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 first quarter (1Q24) ended March 31, 2024. 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$).
First Quarter 2024 Highlights:
- 1Q24 EBITDA from direct operations was US$ 94.4 million,
compared to US$ 51.6 million reported in 1Q23.
- 1Q24 net income was US$ 67.1 million, compared to US$ 72.8
million net income in 1Q23.
- Buenaventura's cash position reached US$ 174.0 million, while
net debt amounted to US$ 525.3 million, resulting in a Leverage
Ratio of 1.87x by quarter’s end, March 31, 2024.
- On March 18, 2024, the Peruvian Ministry of Energy and Mines
granted Buenaventura its final operating permit to begin production
at its Yumpag mine. This milestone marks the initiation of 1,000
ton per day uninterrupted mining at Yumpag, enabling Buenaventura
to achieve its 2024 production guidance of 6.5 - 7.2 million silver
ounces.
- On April 26, 2024, Buenaventura received US$29.4 million in
dividends related to its stake in Cerro Verde.
- 1Q24 CAPEX related to San Gabriel was US$ 38.4 million,
primarily for the comprehensive installation and operation of the
concrete plant, camp construction completion, underground mine
rehabilitation, and civil works at the plant.
Financial Highlights (in millions of US$, excluding
EPS):
1Q24
1Q23
Var %
Total Revenues
246.8
185.5
33%
Operating Income
46.9
12.6
N.A.
EBITDA Direct Operations
94.4
51.6
83%
EBITDA Including Affiliates
185.4
178.4
4%
Net Income (1)
61.4
64.4
-5%
EPS (2)
0.24
0.25
-5%
(1)
Net Income attributable to owners of the
parent
(2)
As of March 31, 2024, Buenaventura had a
weighted average number of shares outstanding of 253,986,867
For a full version of Compañía de Minas Buenaventura First
Quarter 2024 Earnings Release, please visit:
https://www.buenaventura.com/en/inversionistas/reportes-trimestrales/2024
CONFERENCE CALL
INFORMATION:
Compañia de Minas Buenaventura will host a conference call on
Tuesday, April 30, 2024, to discuss these results at 11:00 a.m.
Eastern Time / 10:00 a.m. Peru Time.
To participate in the conference call, please dial:
Toll-Free US: +1-844-481-2914
Toll International: +1-412-317-0697
Passcode: Ask to be joined into the
Compañía de Minas Buenaventura’s call.
Webcast:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=JHyqyM33
If you would prefer to receive a call rather than dial in,
please register via the following link. Please use this option
10-15 minutes prior to the conference call start time:
Call Me Link:
https://hd.choruscall.com/?callme=true&passcode=&info=company-email&r=true&b=16
Passcode: 9047857
Participants who do not wish to be interrupted to have their
information gathered may have Chorus Call dial out to them by
clicking on the above link, filling in the information, and
pressing the green phone button at the bottom. The phone number
provided will be automatically called and connected to the
conference without any interruption to the participant. (Please
note: Participants will be joined directly to the conference and
will hear hold music until the call begins. No confirmation message
will be played when joined.)
Company Description
Compañía de Minas Buenaventura S.A.A. is Peru’s largest,
publicly traded precious and base metals Company and a major holder
of mining rights in Peru. The Company is engaged in the
exploration, mining development, processing and trade of gold,
silver and other base metals via wholly-owned mines and through its
participation in joint venture projects. Buenaventura currently
operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*,
Tambomayo*, La Zanja*, El Brocal and Coimolache).
The Company owns 19.58% of Sociedad Minera Cerro Verde, an
important Peruvian copper producer (a partnership with
Freeport-McMorRan Inc. and Sumitomo Corporation).
For a printed version of the Company’s 2023 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 and related conference call contain, in
addition to historical information, forward-looking statements
including statements related to the Company’s ability to manage its
business and liquidity during and after the COVID-19 pandemic, the
impact of the COVID-19 pandemic on the Company’s results of
operations, including net revenues, earnings and cash flows, the
Company’s ability to reduce costs and capital spending in response
to the COVID-19 pandemic if needed, the Company’s balance sheet,
liquidity and inventory position throughout and following the
COVID-19 pandemic, the Company’s prospects for financial
performance, growth and achievement of its long-term growth
algorithm following the COVID-19 pandemic, future dividends and
share repurchases.
This press release may also 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, 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, Cerro Verde’s future financial performance. Actual
results could differ materially from those projected in the
forward-looking statements as a result of a variety of factors
discussed elsewhere in this Press Release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240429231791/en/
Contacts in Lima: Daniel Dominguez, Chief Financial
Officer +51 1 419 2540
Gabriel Salas, Head of Investor Relations +51 1 419 2591
gabriel.salas@buenaventura.pe
Contact in New York: Barbara Cano, InspIR Group +1 646
452 2334 barbara@inspirgroup.com
Website: www.buenaventura.com
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