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 preliminary 2Q18 production and volume sold results as
well as full year 2018 operating guidance (100% basis).
2Q18 Production per Metal and
2018Operating Guidance (100% basis)
1Q18(Actual)
2Q18(Actual)
6M18(Actual)
2018(Estimated)
Gold (Oz.)
Orcopampa 39,987
35,694 75,681 120k - 140k
Tambomayo 33,693
31,173 64,866 110k - 130k
La Zanja 17,722
15,660 33,382 70k - 80k
Tantahuatay 29,915
39,557 69,473 160k - 180k
Yanacocha 104,233
115,342 219,575 470k -
545k
El Brocal 7,029
5,924 12,953 25k -
30k
Silver (Oz.)
Uchucchacua
4,413,249 4,005,948
8,419,196 17.2M - 18.6M
Julcani
504,155 620,276
1,124,431 2.1M - 2.4M
Mallay
155,000 134,936
289,936 0.4M - 0.5M
Tambomayo 1,019,915
1,106,694 2,126,610
3.0M - 3.5M
El Brocal 739,454
967,763 1,707,217
4.6M - 5.0M
Lead (MT)
Julcani
283 231 514
1.0k - 2.0k
Uchucchacua
4,184 4,762 8,947
18.0k - 20.0k
Mallay 504
447 951
0.5k - 2.5k
Tambomayo 856
814 1,670
2.5k - 4.5k
El Brocal 3,737
4,700 8,438
25.0k - 35.0k
Zinc (MT)
El Brocal 13,797
12,353 26,151
45k - 55k
Uchucchacua
4,575 4,842 9,418
18.0k - 20.0k
Mallay 952
1,187 2,139
3.0k - 3.6k
Tambomayo 2,562
1,998 4,560
7.0k - 8.0k
Copper (MT)
El Brocal
10,482 11,173 21,655
45K - 55K
Production Comments
Gold Operations
In light of the Company’s strategy to prioritize its
De-bottlenecking Program over ore mineral extraction,
Buenaventura’s management has made the decision to temporarily
reduce annual production guidance for its Orcopampa asset in order
to centralize the underground operation. A more detailed
explanation will be provided during Buenaventura’s second quarter
2018 results conference call.
Operating at full capacity. 2018 guidance has been
confirmed.
Second quarter production declined due to a change of its mining
contractor. The same contractor used at Tantahuatay, San Martín
Contratistas Generales S.A, has been hired as the new contractor at
La Zanja, leveraging important synergies between the two mines.
2018 guidance therefore remains unchanged.
Positive shift in the second quarter production as was
previously announced (the first quarter was affected by heavy
rains). 2018 guidance has been confirmed.
Silver Operations
Silver and Lead guidance remains unchanged. Zinc guidance has
been increased due to improved grades in the Cachipampa area.
As was announced in previous quarters, the Julcani operation has
been centralized, thereby improving operational efficiency. 2018
guidance has been confirmed.
Centralizing and stopping the deepening of the mine has achieved
positive results. 2018 guidance has been confirmed.
Base Metals Operations
The production mix has been modified within El Brocal´s 2018
mining plan. More production will be derived from the polymetallic
open pit mine than was previously announced in early 2018. The plan
is to smoothly and efficiently transition the underground operation
from 8k TPD to 13k TPD. El Brocal´s 2018 annual EBITDA budget will
not be affected.
Volume Sold
2Q18 Volume sold per Metal (100% basis)
1Q18(Actual)
2Q18(Actual)
6M18
(Actual)
Gold (Oz.)
Orcopampa 40,015
35,155 75,170
Tambomayo
30,698 30,721
61,419
La Zanja 18,222
17,495 35,717
Tantahuatay 27,957
38,599 66,556
El Brocal
5,102 4,029 9,130
Silver (Oz.)
Uchucchacua
3,853,518 4,125,034
7,978,552
Julcani
352,236 741,469 1,093,705
Mallay 136,838
123,609 260,447
Tambomayo
837,123 1,143,540
1,980,663
El Brocal 536,585
774,576 1,311,161
Lead
(MT)
Julcani 169
275 444
Uchucchacua 3,434
4,387 7,821
Mallay
440 434 874
Tambomayo 528
1,025 1,554
El Brocal
3,339 4,490 7,829
Zinc (MT)
El Brocal
11,354 10,383
21,738
Uchucchacua 3,802
3,783 7,585
Mallay
733 986
1,718
Tambomayo 1,672
1,871 3,543
Copper (MT)
El Brocal 9,854
10,517 20,371
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*, Mallay*,
Julcani*, Tambomayo*, El Brocal, La Zanja and Coimolache).
The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership
with Newmont Mining Corporation), an important precious metal
producer and 19.58% of Sociedad Minera Cerro Verde, an important
Peruvian copper producer.
For a printed version of the Company’s 2017 Form 20-F, please
contact the persons indicated above, or download a PDF format file
from the Company’s web site.
(*) 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180712005886/en/
Compañia de Minas Buenaventura
S.A.A.Lima:Leandro García, 511-419-2540Chief
Financial OfficerorRodrigo Echecopar,
511-419-2591Investor Relations
Coordinatorrodrigo.echecopar@buenaventura.peorNY:Barbara
Cano, 646-452-2334barbara@inspirgroup.comorCompany
Website: www.buenaventura.com.pe/ir
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