16. This increase is explained by higher production
from the Uchuchacua (34%) and El Brocal (23%) mines.
Equity Production 2Q17
2Q16 Var% 6M17
6M16 Var% Gold Oz
Direct Operations(1) 79,330
84,997
-7% 142,424
164,709
-14% Gold Oz including
Associated(2) Companies 144,804
152,884
-5%
280,497 311,317
-10% Silver
Oz Direct Operations(1) 6,389,751
5,737,314
11% 12,215,489
11,734,124
4% Silver Oz
including Associated Companies 6,745,235
5,976,999
13% 12,931,320
12,190,679
6% Lead MT
9,405 7,065
33%
17,497 14,047
25%
Zinc MT 12,712 12,573
1% 27,133 22,644
20% Copper MT Direct Operations(1)
6,377 6,911
-8%
13,276 13,370
-1%
Copper MT including Associated Companies
29,495 31,609
-7%
59,645 62,233
-4%
Consolidated Production 2Q17
2Q16 Var%
6M17 6M16 Var%
Gold Oz(3) 95,889 89,038
8% 176,169 173,292
2% Silver Oz(3)
6,796,606 5,886,953
15%
13,058,871 12,043,971
8%
Lead MT(3) 11,482 8,337
38% 21,802 16,520
32% Zinc MT(3)
17,418 18,247
-5%
38,377 32,652
18% Copper
MT(3) 10,364 11,751
-12% 21,578 23,169
-7% (1) Buenaventura’s Direct Operations
includes 100% of Buenaventura’s operating units, 53.06% of La Zanja
and 61.32% of El Brocal. (2) Consider 100% of Buenaventura´s
operating units, 53.06% of La Zanja, 61.32% of el Brocal, 40.095%
of Coimolache and 43.65% of Yanacocha. (3) Considers 100% of
Buenaventura’s operating units, 100% of La Zanja and 100% of El
Brocal.
Orcopampa (100% owned by Buenaventura)
Production 2Q17
2Q16 Var% 6M17
6M16 Var% Gold Oz 46,917
47,826
-2% 89,248 91,962
-3% Silver Oz 123,146 166,186
-26% 263,241 313,600
-16%
Cost Applicable to Sales
2Q17 2Q16
Var% 6M17 6M16
Var% Gold US$/Oz 768 704
9% 774 696
11%
Gold production at Orcopampa in 2Q17 was in line with 2Q16. Cost
Applicable to Sales (CAS) in 2Q17 increased 9%, to 768 US$/Oz,
compared to 704 US$/Oz in 2Q16, mainly due to a power transformer
failure which temporarily impacted power supply, requiring a
thermoelectric generator (TEG), also resulting in extraordinary
expenses (fuel consumption and special services) which will be
partially offset by insurance compensation.
Gold production guidance for 2017 is 190k – 200k ounces.
Uchucchacua (100% owned by Buenaventura)*
Production 2Q17
2Q16 Var% 6M17
6M16 Var% Silver Oz
4,311,194 3,921,199
10%
8,332,916 8,083,174
3% Zinc
MT 2,949 1,890
56% 4,831
3,615
34% Lead MT
4,000 2,591
54% 6,794 5,097
33%
Cost
Applicable to Sales 2Q17
2Q16 Var% 6M17
6M16 Var% Silver US$/Oz
10.66 11.11
-4% 10.81
10.75
1%
Silver production in 2Q17 increased 10% quarter on quarter, due
to a 16% sequential increase in ore treated (see Appendix 2). Cost
Applicable to Sales (CAS) in 2Q17 (10.66 US$/Oz) increased 4%
compared to 2Q16 (11.11 US$/Oz), mainly due to a decrease
commercial deductions and an increase in by-product contribution
increase volume of lead & zinc sold.
Silver production guidance for 2017 is 17.0 million – 18.0
million ounces; this represents a 1.0 million ounce increase to the
initial guidance.
*Includes a pilot production of 82,525 Ag Oz, 82 Zn MT and 71 Pb
MT from Uchucchacua´s material treated at Mallay´s processing
plant.
Mallay (100% owned by Buenaventura)
Production 2Q17
2Q16 Var% 6M17
6M16 Var% Silver Oz
380,369 431,346
-12% 700,742
839,964
-17% Zinc MT
2,244 2,632
-15% 4,418
5,396
-18% Lead MT 1,374
1,873
-27% 2,696 3,942
-32%
Cost Applicable
to Sales 2Q17
2Q16 Var% 6M17
6M16 Var% Silver US$/Oz
14.10 12.57
12% 13.65
12.27
11%
Mallay silver, lead and zinc production were lower in 2Q17 in
order to accommodate the pilot production of Uchucchacua´s ore.
Silver production guidance for 2017 from Mallay´s mining
operation is 1.0 million – 1.3 million ounces to permit the
treatment of Uchucchacua´s ore (more value).
Julcani (100% owned by Buenaventura)
Production 2Q17
2Q16 Var% 6M17
6M16 Var% Silver Oz
647,883 837,937
-23% 1,314,118
1,690,989
-22%
Cost Applicable to Sales
2Q17 2Q16 Var%
6M17 6M16 Var% Silver
US$/Oz 17.85 11.40
57%
14.79 11.05
34%
Silver production in 2Q17 was 23% lower than the production
reported in 2Q16; primarily due to a decrease in ore treated (12%
QoQ) and lower ore grades (13% QoQ). Cost Applicable to Sales (CAS)
in 2Q17 (17.85 US$/Oz) was 57% higher than 2Q16 (11.40 US$/Oz),
primarily explained by lower productivity due to the change in the
mining procedures for enhanced safety, resulting in an increase in
mining support expenses. This temporary issue will be addressed
through high grade production and controlled volumes for the
subsequent quarters.
Silver production guidance for 2017 is 2.6 million – 2.8 million
ounces.
La Zanja (53.06% owned by Buenaventura)
Production 2Q17
2Q16 Var% 6M17
6M16 Var% Gold Oz
30,647 35,384
-13% 62,902 69,577
-10% Silver Oz 61,878
49,468
25% 130,810 108,703
20%
Cost
Applicable to Sales 2Q17
2Q16 Var% 6M17
6M16 Var% Gold US$/Oz
802 533
25% 762 535
21%
Gold production in 2Q17 decreased by 13% quarter on quarter, but
remains in line with the mine production plan. Cost Applicable to
Sales (CAS) in 2Q17 (802 US$/Oz) increased by 25% compared to 2Q16
(533 US$/Oz), mainly due to i) increased reagent consumption
(associated with higher volumes of water treated due to heavy rains
associated with the Coastal El Niño), ii) a 32% sequential decrease
in ounces sold and iii) lower ore grades.
Gold production guidance for 2017 is 115k – 125k ounces.
Tantahuatay (40.10% owned by Buenaventura)
Production 2Q17
2Q16 Var% 6M17
6M16 Var% Gold Oz
31,725 36,733
-14% 62,970 71,295
-12% Silver Oz 172,943
180,578
-4% 306,217 424,568
-28%
Cost
Applicable to Sales 2Q17
2Q16 Var% 6M17
6M16 Var% Gold US$/Oz
469 469
0% 466 449
4%
Gold production in 2Q17 decreased 14% quarter on quarter, but
remains in line with the mine production plan of a strong 2H17 with
higher grades coming from Cienaga Norte. Cost Applicable to Sales
(CAS) in 2Q17 was in line with the figure reported in 2Q16.
Gold production guidance for 2017 is 145k – 155k ounces
El Brocal (61.32% owned by Buenaventura)
Production 2Q17
2Q16 Var% 6M17
6M16 Var% Copper MT
10,308 11,677
-12% 21,463
23,020
-7% Zinc MT 12,166
13,725
-11% 29,069 23,641
23% Silver Oz 976,757
480,818
103% 2,021,665 1,007,541
101%
Cost Applicable
to Sales 2Q17
2Q16 Var% 6M17
6M16 Var% Copper US$/MT
4,864 4,815
1% 4,870
4,808
1% Zinc US$/MT
1,838 1,688
9% 1,914 1,610
19%
Copper production in 2Q17 decreased 12% compared to 2Q16 mainly
due to a decrease of ore treated and lower ore grades. In 2Q17 zinc
production decreased 11% compared to 2Q16 mainly due to less ore
treated and lower ore grades.
In 2Q17, zinc Cost Applicable to Sales (CAS) increased 9%
quarter on quarter, mainly due to higher commercial deductions
triggered by a 28% sequential increase in zinc prices which
triggered the treatment charge (TC) escalator. Copper CAS in 2Q17
was in line with the figure reported in 2Q16.
Zinc production guidance for 2017 is 50k – 60k MT, while copper
production guidance for 2017 is 55k – 65k MT.
Among the Company’s achievements at El Brocal, it’s important to
note an improved metallurgical performance which resulted in: a) a
90% increase (QoQ) in the silver recovery rate in the lead
concentrate, with a 27% sequential reduction of the silver recovery
rate from the zinc concentrate (better silver payments); b) a 5%
sequential increase in the lead recovery from the lead concentrate;
and c) 5% sequential increase in the copper recovery rate from the
copper concentrate.
General and Administrative Expenses
2Q17 General and Administrative expenses were US$18.3 million;
an 8% year-on-year decrease, from US$19.8 million in 2Q16,
primarily due to savings in administrative expenses resulting from
initial synergies between Buenaventura and El Brocal which will end
next year.
Exploration in Non-Operating Areas
2Q17 Exploration costs in Non-Operating Areas were US$5.5
million compared with US$5.0 million in 2Q16. During the period,
Buenaventura primarily focused its exploration efforts on the
Marcapunta Norte (US$0.81 million) and San Gabriel projects
(US$0.36 million).
Share in Associated Companies
During 2Q17, Buenaventura’s share in associated companies was
US$44.9 million, compared to US$28.4 million reported in 2Q16,
comprised of:
Share in the Result of Associates
(in millions of US$)
2Q17 2Q16
Var % 6M17 6M16
Var % Cerro Verde 20.4
15.8
29% 56.4
34.8
62% Coimolache 3.7
6.4
-42% 8.0
12.1
-34% Yanacocha
(27.2) (1.5)
1676%
(22.6) 2.2
N.A.
Total -3.1 20.7
N.A. 41.8
49.1 -15%
YANACOCHA
At Yanacocha (43.65% owned by Buenaventura), 2Q17 gold
production was 120,856 ounces (52,754 ounces attributable to
Buenaventura); a 22% decrease as compared to the 155,524 ounces
(67,886 ounces attributable to Buenaventura) produced in 2Q16.
Gold production guidance at Yanacocha for 2017 is 530k – 560k
ounces.
In 2Q17, Yanacocha reported a net loss of US$62.2 million,
compared to a net loss of US$3.5 million reported in 2Q16.
CAS in 2Q17 was US$1,129/oz; a 43% increase as compared to the
US$790/oz reported in 2Q16 mainly due to higher mining cost per
ton, milling cost per ton and leaching cost.
The Quecher Main project engineering (oxide deposit) is the
process of being developed, a decision to progress is expected in
2H17. In the case of Yanacocha Sulfides, technical and economic
viability studies have been progressing, with an updated report
expected in 2H17.
Capital expenditures at Yanacocha were US$10.9 million in
2Q17.
CERRO VERDE
At Cerro Verde (19.58% owned by Buenaventura), 2Q17 copper
production was 118,071 MT (23,118 MT attributable to Buenaventura),
a 6% decrease compared to 2Q16 (126,143 MT and 24,699 MT
attributable to Buenaventura).
During 2Q17, Cerro Verde reported a net income of US$104.1
million compared to net income of US$80.8 million in 2Q16. This
increase was primarily due to a higher realized price (US$2.62/Lb
in 2Q17 compared to US$2.15/Lb in 2Q16).
Capital expenditures at Cerro Verde were US$37.8 million in
2Q17.
Copper production guidance at Cerro Verde for 2017 is 500k MT –
550k MT.
COIMOLACHE (Tantahuatay operation)
At Coimolache (40.10% owned by Buenaventura), 2Q17 attributable
contribution to net income was US$3.7 million (US$5.7 million in
2Q16).
Project Development and Exploration
The Tambomayo Ramp up Process (100% ownership)
- 2Q17 results:
- Gold ounces: 12,454
- Silver ounces 295,379
- CAS: 723 US$/Oz Au
- Full capacity expected by 3Q17.
- 2017 Production Guidance of 60k – 90k
Au Oz.
The San Gabriel Project (100% ownership)
- Geomechanical studies in progress to
complete:
- Mining method and rock support
analysis
- Metallurgical test to optimize
processing plant design and recovery rate
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 2016 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, 2017)
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
APPENDIX 2
GOLD PRODUCTION
2Q17 2Q16
% 6M17
6M16 % Mining Unit
Operating Results Underground Orcopampa
Ore Milled DMT 121,984 118,341
3% 236,469 228,930
3% Ore Grade OZ/MT 0.39 0.40
-3% 0.38 0.40
-5%
Recovery Rate % 97.0% 94.9%
2% 96.9% 95.5%
1%
Ounces Produced* 46,917
47,826
-2% 89,248
91,962
-3% Mining Unit
Operating Results Open Pit La Zanja
Ounces Produced 30,647 35,384 -13% 62,902 69,577 -10% Tantahuatay
Ounces Produced 31,725
36,733 -14% 62,970 71,295
-12% * Includes ounces from retreatment of taling
dams
SILVER PRODUCTION
2Q17 2Q16
% 6M17 6M16
% Mining Unit Operating
Results Underground Uchucchacua Ore Milled
DMT 353,236 304,241
16%
686,113 622,623
10% Ore
Grade OZ/MT 14.81 15.37
-4% 14.60 15.49
-6% Recovery
Rate % 82.4% 83.9%
-2% 83.2% 83.8%
-1%
Ounces Produced 4,311,194
3,921,199
10% 8,332,916
8,083,174
3% Julcani Ore Milled DMT
38,587 43,796
-12% 76,929 88,778
-13% Ore Grade OZ/MT
17.40 19.97
-13% 17.66 19.91
-11% Recovery Rate %
96.5% 95.8%
1% 96.7% 95.7%
1%
Ounces Produced 647,883 837,937
-23% 1,314,118 1,690,989
-22% Mallay Ore Milled DMT 54,558 52,413
4% 103,940 100,959
3% Ore Grade OZ/MT 7.84 8.95
-12% 7.46 8.97
-17% Recovery Rate % 88.9% 92.0%
-3% 90.4% 92.8%
-3% Ounces
Produced 380,369 431,346
-12% 700,742 839,964
-17% Mining Unit Operating
Results Open Pit Colquijirca
Ounces Produced 755,230 302,623
150% 1,568,228 660,322
137%
ZINC PRODUCTION
2Q17
2Q16 % 6M17
6M16 % Mining Unit
Operating Results Underground
Uchucchacua Ore Milled DMT 353,236 304,241
16% 686,113 622,623
10% Ore Grade % 1.71% 1.17%
46% 1.48%
1.15%
28% Recovery Rate % 48.67% 52.9%
-8% 47.3%
50.2%
-6% MT Produced
2,949 1,890
56%
4,831 3,615
34% Mallay Ore
Milled DMT 54,558 52,413
4% 103,940 100,959
3% Ore
Grade % 4.7% 5.7%
-18% 4.82% 6.10%
-21% Recovery Rate
% 88.0% 88.2%
0% 88.1% 87.6%
1%
MT Produced 2,220 2,632
-16% 4,418 5,396
-18% Mining Unit Operating
Results Open Pit Colquijirca
MT Produced 12,166 13,725
-11% 29,069 23,641
23%
APPENDIX 3: EBITDA Reconciliation (in thousand US$)
2Q17
2Q16 6M17 6M16 Net
Income -5,739 58,473
70,511 109,721
Add / Substract:
62,262 49,834
66,757 60,618 Provision for income tax,
net 12,492 14,197 9,033
7,408 Share in associated companies by the equity
method, net 3,055 -20,675
-41,809 -49,072 Provision for contingencies
-666 -1,087 11,816
-202 Interest income -1,182 -1,965
-2,473 -4,312 Interest expense
8,257 7,694 15,469
15,674 Loss on currency exchange difference -1,212
891 -4,215 -5,488 Long
Term Compensation provision 0 590
-4 590 Depreciation and Amortization
36,826 45,842 81,135
92,680 Workers´ participation provision
608 2,418 1,444 3,694
Impairment of long-term lived assets 0
0 0 0 Write-Down adjustment
0 0 0 0 Loss from
discontinued operations 4,084 1,929
-3,639 -354
EBITDA Buenaventura
Direct Operations 56,523
108,307 137,268
170,339 EBITDA Yanacocha (43.65%)
-12,543 20,221 413 45,625
EBITDA Cerro Verde (19.58%) 56,333
46,315 132,096 94,548
EBITDA
Coimolache (40.095%) 9,838 8,774
18,510 16,203
EBITDA Buenaventura +
All Associates 110,151
183,617 288,287
326,715
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.
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.
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 6 months ended June 30
2017 2016 2017 2016 (in thousands of
US$) Consolidated Cost of sales excluding depreciation and
amortization 136,414 126,383 277,734 241,793
Add:
Consolidated Exploration in units in operation 21,541 22,105 41,202
41,221 Consolidated Commercial deductions 56,663 59,375 122,818
113,717 Consolidated Selling expenses 5,854 5,342 10,167 10,115
Consolidated Cost applicable to sales 220,472
213,205 451,921 406,846 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 June 30
For the 6 months ended June 30
2017 2016 2017 2016
Cost of sales by
mine and mineral
(in thousands of US$) Julcani, Gold -19 5 -13 5 Julcani,
Silver 3,888 5,077 11,664 9,082 Julcani, Lead 516 498 1,138 885
Julcani, Copper 40 21 82 49 Mallay, Gold 93 245 193 364 Mallay,
Silver 2,635 2,577 5,015 4,668 Mallay, Lead 1,328 1,230 2,808 2,525
Mallay, Zinc 2,790 1,872 4,873 3,381 Orcopampa, Gold 23,870 20,761
47,840 42,532 Orcopampa, Silver 1,081 959 2,231 2,040 Orcopampa,
Copper 59 0 79 6 Uchucchacua, Gold 32 31 52 48 Uchucchacua, Silver
24,465 24,885 50,566 46,443 Uchucchacua, Lead 2,508 1,363 4,994
2,670 Uchucchacua, Zinc 2,203 1,047 3,759 1,931 Tambomayo, Gold
3,149 0 3,149 0 Tambomayo, Silver 716 0 716 0 La Zanja, Gold 24,190
24,049 47,158 41,767 La Zanja, Silver 658 398 1,345 834 El Brocal,
Gold 1,739 1,805 3,136 3,769 El Brocal, Silver 4,660 2,429 9,571
5,131 El Brocal, Lead 4,055 2,262 8,047 4,419 El Brocal, Zinc 9,819
10,684 23,425 17,974 El Brocal, Copper 20,279 21,485 39,778 45,595
Non Mining Units 1,662 2,702 6,127 5,676
Consolidated Cost of
sales, excluding depreciation and amortization 136,414
126,383 277,734 241,793 Set forth below
is a reconciliation of Exploration expenses in units in operation
(by mine and mineral) to consolidated Exploration expenses in
mining units:
For the 3 months ended June 30
For the 6 months ended June 30
2017 2016 2017 2016
Exploration
expenses in units in operation by mine and mineral
(in thousands of US$) Julcani, Gold -12 3 -6 3 Julcani,
Silver 2,443 2,602 5,517 4,813 Julcani, Lead 324 255 538 469
Julcani, Copper 25 11 39 26 Mallay, Gold 32 89 63 130 Mallay,
Silver 924 940 1,644 1,668 Mallay, Lead 465 449 921 902 Mallay,
Zinc 978 683 1,598 1,208 Orcopampa, Gold 8,481 9,392 17,056 17,579
Orcopampa, Silver 384 434 795 843 Orcopampa, Copper 21 0 28 2
Uchucchacua, Gold 7 8 10 13 Uchucchacua, Silver 5,611 6,598 10,078
12,335 Uchucchacua, Lead 575 361 995 709 Uchucchacua, Zinc 505 277
749 513 Tambomayo, Gold 333 0 333 0 Tambomayo, Silver 76 0 76 0 La
Zanja, Gold 357 3 746 7 La Zanja, Silver 10 0 21 0 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
21,541 22,105 41,202 41,221 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 June 30
For the 6 months ended June 30
2017 2016 2017 2016
Commercial
Deductions in units in operation by mine and mineral
(in thousands of US$) Julcani, Gold -2 1 -2 1 Julcani,
Silver 575 1,435 1,917 2,870 Julcani, Lead 71 140 184 275 Julcani,
Copper 7 7 15 18 Mallay, Gold 26 80 64 124 Mallay, Silver 661 1,149
1,569 2,259 Mallay, Lead 334 550 886 1,231 Mallay, Zinc 701 1,302
1,882 2,672 Orcopampa, Gold 268 48 367 150 Orcopampa, Silver 63 0
95 16 Orcopampa, Copper 10 0 14 1 Uchucchacua, Gold 10 12 17 18
Uchucchacua, Silver 7,845 10,384 17,471 19,640 Uchucchacua, Lead
788 561 1,698 1,129 Uchucchacua, Zinc 2,452 1,431 3,996 2,743
Tambomayo, Gold 3 0 3 0 Tambomayo, Silver 0 0 0 0 La Zanja, Gold 52
107 115 165 La Zanja, Silver 1 7 2 8 El Brocal, Gold 2,418 2,408
4,457 4,602 El Brocal, Silver 3,536 2,092 7,714 4,120 El Brocal,
Lead 2,340 1,266 5,133 2,321 El Brocal, Zinc 7,556 8,599 20,948
13,954 El Brocal, Copper 26,950 27,796 54,274 55,401 Non Mining
Units 0 0 0 0
Consolidated Commercial deductions in units in
operation 56,663 59,375 122,818
113,717 Set forth below is a reconciliation of
Selling expenses (by mine and mineral) to consolidated Selling
expenses:
For the 3 months ended June 30
For the 6 months ended June 30
2017 2016 2017 2016
Selling expenses
by mine and mineral
(in thousands of US$) Julcani, Gold -1 0 0 0 Julcani, Silver
129 207 234 385 Julcani, Lead 17 20 23 38 Julcani, Copper 1 1 2 2
Mallay, Gold 5 17 10 26 Mallay, Silver 150 176 253 337 Mallay, Lead
75 84 141 182 Mallay, Zinc 159 128 245 244 Orcopampa, Gold 284 161
438 320 Orcopampa, Silver 13 7 20 15 Orcopampa, Copper 1 0 1
0
Uchucchacua, Gold 1 2 2
2
Uchucchacua, Silver 989 1,214 1,668 2,023 Uchucchacua, Lead 101 67
165 116 Uchucchacua, Zinc 89 51 124 84 Tambomayo, Gold 16 0 16 0
Tambomayo, Silver 4 0 4 0 La Zanja, Gold 331 269 505 486 La Zanja,
Silver 9 4 14 10 El Brocal, Gold 129 131 196 251 El Brocal, Silver
345 176 598 342 El Brocal, Lead 300 164 503 294 El Brocal, Zinc 727
776 1,464 1,197 El Brocal, Copper 1,501 1,560 2,486 3,036 Non
Mining Units 477 127 1,057 725
Consolidated Selling expenses
5,854 5,342 10,167 10,115
JULCANI 2Q 2017 2Q 2016 6M
2017 6M 2016 GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC
(MT) COPPER (MT) TOTAL 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) -19 3,888 516 - 40 4,425 5 5,077
498 - 21 5,600 Cost of Sales (without D&A) (US$000) -13 11,664
1,138 - 82 12,871 5 9,082 885 - 49 10,021
Add: Add:
Exploration Expenses (US$000) -12 2,443 324 - 25 2,781 3 2,602 255
- 11 2,871 Exploration Expenses (US$000) -6 5,517 538 - 39 6,088 3
4,813 469 - 26 5,311 Commercial Deductions (US$000) -2 575 71 - 7
650 1 1,435 140 - 7 1,583 Commercial Deductions (US$000) -2 1,917
184 - 15 2,113 1 2,870 275 - 18 3,165 Selling Expenses (US$000) -1
129.16 17.15 - 1 147 0.21 206.79 20.27 - 0.84 228 Selling Expenses
(US$000) -0 234 23 - 2 258 0 385 38 - 2 425
Cost Applicable to
Sales (US$000) -34 7,035 929 -
72 8,003 9 9,321 913 -
39 10,282 Cost Applicable to Sales (US$000)
-22 19,332 1,883 - 137
21,330 9 17,151 1,666 -
96 18,922 Divide: Divide: Volume Sold 4
394,077 291 - 9 Not Applicable 11 817,511 787 - 13 Not Applicable
Volume Sold 8 1,306,733 883 - 25 Not Applicable 11 1,551,735 1,365
- 31
Not Applicable
CAS - 17.85 3,189 - 8,103
Not Applicable 812 11.40 1,160 -
3,015 Not Applicable CAS - 14.79
2,134 - 5,536
Not Applicable
847 11.05 1,220 - 3,057
Not Applicable
MALLAY 2Q 2017 2Q 2016 6M 2017 6M
2016 GOLD (OZ) SILVER (OZ) LEAD
(MT) ZINC (MT) COPPER (MT) TOTAL GOLD
(OZ) SILVER (OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL 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) 92.53 2,635 1,328 2,790 - 6,845 245
2,577 1,230 1,872 - 5,923 Cost of Sales (without D&A) (US$000)
193 5,015 2,808 4,873 - 12,889 364 4,668 2,525 3,381 - 10,938
Add: Add: Exploration Expenses (US$000) 32.43 924 465
978 - 2,399 89 940 449 683 - 2,161 Exploration Expenses (US$000) 63
1,644 921 1,598 - 4,226 130 1,668 902 1,208 - 3,909 Commercial
Deductions (US$000) 26 661 334 701 - 1,721 80 1,149 550 1,302 -
3,081 Commercial Deductions (US$000) 64 1,569 886 1,882 - 4,401 124
2,259 1,231 2,672 - 6,285 Selling Expenses (US$000) 5.26 150 75 159
- 389 17 176 84 128 - 404 Selling Expenses (US$000) 10 253 141 245
- 649 26 337 182 244 - 790
Cost Applicable to Sales (US$000)
156 4,369 2,202 4,627 -
11,354 430 4,842 2,312 3,985
- 11,569 Cost Applicable to Sales (US$000)
331 8,480 4,756 8,598 -
22,165 644 8,932 4,841 7,506
- 21,922 Divide: Divide: Volume Sold
152 309,975 1,236 2,169 - Not Applicable 459 385,120 1,771 2,231 -
Not Applicable Volume Sold 345 621,133 2,512 3,640 - Not Applicable
699 727,710 3,570 4,526 - Not Applicable
CAS 1,027
14.10 1,782 2,133 - Not
Applicable 937.10 12.57 1,305 1,786
- Not Applicable CAS 960 13.65
1,893 2,362 -
Not Applicable
921 12.27 1,356 1,658 -
Not Applicable
ORCOPAMPA 2Q 2017 2Q 2016 6M 2017 6M
2016 GOLD (OZ) SILVER (OZ) LEAD
(MT) ZINC (MT) COPPER (MT) TOTAL GOLD
(OZ) SILVER (OZ) LEAD (MT) ZINC (MT)
COPPER (MT) TOTAL 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) 23,870 1,081 - - 59 25,010 20,761 959 -
- - 21,720 Cost of Sales (without D&A) (US$000) 47,840 2,231 -
- 79 50,150 42,532 2,040 - - 6 44,578
Add: -
Add:
Exploration Expenses (US$000) 8,481 384 - - 21 8,886 9,392 434 - -
- 9,826 Exploration Expenses (US$000) 17,056 795 - - 28 17,879
17,579 843 - - 2 18,424 Commercial Deductions (US$000) 268 63 - -
10 341 48 - - - - 48 Commercial Deductions (US$000) 367 95 - - 14
476 150 16 - - 1 167 Selling Expenses (US$000) 284 13 - - 1 298 161
7 - - - 168 Selling Expenses (US$000) 438 20 - - 1 459 320 15 - - 0
335
Cost Applicable to Sales (US$000) 32,903
1,540 - - 91 34,535
30,362 1,400 - - - 31,762
Cost Applicable to Sales (US$000) 65,701 3,142
- - 121 68,964 60,580
2,914 - - 9 63,504
Divide: Divide: Volume Sold 42,821 142,569 - - 24 Not
Applicable 43,130 155,889 - - - Not Applicable Volume Sold 84,921
292,704 - - 31 Not Applicable 87,081 342,097 - - 3 Not Applicable
CAS 768 10.81 - - 3,849
Not Applicable 704 8.98 - -
- Not Applicable CAS 774 10.74
- - 3,944
Not Applicable
696 8.52 - - 3,073
Not Applicable
UCHUCCHACUA 2Q 2017 2Q 2016 6M
2017 6M 2016 GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC
(MT) COPPER (MT) TOTAL 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) 32 24,465 2,508 2,203 - 29,208 31
24,885 1,363 1,047 - 27,326 Cost of Sales (without D&A)
(US$000) 52 50,566 4,994 3,759 - 59,372 48 46,443 2,670 1,931 -
51,092
Add: Add: Exploration Expenses (US$000) 7
5,611 575 505 - 6,699 8 6,598 361 277 - 7,245 Exploration Expenses
(US$000) 10 10,078 995 749 - 11,833 13 12,335 709 513 - 13,570
Commercial Deductions (US$000) 10 7,845 788 2,452 - 11,095 12
10,384 561 1,431 - 12,388 Commercial Deductions (US$000) 17 17,471
1,698 3,996 - 23,182 18 19,640 1,129 2,743 - 23,530 Selling
Expenses (US$000) 1 989 101 89 - 1,181 2 1,214 67 51 - 1,333
Selling Expenses (US$000) 2 1,668 165 124 - 1,958 2 2,023 116 84 -
2,225
Cost Applicable to Sales (US$000) 51
38,910 3,972 5,250 - 48,183
53 43,080 2,353 2,806 -
48,292 Cost Applicable to Sales (US$000) 81
79,783 7,852 8,629 - 96,345
81 80,440 4,625 5,271 -
90,417 Divide: Divide: Volume Sold 37
3,651,304 2,921 2,180 - Not Applicable 68 3,876,108 2,199 1,367 -
Not Applicable Volume Sold 79 7,383,706 5,178 3,298 - Not
Applicable 101 7,484,129 3,990 2,728 - Not Applicable
CAS
1,376 10.66 1,360 2,408 -
Not Applicable
782 11.11 1,070 2,052 -
Not Applicable
CAS 1,036 10.81 1,516 2,617
-
Not Applicable
802 10.75 1,159 1,932 -
Not Applicable
TAMBOMAYO 2Q 2017 2Q 2016 6M
2017 6M 2016 GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC
(MT) COPPER (MT) TOTAL 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) 3,148.76 716 - - - 3,865 Cost of
Sales (without D&A) (US$000) 3,149 716 - - - 3,865
Add:
Add: Exploration Expenses (US$000) 333 76 - - - 409
Exploration Expenses (US$000) 333 76 - - - 409 Commercial
Deductions (US$000) 3 - - - - 3 Commercial Deductions (US$000) 3 -
- - - 3 Selling Expenses (US$000) 16 4 - - - 20 Selling Expenses
(US$000) 16 4 - - - 20
Cost Applicable to Sales (US$000)
3,501 796 - - - 4,297
Cost Applicable to Sales (US$000) 3,501 796
- - - 4,297 Divide:
Divide: Volume Sold 4,840 81,454 - - - Not Applicable
Volume Sold 4,840 81,454 - - - Not Applicable
CAS 723 9.77
- - -
Not Applicable
- - - - -
Not Applicable
CAS 723 9.77 - - -
Not Applicable
- - - - - Not Applicable
LA ZANJA 2Q 2017 2Q 2016 6M
2017 6M 2016 GOLD (OZ) SILVER (OZ)
LEAD (MT) ZINC (MT) COPPER (MT) TOTAL
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC
(MT) COPPER (MT) TOTAL 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) 24,190 658 - - - 24,848 24,049 398
- - - 24,447 Cost of Sales (without D&A) (US$000) 47,158 1,345
- - - 48,503 41,767 834 - - - 42,601
Add: Add:
Exploration Expenses (US$000) 357 10 - - - 367 3 0 - - - 3
Exploration Expenses (US$000) 746 21 - - - 767 7 0 - - - 7
Commercial Deductions (US$000) 52 1 - - - 53 107 7 - - - 114
Commercial Deductions (US$000) 115 2 - - - 117 165 8 - - - 173
Selling Expenses (US$000) 331 9 - - - 340 269 4 - - - 274 Selling
Expenses (US$000) 505 14 - - - 519 486 10 - - - 496
Cost
Applicable to Sales (US$000) 24,931 677 -
- - 25,609 24,428 410 -
- - 24,838 Cost Applicable to Sales
(US$000) 48,523 1,383 - - -
49,905 42,425 851 - - -
43,277 Divide: Divide: Volume Sold 31,105
61,330 - - - Not Applicable 45,856 57,602 - - - Not Applicable
Volume Sold 63,676 128,849 - - - Not Applicable 79,288 126,389 - -
- Not Applicable
CAS 802 11.05 -
- - Not Applicable 533 7.11
- - - Not Applicable CAS
762 10.73 - - -
Not Applicable
535 6.74 - - - Not
Applicable
BROCAL 2Q 2017 2Q 2016
6M 2017 6M 2016 GOLD (OZ) SILVER
(OZ) LEAD (MT) ZINC (MT) COPPER (MT)
TOTAL GOLD (OZ) SILVER (OZ) LEAD (MT)
ZINC (MT) COPPER (MT) TOTAL 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) 1,739 4,660 4,055 9,819
20,279 40,551 1,805 2,429 2,262 10,684 21,485 38,665 Cost of Sales
(without D&A) (US$000) 3,136 9,571 8,047 23,425 39,778 83,957
3,769 5,131 4,419 17,974 45,595 76,887
Add: Add:
Exploration Expenses (US$000) - - - - - - - - - - - - Exploration
Expenses (US$000) - - - - - - - - - - - - Commercial Deductions
(US$000) 2,418 3,536 2,340 7,556 26,950 42,800 2,408 2,092 1,266
8,599 27,796 42,160 Commercial Deductions (US$000) 4,457 7,714
5,133 20,948 54,274 92,526 4,602 4,120 2,321 13,954 55,401 80,397
Selling Expenses (US$000) 129 345 300 727 1,501 3,002 131 176 164
776 1,560 2,808 Selling Expenses (US$000) 196 598 503 1,464 2,486
5,247 251 342 294 1,197 3,036 5,119
Cost Applicable to Sales
(US$000) 4,285 8,541 6,696 18,102
48,730 86,353 4,344 4,698 3,692
20,059 50,841 83,633 Cost Applicable to
Sales (US$000) 7,789 17,884 13,683
45,837 96,538 181,730 8,622
9,592 7,033 33,124 104,032
162,403 Divide: Divide: Volume Sold 3,623
750,077 4,953 9,849 10,018 Not Applicable 3,228 342,385 2,912
11,886 10,560 Not Applicable Volume Sold 7,051 1,575,817 10,547
23,951 19,823 Not Applicable 6,561 717,335 5,310 20,573 21,636 Not
Applicable
CAS 1,183 11.39 1,352
1,838 4,864 Not Applicable 1,346
13.72 1,268 1,688 4,815 Not
Applicable CAS 1,105 11.35 1,297
1,914 4,870
Not Applicable
1,314 13.37 1,324 1,610 4,808
Not Applicable
NON MINING COMPANIES 2Q
2017 2Q 2016 6M 2017 6M 2016
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC
(MT) COPPER (MT) TOTAL GOLD (OZ) SILVER
(OZ) LEAD (MT) ZINC (MT) COPPER (MT)
TOTAL 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) - - - - - 1,662 - - - - - 2,702 Cost of Sales (without
D&A) (US$000) - - - - - 6,127 - - - - - 5,676
Add: -
Add: - Selling Expenses (US$000) - - - - - 477 - - - - - 127
Selling Expenses (US$000) - - - - - 1,057 - - - - - 725 Total
(US$000) - - - - - 2,139 - - - - - 2,829 Total (US$000) - - - - -
7,184 - - - - - 6,401
BUENAVENTURA CONSOLIDATED
2Q 2017 2Q 2016 6M 2017 6M 2016
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC
(MT) COPPER (MT) TOTAL GOLD (OZ) SILVER
(OZ) LEAD (MT) ZINC (MT) COPPER (MT)
TOTAL 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) 53,053 38,103 8,407 14,812 20,378 136,414 46,896 36,325
5,353 13,602 21,506 126,383 Cost of Sales (without D&A)
(US$000) 101,515 81,109 16,987 32,057 39,939 277,734 88,485 68,196
10,499 23,286 45,651 241,793
Add: Add: Exploration
Expenses (US$000) 9,199 9,448 1,365 1,483 46 21,541 9,495 10,574
1,065 960 11 22,105 Exploration Expenses (US$000) 18,202 18,132
2,454 2,347 67 41,202 17,731 19,660 2,081 1,721 29 41,221
Commercial Deductions (US$000) 2,775 12,680 3,533 10,709 26,967
56,663 2,657 15,067 2,516 11,333 27,802 59,375 Commercial
Deductions (US$000) 5,021 28,768 7,901 26,826 54,302 122,818 5,060
28,913 4,955 19,368 55,420 113,717 Selling Expenses (US$000) 766
1,639 494 975 1,503 5,854 579 1,785 335 955 1,561 5,342 Selling
Expenses (US$000) 1,166 2,791 832 1,833 2,488 10,167 1,085 3,111
630 1,525 3,038 10,115
Cost Applicable to Sales (US$000)
65,794 61,869 13,799 27,978
48,894 220,472 59,627 63,751
9,269 26,850 50,880 213,205 Cost
Applicable to Sales (US$000) 125,904 130,799
28,174 63,064 96,796 451,921
112,362 119,880 18,165 45,900
104,137 406,846 Divide: Divide: Volume
Sold 82,582 5,390,786 9,401 14,198 10,050 Not Applicable 92,752
5,634,615 7,669 15,484 10,572 Not Applicable Volume Sold 160,919
11,390,394 19,120 30,889 19,879 Not Applicable 173,741 10,949,395
14,236 27,826 21,670 Not Applicable
CAS 797
11.48 1,468 1,971 4,865 Not
Applicable 643 11.31 1,209 1,734
4,812 Not Applicable CAS 782
11.48 1,474 2,042 4,869 Not
Applicable 647 10.95 1,276 1,650
4,806 Not Applicable
COIMOLACHE 2Q
2017 2Q 2016 6M 2017 6M 2016
GOLD (OZ) SILVER (OZ) LEAD (MT) ZINC
(MT) COPPER (MT) TOTAL GOLD (OZ) SILVER
(OZ) LEAD (MT) ZINC (MT) COPPER (MT)
TOTAL 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) 14,565 1,145 - - - 15,710 13,952 993 - - - 14,945 Cost of
Sales (without D&A) (US$000) 28,095 1,962 - - - 30,057 26,374
2,100 - - - 28,474
Add: Add: Exploration Expenses
(US$000) 256 20 - - - 276 2,756 196 - - - 2,952 Exploration
Expenses (US$000) 503 35 - - - 538 3,950 315 - - - 4,265 Commercial
Deductions (US$000) 55 17 - - - 73 190 17 - - - 207 Commercial
Deductions (US$000) 226 26 - - - 252 320 33 - - - 353 Selling
Expenses (US$000) 169 13 - - - 182 270 19 - - - 289 Selling
Expenses (US$000) 327 23 - - - 350 512 41 - - - 553
Cost
Applicable to Sales (US$000) 15,045 1,196
- - - 16,241 17,167 1,225
- - - 18,392 Cost Applicable to
Sales (US$000) 29,151 2,046 - -
- 31,197 31,157 2,488 - -
- 33,645 Divide: Divide: Volume Sold
32,103 184,622 - - - Not Applicable 36,596 191,812 - - - Not
Applicable Volume Sold 62,596 308,518 - - - Not Applicable 69,404
430,003 - - - Not Applicable
CAS 469 6.48
- - - Not Applicable 469
6.39 - - - Not Applicable
CAS 466 6.63 - - -
Not Applicable
449 5.79 - - - Not
Applicable
APPENDIX 5: ALL-IN SUSTAINING COST
Buenaventura All-in
Sustaining Cost for 2Q17 Buenaventura1
La Zanja
Tantahuatay Attributable 2
2Q17
2Q17
2Q17
2Q17
Au Ounces Sold BVN 47,854 Au Ounces bought from La Zanja Au Ounces
Sold Net 47,854 31,105 32,103 77,230
2Q17 2Q17
2Q17 2Q17 Income Statement & Cash Flow
US$ 000' US$/Oz Au US$ 000' US$/Oz Au
US$ 000' US$/Oz Au US$ 000' US$/Oz Au
Cost of Sales3 76,426 1,597 24,948 802 15,709 489 95,962
1,243 Exploration in Operating Units 21,174 442 367 12 1,822 57
22,099 286 Royalties 4,426 92 0 0 0 0 4,426 57
Commercial Deductions4
13,810 289 72 2 73 2 13,877 180 Selling Expenses 2,127 44 248 8 183
6 2,332 30 Administrative Expenses 11,958 250 593 19 790 25 12,589
163 Other, net 2,024 42 -87 -3 48 1 1,997 26 Sustaining Capex5
6,828 143 2,133 69 2,324 72 8,892 115 By-product Credit
-97,810 -2,044 -753 -24 -3,168 -99 -1,670 -22
All-in
Sustaining Cost 40,963 856 27,520
885 17,780 554 62,694 812
*All-in Sustaining Cost does not include: Depreciation and
Amortization, Stoppage of mining units, Exploration in
non-operating areas.
Notes:
1. Non-consolidated financial statements for Compañia De Minas
Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas
Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from
Tantahuatay. 3. For Buenaventura does not consider purchase of
concentrate from La Zanja. 4. For all metals produced. 5.
Sustaining Capex + Growth Capex equals Acquisitions of mining
concessions, development costs, property, plant and equipment.
Buenaventura All-in
Sustaining Cost for 2Q16 Buenaventura1
La Zanja Tantahuatay Attributable 2
2Q16
2Q16
2Q16
2Q16
Au Ounces Sold BVN 88,930 Au Ounces bought from La Zanja -45,262 Au
Ounces Sold Net 43,669 45,566 36,596 82,519
2Q16
2Q16
2Q16
2Q16
Income Statement & Cash Flow US$ 000' US$/Oz
Au US$ 000' US$/Oz Au US$ 000' US$/Oz
Au US$ 000' US$/Oz Au Cost of Sales3
78,168 1,790 19,818 435 14,945 408 94,676 1,147 Exploration in
Operating Units 22,102 506 678 15 2,952.23 81 23,645 287 Royalties
4,682 107 0 0 0 0 4,682 57
Commercial Deductions4
17,101 392 1,188 26 207 6 17,814 216 Selling Expenses 2,136 49
273.75 6 289 8 2,397 29 Administrative Expenses5 11,680 267 534 12
498 14 12,163 147 Other Expenses 0 0 2,204 48 1,332 36 1,704 21
Other Incomes -1,408 -32 -3,353 -74 -1,709 -47 -3,872 -47
Administrative charges 0 0 615.74 14 182 5 400 5 Sustaining Capex6
5,098 117 2,550 56 5,065 138 8,482 103 By-product Credit
-109,859 -2,516 -1,071 -24 -3,332 -91 -111,763 -1,354
All-in Sustaining Cost 29,700 680
23,436 514 20,430 558 50,326
610 *All-in Sustaining Cost does not include:
Depreciation and Amortization, Stoppage of mining units,
Exploration in non-operating areas.
Notes: 1.
Non-consolidated financial statements for Compañia De Minas
Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas
Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from
Tantahuatay. 3. For Buenaventura does not consider purchase of
concentrate from La Zanja. 4. For all metals produced. 5. For
Buenaventura, does not consider management services charged to
subsidiaries. 6. Sustaining Capex + Growth Capex equals
Acquisitions of mining concessions, development costs, property,
plant and equipment.
Buenaventura
All-in Sustaining Cost for 1S17
Buenaventura1 La Zanja Tantahuatay
Attributable 2 1H17
1H17
1H17
1H17
Au Ounces Sold BVN 117,471 Au Ounces bought from La Zanja -27,278
Au Ounces Sold Net 90,193 63,353 62,596 148,906
1H17
1H17
1H17
1H17
Income Statement & Cash Flow US$ 000' US$/Oz
Au US$ 000' US$/Oz Au US$ 000' US$/Oz
Au US$ 000' US$/Oz Au Cost of Sales3
152,851 1,695 48,211 761 30,056 480 190,483 1,279 Exploration in
Operating Units 40,435 448 767 12 3,542 57 42,262 284 Royalties
8,805 98 0 0 0 0 8,805 59
Commercial Deductions4
30,175 335 781 12 252 4 30,690 206 Selling Expenses 3,476 39 387 6
350 6 3,822 26 Administrative Expenses 27,386 304 1,086 17 1,699 27
28,643 192 Other, net 3,664 41 163 3 -180 -3 3,678 25 Sustaining
Capex5 13,857 154 2,676 42 4,327 69 17,012 114 By-product
Credit -200,144 -2,219 -1,920 -30 -5,294 -85 -3,141 -21
All-in Sustaining Cost 80,505 893
52,151 823 34,752 555 122,110
820 *All-in Sustaining Cost does not include:
Depreciation and Amortization, Stoppage of mining units,
Exploration in non-operating areas.
Notes: 1.
Non-consolidated financial statements for Compañia De Minas
Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas
Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from
Tantahuatay. 3. For Buenaventura does not consider purchase of
concentrate from La Zanja. 4. For all metals produced. 5.
Sustaining Capex + Growth Capex equals Acquisitions of mining
concessions, development costs, property, plant and equipment.
Buenaventura
All-in Sustaining Cost for 1S16
Buenaventura1 La Zanja
Tantahuatay Attributable 2
1S16
1S16
1S16
1S16
Au Ounces Sold BVN 166,478 Au Ounces bought from La Zanja -78,586
Au Ounces Sold Net 87,892 71,996 69,404 153,921
1S16
1S16
1S16
1S16
Income Statement & Cash Flow US$ 000' US$/Oz
Au US$ 000' US$/Oz Au US$ 000' US$/Oz
Au US$ 000' US$/Oz Au Cost of Sales3
136,579 1,554 36,824 511 28,474 410 167,535 1,088 Exploration in
Operating Units 41,214 469 1,272 18 4,265.25 61 43,599 283
Royalties 9,356 106 0 0 0 0 9,356 61
Commercial Deductions4
33,147 377 -1,808 -25 353 5 32,329 210 Selling Expenses 3,777 43
496 7 553 8 4,262 28 Administrative Expenses5 24,418 278 1,026 14
1,053 15 25,384 165 Other Expenses 0 0 4,094 57 2,139 31 3,030 20
Other Incomes -2,169 -25 -7,156 -99 -2,820 -41 -7,097 -46
Administrative charges 0 0 1,199 17 504 7 838 5 Sustaining Capex6
16,078 183 2,821 39 8,872 128 21,132 137 By-product Credit
-193,054 -2,196 -1,786 -25 -6,896 -99 -196,766 -1,278
All-in Sustaining Cost 69,346 789
36,982 514 36,496 526 103,602
673 *All-in Sustaining Cost does not include:
Depreciation and Amortization, Stoppage of mining units,
Exploration in non-operating areas.
Notes: 1.
Non-consolidated financial statements for Compañia De Minas
Buenaventura S.A.A. 2. Considers 100% from Compañia De Minas
Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from
Tantahuatay. 3. For Buenaventura does not consider purchase of
concentrate from La Zanja. 4. For all metals produced. 5. For
Buenaventura, does not consider management services charged to
subsidiaries. 6. Sustaining Capex + Growth Capex equals
Acquisitions of mining concessions, development costs, property,
plant and equipment.
APPENDIX 6
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Financial Position
As of June 30, 2017 and December 31, 2016 2017
2016 Assets US$(000) US$(000)
Current assets Cash and cash equivalents 150,650 80,544
Trade and other accounts receivable, net 260,134 269,089 Inventory,
net 151,695 120,947 Income tax credit 18,128 19,956 Prepaid
expenses 11,761 11,392 Embedded derivatives for sale of
concentrate, net 1,061 -
593,429 501,928
Non-current assets Trade and other receivables, net 41,177
166,048 Long-term income tax credit 3,786 3,660 Long-term inventory
8,393 14,027 Investment in associates 1,571,872 1,536,607 Mining
concessions, development costs, property, plant and equipment, net
2,014,567 1,960,025 Investment properties, net 9,838 10,089
Deferred income tax asset, net 27,976 25,881 Prepaid expenses
27,906 30,431 Other assets 20,780 17,719
3,726,295
3,764,487 Total assets 4,319,724
4,266,415 Liabilities and shareholders’
equity, net Current liabilities Bank loans 135,000
55,000 Trade and other payables 235,511 273,440 Provisions 64,684
62,502 Income tax payable 1,337 8,686 Embedded derivatives for sale
of concentrate, net - 1,524 Hedge derivative financial instruments
1,883 3,863 Financial obligations 41,030 40,110
479,445
445,125 Non-current liabilities Trade
and other payables 616 15,982 Provisions 167,427 174,190 Financial
obligations 538,027 552,232 Contingent consideration liability
19,343 19,343 Deferred income tax liability, net 13,375 12,330
738,788 774,077 Total
liabilities 1,218,233 1,219,202
Shareholders’ equity, net Capital stock 750,497 750,497
Investment shares 791 791 Additional paid-in capital 218,450
218,450 Legal reserve 163,071 162,744 Other reserves 269 269
Retained earnings 1,740,180 1,690,123 Other reserves of equity -350
(1,783) Shareholders’ equity, net attributable to owners of the
parent
2,872,908 2,821,091 Non-controlling interest
228,583 226,122
Total shareholders’ equity, net
3,101,491 3,047,213 Total
liabilities and shareholders’ equity, net 4,319,724
4,266,415 Compañía de Minas Buenaventura S.A.A. and
Subsidiaries Consolidated Statement of Income For the
three and six-month periods ended June 30, 2017 and 2016
For the three-month
period ended June 30, For the six-month period ended June
30, 2017 2016 2017 2016
Continuing operations US$(000) US$(000)
US$(000) US$(000) Operating income Net sales
of goods 246,065 273,746 512,354 488,826 Net sales of services
6,025 5,693 12,528 11,261 Royalty income 4,640 5,861
10,110 12,546
Total operating income 256,730
285,300 534,992 512,633
Operating costs Cost of
sales, without considering depreciation and amortization (135,411 )
(115,963 ) (272,018 ) (223,120 ) Cost of services, without
considering depreciation and amortization (1,003 ) (10,420 ) (5,716
) (18,673 ) Depreciation and amortization (36,826 ) (45,842 )
(81,135 ) (92,680 ) Exploration in operating units (21,541 )
(22,105 ) (41,202 ) (41,221 ) Mining royalties (7,290 ) (5,963 )
(13,648 ) (12,131 )
Total operating costs (202,071 )
(200,293 ) (413,719 ) (387,825 )
Gross profit 54,659 85,007 121,273
124,808
Operating expenses, net Administrative
expenses (18,259 ) (19,758 ) (40,714 ) (41,169 ) Selling expenses
(5,854 ) (5,342 ) (10,167 ) (10,115 ) Exploration in non-operating
areas (5,535 ) (4,955 ) (7,828 ) (8,469 ) Recovery (expense) for
provision for contingencies 666 1,087 (11,816 ) 202 Other, net
(5,922 ) 4,505 (7,871 ) 8,320
Total operating
expenses, net (34,904 ) (24,463 ) (78,396 ) (51,231 )
Operating profit 19,755 60,544 42,877
73,577
Other income (expense), net Share in
the results of associates (3,055 ) 20,675 41,809 49,072 Financial
income 1,182 1,965 2,473 4,312 Net gain (loss) from currency
exchange difference 1,212 (891 ) 4,215 5,488 Financial costs (8,257
) (7,694 ) (15,469 ) (15,674 )
Total other income, net
(8,918 ) 14,055 33,028 43,198
Profit before income
tax 10,837 74,599 75,905 116,775 Current income tax
(4,398 ) (12,214 ) (10,658 ) (19,217 ) Deferred income tax (8,094 )
(1,983 ) 1,625 11,809
Profit (loss)
from continuing operations (1,655 ) 60,402 66,872
109,367
Discontinued operations Profit (loss)
from discontinued operations (4,084 ) (1,929 ) 3,639 354
Net profit (loss) (5,739 ) 58,473 70,511
109,721 Attributable to: Owners of the parent
(6,160 ) 55,461 64,536 107,023 Non-controlling interest 421
3,012 5,975 2,698 (5,739 ) 58,473
70,511 109,721
Basic and diluted profit
(loss) per share attributable to equity holders of the
parent, stated in U.S. dollars (0.02 ) 0.22 0.25
0.42
Weighted average number of shares
outstanding (common and investment), in units
253,986,867 253,715,190 253,986,867
253,715,190
Compañía de Minas Buenaventura S.A.A.
and Subsidiaries Consolidated Statement of Cash Flows
For the three and six-month periods ended June 30, 2017 and
2016 For the three-month
period ended June 30, For the six-month period ended June
30, 2017 2016 2017 2016
US$(000) US$(000) US$(000) US$(000)
Operating activities Proceeds from sales 276,918
234,024 532,234 415,845 Value Added Tax recovered 54,059 17,779
61,997 70,872 Royalty received 5,300 13,501 11,509 21,058 Proceeds
from dividends 2,102 2,769 5,175 136,784 Interest received 2,156 60
3,117 1,714 Payments to suppliers and third-parties (263,416 )
(164,963 ) (438,590 ) (333,019 ) Payments to employees (44,279 )
(33,389 ) (86,999 ) (69,154 ) Payment of income taxes (5,105 )
(9,304 ) (16,539 ) (11,461 ) Payments of interest (8,234 ) (14,083
) (14,171 ) (17,873 ) Payments of mining royalties (4,426 ) (4,887
) (8,805 ) (9,356 )
Net cash and cash equivalents
provided by operating activities 15,075 41,507
48,928 205,410
Investing activities
Proceeds from loans 107,120 - 124,800 - Acquisitions of mining
concessions, development costs, property, plant and equipment
(5,133 ) 1,962 1,438 2,072 Proceeds from sales of intangibles - 227
- 227 Proceeds from sales of mining concessions, property, plant
and equipment (67,296 ) (69,340 ) (148,908 ) (121,368 )
Net cash and cash equivalents
provided by (used in) investing activities 34,691
(67,151 ) (22,670 ) (119,069 )
Financing activities
Proceeds of bank loans 80,000 15,851 245,000 175,851 Payments of
bank loans (135,000 ) (252,000 ) (165,000 ) (412,000 ) Proceeds of
financial obligations - 273,814 - 275,000 Payments of financial
obligations (12,123 ) (8,299 ) (15,736 ) (16,883 ) Dividends paid
to non-controlling interest (1,527 ) (1,980 ) (3,196 ) (4,060 )
Acquisition of non-controlling interest - (1,149 ) - (1,307 )
Increase of restricted bank accounts (1,050 ) 4,395 (2,741 ) (1,988
) Dividends paid to controlling interest (14,479 ) (9 ) (14,479 )
(9 )
Net cash and cash equivalents provided by (used in)
financing activities (84,179 ) 30,623 43,848
14,604 Net increase in cash and cash equivalents
during the period (34,413 ) 4,979 70,106 100,945 Cash and cash
equivalents at the beginning of the period 185,063 174,485 80,544
78,519
Cash and cash equivalents at
period-end 150,650 179,464 150,650 179,464
For the three-month period ended
June 30, For the six-month period ended June 30,
2017 2016 2017 2016 US$(000)
US$(000) US$(000) US$(000)
Reconciliation of net profit to cash and cash equivalents
provided by operating activities Net loss (6,160
) 55,461 64,536 107,023
Plus (less): Depreciation and
amortization 36,826 45,842 81,135 92,680 Provision for employee
bonus - (5,658 ) - - Recovery (expense) for provision for
contingencies (666 ) (1,087 ) 11,816 (202 ) Loss attributable to
non-controlling interest 421 3,012 5,975 2,698 Hedge derivative
instruments (218 ) - 5,729 - Accretion expense of provision for
closure of mining units and exploration projects 1,218 960 1,508
1,698 Reversal (provision) for impairment loss of inventories 2,472
(2,943 ) 808 (8,854 ) Net share in results of associates 3,055
(20,675 ) (41,809 ) (49,072 ) Net loss (gain) from currency
exchange difference (1,212 ) 891 (4,215 ) (5,488 ) Provision for
estimated fair value of embedded derivatives related to concentrate
6,460 (16,928 ) (3,806 ) (29,949 ) sales and adjustments on open
liquidations Deferred income tax expense (income) 8,094 1,983
(1,625 ) (11,809 ) Net loss (gain) on sales of mining concessions,
property, plant and equipment (1,438 ) 2,182 (1,438 ) 2,072 (72 )
(7,778 ) (3,402 ) (385 )
Net changes in operating assets
and liabilities: Decrease (increase) in operating assets -
Trade and other accounts receivable 36,408 (37,715 ) 14,403 (36,178
) Inventories (25,020 ) (7,978 ) (24,074 ) 1,821 Income tax credit
(5,113 ) 10,057 1,702 18,001 Prepaid expenses 3,010 (558 ) 3,515
(6,924 ) Increase (decrease) in operating liabilities - Trade and
other accounts payable (29,051 ) 14,321 (45,053 ) (16,337 )
Provisions (7,375 ) 5,386 (14,603 ) 8,425 Income tax payable (8,666
) (37 ) (7,349 ) (594 ) Proceeds from dividends 2,102 2,769
5,175 136,784
Net cash and cash
equivalents provided by operating activities 15,075
41,507 48,928 205,410
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170727006702/en/
Compañia de Minas Buenaventura S.A.A.in
Lima:Carlos Galvez, 511-419-2540Chief Financial
OfficerorRodrigo Echecopar, 511-419-2591Investor
Relations
Coordinatorrodrigo.echecopar@buenaventura.peorin
NY:Barbara Cano,
646-452-2334barbara.cano@mbsvalue.comCompany
Website: www.buenaventura.pe/ir
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