COMPANIA DE
MINAS BUENAVENTURA S.A.A.
Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [
]
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
Indicate by check mark whether the registrant by furnishing
the information contained in this Form is also thereby furnishing
the information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.
If “Yes” is marked, indicate below the file number assigned to
the registrant in connection with Rule 12g3-2(b): Not
applicable.
1Q22 net
sales were US$ 231.5 million, as compared to US$ 181.9 million
reported in 1Q21; a year-on-year increase driven by higher metal
prices during the quarter with an increase in gold and copper
volume sold.
|
Operating
Highlights
|
1Q22
|
1Q21
|
%
|
|
Net Sales (million of US$)
|
231.5
|
181.9
|
27%
|
|
Average Gold Price (US$/oz.) Direct
Operations (1)
(2)
|
1,896
|
1,726
|
10%
|
|
Average Gold Price (US$/oz.) inc
Associated (2)
(3)
|
1,891
|
1,773
|
7%
|
|
Average Silver Price (US$/oz.)
(2)
|
24.10
|
26.98
|
-11%
|
|
Average Lead Price (US$/MT)
(2)
|
2,363
|
2,129
|
11%
|
|
Average Zinc Price (US$/MT)
(2)
|
4,105
|
3,220
|
28%
|
|
Average Copper Price (US$/MT)
(2)
|
9,950
|
8,994
|
11%
|
|
Volume
Sold
|
1Q22
|
1Q21
|
%
|
|
Gold Oz Direct Operations
(1)
|
40,167
|
26,188
|
53%
|
|
Gold Oz inc Associated (3)
|
48,421
|
35,802
|
35%
|
|
Silver Oz
|
1,887,788
|
3,176,279
|
-41%
|
|
Lead MT
|
4,589
|
4,804
|
-4%
|
|
Zinc MT
|
10,179
|
10,806
|
-6%
|
|
Copper MT
|
9,734
|
7,551
|
29%
|
|
(1)
|
Buenaventura Consolidated figure includes 100% of Buenaventura’s
operating units, 100% of La Zanja and 100% of El Brocal.
|
|
(2)
|
The realized price takes into account the adjustments of
quotational periods.
|
|
(3)
|
Considers 100% of Buenaventura’s operating units, 100% of La Zanja,
100% of El Brocal and 40.095% of Coimolache.
|
|
Production and Operating Costs
|
Buenaventura’s 1Q22 equity gold
production was 41,470 ounces, compared to 27,138 ounces produced in
1Q21. Silver production from direct operations decreased by 44%
year on year, lead production decreased by 3% year on year and zinc
production decreased by 4% year on year, primarily due to the
suspension of Uchucchacua’s operations as was previously announced.
The Company’s 1Q22 copper production increased by 28%, year on
year.
Compañía de Minas Buenaventura
S.A.A.
First
Quarter 2022 Results
Page 3 of 22
|
Equity
Production
|
1Q22
|
1Q21
|
%
|
|
Gold Oz Direct
Operations(1)
|
41,470
|
27,138
|
53%
|
|
Gold Oz including
Associated(2)
Companies
|
49,293
|
37,616
|
31%
|
|
Silver Oz Direct
Operations(1)
|
1,762,701
|
3,172,627
|
-44%
|
|
Silver Oz including Associated
Companies
|
1,996,171
|
3,438,393
|
-42%
|
|
Lead MT
|
4,142
|
4,257
|
-3%
|
|
Zinc MT
|
8,932
|
9,337
|
-4%
|
|
Copper MT Direct
Operations(1)
|
6,241
|
4,893
|
28%
|
|
Copper MT including Associated
Companies(3)
|
27,257
|
24,148
|
13%
|
|
Consolidated
Production
|
1Q22
|
1Q21
|
%
|
|
Gold Oz(4)
|
43,148
|
28,321
|
52%
|
|
Silver Oz(4)
|
2,171,414
|
3,779,837
|
-43%
|
|
Lead MT(4)
|
5,105
|
5,082
|
0%
|
|
Zinc MT(4)
|
12,316
|
13,274
|
-7%
|
|
Copper MT(4)
|
10,159
|
7,965
|
28%
|
|
(1)
|
Buenaventura’s Direct Operations includes 100% of Buenaventura’s
operating units, 100% of La Zanja and 61.43% of El Brocal.
|
|
(2)
|
Based on 100% of Buenaventura´s operating units, 100% of La Zanja,
61.43% of El Brocal and 40.095% of Coimolache.
|
|
(3)
|
Based on 100% of Buenaventura´s operating units, 61.43% of El
Brocal and 19.58% of Cerro Verde.
|
|
(4)
|
Based on 100% of Buenaventura’s operating units, 100% of La Zanja
and 100% of El Brocal.
|
Tambomayo (100%
owned by Buenaventura)
|
Production
|
|
|
|
1Q22
|
1Q21
|
Var %
|
|
Gold
|
Oz
|
13,867
|
15,347
|
-10%
|
|
Silver
|
Oz
|
419,396
|
284,677
|
47%
|
|
|
|
|
|
|
Cost Applicable to Sales
|
|
|
|
1Q22
|
1Q21
|
Var %
|
|
Gold
|
US$/Oz
|
1,011
|
927
|
9%
|
1Q22 gold production at Tambomayo
decreased 10% year on year, primarily due to a 35% decrease in the
gold grade despite increased amounts of ore treated.
1Q22 Cost Applicable to Sales
(CAS) increased to 1,011 US$/Oz, from 927 US$/Oz in 1Q21, primarily
due to a 145% year on year increase in commercial deductions, as
the Company sold more lead and zinc concentrates and less gold and
silver during the first quarter of 2022. COVID-19 related expenses
decreased by US$ 0.4 M, year on year.
Compañía de Minas Buenaventura
S.A.A.
First
Quarter 2022 Results
Page 4 of 22
Orcopampa (100%
owned by Buenaventura)
|
Production
|
|
|
|
1Q22
|
1Q21
|
Var %
|
|
Gold
|
Oz
|
19,031
|
5,986
|
218%
|
|
Silver
|
Oz
|
7,856
|
1,043
|
654%
|
|
|
|
|
|
|
|
Cost Applicable to Sales
|
|
|
|
1Q22
|
1Q21
|
Var %
|
|
Gold
|
US$/Oz
|
867
|
2,086
|
-58%
|
Increased 1Q22 gold production at
Orcopampa was primarily due to a 248% year on year increase in ore
volume treated due to positive reconciliation in both tonnage and
grade. Cost Applicable to Sales (CAS) decreased to 867 US$/Oz in
1Q22, compared to 2,086 US$/Oz in 1Q21 due to an increase in ore
treated despite a 49% increase in exploration expenses. COVID-19
related expenses also decreased by US$ 0.3 million year on
year.
La Zanja (100% owned by Buenaventura)
|
Production
|
|
|
|
1Q22
|
1Q21
|
Var %
|
|
Gold
|
Oz
|
5,900
|
3,908
|
51%
|
|
Silver
|
Oz
|
23,363
|
27,042
|
-14%
|
|
|
|
|
|
|
|
Cost Applicable to Sales
|
|
|
|
1Q22
|
1Q21
|
Var %
|
|
Gold
|
US$/Oz
|
2,160
|
1,602
|
35%
|
1Q22 gold production increased by
51% year on year due to increased volume treated. 1Q22 Cost
Applicable to Sales (CAS) was 2,160 US$/Oz; a 35% increase compared
to 1,602 US$/Oz in 1Q21 due to an increase in the stripping ratio
to 1.03 from 0.39; a 167% year on year increase, as well as
production which was rescheduled due to intense rains in the area.
COVID-19 related expenses decreased by US$ 0.2 million compared to
1Q21.
Coimolache (40.10% owned by Buenaventura)
|
Production
|
|
|
|
1Q22
|
1Q21
|
Var %
|
|
Gold
|
Oz
|
19,512
|
26,133
|
-25%
|
|
Silver
|
Oz
|
77,195
|
200,993
|
-62%
|
|
|
|
|
|
|
|
Cost Applicable to Sales
|
|
|
|
1Q22
|
1Q21
|
Var %
|
|
Gold
|
US$/Oz
|
1,276
|
816
|
56%
|
1Q22 gold production at
Coimolache decreased by 25% year on year, due to a 32% decrease in
ore stockpiled on the leach pad. 1Q22 Cost Applicable to Sales
(CAS) increased 56% to 1,276 US$/Oz, compared to 816 US$/Oz in
1Q21, mainly due to a significant increase in exploration expenses
to US$ 2 million in 1Q22. COVID related expenses also decreased by
US$ 0.3 million, year on year.
Compañía de Minas Buenaventura
S.A.A.
First
Quarter 2022 Results
Page 5 of 22
Uchucchacua (100%
owned by Buenaventura)
|
Production
|
|
|
|
1Q22
|
1Q21
|
Var %
|
|
Silver
|
Oz
|
0
|
1,243,916
|
-100%
|
|
Zinc
|
MT
|
0
|
1,246
|
-100%
|
|
Lead
|
MT
|
0
|
1,292
|
-100%
|
|
|
|
|
|
|
|
Cost Applicable to Sales
|
|
|
|
1Q22
|
1Q21
|
Var %
|
|
Silver
|
US$/Oz
|
0.00
|
29.60
|
N.A.
|
Exploration tunneling and diamond
drilling continues according to plan with an emphasis on the
Nora-Geraldine orebody. Yumpag mine development began ramp-up
during 1Q22 with a new contractor, also with exploration
progressing as planned for the Camila and Tomasa orebodies.
Julcani (100% owned by Buenaventura)
|
Production
|
|
|
|
1Q22
|
1Q21
|
Var %
|
|
Silver
|
Oz
|
661,132
|
648,854
|
2%
|
|
|
|
|
|
|
|
Cost Applicable to Sales
|
|
|
|
1Q22
|
1Q21
|
Var %
|
|
Silver
|
US$/Oz
|
15.03
|
16.39
|
-8%
|
Julcani 1Q22 silver production
was in line with 1Q21 production. 1Q22 Cost Applicable to Sales
(CAS) was 15.03 US$/Oz; an 8% year on year decrease due to a 30%
decrease in commercial deductions. COVID related expenses decreased
by US$ 0.9 million year on year.
El Brocal (61.43%
owned by Buenaventura)
|
Production
|
|
|
|
1Q22
|
1Q21
|
Var %
|
|
Copper
|
MT
|
10,159
|
7,687
|
32%
|
|
Zinc
|
MT
|
8,772
|
10,207
|
-14%
|
|
Silver
|
Oz
|
1,059,666
|
1,574,305
|
-33%
|
|
|
|
|
|
|
|
Cost Applicable to Sales
|
|
|
|
1Q22
|
1Q21
|
Var %
|
|
Copper
|
US$/MT
|
6,632
|
5,603
|
18%
|
|
Zinc
|
US$/MT
|
2,527
|
1,800
|
40%
|
El Brocal 1Q22 copper production
increased by 32%, year on year. Tajo Norte 1Q22 zinc production
decreased by 14% year on year as part of the anticipated transition
from polymetallic to copper ore in the open pit mining
sequence.
1Q22 Copper Cost Applicable to
Sales (CAS) increased by 18% year on year while zinc CAS increased
by 40% year on year. These increases are primarily due to a 52%
increase in exploration expenses and a 32% increase in commercial
deductions.
A landslide within the mine’s
open pit occurred on March 19, 2022, resulting in the death of
three workers. The exact cause of the landslide is under further
investigation.
Compañía de Minas Buenaventura
S.A.A.
First
Quarter 2022 Results
Page 6 of 22
|
General and Administrative Expenses
|
1Q22 General and Administrative
expenses were US$ 18.5 million; a 9% increase as compared to US$
17.0 million in 1Q21.
|
Exploration in Non-Operating Areas
|
1Q22 Non-Operating Area
exploration costs were US$ 2.0 million, compared with US$ 1.7
million in 1Q21. During the first quarter 2022, Buenaventura
focused exploration primarily within its Emperatriz project (La
Zanja), resulting in US$ 0.6 million in exploration costs during
1Q22. Increased exploration during the quarter is aligned with
Buenaventura´s strategy to maintain a pipeline of new discoveries
and projects.
|
Net gain (loss) of currency exchange difference
|
1Q22 currency exchange related
net gain was US$ 47.8 million, compared with a net loss of US$ 1.4
million in 1Q21 due to a year on year strengthening of the PEN
relative to the US dollar (3.975 PEN/USD in 2021 vs 3.695 PEN/USD
in 2022). SUNAT’s claim is registered in Peruvian Soles as part of
Buenaventura’s ‘accounts receivables’, therefore, a lower exchange
rate increases the total amount when converted to US dollars.
|
Share in Associated Companies
|
During 1Q22, Buenaventura’s share
in associated companies increased to US$ 75.4 million, compared to
US$ 58.2 million in 1Q21, comprised of:
|
Share in Associates’ Results
(in millions of US$)
|
1Q22
|
1Q21
|
Var
|
|
Cerro Verde Contribution
|
74.4
|
54.1
|
38%
|
|
Coimolache Contribution
|
1.0
|
4.5
|
-77%
|
|
Others Contribution
|
0.0
|
-0.3
|
N.A.
|
|
Total Income
from non-consolidated affiliates
|
75.4
|
58.2
|
30%
|
The San Gabriel construction
permit was issued on March 23, 2022. The Company has therefore
begun releasing purchase and service orders for construction and
early works are underway.
CAPEX for the San Gabriel Project
will increase to a range between US$ 420 million – 470 million due
to:
|
-
|
Increased oil and supplies costs
resulting from inflation
|
|
-
|
Additional lead times due to port
congestion
|
Compañía de Minas Buenaventura
S.A.A.
First
Quarter 2022 Results
Page 7 of 22
|
CERRO VERDE (19.58% owned by Buenaventura)
|
1Q22 copper production was
107,335 MT, 21,016 MT of which is attributable to Buenaventura; an
increase as compared to 98,337 MT produced in 1Q21; 19,254 MT of
which was attributable to Buenaventura.
Cerro Verde reported 1Q22 net
income of US$ 379.8 million, compared to net income of US$ 276.2
million in 1Q21. This is primarily due to a 27% year on year net
sales increase, mainly due to a higher average realized copper
price of US$ 4.93 per pound in the first quarter of 2022, compared
to US$ 4.35 per pound in the first quarter of 2021. This increase
was partially offset by a year-on-year cost of sales increase due
to increase in oil prices.
Cerro Verde 1Q22 CAPEX reached
US$ 39.2 million.
|
COIMOLACHE (40.10% owned by Buenaventura)
|
1Q22 attributable contribution to
net profit was US$ 1.0 million, as compared to US$ 4.5 million
attributable contribution to net income in 1Q21.
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: Tambomayo*, Orcopampa*, Uchucchacua*,
Julcani*, La Zanja*, El Brocal and Coimolache.
The Company owns 19.58% of
Sociedad Minera Cerro Verde, an important Peruvian copper
producer.
For a printed version of the
Company’s 2020 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 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 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.
|
Compañía de Minas Buenaventura
S.A.A.
First
Quarter 2022 Results
Page 8 of 22
**Tables to follow**
APPENDIX 1
|
Equity Participation in
Subsidiaries and Associates (as of March 31, 2022)
|
|
|
BVN
|
Operating
|
|
|
Equity %
|
Mines /
Business
|
|
El Molle Verde S.A.C.*
|
100.00
|
Trapiche Project
|
|
Minera La Zanja S.A.*
|
100.00
|
La Zanja
|
|
Sociedad Minera El Brocal S.A.A*
|
61.43
|
Colquijirca and Marcapunta
|
|
Compañía Minera Coimolache S.A. **
|
40.10
|
Tantahuatay
|
|
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
|
(*) Consolidated
(**) Equity Accounting
Compañía de Minas Buenaventura
S.A.A.
First
Quarter 2022 Results
Page 9 of 22
APPENDIX 2
|
Gold Production
|
|
|
|
|
|
Mining Unit
|
Operating Results
|
Unit
|
1Q22
|
1Q21
|
△%
|
|
Underground
|
|
|
|
|
|
|
Tambomayo
|
Ore Milled
|
DMT
|
142,293
|
112,273
|
27%
|
|
Ore Grade
|
Gr/MT
|
3.48
|
5.38
|
-35%
|
|
Recovery Rate
|
%
|
87.13
|
79.03
|
10%
|
|
Ounces Produced*
|
Oz
|
13,867
|
15,347
|
-10%
|
|
Orcopampa
|
Ore Milled
|
DMT
|
59,297
|
17,052
|
248%
|
|
Ore Grade
|
Gr/MT
|
10.02
|
10.70
|
-6%
|
|
Recovery Rate
|
%
|
99.61
|
102.09
|
-2%
|
|
Ounces Produced*
|
Oz
|
19,031
|
5,986
|
218%
|
|
Open Pit
|
|
|
|
|
|
|
La Zanja
|
Ounces Produced
|
Oz
|
5,900
|
3,908
|
51%
|
|
Coimolache
|
Ounces Produced
|
Oz
|
19,512
|
26,133
|
-25%
|
|
(*) Includes ounces from tailings dam retreatment
|
|
|
|
|
|
|
|
|
|
|
|
Silver Production
|
|
|
|
|
|
Mining Unit
|
Operating Results
|
Unit
|
1Q22
|
1Q21
|
△%
|
|
Underground
|
|
|
|
|
|
|
Tambomayo
|
Ore Milled
|
DMT
|
142,293
|
112,273
|
27%
|
|
Ore Grade
|
Oz/MT
|
3.18
|
3.17
|
1%
|
|
Recovery Rate
|
%
|
92.54
|
80.01
|
16%
|
|
Ounces Produced
|
Oz
|
419,396
|
284,677
|
47%
|
|
Uchucchacua
|
Ore Milled
|
DMT
|
0
|
191,220
|
-100%
|
|
Ore Grade
|
Oz/MT
|
-
|
7.77
|
-
|
|
Recovery Rate
|
%
|
-
|
83.67
|
-
|
|
Ounces Produced
|
Oz
|
0
|
1,243,916
|
-100%
|
|
Julcani
|
Ore Milled
|
DMT
|
31,491
|
32,139
|
-2%
|
|
Ore Grade
|
Oz/MT
|
21.32
|
20.69
|
3%
|
|
Recovery Rate
|
%
|
98.46
|
96.85
|
2%
|
|
Ounces Produced
|
Oz
|
661,132
|
648,854
|
2%
|
|
Marcapunta
|
Ore Milled
|
DMT
|
637,980
|
497,768
|
28%
|
|
Ore Grade
|
Oz/MT
|
0.92
|
0.76
|
21%
|
|
Recovery Rate
|
%
|
54.43
|
54.45
|
0%
|
|
Ounces Produced
|
Oz
|
302,408
|
205,556
|
47%
|
|
Open Pit
|
|
|
|
|
|
|
Tajo Norte
Cu - Ag
|
Ore Milled
|
DMT
|
98,937
|
51,842
|
-
|
|
Ore Grade
|
Oz/MT
|
2.31
|
4.16
|
-
|
|
Recovery Rate
|
%
|
52.38
|
45.52
|
-
|
|
Ounces Produced
|
Oz
|
119,639
|
102,388
|
-
|
|
Tajo Norte
Pb - Zn
|
Ore Milled
|
DMT
|
592,112
|
574,748
|
3%
|
|
Ore Grade
|
Oz/MT
|
1.89
|
3.04
|
-38%
|
|
Recovery Rate
|
%
|
57.09
|
72.37
|
-21%
|
|
Ounces Produced
|
Oz
|
637,619
|
1,266,360
|
-50%
|
Compañía de Minas Buenaventura
S.A.A.
First
Quarter 2022 Results
Page 10 of 22
|
Zinc Production
|
|
|
|
|
|
Mining Unit
|
Operating Results
|
Unit
|
1Q22
|
1Q21
|
△%
|
|
Underground
|
|
|
|
|
|
|
Tambomayo
|
Ore Milled
|
DMT
|
142,293
|
112,273
|
27%
|
|
Ore Grade
|
%
|
3.03
|
2.30
|
31%
|
|
Recovery Rate
|
%
|
82.28
|
70.43
|
17%
|
|
MT Produced
|
MT
|
3,543
|
1,821
|
95%
|
|
Uchucchacua
|
Ore Milled
|
DMT
|
0
|
191,220
|
-100%
|
|
Ore Grade
|
%
|
-
|
1.27
|
-
|
|
Recovery Rate
|
%
|
-
|
51.21
|
-
|
|
MT Produced
|
MT
|
0
|
1,246
|
-100%
|
|
Open Pit
|
|
|
|
|
|
|
Tajo Norte
Pb - Zn
|
Ore Milled
|
DMT
|
592,112
|
574,748
|
3%
|
|
Ore Grade
|
%
|
2.51
|
2.81
|
-11%
|
|
Recovery Rate
|
%
|
58.97
|
63.11
|
-7%
|
|
MT Produced
|
MT
|
8,772
|
10,207
|
-14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper Production
|
|
|
|
|
|
Mining Unit
|
Operating Results
|
Unit
|
1Q22
|
1Q21
|
△%
|
|
Underground
|
|
|
|
|
|
|
Marcapunta
|
Ore Milled
|
DMT
|
637,980
|
497,768
|
28%
|
|
Ore Grade
|
%
|
1.75
|
1.71
|
2%
|
|
Recovery Rate
|
%
|
83.36
|
87.51
|
-5%
|
|
MT Produced
|
MT
|
9,408
|
7,447
|
26%
|
|
Tajo Norte
Cu - Ag
|
Ore Milled
|
DMT
|
98,937
|
51,842
|
-
|
|
Ore Grade
|
%
|
1.24
|
0.80
|
-
|
|
Recovery Rate
|
%
|
60.98
|
57.94
|
-
|
|
MT Produced
|
MT
|
751
|
240
|
-
|
Compañía de Minas Buenaventura
S.A.A.
First
Quarter 2022 Results
Page 11 of 22
APPENDIX 3: Adjusted EBITDA Reconciliation (in thousand US$)
|
|
1Q22
|
1Q21
|
|
Net Income
|
646,295
|
18,117
|
|
Add / Subtract:
|
-214,363
|
21,552
|
|
Depreciation and Amortization in cost of sales
|
45,721
|
46,488
|
|
Provision (credit) for income tax, net
|
27,166
|
16,073
|
|
Interest expense
|
16,571
|
10,909
|
|
Provision of bonuses and compensations
|
3,938
|
3,747
|
|
Loss (gain) on currency exchange difference
|
-47,810
|
1,441
|
|
Profit from discontinued operations
|
-479,997
|
2,337
|
|
Depreciation and amortization in administration expenses
|
918
|
909
|
|
Provision (reversal) for contingencies
|
-746
|
306
|
|
Depreciation and amortization in other, net
|
25
|
26
|
|
Share in associated companies by the equity method, net
|
-75,420
|
-58,224
|
|
Impairment (reversal) of inventories
|
-347
|
-2,312
|
|
Interest income
|
-9,573
|
-148
|
|
Cash from sale of investment in Yanacocha
|
300,000
|
0
|
|
Workers´ participation provision
|
5,191
|
0
|
|
EBITDA Buenaventura Direct Operations
|
431,932
|
39,669
|
|
EBITDA Cerro Verde (19.58%)
|
141,974
|
111,165
|
|
EBITDA Coimolache (40.095%)
|
4,817
|
11,985
|
|
EBITDA Buenaventura + All Associates
|
578,723
|
162,819
|
*Cerro Verde’s EBITDA accounts for D&A related to the
capitalization of the stripping.
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 (Cerro Verde), plus
(2) 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
Compañía de Minas Buenaventura
S.A.A.
First
Quarter 2022 Results
Page 12 of 22
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.
Operations’ Cost applicable to
sales does not include operating cost for those months during which
Buenaventura’s operations were suspended due to COVID-19, as these
have been classified as “Unabsorbed costs due to production
stoppage” within the financial statements.
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 twelve months ended December 31, 2020 and 2021
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 twelve months ended December 31, 2020 and 2021 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.
First
Quarter 2022 Results
Page 13 of 22
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 March 31
|
| |
2021
|
|
2020
|
|
|
(in thousands
of US$)
|
|
Consolidated Cost of sales excluding depreciation and
amortization
|
107,968
|
|
114,271
|
Add:
|
|
|
|
|
Consolidated Exploration in units in operation
|
14,017
|
|
9,328
|
|
Consolidated Commercial deductions
|
50,885
|
|
43,058
|
Consolidated Selling
expenses
|
4,592
|
|
4,058
|
|
Consolidated Cost applicable to
sales
|
177,462
|
|
170,716
|
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 March 31
|
| |
2021
|
|
2020
|
|
Cost of sales by mine and
mineral
|
(in thousands
of US$)
|
|
Julcani, Gold
|
0
|
|
6
|
|
Julcani, Silver
|
7,266
|
|
7,516
|
|
Julcani, Lead
|
82
|
|
108
|
|
Julcani, Copper
|
54
|
|
14
|
|
Orcopampa, Gold
|
13,828
|
|
10,036
|
|
Orcopampa, Silver
|
62
|
|
60
|
|
Orcopampa, Copper
|
0
|
|
0
|
|
Tambomayo, Gold
|
8,528
|
|
10,564
|
|
Tambomayo, Silver
|
3,072
|
|
2,943
|
|
Tambomayo, Zinc
|
2,042
|
|
1,255
|
|
Tambomayo, Lead
|
4,559
|
|
1,718
|
|
La
Zanja, Gold
|
11,709
|
|
6,196
|
|
La
Zanja, Silver
|
558
|
|
710
|
|
El
Brocal, Gold
|
1,951
|
|
1,093
|
|
El
Brocal, Silver
|
7,546
|
|
10,176
|
|
El
Brocal, Lead
|
1,907
|
|
1,576
|
|
El
Brocal, Zinc
|
10,344
|
|
8,755
|
|
El
Brocal, Copper
|
33,877
|
|
21,117
|
|
Uchucchacua
|
0 |
|
26,333
|
|
Non Mining Units
|
584
|
|
4,097
|
|
Consolidated Cost of sales,
excluding depreciation and amortization
|
107,968
|
|
114,271
|
Set forth below is a reconciliation of Exploration expenses in
units in operation (by mine and mineral) to consolidated
Exploration expenses in mining units:
| |
For the 3 months ended March 31
|
| |
2021
|
|
2020
|
|
Exploration expenses in units in
operation by mine and mineral
|
(in thousands
of US$)
|
|
Julcani, Gold
|
0
|
|
1
|
|
Julcani, Silver
|
1,442
|
|
1,451
|
|
Julcani, Lead
|
16
|
|
21
|
|
Julcani, Copper
|
11
|
|
3
|
|
Orcopampa, Gold
|
2,674
|
|
1,789
|
|
Orcopampa, Silver
|
12
|
|
11
|
|
Orcopampa, Copper
|
0
|
|
0
|
|
Tambomayo, Gold
|
1,090
|
|
798
|
|
Tambomayo, Silver
|
393
|
|
222
|
|
Tambomayo, Lead
|
261
|
|
95
|
|
Tambomayo, Zinc
|
583
|
|
130
|
|
La
Zanja, Gold
|
686
|
|
0
|
|
La
Zanja, Silver
|
33
|
|
0
|
|
El
Brocal, Gold
|
139
|
|
67
|
|
El
Brocal, Silver
|
538
|
|
621
|
|
El
Brocal, Lead
|
136
|
|
96
|
|
El
Brocal, Zinc
|
737
|
|
534
|
|
El
Brocal, Copper
|
2,415
|
|
1,288
|
|
Uchucchacua
|
2,852 |
|
2,202 |
|
Non Mining Units
|
0
|
|
0
|
|
Consolidated Exploration expenses
in units in operation
|
14,017
|
|
9,328
|
Compañía de Minas Buenaventura
S.A.A.
First
Quarter 2022 Results
Page 14 of 22
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 March 31
|
| |
2021
|
|
2020
|
|
Commercial Deductions in units
in operation by mine and mineral
|
(in thousands
of US$)
|
|
Julcani, Gold
|
-10
|
|
1
|
|
Julcani, Silver
|
704
|
|
987
|
|
Julcani, Lead
|
8
|
|
14
|
|
Julcani, Copper
|
4
|
|
2
|
|
Orcopampa, Gold
|
81
|
|
18
|
|
Orcopampa, Silver
|
1
|
|
3
|
|
Orcopampa, Copper
|
0
|
|
0
|
|
Tambomayo, Gold
|
2,045
|
|
1,584
|
|
Tambomayo, Silver
|
999
|
|
543
|
|
Tambomayo, Lead
|
443
|
|
215
|
|
Tambomayo, Zinc
|
5,059
|
|
1,139
|
|
La
Zanja, Gold
|
43
|
|
27
|
|
La
Zanja, Silver
|
3
|
|
3
|
|
El
Brocal, Gold
|
1,545
|
|
1,005
|
|
El
Brocal, Silver
|
5,106
|
|
5,081
|
|
El
Brocal, Lead
|
1,179
|
|
751
|
|
El
Brocal, Zinc
|
6,827
|
|
5,582
|
|
El
Brocal, Copper
|
26,620
|
|
18,825
|
|
Uchucchacua
|
229 |
|
7,280 |
|
Non Mining Units
|
0
|
|
0
|
|
Consolidated Commercial deductions
in units in operation
|
50,885
|
|
43,058
|
Set forth below is a reconciliation of Selling expenses (by
mine and mineral) to consolidated Selling expenses:
| |
For the 3 months ended March 31
|
| |
2021
|
|
2020
|
|
Selling expenses by mine and
mineral
|
(in thousands
of US$)
|
|
Julcani, Gold
|
0
|
|
0
|
|
Julcani, Silver
|
154
|
|
111
|
|
Julcani, Lead
|
2
|
|
2
|
|
Julcani, Copper
|
1
|
|
0
|
|
Orcopampa, Gold
|
153
|
|
44
|
|
Orcopampa, Silver
|
1
|
|
0
|
|
Orcopampa, Copper
|
0
|
|
0
|
|
Tambomayo, Gold
|
656
|
|
619
|
|
Tambomayo, Silver
|
236
|
|
173
|
|
Tambomayo, Lead
|
157
|
|
74
|
|
Tambomayo, Zinc
|
351
|
|
101
|
|
La
Zanja, Gold
|
32
|
|
20
|
|
La
Zanja, Silver
|
2
|
|
2
|
|
El
Brocal, Gold
|
81
|
|
51
|
|
El
Brocal, Silver
|
311
|
|
479
|
|
El
Brocal, Lead
|
79
|
|
74
|
|
El
Brocal, Zinc
|
427
|
|
412
|
|
El
Brocal, Copper
|
1,398
|
|
993
|
|
Uchucchacua
|
312
|
|
660 |
|
Non Mining Units
|
238
|
|
244
|
|
Consolidated Selling expenses
|
4,592
|
|
4,058
|
Compañía de Minas Buenaventura
S.A.A.
First
Quarter 2022 Results
Page 15 of 22
|
|
JULCANI
|
|
|
1Q 2022
|
1Q 2021
|
|
|
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)
|
-
|
7,266
|
82
|
-
|
54
|
7,402
|
6
|
7,516
|
108
|
-
|
14
|
7,644
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
-
|
1,442
|
16
|
-
|
11
|
1,469
|
1
|
1,451
|
21
|
-
|
3
|
1,476
|
|
Commercial
Deductions (US$000)
|
-10
|
704
|
8
|
-
|
4
|
706
|
1
|
987
|
14
|
-
|
2
|
1,003
|
|
Selling Expenses
(US$000)
|
-
|
154.11
|
1.75
|
-
|
1
|
157
|
0.09
|
111.12
|
1.59
|
-
|
0.20
|
113
|
|
Cost Applicable to
Sales (US$000)
|
-10
|
9,566
|
109
|
-
|
70
|
9,734
|
8
|
10,066
|
144
|
-
|
18
|
10,236
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume Sold
|
0
|
636,311
|
76
|
-
|
11
|
Not
Applicable
|
10
|
614,164
|
113
|
-
|
14
|
Not
Applicable
|
|
CAS
|
-
|
15.03
|
1,436
|
-
|
6,152
|
Not Applicable
|
793
|
16.39
|
1,278
|
-
|
1,271
|
Not Applicable
|
|
|
ORCOPAMPA
|
|
|
1Q 2022
|
1Q 2021
|
|
|
GOLD (OZ)
|
SILVER (OZ)
|
LEAD (MT)
|
ZINC (MT)
|
COPPER (MT)
|
TOTAL
|
GOLD (OZ)
|
SILVER (OZ)
|
LEAD (MT)
|
ZINC (MT)
|
COPPER (MT)
|
TOTAL
|
|
Cost of Sales (without D&A)
(US$000)
|
13,828
|
62
|
-
|
-
|
-
|
13,890
|
10,036
|
60
|
-
|
-
|
-
|
10,097
|
|
Add:
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
Exploration Expenses (US$000)
|
2,674
|
12
|
-
|
-
|
-
|
2,686
|
1,789
|
11
|
-
|
-
|
-
|
1,800
|
|
Commercial Deductions (US$000)
|
81
|
1
|
-
|
-
|
-
|
81
|
18
|
3
|
-
|
-
|
-
|
21
|
|
Selling Expenses (US$000)
|
153
|
1
|
-
|
-
|
-
|
154
|
44
|
0
|
-
|
-
|
-
|
44
|
|
Cost Applicable to
Sales (US$000)
|
16,736
|
76
|
-
|
-
|
-
|
16,811
|
11,888
|
74
|
-
|
-
|
-
|
11,962
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume Sold
|
19,307
|
6,928
|
-
|
-
|
-
|
Not
Applicable
|
5,698
|
1,878
|
-
|
-
|
-
|
Not
Applicable
|
|
CAS
|
867
|
10.93
|
-
|
-
|
-
|
Not Applicable
|
2,086
|
39.48
|
-
|
-
|
-
|
Not Applicable
|
|
|
TAMBOMAYO
|
|
|
1Q 2022
|
1Q 2021
|
|
|
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)
|
8,528
|
3,072
|
2,042
|
4,559
|
-
|
18,200
|
10,564
|
2,943
|
1,255
|
1,717.52
|
-
|
16,479
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration Expenses (US$000)
|
1,090
|
393
|
261
|
583
|
-
|
2,326
|
798
|
222
|
95
|
130
|
-
|
1,245
|
|
Commercial Deductions (US$000)
|
2,045
|
999
|
443
|
5,059
|
-
|
8,546
|
1,584
|
543
|
215
|
1,139
|
-
|
3,481
|
|
Selling Expenses (US$000)
|
656
|
236
|
157
|
351
|
-
|
1,401
|
619
|
173
|
74
|
101
|
-
|
966
|
|
Cost Applicable to Sales (US$000)
|
12,319
|
4,700
|
2,902
|
10,551
|
-
|
30,473
|
13,565
|
3,882
|
1,638
|
3,087
|
-
|
22,171
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume Sold
|
12,181
|
351,077
|
2,275
|
2,922
|
-
|
Not Applicable
|
14,631
|
257,290
|
1,440
|
1,401
|
-
|
Not Applicable
|
|
CAS
|
1,011
|
13.39
|
1,276
|
3,610
|
-
|
No Applicable
|
927
|
15.09
|
1,138
|
2,203
|
-
|
No Applicable
|
|
|
LA ZANJA
|
|
|
1Q 2022
|
1Q 2021
|
|
|
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)
|
11,709
|
558
|
-
|
-
|
-
|
12,267
|
6,196
|
710
|
-
|
-
|
-
|
6,906
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration Expenses (US$000)
|
686
|
33
|
-
|
-
|
-
|
719
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Commercial Deductions (US$000)
|
43
|
3
|
-
|
-
|
-
|
46
|
27
|
3
|
-
|
-
|
-
|
29
|
|
Selling Expenses (US$000)
|
32
|
2
|
-
|
-
|
-
|
34
|
20
|
2
|
-
|
-
|
-
|
22
|
|
Cost Applicable to Sales (US$000)
|
12,471
|
595
|
-
|
-
|
-
|
13,066
|
6,242
|
715
|
-
|
-
|
-
|
6,957
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume Sold
|
5,773
|
21,818
|
-
|
-
|
-
|
Not Applicable
|
3,897
|
28,964
|
-
|
-
|
-
|
Not Applicable
|
|
CAS
|
2,160
|
27.25
|
-
|
-
|
-
|
Not Applicable
|
1,602
|
24.67
|
-
|
-
|
-
|
Not Applicable
|
Compañía de
Minas Buenaventura S.A.A.
First
Quarter 2022 Results
Page 16 of 22
|
|
BROCAL
|
|
|
1Q 2022
|
1Q 2021
|
|
|
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)
|
1,951
|
7,546
|
1,907
|
10,344
|
33,877
|
55,625
|
1,093
|
10,176
|
1,576
|
8,755
|
21,117
|
42,716
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration Expenses (US$000)
|
139
|
538
|
136
|
737
|
2,415
|
3,965
|
67
|
621
|
96
|
534
|
1,288
|
2,605
|
|
Commercial Deductions (US$000)
|
1,545
|
5,106
|
1,179
|
6,827
|
26,620
|
41,277
|
1,005
|
5,081
|
751
|
5,582
|
18,825
|
31,244
|
|
Selling Expenses (US$000)
|
81
|
311
|
79
|
427
|
1,398
|
2,296
|
51
|
479
|
74
|
412
|
993
|
2,009
|
|
Cost Applicable to Sales (US$000)
|
3,715
|
13,501
|
3,301
|
18,336
|
64,310
|
103,163
|
2,216
|
16,356
|
2,496
|
15,283
|
42,223
|
78,574
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume Sold
|
2,907
|
852,933
|
2,239
|
7,256
|
9,697
|
Not Applicable
|
1,951
|
1,244,168
|
2,239
|
8,491
|
7,536
|
Not Applicable
|
|
CAS
|
1,278
|
15.83
|
1,475
|
2,527
|
6,632
|
Not Applicable
|
1,136
|
13.15
|
1,115
|
1,800
|
5,603
|
Not Applicable
|
|
|
NON MINING COMPANIES
|
|
|
1Q 2022
|
1Q 2021
|
|
|
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)
|
-
|
-
|
-
|
-
|
-
|
584
|
-
|
-
|
-
|
-
|
-
|
4,097
|
|
Add:
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
Selling Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
238
|
-
|
-
|
-
|
-
|
-
|
244
|
|
Total (US$000)
|
-
|
-
|
-
|
-
|
-
|
822
|
-
|
-
|
-
|
-
|
-
|
4,341
|
|
|
BUENAVENTURA CONSOLIDATED
|
|
|
1Q 2022
|
1Q 2021
|
|
|
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)
|
36015.29207
|
18,504
|
4,031
|
14,903
|
33,931
|
107,968
|
27,895
|
44,033
|
4,527
|
12,588
|
21,130
|
114,271
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration Expenses (US$000)
|
4,589
|
2,417
|
413
|
1,320
|
2,425
|
14,017
|
2,655
|
4,197
|
345
|
841
|
1,290
|
9,328
|
|
Commercial Deductions (US$000)
|
3,704
|
6,812
|
1,630
|
11,886
|
26,623
|
50,885
|
2,635
|
12,016
|
1,324
|
8,256
|
18,827
|
43,058
|
|
Selling Expenses (US$000)
|
923
|
704
|
238
|
778
|
1,399
|
4,592
|
734
|
1,332
|
189
|
565
|
993
|
4,058
|
|
Cost Applicable to Sales (US$000)
|
45,231
|
28,437
|
6,312
|
28,887
|
64,379
|
177,462
|
33,919
|
61,579
|
6,385
|
22,250
|
42,241
|
170,715
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume Sold
|
40,167
|
1,869,066
|
4,589
|
10,179
|
9,709
|
Not Applicable
|
26,188
|
3,176,279
|
4,804
|
10,806
|
7,551
|
Not Applicable
|
|
CAS
|
1,126
|
15.21
|
1,375
|
2,838
|
6,631
|
Not Applicable
|
1,295
|
19.39
|
1,329
|
2,059
|
5,594
|
Not Applicable
|
|
|
COIMOLACHE
|
|
|
1Q 2022
|
1Q 2021
|
|
|
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)
|
23,760
|
1,283
|
-
|
-
|
-
|
25,043
|
22,158
|
2,601
|
-
|
-
|
-
|
24,759
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration Expenses (US$000)
|
2,015
|
109
|
-
|
-
|
-
|
2,124
|
320
|
37
|
-
|
-
|
-
|
357
|
|
Commercial Deductions (US$000)
|
254
|
30
|
-
|
-
|
-
|
284
|
220
|
26
|
-
|
-
|
-
|
246
|
|
Selling Expenses (US$000)
|
243
|
13
|
-
|
-
|
-
|
256
|
231
|
27
|
-
|
-
|
-
|
258
|
|
Cost Applicable to Sales (US$000)
|
26,272
|
1,435
|
-
|
-
|
-
|
27,707
|
22,929
|
2,691
|
-
|
-
|
-
|
25,620
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume Sold
|
20,586
|
96,634
|
-
|
-
|
-
|
Not Applicable
|
28,094
|
215,648
|
-
|
-
|
-
|
Not Applicable
|
|
CAS
|
1,276
|
14.85
|
-
|
-
|
-
|
Not Applicable
|
816
|
12.48
|
-
|
-
|
-
|
Not Applicable
|
Compañía de Minas Buenaventura
S.A.A.
First
Quarter 2022 Results
Page 17 of 22
APPENDIX 5: All-in Sustaining Cost
All-in Sustaining Cost for 1Q22
| |
Buenaventura1
|
|
La Zanja
|
|
Tantahuatay
|
|
Attributable
2
|
| |
1Q22
|
|
1Q22
|
|
1Q22
|
|
1Q22
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces Sold Net
|
|
40,167
|
|
|
5,773
|
|
|
20,586
|
|
|
54,194
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
1Q22
|
|
|
1Q22
|
|
|
1Q22
|
|
|
1Q22
|
|
|
Income Statement & Cash
Flow
|
US$ 000'
|
US$/Oz Au
|
|
US$ 000'
|
US$/Oz Au
|
|
US$ 000'
|
US$/Oz Au
|
|
US$ 000'
|
US$/Oz Au
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales
|
41,361
|
1,030
|
|
11,482
|
1,989
|
|
25,043
|
1,217
|
|
57,494
|
1,061
|
|
Exploration in Operating Units
|
9,333
|
232
|
|
719
|
125
|
|
2,124
|
103
|
|
10,566
|
195
|
|
Royalties
|
2,934
|
73
|
|
0
|
0
|
|
0
|
0
|
|
2,934
|
54
|
|
Comercial Deductions3
|
9,562
|
238
|
|
46
|
8
|
|
284
|
14
|
|
9,700
|
179
|
|
Selling Expenses
|
2,157
|
54
|
|
34
|
6
|
|
256
|
12
|
|
2,278
|
42
|
|
Administrative Expenses
|
12,075
|
301
|
|
684
|
118
|
|
905
|
44
|
|
12,801
|
236
|
|
Other, net
|
-831
|
-21
|
|
-108
|
-19
|
|
-372
|
-18
|
|
-1,037
|
-19
|
|
Sustaining Capex4
|
1,460
|
36
|
|
34
|
6
|
|
4,403
|
214
|
|
3,243
|
60
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
By-product Credit
|
-41,359
|
-1,030
|
|
-519
|
-90
|
|
-2,077
|
-101
|
|
-42,467
|
-784
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
All-in Sustaining Cost
|
36,692
|
913
|
|
12,372
|
2,143
|
|
30,566
|
1,485
|
|
61,319
|
1,131
|
*All-in Sustaining Cost does not include: Depreciation and
Amortization, Stoppage of mining units, Exploration in
non-operating areas.
|
Notes:
|
|
1. Non-consolidated financial statements for Compañia De Minas
Buenaventura S.A.A.
|
|
2. Considers 100% from Compañia De Minas Buenaventura S.A.A.,
100% from La Zanja and 40.095% from Tantahuatay.
|
|
3. For all metals produced.
|
|
4. Sustaining Capex + Growth Capex equals Acquisitions of
mining concessions, development costs, property, plant and
equipment.
|
Compañía de Minas Buenaventura
S.A.A.
First
Quarter 2022 Results
Page 18 of 22
All-in Sustaining Cost for
1Q21
| |
Buenaventura1
|
|
La Zanja
|
|
Tantahuatay
|
|
Attributable
2
|
| |
1Q21
|
|
1Q21
|
|
1Q21
|
|
1Q21
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces Sold Net
|
|
20,339
|
|
|
3,897
|
|
|
28,094
|
|
|
33,671
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
1Q21
|
|
|
1Q21
|
|
|
1Q21
|
|
|
1Q21
|
|
|
Income Statement & Cash
Flow
|
US$ 000'
|
US$/Oz Au
|
|
US$ 000'
|
US$/Oz Au
|
|
US$ 000'
|
US$/Oz Au
|
|
US$ 000'
|
US$/Oz Au
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales
|
67,170
|
3,303
|
|
9,588
|
2,460
|
|
24,759
|
881
|
|
82,185
|
2,441
|
|
Exploration in Operating Units
|
6,723
|
331
|
|
1
|
0
|
|
357
|
13
|
|
6,867
|
204
|
|
Royalties
|
776
|
38
|
|
0
|
0
|
|
0
|
0
|
|
776
|
23
|
|
Comercial Deductions3
|
11,786
|
579
|
|
29
|
7
|
|
246
|
9
|
|
11,900
|
353
|
|
Selling Expenses
|
1,930
|
95
|
|
22
|
6
|
|
258
|
9
|
|
2,045
|
61
|
|
Administrative Expenses
|
10,441
|
513
|
|
755
|
194
|
|
1,005
|
36
|
|
11,245
|
334
|
|
Other, net
|
177
|
9
|
|
31
|
8
|
|
240
|
9
|
|
290
|
9
|
|
Sustaining Capex4
|
2,476
|
122
|
|
39
|
10
|
|
6,264
|
223
|
|
5,008
|
149
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
By-product Credit
|
-64,040
|
-3,149
|
|
-788
|
-202
|
|
-5,821
|
-207
|
|
-66,792
|
-1,984
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
All-in Sustaining Cost
|
37,439
|
1,841
|
|
9,677
|
2,483
|
|
27,308
|
972
|
|
58,064
|
1,724
|
*All-in Sustaining Cost does not include: Depreciation and
Amortization, Stoppage of mining units, Exploration in
non-operating areas.
|
Notes:
|
|
1. Non-consolidated financial statements for Compañia De Minas
Buenaventura S.A.A.
|
|
2. Considers 100% from Compañia De Minas Buenaventura S.A.A.,
53.06% from La Zanja and 40.095% from Tantahuatay.
|
|
3. For all metals produced.
|
|
4. Sustaining Capex + Growth Capex equals Acquisitions of
mining concessions, development costs, property, plant and
equipment.
|
Compañía de Minas Buenaventura
S.A.A.
First
Quarter 2022 Results
Page 19 of 22
APPENDIX 7
|
Compañía de Minas Buenaventura
S.A.A. and Subsidiaries
|
|
|
|
|
|
|
|
Interim condensed consolidated
statements of financial position
|
|
|
|
|
|
|
|
As of March 31, 2022 (unaudited)
and December 31, 2021 (audited)
|
|
|
|
|
|
|
|
|
|
2022
|
|
|
2021
|
|
|
Assets
|
|
US$(000)
|
|
|
US$(000)
|
|
|
Current assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
337,410
|
|
|
|
376,999
|
|
|
Trade and other receivables
|
|
|
247,704
|
|
|
|
240,432
|
|
|
Inventories
|
|
|
98,172
|
|
|
|
86,264
|
|
|
Current income tax asset
|
|
|
10,579
|
|
|
|
15,456
|
|
|
Prepaid expenses
|
|
|
18,297
|
|
|
|
20,394
|
|
|
|
|
|
712,162
|
|
|
|
739,545
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
Trade and other receivables
|
|
|
678,173
|
|
|
|
635,832
|
|
|
Inventories
|
|
|
12,509
|
|
|
|
12,802
|
|
|
Investments in associates and joint venture
|
|
|
1,468,170
|
|
|
|
1,422,295
|
|
|
Property, plant, equipment, development costs, net
|
|
|
1,509,453
|
|
|
|
1,537,870
|
|
|
Deferred income tax asset
|
|
|
105,434
|
|
|
|
164,351
|
|
|
Prepaid expenses
|
|
|
23,698
|
|
|
|
23,920
|
|
|
Other assets
|
|
|
24,855
|
|
|
|
25,196
|
|
| |
|
|
3,822,292
|
|
|
|
3,822,266
|
|
|
Total assets
|
|
|
4,534,454
|
|
|
|
4,561,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Bank loans
|
|
|
-
|
|
|
|
50,000
|
|
|
Trade and other payables
|
|
|
207,233
|
|
|
|
259,641
|
|
|
Provisions
|
|
|
86,088
|
|
|
|
81,039
|
|
|
Current income tax payable
|
|
|
10,382
|
|
|
|
3,026
|
|
|
Financial obligations
|
|
|
138,013
|
|
|
|
179,417
|
|
|
Hedge derivative financial instruments
|
|
|
17,505
|
|
|
|
6,976
|
|
|
|
|
|
459,221
|
|
|
|
580,099
|
|
|
Liabilities directly associated with assets classified as held
for sale
|
|
|
-
|
|
|
|
264,838
|
|
|
|
|
|
459,221
|
|
|
|
844,937
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
Trade and other payables
|
|
|
4,144
|
|
|
|
3,037
|
|
|
Provisions
|
|
|
232,465
|
|
|
|
232,288
|
|
|
Financial obligations
|
|
|
633,160
|
|
|
|
878,558
|
|
|
Contingent consideration liability
|
|
|
18,020
|
|
|
|
17,718
|
|
|
Deferred income tax liabilities
|
|
|
30,943
|
|
|
|
46,742
|
|
|
|
|
|
918,732
|
|
|
|
1,178,343
|
|
| |
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
1,377,953
|
|
|
|
2,023,280
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
Capital stock
|
|
|
750,497
|
|
|
|
750,497
|
|
|
Investment shares
|
|
|
791
|
|
|
|
791
|
|
|
Additional paid-in capital
|
|
|
218,450
|
|
|
|
218,450
|
|
|
Legal reserve
|
|
|
163,270
|
|
|
|
163,270
|
|
|
Other reserves
|
|
|
269
|
|
|
|
269
|
|
|
Other reserves of equity
|
|
|
(8,666
|
)
|
|
|
(4,477
|
)
|
|
Retained earnings
|
|
|
1,875,208
|
|
|
|
1,239,526
|
|
|
Shareholders’ equity, net attributable to owners of the
parent
|
|
|
2,999,819
|
|
|
|
2,368,326
|
|
|
Non-controlling interest
|
|
|
156,682
|
|
|
|
170,205
|
|
|
Total equity
|
|
|
3,156,501
|
|
|
|
2,538,531
|
|
|
Total liabilities and equity
|
|
|
4,534,454
|
|
|
|
4,561,811
|
|
Compañía de Minas Buenaventura
S.A.A.
First
Quarter 2022 Results
Page 20 of 22
|
Compañía de Minas Buenaventura
S.A.A. and Subsidiaries
|
|
|
Interim consolidated statements of
profit or loss (unaudited)
|
|
|
|
|
|
|
|
For the three-month period ended
March 31, 2022 and 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the
three-month period
ended March
31,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
Continuing operations
|
|
US$(000)
|
|
|
US$(000)
|
|
|
Operating income
|
|
|
|
|
|
|
|
Sales of goods
|
|
|
227,855
|
|
|
|
178,517
|
|
|
Sales of services
|
|
|
3,683
|
|
|
|
3,412
|
|
|
Royalty income
|
|
|
1,381
|
|
|
|
3,959
|
|
|
Total operating income
|
|
|
232,919
|
|
|
|
185,888
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
|
|
|
|
|
|
Cost of sales of goods, excluding depreciation and
amortization
|
|
|
(107,418
|
)
|
|
|
(114,108
|
)
|
|
Unabsorbed cost due to production stoppage
|
|
|
(6,079
|
)
|
|
|
-
|
|
|
Cost of sales of services, excluding depreciation and
amortization
|
|
|
(550
|
)
|
|
|
(163
|
)
|
|
Depreciation and amortization
|
|
|
(45,721
|
)
|
|
|
(46,488
|
)
|
|
Exploration in operating units
|
|
|
(14,017
|
)
|
|
|
(9,328
|
)
|
|
Mining royalties
|
|
|
(4,409
|
)
|
|
|
(1,712
|
)
|
|
Total costs of sales
|
|
|
(178,194
|
)
|
|
|
(171,799
|
)
|
|
Gross profit
|
|
|
54,725
|
|
|
|
14,089
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (expenses)
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
|
(18,494
|
)
|
|
|
(16,972
|
)
|
|
Selling expenses
|
|
|
(4,592
|
)
|
|
|
(4,058
|
)
|
|
Exploration in non-operating areas
|
|
|
(2,044
|
)
|
|
|
(1,738
|
)
|
|
Reversal (provision) of contingents
|
|
|
746
|
|
|
|
(306
|
)
|
|
Other, net
|
|
|
46,891
|
|
|
|
(510
|
)
|
|
Total operating income
(expenses)
|
|
|
22,507
|
|
|
|
(23,584
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss)
|
|
|
77,232
|
|
|
|
(9,495
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Share in the results of associates and joint venture
|
|
|
75,420
|
|
|
|
58,224
|
|
|
Exchange difference
|
|
|
47,810
|
|
|
|
(1,441
|
)
|
|
Financial income
|
|
|
9,573
|
|
|
|
148
|
|
|
Financial costs
|
|
|
(16,571
|
)
|
|
|
(10,909
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Profit before income tax
|
|
|
193,464
|
|
|
|
36,527
|
|
|
|
|
|
|
|
|
|
|
|
|
Current income tax
|
|
|
(22,330
|
)
|
|
|
(6,727
|
)
|
|
Deferred income tax
|
|
|
(4,836
|
)
|
|
|
(9,346
|
)
|
| |
|
|
(27,166
|
)
|
|
|
(16,073
|
)
|
|
Profit from continuing
operations
|
|
|
166,298
|
|
|
|
20,454
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
479,997
|
|
|
|
(2,337
|
)
|
|
Net profit
|
|
|
646,295
|
|
|
|
18,117
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
Owners of the parent
|
|
|
636,152
|
|
|
|
16,370
|
|
|
Non-controlling interest
|
|
|
10,143
|
|
|
|
1,747
|
|
| |
|
|
646,295
|
|
|
|
18,117
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted profit (loss) per
share stated in U.S. dollars
|
|
|
2.50
|
|
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares
outstanding
|
|
|
|
|
|
|
|
|
|
(common and investment), in
units
|
|
|
253,986,867
|
|
|
|
253,986,867
|
|
Compañía de Minas Buenaventura
S.A.A.
First
Quarter 2022 Results
Page 21 of 22
|
Compañía de Minas Buenaventura
S.A.A. and Subsidiaries
|
|
|
Interim condensed consolidated
statements of cash flows (unaudited)
|
|
|
For the three-month periods ended
March 31, 2022 and 2021
|
|
|
|
|
|
|
|
|
|
| |
|
For the
three-month period
ended March
31,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
|
|
US$(000)
|
|
|
US$(000)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) operating
activities
|
|
|
|
|
|
|
|
Proceeds from sales of goods and services
|
|
|
235,299
|
|
|
|
209,521
|
|
|
Recovery from value added tax
|
|
|
8,027
|
|
|
|
6,434
|
|
|
Royalty received
|
|
|
5,643
|
|
|
|
4,710
|
|
|
Interest received
|
|
|
263
|
|
|
|
35
|
|
|
Dividends received from associates
|
|
|
-
|
|
|
|
3,551
|
|
|
Dividends received from investments
|
|
|
-
|
|
|
|
1,450
|
|
|
Payments to suppliers and third-parties, and others net
|
|
|
(188,893
|
)
|
|
|
(152,342
|
)
|
|
Payments to employees
|
|
|
(33,579
|
)
|
|
|
(33,156
|
)
|
|
Interest paid
|
|
|
(20,052
|
)
|
|
|
(3,814
|
)
|
|
Income tax and royalties paid to the Peruvian State
|
|
|
(57,497
|
)
|
|
|
(4,884
|
)
|
|
Payment of royalties
|
|
|
(2,934
|
)
|
|
|
(776
|
)
|
|
Payments for tax litigation
|
|
|
-
|
|
|
|
(7,462
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents
provided by (used in) operating activities
|
|
|
(53,723
|
)
|
|
|
23,267
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) investing
activities
|
|
|
|
|
|
|
|
|
|
Gain from sale of investments
|
|
|
300,000
|
|
|
|
30
|
|
|
Income from purchase of shares in La Zanja
|
|
|
45,000
|
|
|
|
-
|
|
|
Proceeds from sales of property, plant and equipment
|
|
|
42
|
|
|
|
4,382
|
|
|
Acquisitions of property, plant and equipment
|
|
|
(19,863
|
)
|
|
|
(12,960
|
)
|
|
Payments for acquisitions of other assets
|
|
|
(94
|
)
|
|
|
(96
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from (used in)
investing activities
|
|
|
325,085
|
|
|
|
(8,644
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) financing
activities
|
|
|
|
|
|
|
|
|
|
Increase of restricted time deposits
|
|
|
29,117
|
|
|
|
-
|
|
|
Payments of financial obligations
|
|
|
(280,396
|
)
|
|
|
(5,396
|
)
|
|
Payments of bank loans
|
|
|
(50,000
|
)
|
|
|
(10,397
|
)
|
|
Short-term and low value lease payments
|
|
|
(7,594
|
)
|
|
|
(6,484
|
)
|
|
Dividends paid to non-controlling interest
|
|
|
(1,075
|
)
|
|
|
(1,400
|
)
|
|
Payments of obligations for leases
|
|
|
(1,010
|
)
|
|
|
(1,017
|
)
|
|
Increase (decrease) of restricted bank accounts
|
|
|
7
|
|
|
|
(5
|
)
|
| |
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents
provided by (used in) in financing activities
|
|
|
(310,951
|
)
|
|
|
(24,699
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents during the period,
net
|
|
|
(39,589
|
)
|
|
|
(10,076
|
)
|
|
Cash and cash equivalents at beginning of period
|
|
|
376,999
|
|
|
|
235,449
|
|
| |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at
period-end
|
|
|
337,410
|
|
|
|
225,373
|
|
Compañía de Minas Buenaventura
S.A.A.
First
Quarter 2022 Results
Page 22 of 22
| |
|
For the
three-month period
ended March
31,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
|
|
US$(000)
|
|
|
US$(000)
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net profit to
cash and cash equivalents provided
|
|
|
|
|
|
|
|
by operating
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit
|
|
|
646,295
|
|
|
|
18,117
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus (less):
|
|
|
|
|
|
|
|
|
|
Share in the results of associates
and joint venture
|
|
|
(75,420
|
)
|
|
|
(58,224
|
)
|
|
Deferred income tax in Continued
operations
|
|
|
4,836
|
|
|
|
9,346
|
|
|
Exchange difference
|
|
|
(47,810
|
)
|
|
|
1,441
|
|
|
Fair value of provision for
contingences liabilities
|
|
|
302
|
|
|
|
-
|
|
|
Accretion expense of provision for
closure of mining units and exploration projects
|
|
|
1,199
|
|
|
|
1,414
|
|
|
Recovery (expense) for provision for
contingencies
|
|
|
(746
|
)
|
|
|
306
|
|
|
Income from purchase of shares in La
Zanja
|
|
|
(45,000
|
)
|
|
|
-
|
|
|
Depreciation and amortization in
Cost of sales
|
|
|
45,721
|
|
|
|
46,488
|
|
|
Depreciation and amortization in
Administration expenses
|
|
|
918
|
|
|
|
909
|
|
|
Depreciation and amortization in
Other, net
|
|
|
25
|
|
|
|
26
|
|
|
Provision for estimated fair value
of sales
|
|
|
4,057
|
|
|
|
9,625
|
|
|
Workers´ participation
provision
|
|
|
5,191
|
|
|
|
-
|
|
|
Bonus provision - executives &
employes
|
|
|
3,938
|
|
|
|
3,747
|
|
|
Reduction of debt restructuring
costs by prepayment
|
|
|
(8,855
|
)
|
|
|
-
|
|
|
Deferred income tax expense (income)
in Discontinued operations
|
|
|
41,414
|
|
|
|
-
|
|
|
Income from discontinued operation
of Yanacocha in Discontinued operations
|
|
|
(265,946
|
)
|
|
|
1,003
|
|
|
Gain from sale of investments in
Discontinued operations
|
|
|
(300,000
|
)
|
|
|
(30
|
)
|
|
Other minor
|
|
|
(208
|
)
|
|
|
1,111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net changes in operating assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in operating
assets -
|
|
|
|
|
|
|
|
|
|
Trade and other accounts
receivable
|
|
|
32,505
|
|
|
|
18,101
|
|
|
Inventories
|
|
|
(11,268
|
)
|
|
|
1,114
|
|
|
Income tax credit
|
|
|
-
|
|
|
|
3,284
|
|
|
Prepaid expenses
|
|
|
2,319
|
|
|
|
4,217
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in operating
liabilities -
|
|
|
|
|
|
|
|
|
|
Trade and other accounts
payable
|
|
|
(94,690
|
)
|
|
|
(31,980
|
)
|
|
Provisions
|
|
|
(2,080
|
)
|
|
|
(1,914
|
)
|
|
Income tax payable
|
|
|
9,580
|
|
|
|
(2,373
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Payments for tax litigation
|
|
|
-
|
|
|
|
(7,462
|
)
|
|
Proceeds from dividends
|
|
|
-
|
|
|
|
5,001
|
|
| |
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents
provided by operating activities
|
|
|
(53,723
|
)
|
|
|
23,267
|
|
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.