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Name | Symbol | Market | Type |
---|---|---|---|
Compania De Minas Buenaventura SA | NYSE:BVN | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.69 | -3.99% | 16.61 | 17.56 | 16.161 | 17.44 | 938,931 | 01:00:00 |
|
● |
2Q20 results were adversely impacted by the State of Emergency and related mandated lockdown instituted by the Peruvian Government in order to contain the spread of the Coronavirus (COVID-19). As part of the
Buenaventura´s two-phased plan, on May 16, 2020 Tambomayo, Uchucchacua, El Brocal and Coimolache began the process to restart operations. The second phase began on June 16, 2020. As of the date of this press release, the Company expects to reach full capacity at all operations by the end of August.
|
|
● |
2Q20 EBITDA from direct operations was US$ 26.5 million, compared to US$ 47.1 million reported in 2Q19.
|
|
● |
June 2020 EBITDA from direct operations was US$33.3 million, an initial indication of post-State of Emergency restriction recovery.
|
|
● |
2Q20 Adjusted EBITDA including associated companies reached US$ 86.1 million, compared to US$ 137.3 million in 2Q19.
|
|
● |
2Q20 capital expenditures were US$ 11.6 million, compared to US$ 28.8 million for the same period in 2019.
|
|
● |
2Q20 net loss was US$ 25.1 million, compared to a net income of US$ 9.7 million for the same period in 2019. US$2.9 million of the above net loss was due to additional expenses related to the effect of COVID-19
on a consolidated basis.
|
|
● |
The Company´s De-Bottlenecking Program continued to progress during the 2Q20 at a reduced level. The program’s 2020 focus is on the Company’s Tambomayo, Uchucchacua and El Brocal mines (please refer to page 6 for related details).
|
|
● |
Buenaventura’s 2Q20 cash position reached US$ 196 million.
|
|
● |
Updated guidance will be provided once Buenaventura has achieved full production capacity at all operations.
|
2Q20
|
2Q19
|
Var
|
6M20
|
6M19
|
Var
|
|
Total Revenues
|
97.8
|
216.1
|
-55%
|
212.3
|
402.2
|
-47%
|
Operating Profit
|
-17.9
|
-15.3
|
17%
|
-77.5
|
-42.4
|
83%
|
EBITDA Direct Operations
|
26.5
|
47.1
|
-44%
|
19.7
|
74.8
|
-74%
|
Adjusted EBITDA (Inc Associates)
|
86.1
|
137.3
|
-37%
|
116.7
|
304.3
|
-62%
|
Net Income
|
-25.1
|
9.7
|
N.A.
|
-100.1
|
37.0
|
N.A.
|
EPS*
|
-0.10
|
0.04
|
N.A.
|
-0.39
|
0.15
|
N.A.
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 2 of 27 |
Operating Revenues
|
|
|
Operating Highlights
|
2Q20
|
2Q19
|
%
|
6M20
|
6M19
|
%
|
Net Sales
(in millions of US$)
|
94.2
|
210.8
|
-55%
|
203.0
|
391.4
|
-48%
|
Average Realized Gold Price (US$/oz) (1) (2)
|
1,775
|
1,303
|
36%
|
1,738
|
1,302
|
33%
|
Average Realized Gold Price (US$/oz) Inc. Affiliates (2)(3)
|
1,744
|
1,308
|
33%
|
1,669
|
1,306
|
28%
|
Average Realized Silver Price (US$/oz) (1) (2)
|
16.67
|
14.91
|
12%
|
17.00
|
15.12
|
12%
|
Average Realized Lead Price (US$/MT) (1) (2)
|
1,460
|
1,851
|
-21%
|
1,587
|
1,929
|
-18%
|
Average Realized
Zinc Price (US$/MT) (1) (2)
|
1,112
|
2,875
|
-61%
|
1,655
|
2,847
|
-42%
|
Average Realized Copper Price (US$/MT) (1) (2)
|
5,085
|
6,077
|
-16%
|
5,425
|
6,098
|
-11%
|
Volume Sold
|
2Q20
|
2Q19
|
%
|
6M20
|
6M19
|
%
|
Consolidated Gold Oz (1)
|
24,839
|
45,854
|
-46%
|
45,075
|
81,441
|
-45%
|
Gold Oz Inc. Associated Companies (3)
|
60,327
|
118,715
|
-49%
|
141,852
|
224,962
|
-37%
|
Consolidated Silver Oz (1)
|
1,460,620
|
5,342,779
|
-73%
|
4,470,246
|
8,844,458
|
-49%
|
Consolidated Lead MT (1)
|
3,862
|
15,171
|
-75%
|
11,357
|
24,549
|
-54%
|
Consolidated Zinc MT (1)
|
4,751
|
17,070
|
-72%
|
20,055
|
31,839
|
-37%
|
Consolidated Copper MT (1)
|
2,758
|
9,189
|
-70%
|
11,223
|
17,507
|
-36%
|
(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, 40.095% of Coimolache and 43.65% of Yanacocha.
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 3 of 27 |
Production and Operating Costs
|
|
Equity Production
|
2Q20
|
2Q19
|
%
|
6M20
|
6M19
|
%
|
Gold Oz Direct Operations(1)
|
26,989
|
40,598
|
-34%
|
53,956
|
79,935
|
-33%
|
Gold Oz including Associated(2) Companies
|
62,029
|
115,245
|
-46%
|
151,181
|
228,157
|
-34%
|
Silver Oz Direct Operations(1)
|
1,686,689
|
5,187,170
|
-67%
|
5,005,697
|
8,856,414
|
-43%
|
Silver Oz including Associated Companies
|
1,991,257
|
5,516,353
|
-64%
|
5,805,312
|
9,511,204
|
-39%
|
Lead MT
|
3,316
|
13,023
|
-75%
|
10,286
|
21,259
|
-52%
|
Zinc MT
|
3,986
|
16,090
|
-75%
|
16,863
|
28,930
|
-42%
|
Copper MT Direct Operations(1)
|
1,881
|
5,989
|
-69%
|
7,526
|
11,473
|
-34%
|
Copper MT including Associated Companies(3)
|
17,667
|
27,167
|
-35%
|
41,366
|
55,840
|
-26%
|
Consolidated Production
|
2Q20
|
2Q19
|
%
|
6M20
|
6M19
|
%
|
Gold Oz(4)
|
28,815
|
44,582
|
-35%
|
58,893
|
91,629
|
-36%
|
Silver Oz(4)
|
1,789,375
|
5,751,519
|
-69%
|
5,376,212
|
9,738,672
|
-45%
|
Lead MT(4)
|
4,160
|
16,244
|
-74%
|
13,236
|
26,420
|
-50%
|
Zinc MT(4)
|
5,677
|
20,902
|
-73%
|
24,362
|
37,779
|
-36%
|
Copper MT(4)
|
3,056
|
9,719
|
-69%
|
12,218
|
18,618
|
-34%
|
(1)
|
Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 53.06% of La Zanja and 61.43% of El Brocal.
|
(2)
|
Based on 100% of Buenaventura´s operating units, 53.06% of La Zanja, 61.43% of el Brocal, 40.095% of Coimolache and 43.65% of Yanacocha.
|
(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.
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 4 of 27 |
Production
|
|||||||||||||||||||||||||
|
|
2Q20
|
2Q19
|
Var %
|
6M20
|
6M19
|
Var %
|
||||||||||||||||||
Gold
|
Oz
|
17,121
|
24,610
|
-30
|
%
|
31,670
|
48,643
|
-35
|
%
|
||||||||||||||||
Silver
|
Oz
|
410,010
|
558,034
|
-27
|
%
|
795,541
|
1,073,277
|
-26
|
%
|
||||||||||||||||
Cost Applicable to Sales
|
|||||||||||||||||||||||||
|
|
2Q20
|
2Q19
|
Var %
|
6M20
|
6M19
|
Var %
|
||||||||||||||||||
Gold
|
US$/Oz
|
736
|
558
|
32
|
%
|
984
|
617
|
59
|
%
|
Production
|
|||||||
|
|
2Q20
|
2Q19
|
Var %
|
6M20
|
6M19
|
Var %
|
Gold
|
Oz
|
7,612
|
10,764
|
-29%
|
15,773
|
16,713
|
-6%
|
Silver
|
Oz
|
1,075
|
7,312
|
-85%
|
3,881
|
10,499
|
-63%
|
Cost Applicable to Sales
|
|||||||
|
|
2Q20
|
2Q19
|
Var %
|
6M20
|
6M19
|
Var %
|
Gold
|
US$/Oz
|
325
|
1,563
|
-79%
|
909
|
1,834
|
-50%
|
Production
|
|||||||
|
|
2Q20
|
2Q19
|
Var %
|
6M20
|
6M19
|
Var %
|
Gold
|
Oz
|
3,028
|
5,443
|
-44%
|
6,325
|
19,060
|
-67%
|
Silver
|
Oz
|
14,411
|
11,422
|
26%
|
27,830
|
60,604
|
-54%
|
Cost Applicable to Sales
|
|||||||
|
|
2Q20
|
2Q19
|
Var %
|
6M20
|
6M19
|
Var %
|
Gold
|
US$/Oz
|
1,053
|
1,471
|
-28%
|
1,656
|
1,115
|
49%
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 5 of 27 |
Production
|
|||||||||||||||||||||||||
|
|
2Q20
|
2Q19
|
Var %
|
6M20
|
6M19
|
Var %
|
||||||||||||||||||
Gold
|
Oz
|
13,551
|
34,766
|
-61
|
%
|
36,044
|
61,039
|
-41
|
%
|
||||||||||||||||
Silver
|
Oz
|
77,992
|
145,567
|
-46
|
%
|
266,957
|
221,927
|
20
|
%
|
||||||||||||||||
Cost Applicable to Sales
|
|||||||||||||||||||||||||
|
|
2Q20
|
2Q19
|
Var %
|
6M20
|
6M19
|
Var %
|
||||||||||||||||||
Gold
|
US$/Oz
|
1,017
|
716
|
42
|
%
|
942
|
721
|
31
|
%
|
Production
|
|||||||||||||||||||||||||
|
|
2Q20
|
2Q19
|
Var %
|
6M20
|
6M19
|
Var %
|
||||||||||||||||||
Silver
|
Oz
|
979,008
|
3,083,290
|
-68
|
%
|
2,935,471
|
5,079,729
|
-42
|
%
|
||||||||||||||||
Zinc
|
MT
|
462
|
6,093
|
-92
|
%
|
2,822
|
9,998
|
-72
|
%
|
||||||||||||||||
Lead
|
MT
|
753
|
5,795
|
-87
|
%
|
3,026
|
8,754
|
-65
|
%
|
||||||||||||||||
Cost Applicable to Sales
|
|||||||||||||||||||||||||
|
|
2Q20
|
2Q19
|
Var %
|
6M20
|
6M19
|
Var %
|
||||||||||||||||||
Silver
|
US$/Oz
|
16.24
|
10.37
|
57
|
%
|
16.61
|
10.82
|
54
|
%
|
Production
|
|||||||||||||||||||||||||
|
|
2Q20
|
2Q19
|
Var %
|
6M20
|
6M19
|
Var %
|
||||||||||||||||||
Silver
|
Oz
|
136,177
|
642,182
|
-79
|
%
|
686,729
|
1,300,897
|
-47
|
%
|
||||||||||||||||
Cost Applicable to Sales
|
|||||||||||||||||||||||||
|
|
2Q20
|
2Q19
|
Var %
|
6M20
|
6M19
|
Var %
|
||||||||||||||||||
Silver
|
US$/Oz
|
17.02
|
13.47
|
26
|
%
|
16.10
|
13.77
|
17
|
%
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 6 of 27 |
De-Bottlenecking Program – 2020 Update
|
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 7 of 27 |
General and Administrative Expenses
|
|
Exploration in Non-Operating Areas
|
|
Share in Associated Companies
|
|
Share in the Result of Associates
(in millions of US$)
|
2Q20
|
2Q19
|
Var
|
6M20
|
6M19
|
Var
|
Cerro Verde
|
13.5
|
10.4
|
29%
|
1.6
|
49.6
|
-97%
|
Yanacocha
|
-7.6
|
11.2
|
N.A.
|
-17.1
|
20.9
|
N.A.
|
Coimolache
|
-1.8
|
1.1
|
N.A.
|
-2.4
|
1.7
|
N.A.
|
Others
|
-0.1
|
0.0
|
N.A.
|
-0.2
|
0.0
|
N.A.
|
Total
|
3.9
|
22.7
|
-83%
|
-18.1
|
72.2
|
N.A.
|
●
|
Currently in Definitive Feasibility Stage
|
●
|
Study work and engineering continue to successfully progress remotely
|
●
|
Decision to proceed expected in 2021.
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 8 of 27 |
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 9 of 27 |
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, 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.
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 10 of 27 |
Equity Participation in
Subsidiaries and Associates (as of June 30, 2020)
|
|||
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*
|
61.43
|
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
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 11 of 27 |
Gold Production
|
|
14
|
17
|
|||||||||||||||||||||||
Mining Unit
|
Operating Results
|
Unit
|
2Q20
|
2Q19
|
△%
|
6M20
|
6M19
|
△ %
|
||||||||||||||||||
Underground
|
|
|
||||||||||||||||||||||||
Tambomayo
|
Ore Milled
|
DMT
|
131,034
|
158,937
|
-18
|
%
|
246,816
|
304,094
|
-19
|
%
|
||||||||||||||||
Ore Grade
|
Gr/MT
|
5.21
|
5.73
|
-9
|
%
|
4.97
|
5.93
|
-16
|
%
|
|||||||||||||||||
Recovery Rate
|
%
|
78.02
|
84.06
|
-7
|
%
|
80.34
|
83.95
|
-4
|
%
|
|||||||||||||||||
Ounces Produced*
|
Oz
|
17,121
|
24,610
|
-30
|
%
|
31,670
|
48,643
|
-35
|
%
|
|||||||||||||||||
Orcopampa
|
Ore Milled
|
DMT
|
15,076
|
37,305
|
-60
|
%
|
35,692
|
62,392
|
-43
|
%
|
||||||||||||||||
Ore Grade
|
Gr/MT
|
16.12
|
9.25
|
74
|
%
|
13.96
|
8.61
|
62
|
%
|
|||||||||||||||||
Recovery Rate
|
%
|
97.41
|
96.68
|
1
|
%
|
97.50
|
96.52
|
1
|
%
|
|||||||||||||||||
Ounces Produced*
|
Oz
|
7,612
|
10,764
|
-29
|
%
|
15,773
|
16,713
|
-6
|
%
|
|||||||||||||||||
Open Pit
|
|
|
||||||||||||||||||||||||
La Zanja
|
Ounces Produced
|
Oz
|
3,028
|
5,443
|
-44
|
%
|
6,325
|
19,060
|
-67
|
%
|
||||||||||||||||
Tantahuatay
|
Ounces Produced
|
Oz
|
13,551
|
34,766
|
-61
|
%
|
36,044
|
61,039
|
-41
|
%
|
||||||||||||||||
(*) Includes ounces from retreatment of tailing dams
|
||||||||||||||||||||||||||
|
|
|
Silver Production
|
|
|||||||||||||||||||||||||
Mining Unit
|
Operating Results
|
Unit
|
2Q20
|
2Q19
|
△%
|
6M20
|
6M19
|
△ %
|
||||||||||||||||||
Underground
|
|
|
||||||||||||||||||||||||
Tambomayo
|
Ore Milled
|
DMT
|
131,034
|
158,937
|
-18
|
%
|
246,816
|
304,094
|
-19
|
%
|
||||||||||||||||
Ore Grade
|
Oz/MT
|
3.99
|
3.93
|
2
|
%
|
4.08
|
3.98
|
2
|
%
|
|||||||||||||||||
Recovery Rate
|
%
|
78.39
|
89.39
|
-12
|
%
|
79.06
|
88.69
|
-11
|
%
|
|||||||||||||||||
Ounces Produced
|
Oz
|
410,010
|
558,034
|
-27
|
%
|
795,541
|
1,073,277
|
-26
|
%
|
|||||||||||||||||
Uchucchacua
|
Ore Milled
|
DMT
|
85,429
|
349,686
|
-76
|
%
|
317,773
|
599,033
|
-47
|
%
|
||||||||||||||||
Ore Grade
|
Oz/MT
|
12.09
|
9.78
|
24
|
%
|
10.11
|
9.57
|
6
|
%
|
|||||||||||||||||
Recovery Rate
|
%
|
94.77
|
90.18
|
5
|
%
|
91.37
|
88.58
|
3
|
%
|
|||||||||||||||||
Ounces Produced
|
Oz
|
979,008
|
3,083,290
|
-68
|
%
|
2,935,471
|
5,079,729
|
-42
|
%
|
|||||||||||||||||
Julcani
|
Ore Milled
|
DMT
|
6,193
|
31,414
|
-80
|
%
|
32,924
|
61,042
|
-46
|
%
|
||||||||||||||||
Ore Grade
|
Oz/MT
|
22.78
|
21.39
|
6
|
%
|
21.57
|
22.15
|
-3
|
%
|
|||||||||||||||||
Recovery Rate
|
%
|
96.34
|
95.57
|
1
|
%
|
96.65
|
96.22
|
0
|
%
|
|||||||||||||||||
Ounces Produced
|
Oz
|
136,177
|
642,182
|
-79
|
%
|
686,729
|
1,300,897
|
-47
|
%
|
|||||||||||||||||
Marcapunta
|
Ore Milled
|
DMT
|
154,849
|
668,296
|
-77
|
%
|
662,009
|
1,349,255
|
-51
|
%
|
||||||||||||||||
Ore Grade
|
Oz/MT
|
0.72
|
0.77
|
-7
|
%
|
0.71
|
0.74
|
-4
|
%
|
|||||||||||||||||
Recovery Rate
|
%
|
60.41
|
70.79
|
-15
|
%
|
65.27
|
62.08
|
5
|
%
|
|||||||||||||||||
Ounces Produced
|
Oz
|
67,307
|
365,559
|
-82
|
%
|
305,673
|
616,257
|
-50
|
%
|
|||||||||||||||||
Open Pit
|
|
|
||||||||||||||||||||||||
Tajo Norte
|
Ore Milled
|
DMT
|
239,898
|
1,073,607
|
-78
|
%
|
1,090,017
|
1,954,364
|
-44
|
%
|
||||||||||||||||
Ore Grade
|
Oz/MT
|
1.00
|
1.56
|
-36
|
%
|
0.85
|
1.27
|
-33
|
%
|
|||||||||||||||||
Recovery Rate
|
%
|
75.88
|
64.59
|
17
|
%
|
67.02
|
64.37
|
4
|
%
|
|||||||||||||||||
Ounces Produced
|
Oz
|
181,386
|
1,083,720
|
-83
|
%
|
621,087
|
1,597,410
|
-61
|
%
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 12 of 27 |
Zinc Production
|
|
|||||||||||||||||||||||||
Mining Unit
|
Operating Results
|
Unit
|
2Q20
|
2Q19
|
△%
|
6M20
|
6M19
|
△ %
|
||||||||||||||||||
Underground
|
|
|
||||||||||||||||||||||||
Tambomayo
|
Ore Milled
|
DMT
|
131,034
|
158,937
|
-18
|
%
|
246,816
|
304,094
|
-19
|
%
|
||||||||||||||||
Ore Grade
|
%
|
1.69
|
1.95
|
-13
|
%
|
1.64
|
2.06
|
-21
|
%
|
|||||||||||||||||
Recovery Rate
|
%
|
37.47
|
75.29
|
-50
|
%
|
51.87
|
77.11
|
-33
|
%
|
|||||||||||||||||
MT Produced
|
MT
|
831
|
2,333
|
-64
|
%
|
2,098
|
4,838
|
-57
|
%
|
|||||||||||||||||
Uchucchacua
|
Ore Milled
|
DMT
|
85,429
|
349,686
|
-76
|
%
|
317,773
|
599,033
|
-47
|
%
|
||||||||||||||||
Ore Grade
|
%
|
1.21
|
2.55
|
-52
|
%
|
1.52
|
2.52
|
-40
|
%
|
|||||||||||||||||
Recovery Rate
|
%
|
44.60
|
68.27
|
-35
|
%
|
58.49
|
66.17
|
-12
|
%
|
|||||||||||||||||
MT Produced
|
MT
|
462
|
6,093
|
-92
|
%
|
2,822
|
9,998
|
-72
|
%
|
|||||||||||||||||
Open Pit
|
|
|
||||||||||||||||||||||||
Tajo Norte
|
Ore Milled
|
DMT
|
239,898
|
1,073,607
|
-78
|
%
|
1,090,017
|
1,954,364
|
-44
|
%
|
||||||||||||||||
Ore Grade
|
%
|
3.35
|
2.06
|
63
|
%
|
3.41
|
2.13
|
60
|
%
|
|||||||||||||||||
Recovery Rate
|
%
|
54.63
|
56.44
|
-3
|
%
|
52.32
|
55.21
|
-5
|
%
|
|||||||||||||||||
MT Produced
|
MT
|
4,385
|
12,476
|
-65
|
%
|
19,442
|
22,943
|
-15
|
%
|
|||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
Copper Production
|
|
|||||||||||||||||||||||||
Mining Unit
|
Operating Results
|
Unit
|
2Q20
|
2Q19
|
△%
|
6M20
|
6M19
|
△ %
|
||||||||||||||||||
Underground
|
|
|
||||||||||||||||||||||||
Marcapunta
|
Ore Milled
|
DMT
|
154,849
|
668,296
|
-77
|
%
|
662,009
|
1,349,255
|
-51
|
%
|
||||||||||||||||
Ore Grade
|
%
|
2.11
|
1.68
|
26
|
%
|
1.97
|
1.57
|
26
|
%
|
|||||||||||||||||
Recovery Rate
|
%
|
93.09
|
86.26
|
8
|
%
|
93.22
|
87.51
|
7
|
%
|
|||||||||||||||||
MT Produced
|
MT
|
3,045
|
9,671
|
-69
|
%
|
12,167
|
18,527
|
-34
|
%
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 13 of 27 |
2Q20
|
2Q19
|
6M20
|
6M19
|
|
Net Income
|
-30,752
|
5,667
|
-117,851
|
29,678
|
Add / Substract:
|
57,248
|
41,404
|
137,515
|
45,142
|
Depreciation and Amortization in cost of sales
|
28,537
|
58,774
|
65,178
|
108,518
|
Share in associated companies by the equity method, net
|
-3,904
|
-22,705
|
18,146
|
-72,217
|
Interest expense
|
7,346
|
10,156
|
15,720
|
21,685
|
Impairment of inventories
|
3,771
|
-3,052
|
14,457
|
-2,123
|
Provision of bonuses and compensations
|
3,686
|
5,112
|
8,028
|
9,782
|
Depreciation and Amortization in other, net
|
8,511
|
528
|
8,511
|
528
|
Loss (gain) on currency exchange difference
|
2,019
|
238
|
3,115
|
217
|
Profit from discontinued operations
|
1,335
|
2,124
|
2,812
|
4,514
|
Provision (credit) for income tax, net
|
6,624
|
-9,001
|
1,835
|
-22,252
|
Depreciation and amortization in administration expenses
|
958
|
823
|
1,875
|
1,779
|
Workers' participation provision
|
|
-9
|
-
|
18
|
Interest income
|
-548
|
-1,825
|
-1,312
|
-4,045
|
Provision (reversal) for contingencies
|
-1,087
|
241
|
-850
|
-1,262
|
EBITDA Buenaventura Direct Operations
|
26,496
|
47,071
|
19,664
|
74,820
|
EBITDA Yanacocha (43.65%)
|
13,753
|
32,948
|
39,653
|
69,730
|
EBITDA Cerro Verde (19.58%)
|
41,493
|
48,497
|
45,533
|
145,230
|
EBITDA Coimolache (40.095%)
|
4,357
|
8,789
|
11,838
|
14,475
|
EBITDA Buenaventura + All Associates
|
86,099
|
137,305
|
116,688
|
304,255
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 14 of 27 |
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 15 of 27 |
For the 3 months ended June 30
|
For the 6 months ended June 30 | |||||||||||||||
2020 | 2019 | 2020 | 2919 | |||||||||||||
(in thousands of US$) | ||||||||||||||||
Consolidated Cost of sales excluding depreciation and amortization
|
41,172
|
129,528
|
146,980
|
243,824
|
||||||||||||
Add:
Consolidated Exploration in units in operation
|
2,456
|
13,246
|
8,465
|
24,710
|
||||||||||||
Consolidated Commercial deductions
|
19,958
|
55,984
|
70,001
|
101,531
|
||||||||||||
Consolidated Selling expenses
|
2,230
|
6,373
|
6,778
|
10,291
|
||||||||||||
Consolidated Cost applicable to sales
|
65,816
|
205,131
|
232,224
|
380,355
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 16 of 27 |
For the 3 months ended June 30
|
For the 6 months ended June 30
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Exploration expenses in units in operation by mine and mineral
|
(in thousands of US$)
|
|||||||||||||||
Julcani, Gold
|
0
|
4
|
0
|
4
|
||||||||||||
Julcani, Silver
|
324
|
1,332
|
1,367
|
2,849
|
||||||||||||
Julcani, Lead
|
0
|
49
|
23
|
114
|
||||||||||||
Julcani, Copper
|
0
|
4
|
3
|
7
|
||||||||||||
Orcopampa, Gold
|
480
|
3,575
|
1,510
|
6,097
|
||||||||||||
Orcopampa, Silver
|
1
|
16
|
3
|
32
|
||||||||||||
Orcopampa, Copper
|
0
|
0
|
0
|
0
|
||||||||||||
Uchucchacua, Gold
|
0
|
0
|
0
|
-1
|
||||||||||||
Uchucchacua, Silver
|
517
|
1,968
|
2,266
|
3,395
|
||||||||||||
Uchucchacua, Lead
|
20
|
457
|
195
|
709
|
||||||||||||
Uchucchacua, Zinc
|
13
|
642
|
192
|
1,119
|
||||||||||||
Tambomayo, Gold
|
595
|
2,139
|
933
|
4,075
|
||||||||||||
Tambomayo, Silver
|
165
|
547
|
245
|
1,089
|
||||||||||||
Tambomayo, Lead
|
53
|
189
|
72
|
456
|
||||||||||||
Tambomayo, Zinc
|
24
|
354
|
77
|
854
|
||||||||||||
La Zanja, Gold
|
0
|
0
|
1
|
1
|
||||||||||||
La Zanja, Silver
|
0
|
0
|
0
|
0
|
||||||||||||
El Brocal, Gold
|
14
|
53
|
79
|
106
|
||||||||||||
El Brocal, Silver
|
35
|
300
|
157
|
494
|
||||||||||||
El Brocal, Lead
|
28
|
237
|
153
|
449
|
||||||||||||
El Brocal, Zinc
|
41
|
474
|
360
|
976
|
||||||||||||
El Brocal, Copper
|
147
|
905
|
829
|
1,883
|
||||||||||||
Non Mining Units
|
0
|
0
|
0
|
0
|
||||||||||||
Consolidated Exploration expenses in units in operation
|
2,456
|
13,246
|
8,465
|
24,710
|
||||||||||||
Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral)
|
||||||||||||||||
to consolidated Commercial deductions:
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 17 of 27 |
For the 3 months ended June 30
|
For the 6 months ended June 30
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Selling expenses by mine and mineral
|
(in thousands of US$)
|
|||||||||||||||
Julcani, Gold
|
0
|
0
|
0
|
0
|
||||||||||||
Julcani, Silver
|
54
|
90
|
147
|
169
|
||||||||||||
Julcani, Lead
|
0
|
3
|
2
|
7
|
||||||||||||
Julcani, Copper
|
0
|
0
|
0
|
0
|
||||||||||||
Orcopampa, Gold
|
62
|
72
|
122
|
87
|
||||||||||||
Orcopampa, Silver
|
0
|
0
|
0
|
0
|
||||||||||||
Orcopampa, Copper
|
0
|
0
|
0
|
0 | ||||||||||||
Uchucchacua, Gold
|
0
|
0
|
0
|
-1 | ||||||||||||
Uchucchacua, Silver
|
483
|
905
|
1,259
|
1,430
|
||||||||||||
Uchucchacua, Lead
|
18
|
210
|
108
|
299
|
||||||||||||
Uchucchacua, Zinc
|
12
|
295
|
107
|
471
|
||||||||||||
Tambomayo, Gold
|
672
|
714
|
1,026
|
908
|
||||||||||||
Tambomayo, Silver
|
187
|
183
|
270
|
243
|
||||||||||||
Tambomayo, Lead
|
60
|
63
|
79
|
102
|
||||||||||||
Tambomayo, Zinc
|
27
|
118
|
85
|
190
|
||||||||||||
La Zanja, Gold
|
30
|
124
|
50
|
178
|
||||||||||||
La Zanja, Silver
|
2
|
3
|
0
|
6
|
||||||||||||
El Brocal, Gold
|
24
|
79
|
145
|
133
|
||||||||||||
El Brocal, Silver
|
60
|
450
|
291
|
616
|
||||||||||||
El Brocal, Lead
|
48
|
355
|
283
|
558
|
||||||||||||
El Brocal, Zinc
|
69
|
709
|
666
|
1,216
|
||||||||||||
El Brocal, Copper
|
252
|
1,355
|
1,536
|
2,345
|
||||||||||||
Non Mining Units
|
170
|
644
|
600
|
1,334
|
||||||||||||
Consolidated Selling expenses
|
2,230
|
6,373
|
6,778
|
10,291
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 18 of 27 |
|
JULCANI | |||||||||||
|
2Q 2020 |
|
2Q 2019 | |||||||||
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)
|
-
|
1,454
|
-0
|
-
|
-
|
1,454
|
18
|
5,746
|
211
|
-
|
15
|
5,990
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
-
|
324
|
-0
|
-
|
-
|
324
|
4
|
1,332
|
49
|
-
|
4
|
1,389
|
Commercial Deductions (US$000)
|
0
|
202
|
2
|
-
|
-1
|
204
|
2
|
724
|
26
|
-
|
2
|
755
|
Selling Expenses (US$000)
|
-
|
54.01
|
-0.01
|
-
|
-
|
54
|
0
|
90
|
3
|
-
|
0
|
94
|
Cost Applicable to Sales (US$000)
|
0
|
2,035
|
2
|
-
|
-1
|
2,036
|
24
|
7,893
|
290
|
-
|
21
|
8,228
|
Divide:
|
||||||||||||
Volume Sold
|
-
|
119,531
|
25
|
-
|
-
|
Not Applicable
|
17
|
585,840
|
178
|
-
|
4
|
Not Applicable
|
CAS
|
-
|
17.02
|
73
|
-
|
-
|
Not Applicable
|
1,435
|
13.47
|
1,626
|
-
|
5,932
|
Not Applicable
|
|
ORCOPAMPA
|
|||||||||||
|
2Q 2020 |
|
2Q 2019 | |||||||||
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)
|
618
|
2
|
-
|
-
|
-
|
620
|
12,538
|
57
|
-
|
-
|
-
|
12,595
|
Add:
|
-
|
|||||||||||
Exploration Expenses (US$000)
|
480
|
1
|
-
|
-
|
-
|
481
|
3,575
|
16
|
-
|
-
|
-
|
3,591
|
Commercial Deductions (US$000)
|
36
|
0
|
-
|
-
|
-
|
36
|
59
|
1
|
-
|
-
|
-
|
60
|
Selling Expenses (US$000)
|
62
|
0
|
-
|
-
|
-
|
62
|
72
|
0
|
-
|
-
|
-
|
72
|
Cost Applicable to Sales (US$000)
|
1,196
|
4
|
-
|
-
|
-
|
1,199
|
16,244
|
74
|
-
|
-
|
-
|
16,318
|
Divide:
|
||||||||||||
Volume Sold
|
3,675
|
851
|
-
|
-
|
-
|
Not Applicable
|
10,391
|
4,289
|
-
|
-
|
-
|
Not Applicable
|
CAS
|
325
|
4.51
|
-
|
-
|
-
|
Not Applicable
|
1,563
|
17.33
|
-
|
-
|
-
|
Not Applicable
|
|
UCHUCCHACUA | |||||||||||
|
2Q 2020 |
|
2Q 2019 | |||||||||
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)
|
-
|
8,050
|
305
|
199
|
-
|
8,554
|
-
|
20,793
|
4,831
|
6,789
|
-
|
32,413
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
-
|
517
|
20
|
13
|
-
|
549
|
-
|
1,968
|
457
|
642
|
-
|
3,067
|
Commercial Deductions (US$000)
|
-
|
1,411
|
66
|
52
|
-
|
1,529
|
-0
|
6,657
|
843
|
4,921
|
-
|
12,420
|
Selling Expenses (US$000)
|
-
|
483
|
18
|
12
|
-
|
513
|
-
|
905
|
210
|
295
|
-
|
1,410
|
Cost Applicable to Sales (US$000)
|
-
|
10,460
|
409
|
275
|
-
|
11,145
|
-0
|
30,322
|
6,341
|
12,648
|
-
|
49,310
|
Divide:
|
||||||||||||
Volume Sold
|
-
|
644,014
|
403
|
366
|
-
|
Not Applicable
|
-
|
2,923,280
|
5,349
|
4,860
|
-
|
Not Applicable
|
CAS
|
-
|
16.24
|
1,016
|
753
|
-
|
No Applicable
|
-
|
10.37
|
1,185
|
2,603
|
-
|
No Applicable
|
|
TAMBOMAYO | |||||||||||
|
2Q 2020 |
|
2Q 2019 | |||||||||
GOLD (OZ)
|
SILVER (OZ)
|
LEAD (MT)
|
ZINC (MT)
|
COPPER (MT)
|
TOTAL
|
GOLD (OZ)
|
SILVER (OZ)
|
LEAD (MT)
|
ZINC (MT)
|
COPPER (MT)
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
9,206
|
2,561
|
820
|
373
|
-
|
12,960
|
11,544
|
2,952
|
1,022
|
1,910
|
-
|
17,428
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
595
|
165
|
53
|
24
|
-
|
837
|
2,139
|
547
|
189
|
354
|
-
|
3,230
|
Commercial Deductions (US$000)
|
1,667
|
1,037
|
324
|
672
|
-
|
3,701
|
919
|
863
|
327
|
1,719
|
-
|
3,829
|
Selling Expenses (US$000)
|
672
|
187
|
60
|
27
|
-
|
946
|
714
|
183
|
63
|
118
|
-
|
1,078
|
Cost Applicable to Sales (US$000)
|
12,140
|
3,950
|
1,257
|
1,097
|
-
|
18,444
|
15,316
|
4,546
|
1,602
|
4,102
|
-
|
25,565
|
Divide:
|
||||||||||||
Volume Sold
|
16,499
|
487,028
|
1,547
|
810
|
-
|
Not Applicable
|
27,468
|
589,667
|
1,794
|
2,000
|
-
|
Not Applicable
|
CAS
|
736
|
8.11
|
813
|
1,354
|
-
|
No Applicable
|
558
|
7.71
|
893
|
2,051
|
-
|
No Applicable
|
|
JULCANI | |||||||||||
|
6M 2020 |
|
6M 2019 | |||||||||
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)
|
-
|
7,644
|
129
|
-
|
19
|
7,791
|
18
|
12,284
|
492
|
-
|
32
|
12,827
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
-
|
1,367
|
23
|
-
|
3
|
1,393
|
4
|
2,849
|
114
|
-
|
7
|
2,975
|
Commercial Deductions (US$000)
|
-16
|
1,043
|
17
|
-
|
3
|
1,048
|
2
|
1,495
|
60
|
-
|
5
|
1,562
|
Selling Expenses (US$000)
|
-
|
147
|
2
|
-
|
0
|
150
|
0
|
169
|
7
|
-
|
0
|
176
|
Cost Applicable to Sales (US$000)
|
-16
|
10,200
|
171
|
-
|
26
|
10,382
|
25
|
16,797
|
673
|
-
|
45
|
17,540
|
Divide:
|
||||||||||||
Volume Sold
|
-
|
633,645
|
121
|
-
|
6
|
Not Applicable
|
17
|
1,219,407
|
389
|
-
|
8
|
No Aplicable
|
CAS
|
-
|
16.10
|
1,421
|
-
|
4,113
|
No Applicable
|
1,466
|
13.77
|
1,727
|
-
|
5,569
|
No Applicable
|
|
ORCOPAMPA | |||||||||||
|
6M 2020 |
|
6M 2019 | |||||||||
GOLD (OZ)
|
SILVER (OZ)
|
LEAD (MT)
|
ZINC (MT)
|
COPPER (MT)
|
TOTAL
|
GOLD (OZ)
|
SILVER (OZ)
|
LEAD (MT)
|
ZINC (MT)
|
COPPER (MT)
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
9,821
|
21
|
-
|
-
|
-
|
9,842
|
20,963
|
109
|
-
|
-
|
-
|
21,072
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
1,510
|
3
|
-
|
-
|
-
|
1,513
|
6,097
|
32
|
-
|
-
|
-
|
6,129
|
Commercial Deductions (US$000)
|
88
|
0
|
-
|
-
|
-
|
88
|
30
|
-1
|
-
|
-
|
-
|
29
|
Selling Expenses (US$000)
|
122
|
0
|
-
|
-
|
-
|
122
|
87
|
0
|
-
|
-
|
-
|
87
|
Cost Applicable to Sales (US$000)
|
11,540
|
25
|
-
|
-
|
-
|
11,565
|
27,177
|
141
|
-
|
-
|
-
|
27,317
|
Divide:
|
||||||||||||
Volume Sold
|
12,690
|
2,584
|
-
|
-
|
-
|
Not Applicable
|
14,818
|
6,656
|
-
|
-
|
-
|
Not Applicable
|
CAS
|
909
|
9.70
|
-
|
-
|
-
|
No Applicable
|
1,834
|
21.13
|
-
|
-
|
-
|
No Applicable
|
|
UCHUCCHACUA | |||||||||||
|
6M 2020 |
|
6M 2019 | |||||||||
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)
|
-
|
29,658
|
2,551
|
2,510
|
-
|
34,719
|
-12
|
35,187
|
7,351
|
11,594
|
-
|
54,119
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
-
|
2,266
|
195
|
192
|
-
|
2,653
|
-1
|
3,395
|
709
|
1,119
|
-
|
5,222
|
Commercial Deductions (US$000)
|
1
|
8,753
|
712
|
1,363
|
-
|
10,829
|
-3
|
11,446
|
1,234
|
6,241
|
-
|
18,919
|
Selling Expenses (US$000)
|
-
|
1,259
|
108
|
107
|
-
|
1,474
|
-1
|
1,430
|
299
|
471
|
-
|
2,200
|
Cost Applicable to Sales (US$000)
|
1
|
41,936
|
3,566
|
4,172
|
-
|
49,675
|
-17
|
51,458
|
9,593
|
19,425
|
-
|
80,460
|
Divide:
|
||||||||||||
Volume Sold
|
-
|
2,524,344
|
2,375
|
2,240
|
-
|
Not Applicable
|
0
|
4,757,949
|
7,805
|
8,261
|
-
|
Not Applicable
|
CAS
|
-
|
16.61
|
1,501
|
1,862
|
-
|
No Applicable
|
-
|
10.82
|
1,229
|
2,351
|
-
|
No Applicable
|
|
TAMBOMAYO | |||||||||||
|
6M 2020 |
|
6M 2019 | |||||||||
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)
|
17,234
|
4,532
|
1,329
|
1,429
|
-
|
24,525
|
19,556
|
5,225
|
2,190
|
4,097
|
-
|
31,069
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
933
|
245
|
72
|
77
|
-
|
1,327
|
4,075
|
1,089
|
456
|
854
|
-
|
6,474
|
Commercial Deductions (US$000)
|
2,234
|
1,496
|
498
|
1,439
|
-
|
5,668
|
2,510
|
1,615
|
726
|
3,277
|
-
|
8,128
|
Selling Expenses (US$000)
|
1,026
|
270
|
79
|
85
|
-
|
1,460
|
908
|
243
|
102
|
190
|
-
|
1,443
|
Cost Applicable to Sales (US$000)
|
21,427
|
6,544
|
1,978
|
3,031
|
-
|
32,980
|
27,050
|
8,172
|
3,475
|
8,418
|
-
|
47,114
|
Divide:
|
||||||||||||
Volume Sold
|
21,785
|
597,690
|
1,828
|
1,802
|
-
|
Not Applicable
|
43,828
|
988,919
|
3,345
|
3,979
|
-
|
Not Applicable
|
CAS
|
984
|
10.95
|
1,082
|
1,682
|
-
|
No Applicable
|
617
|
8.26
|
1,039
|
2,115
|
-
|
Not Applicable
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 19 of 27 |
|
LA ZANJA | |||||||||||
|
2Q 2020 |
|
2Q 2019 | |||||||||
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)
|
3,924
|
252
|
-
|
-
|
-
|
4,176
|
7,974
|
188
|
-
|
-
|
-
|
8,162
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Commercial Deductions (US$000)
|
292
|
14
|
-
|
-
|
-
|
306
|
21
|
1
|
-
|
-
|
-
|
22
|
Selling Expenses (US$000)
|
30
|
2
|
-
|
-
|
-
|
32
|
124
|
3
|
-
|
-
|
-
|
127
|
Cost Applicable to Sales (US$000)
|
4,246
|
268
|
-
|
-
|
-
|
4,514
|
8,120
|
191
|
-
|
-
|
-
|
8,311
|
Divide:
|
||||||||||||
Volume Sold
|
4,032
|
21,857
|
-
|
-
|
-
|
Not Applicable
|
5,521
|
11,548
|
-
|
-
|
-
|
Not Applicable
|
CAS
|
1,053
|
12.26
|
-
|
-
|
-
|
Not Applicable
|
1,471
|
16.58
|
-
|
-
|
-
|
Not Applicable
|
|
BROCAL | |||||||||||
|
2Q 2020 |
|
2Q 2019 | |||||||||
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)
|
635
|
1,620
|
1,301
|
1,870
|
6,797
|
12,223
|
1,411
|
8,052
|
6,362
|
12,690
|
24,252
|
52,768
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
14
|
35
|
28
|
41
|
147
|
265
|
53
|
300
|
237
|
474
|
905
|
1,969
|
Commercial Deductions (US$000)
|
733
|
1,436
|
765
|
3,349
|
7,900
|
14,182
|
1,386
|
4,106
|
1,791
|
7,565
|
24,050
|
38,898
|
Selling Expenses (US$000)
|
24
|
60
|
48
|
69
|
252
|
453
|
79
|
450
|
355
|
709
|
1,355
|
2,948
|
Cost Applicable to Sales (US$000)
|
1,405
|
3,151
|
2,142
|
5,329
|
15,096
|
27,123
|
2,928
|
12,909
|
8,747
|
21,437
|
50,562
|
96,583
|
Divide:
|
||||||||||||
Volume Sold
|
633
|
187,339
|
1,888
|
3,575
|
2,758
|
Not Applicable
|
2,457
|
1,228,153
|
7,850
|
10,211
|
9,186
|
Not Applicable
|
CAS
|
2,220
|
16.82
|
1,135
|
1,491
|
5,473
|
Not Applicable
|
1,192
|
10.51
|
1,114
|
2,099
|
5,504
|
Not Applicable
|
Prorrateo
|
5%
|
13%
|
11%
|
15%
|
56%
|
3%
|
15%
|
12%
|
24%
|
46%
|
||
NON MINING COMPANIES
|
||||||||||||
|
2Q 2020 |
|
2Q 2019 | |||||||||
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)
|
-
|
-
|
-
|
-
|
-
|
1,185
|
-
|
-
|
-
|
-
|
-
|
171
|
Add:
|
||||||||||||
Selling Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
170
|
-
|
-
|
-
|
-
|
-
|
644
|
Total (US$000)
|
-
|
-
|
-
|
-
|
-
|
1,355
|
-
|
-
|
-
|
-
|
-
|
815
|
BUENAVENTURA CONSOLIDATED
|
||||||||||||
|
2Q 2020 |
|
2Q 2019 | |||||||||
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)
|
14,383
|
13,939
|
2,426
|
2,442
|
6,797
|
41,172
|
33,485
|
37,789
|
12,426
|
21,389
|
24,267
|
129,528
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
1,088
|
1,043
|
101
|
77
|
147
|
2,456
|
5,771
|
4,164
|
933
|
1,470
|
908
|
13,246
|
Commercial Deductions (US$000)
|
2,729
|
4,100
|
1,157
|
4,073
|
7,899
|
19,958
|
2,387
|
12,352
|
2,987
|
14,205
|
24,053
|
55,984
|
Selling Expenses (US$000)
|
787
|
786
|
126
|
108
|
252
|
2,230
|
989
|
1,630
|
632
|
1,122
|
1,355
|
6,373
|
Cost Applicable to Sales (US$000)
|
18,987
|
19,868
|
3,810
|
6,701
|
15,095
|
65,816
|
42,632
|
55,935
|
16,979
|
38,186
|
50,584
|
205,131
|
Divide:
|
||||||||||||
Volume Sold
|
24,839
|
1,460,620
|
3,862
|
4,751
|
2,758
|
Not Applicable
|
45,854
|
5,342,779
|
15,171
|
17,070
|
9,189
|
Not Applicable
|
CAS
|
764
|
13.60
|
987
|
1,411
|
5,473
|
Not Applicable
|
930
|
10.47
|
1,119
|
2,237
|
5,505
|
Not Applicable
|
|
COIMOLACHE
|
|||||||||||
|
2Q 2020 |
|
2Q 2019 | |||||||||
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)
|
14,016
|
756
|
-
|
-
|
-
|
14,772
|
23,135
|
1,020
|
-
|
-
|
-
|
24,155
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
224
|
12
|
-
|
-
|
-
|
236
|
1,251
|
55
|
-
|
-
|
-
|
1,306
|
Commercial Deductions (US$000)
|
161
|
24
|
-
|
-
|
-
|
185
|
89
|
3
|
-
|
-
|
-
|
92
|
Selling Expenses (US$000)
|
394
|
21
|
-
|
-
|
-
|
415
|
195
|
9
|
-
|
-
|
-
|
204
|
Cost Applicable to Sales (US$000)
|
14,794
|
813
|
-
|
-
|
-
|
15,608
|
24,670
|
1,087
|
-
|
-
|
-
|
25,757
|
Divide:
|
||||||||||||
Volume Sold
|
14,549
|
92,860
|
-
|
-
|
-
|
Not Applicable
|
34,455
|
134,856
|
-
|
-
|
-
|
Not Applicable
|
CAS
|
1,017
|
8.76
|
-
|
-
|
-
|
Not Applicable
|
716
|
8.06
|
-
|
-
|
-
|
Not Applicable
|
|
LA ZANJA | |||||||||||
|
6M 2020 |
|
6M 2019 | |||||||||
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)
|
11,781
|
0
|
-
|
-
|
-
|
11,781
|
19,979
|
670
|
-
|
-
|
-
|
20,649
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
1
|
0
|
-
|
-
|
-
|
1
|
1
|
0
|
-
|
-
|
-
|
1
|
Commercial Deductions (US$000)
|
300
|
15
|
-
|
-
|
-
|
315
|
67
|
2
|
-
|
-
|
-
|
69
|
Selling Expenses (US$000)
|
50
|
0
|
-
|
-
|
-
|
50
|
178
|
6
|
-
|
-
|
-
|
184
|
Cost Applicable to Sales (US$000)
|
12,132
|
15
|
-
|
-
|
-
|
12,147
|
20,225
|
677
|
-
|
-
|
-
|
20,903
|
Divide:
|
||||||||||||
Volume Sold
|
7,327
|
58,280
|
-
|
-
|
-
|
Not Applicable
|
18,142
|
51,234
|
-
|
-
|
-
|
Not Applicable
|
CAS
|
1,656
|
0.25
|
-
|
-
|
-
|
No Applicable
|
1,115
|
13.22
|
-
|
-
|
-
|
Not Applicable
|
|
BROCAL | |||||||||||
|
6M 2020 |
|
6M 2019 | |||||||||
GOLD (OZ)
|
SILVER (OZ)
|
LEAD (MT)
|
ZINC (MT)
|
COPPER (MT)
|
TOTAL
|
GOLD (OZ)
|
SILVER (OZ)
|
LEAD (MT)
|
ZINC (MT)
|
COPPER (MT)
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
2,757
|
5,524
|
5,369
|
12,628
|
29,104
|
55,382
|
2,766
|
12,844
|
11,653
|
25,364
|
48,924
|
101,550
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
79
|
157
|
153
|
360
|
829
|
1,578
|
106
|
494
|
449
|
976
|
1,883.25
|
3,909
|
Commercial Deductions (US$000)
|
2,595
|
4,263
|
3,116
|
14,526
|
27,555
|
52,054
|
2,585
|
6,486
|
2,968
|
14,550
|
46,234
|
72,824
|
Selling Expenses (US$000)
|
145
|
291
|
283
|
666
|
1,536
|
2,922
|
133
|
616
|
558
|
1,216
|
2,345
|
4,867
|
Cost Applicable to Sales (US$000)
|
5,576
|
10,235
|
8,920
|
28,180
|
59,024
|
111,936
|
5,590
|
20,440
|
15,628
|
42,106
|
99,386
|
183,150
|
Divide:
|
||||||||||||
Volume Sold
|
3,272
|
653,704
|
7,033
|
16,013
|
11,217
|
Not Applicable
|
4,635
|
1,820,292
|
13,009
|
19,598
|
17,498
|
Not Applicable
|
CAS
|
1,704
|
15.66
|
1,268
|
1,760
|
5,262
|
No Applicable
|
1,206
|
11.23
|
1,201
|
2,149
|
5,680
|
Not Applicable
|
Prorrateo
|
5%
|
10%
|
10%
|
23%
|
53%
|
3%
|
13%
|
11%
|
25%
|
48%
|
||
NON MINING COMPANIES
|
||||||||||||
|
6M 2020 |
|
6M 2019 | |||||||||
GOLD (OZ)
|
SILVER (OZ)
|
LEAD (MT)
|
ZINC (MT)
|
COPPER (MT)
|
TOTAL
|
GOLD (OZ)
|
SILVER (OZ)
|
LEAD (MT)
|
ZINC (MT)
|
COPPER (MT)
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
-
|
-
|
-
|
-
|
-
|
2,940
|
-
|
-
|
-
|
-
|
-
|
2,538
|
Add:
|
||||||||||||
Selling Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
600
|
-
|
-
|
-
|
-
|
-
|
1,334
|
Total (US$000)
|
-
|
-
|
-
|
-
|
-
|
3,540
|
-
|
-
|
-
|
-
|
-
|
3,872
|
BUENAVENTURA CONSOLIDATED
|
||||||||||||
|
6M 2020 |
|
6M 2019 | |||||||||
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)
|
41,593
|
47,378
|
9,377
|
16,568
|
29,123
|
146,980
|
63,270
|
66,319
|
21,686
|
41,054
|
48,956
|
243,824
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
2,522
|
4,039
|
443
|
629
|
833
|
8,465
|
10,283
|
7,859
|
1,728
|
2,949
|
1,891
|
24,710
|
Commercial Deductions (US$000)
|
5,202
|
15,570
|
4,343
|
17,328
|
27,558
|
70,001
|
5,191
|
21,044
|
4,988
|
24,068
|
46,239
|
101,531
|
Selling Expenses (US$000)
|
1,343
|
1,968
|
473
|
858
|
1,536
|
6,778
|
1,305
|
2,464
|
966
|
1,877
|
2,345
|
10,291
|
Cost Applicable to Sales (US$000)
|
50,660
|
68,955
|
14,636
|
35,383
|
59,050
|
232,224
|
80,049
|
97,686
|
29,369
|
69,948
|
99,431
|
380,355
|
Divide:
|
||||||||||||
Volume Sold
|
45,075
|
4,470,246
|
11,357
|
20,055
|
11,223
|
Not Applicable
|
81,441
|
8,844,458
|
24,549
|
31,839
|
17,507
|
Not Applicable
|
CAS
|
1,124
|
15.43
|
1,289
|
1,764
|
5,262
|
Not Applicable
|
983
|
11.04
|
1,196
|
2,197
|
5,680
|
Not Applicable
|
14%
|
40%
|
8%
|
-20%
|
-7%
|
||||||||
|
COIMOLACHE | |||||||||||
|
6M 2020 |
|
6M 2019 | |||||||||
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)
|
34,645
|
2,568
|
-
|
-
|
-
|
37,213
|
40,708
|
1,647
|
-
|
-
|
-
|
42,355
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
814
|
60
|
-
|
-
|
-
|
874
|
2,513
|
102
|
-
|
-
|
-
|
2,615
|
Commercial Deductions (US$000)
|
339
|
37
|
-
|
-
|
-
|
376
|
172
|
7
|
-
|
-
|
-
|
178
|
Selling Expenses (US$000)
|
498
|
37
|
-
|
-
|
-
|
535
|
309
|
13
|
-
|
-
|
-
|
322
|
Cost Applicable to Sales (US$000)
|
36,297
|
2,702
|
-
|
-
|
-
|
38,998
|
43,702
|
1,769
|
-
|
-
|
-
|
45,470
|
Divide:
|
||||||||||||
Volume Sold
|
38,528
|
290,930
|
-
|
-
|
-
|
Not Applicable
|
60,646
|
210,626
|
-
|
-
|
-
|
Not Applicable
|
CAS
|
942
|
9.29
|
-
|
-
|
-
|
No Applicable
|
721
|
8.40
|
-
|
-
|
-
|
Not Applicable
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 20 of 27 |
All-in Sustaining Cost for 2Q20
|
||||||||||||||||||||||||||||||||
Buenaventura1
|
La Zanja
|
Tantahuatay
|
Attributable 2
|
|||||||||||||||||||||||||||||
2Q20
|
2Q20
|
2Q20
|
2Q20
|
|||||||||||||||||||||||||||||
Au Ounces Sold Net
|
20,174
|
4,032
|
14,549
|
28,147
|
||||||||||||||||||||||||||||
2Q20
|
2Q20
|
2Q20
|
2Q20
|
|||||||||||||||||||||||||||||
Income Statement & Cash Flow
|
US$ 000'
|
US$/Oz Au
|
US$ 000'
|
US$/Oz Au
|
US$ 000'
|
US$/Oz Au
|
US$ 000'
|
US$/Oz Au
|
||||||||||||||||||||||||
Cost of Sales
|
27,512
|
1,364
|
4,564
|
1,132
|
14,772
|
695
|
35,856
|
1,274
|
||||||||||||||||||||||||
Exploration in Operating Units
|
2,190
|
109
|
1
|
0
|
236
|
50
|
2,285
|
81
|
||||||||||||||||||||||||
Royalties
|
497
|
25
|
0
|
0
|
0
|
0
|
497
|
18
|
||||||||||||||||||||||||
Comercial Deductions3
|
5,470
|
271
|
306
|
76
|
185
|
3
|
5,706
|
203
|
||||||||||||||||||||||||
Selling Expenses
|
1,648
|
82
|
32
|
8
|
415
|
5
|
1,831
|
65
|
||||||||||||||||||||||||
Administrative Expenses
|
9,083
|
450
|
433
|
107
|
1,042
|
46
|
9,731
|
346
|
||||||||||||||||||||||||
Other, net
|
13,511
|
670
|
217
|
54
|
-196
|
8
|
13,548
|
481
|
||||||||||||||||||||||||
Sustaining Capex4
|
477
|
24
|
370
|
92
|
1,435
|
153
|
1,248
|
44
|
||||||||||||||||||||||||
By-product Credit
|
-24,922
|
-1,235
|
-454
|
-113
|
-1,352
|
-47
|
-783
|
-28
|
||||||||||||||||||||||||
All-in Sustaining Cost
|
35,465
|
1,758
|
5,452
|
1,352
|
16,536
|
1,137
|
44,988
|
1,598
|
||||||||||||||||||||||||
*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 2020 Results Page 21 of 27 |
Buenaventura
|
||||||||||||
All-in Sustaining Cost for 2Q19
|
Buenaventura1 | La Zanja | Tantahuatay | Attributable 2 | |||||||||||||||||||||||||||||
2Q19 | 2Q19 |
2Q19
|
2Q19 | |||||||||||||||||||||||||||||
37,876
|
5,521
|
34,455
|
54,620
|
|||||||||||||||||||||||||||||
2Q19
|
2Q19
|
2Q19
|
2Q19
|
|||||||||||||||||||||||||||||
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
|
73,698
|
1,946
|
8,317
|
1,506
|
24,154
|
701
|
87,796
|
1,607
|
||||||||||||||||||||||||
Exploration in Operating Units
|
11,277
|
298
|
0
|
0
|
1,306
|
38
|
11,801
|
216
|
||||||||||||||||||||||||
Royalties
|
1,117
|
29
|
0
|
0
|
0
|
0
|
1,117
|
20
|
||||||||||||||||||||||||
Comercial Deductions4
|
17,064
|
451
|
22
|
4
|
92
|
3
|
17,113
|
313
|
||||||||||||||||||||||||
Selling Expenses
|
2,824
|
75
|
127
|
23
|
204
|
6
|
2,973
|
54
|
||||||||||||||||||||||||
Administrative Expenses
|
11,423
|
302
|
749
|
136
|
1,177
|
34
|
12,292
|
225
|
||||||||||||||||||||||||
Other, net
|
-2,961
|
-78
|
172
|
31
|
-65
|
-2
|
-2,896
|
-53
|
||||||||||||||||||||||||
Sustaining Capex5
|
5,775
|
152
|
1,143
|
207
|
4,433
|
129
|
8,158
|
149
|
||||||||||||||||||||||||
By-product Credit
|
-94,319
|
-2,490
|
-169
|
-31
|
-1,995
|
-58
|
-95,209
|
-1,743
|
||||||||||||||||||||||||
All-in Sustaining Cost
|
25,898
|
684
|
10,361
|
1,877
|
29,306
|
851
|
43,145
|
790
|
||||||||||||||||||||||||
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.
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 22 of 27 |
All-in Sustaining Cost for 1S20
|
||||||||||||||||||||||||||||||||
Buenaventura1
|
La Zanja
|
Tantahuatay
|
Attributable 2
|
|||||||||||||||||||||||||||||
1S20
|
1S20
|
1S20
|
1S20
|
|||||||||||||||||||||||||||||
Au Ounces Sold Net
|
34,475
|
7,327
|
38,528
|
53,811
|
||||||||||||||||||||||||||||
1S20
|
1S20
|
1S20
|
|
1S20
|
||||||||||||||||||||||||||||
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
|
87,289
|
2,532
|
12,119
|
1,654
|
37,213
|
966
|
108,640
|
2,019
|
||||||||||||||||||||||||
Exploration in Operating Units
|
6,886
|
200
|
1
|
0
|
874
|
23
|
7,237
|
134
|
||||||||||||||||||||||||
Royalties
|
1,633
|
47
|
0
|
0
|
0
|
0
|
1,633
|
30
|
||||||||||||||||||||||||
Comercial Deductions3
|
17,632
|
511
|
315
|
43
|
376
|
10
|
17,950
|
334
|
||||||||||||||||||||||||
Selling Expenses
|
3,432
|
100
|
50
|
7
|
535
|
14
|
3,673
|
68
|
||||||||||||||||||||||||
Administrative Expenses
|
21,055
|
611
|
1,025
|
140
|
2,133
|
55
|
22,454
|
417
|
||||||||||||||||||||||||
Other, net
|
10,900
|
316
|
283
|
39
|
242
|
6
|
11,147
|
207
|
||||||||||||||||||||||||
Sustaining Capex4
|
3,285
|
95
|
494
|
67
|
2,113
|
55
|
4,394
|
82
|
||||||||||||||||||||||||
By-product Credit
|
-77,041
|
-2,235
|
-1,009
|
-138
|
-4,728
|
-123
|
-2,431
|
-45
|
||||||||||||||||||||||||
All-in Sustaining Cost
|
75,071
|
2,178
|
13,278
|
1,812
|
38,758
|
1,006
|
97,656
|
1,815
|
||||||||||||||||||||||||
*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 2020 Results Page 23 of 27 |
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 24 of 27 |
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
|
||||||||
Consolidated Statement of Financial Position
|
||||||||
As of June 30, 2020 and December 31, 2019
|
||||||||
2020
|
2019
|
|||||||
Assets
|
US$(000)
|
US$(000)
|
||||||
Current assets
|
||||||||
Cash and cash equivalents
|
195,513
|
210,046
|
||||||
Trade and other accounts receivable, net
|
174,718
|
287,712
|
||||||
Inventory, net
|
118,722
|
97,973
|
||||||
Income tax credit
|
16,488
|
31,919
|
||||||
Prepaid expenses
|
13,435
|
20,969
|
||||||
Hedge derivative financial instruments
|
19
|
-
|
||||||
518,895
|
648,619
|
|||||||
Non-current assets
|
||||||||
Trade and other receivables, net
|
84,620
|
88,515
|
||||||
Inventories, net
|
526
|
394
|
||||||
Investment in associates and joint venture
|
1,481,977
|
1,488,247
|
||||||
Mining concessions, development costs, right-of-use, property, plant and equipment, net
|
1,689,066
|
1,754,372
|
||||||
Investment properties, net
|
194
|
204
|
||||||
Deferred income tax asset, net
|
76,971
|
74,556
|
||||||
Prepaid expenses
|
25,249
|
25,692
|
||||||
Other assets
|
26,947
|
26,675
|
||||||
3,385,550
|
3,458,655
|
|||||||
Total assets
|
3,904,445
|
4,107,274
|
||||||
Liabilities and shareholders’ equity, net
|
||||||||
Current liabilities
|
||||||||
Bank loans
|
57,208
|
55,000
|
||||||
Trade and other payables
|
103,571
|
166,244
|
||||||
Provisions, contingent liabilities and other liabilities
|
76,450
|
72,771
|
||||||
Income tax payable
|
1,285
|
5,650
|
||||||
Financial obligations
|
151,148
|
265,692
|
||||||
389,662
|
565,357
|
|||||||
Non-current liabilities
|
||||||||
Trade and other payables
|
-
|
616
|
||||||
Provisions, contingent liabilities and other liabilities
|
215,030
|
221,736
|
||||||
Financial obligations
|
403,249
|
305,996
|
||||||
Contingent consideration liability
|
16,410
|
16,410
|
||||||
Deferred income tax liabilities, net
|
30,108
|
28,959
|
||||||
664,797
|
573,717
|
|||||||
Total liabilities
|
1,054,459
|
1,139,074
|
||||||
Shareholders’ equity, net
|
||||||||
Capital stock
|
750,497
|
750,497
|
||||||
Investment shares
|
791
|
791
|
||||||
Additional paid-in capital
|
218,450
|
218,450
|
||||||
Legal reserve
|
163,168
|
163,168
|
||||||
Other reserves
|
269
|
269
|
||||||
Retained earnings
|
1,540,892
|
1,639,658
|
||||||
Other reserves of equity
|
(1,756
|
)
|
(1,311
|
)
|
||||
Shareholders’ equity, net attributable to owners of the parent
|
2,672,311
|
2,771,522
|
||||||
Non-controlling interest
|
177,675
|
196,678
|
||||||
Total shareholders’ equity, net
|
2,849,986
|
2,968,200
|
||||||
Total liabilities and shareholders’ equity, net
|
3,904,445
|
4,107,274
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 25 of 27 |
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 26 of 27 |
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
|
||||||||||||||||
Consolidated Statement of Cash Flows
|
||||||||||||||||
For the three and six-month periods ended June 30, 2020 and 2019
|
||||||||||||||||
For the three-month period ended June 30,
|
For the six-month period ended June 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
US$(000)
|
US$(000)
|
US$(000)
|
US$(000)
|
|||||||||||||
Operating activities
|
||||||||||||||||
Proceeds from sales
|
102,891
|
209,222
|
310,846
|
391,994
|
||||||||||||
Value Added Tax recovered
|
10,485
|
12,902
|
14,827
|
22,285
|
||||||||||||
Royalty received
|
6,769
|
5,475
|
12,495
|
10,935
|
||||||||||||
Proceeds from dividends
|
5,132
|
28,440
|
5,132
|
29,376
|
||||||||||||
Interest received
|
323
|
-
|
1,483
|
523
|
||||||||||||
Payments to suppliers and third-parties, and other net
|
(92,552
|
)
|
(147,770
|
)
|
(238,326
|
)
|
(321,895
|
)
|
||||||||
Payments to employees
|
(31,142
|
)
|
(31,566
|
)
|
(65,554
|
)
|
(73,176
|
)
|
||||||||
Payments of income taxes and royalties paid to State
|
(7,907
|
)
|
(4,325
|
)
|
(13,978
|
)
|
(10,050
|
)
|
||||||||
Payments of interest
|
(6,333
|
)
|
(8,054
|
)
|
(12,626
|
)
|
(14,579
|
)
|
||||||||
Payments of mining royalties
|
(497
|
)
|
(1,136
|
)
|
(1,633
|
)
|
(1,577
|
)
|
||||||||
Net cash and cash equivalents provided by (used in) operating activities
|
(12,831
|
)
|
63,188
|
12,666
|
33,836
|
|||||||||||
Investing activities
|
||||||||||||||||
Proceeds from sales of mining concessions, property, plant and equipment
|
147
|
275
|
21,184
|
422
|
||||||||||||
Acquisitions of mining concessions, development costs, property, plant and equipment
|
(11,435
|
)
|
(27,768
|
)
|
(21,481
|
)
|
(36,284
|
)
|
||||||||
Purchase of shares
|
-
|
-
|
(13,453
|
)
|
-
|
|||||||||||
Payments to other assets
|
(115
|
)
|
(986
|
)
|
(806
|
)
|
(1,428
|
)
|
||||||||
Net cash and cash equivalents used in investing activities
|
(11,403
|
)
|
(28,479
|
)
|
(14,556
|
)
|
(37,290
|
)
|
||||||||
Financing activities
|
||||||||||||||||
Proceeds of bank loans
|
2,208
|
-
|
7,208
|
5,000
|
||||||||||||
Payments of bank loans
|
-
|
-
|
(5,000
|
)
|
(45,000
|
)
|
||||||||||
Payments of financial obligations
|
(4,342
|
)
|
(12,881
|
)
|
(14,030
|
)
|
(23,228
|
)
|
||||||||
Dividends paid to controlling shareholders
|
-
|
(15,240
|
)
|
-
|
(15,240
|
)
|
||||||||||
Dividends paid to non-controlling interest
|
-
|
(1,500
|
)
|
(1,280
|
)
|
(3,100
|
)
|
|||||||||
Decrease (increase) of restricted bank accounts
|
293
|
(448
|
)
|
459
|
(144
|
)
|
||||||||||
Net cash and cash equivalents used in financing activities
|
(1,841
|
)
|
(30,069
|
)
|
(12,643
|
)
|
(81,712
|
)
|
||||||||
Net increase (decrease) in cash and cash equivalents during the period
|
(26,075
|
)
|
4,640
|
(14,533
|
)
|
(85,166
|
)
|
|||||||||
Cash and cash equivalents at the beginning of the period
|
221,588
|
279,394
|
210,046
|
369,200
|
||||||||||||
Cash and cash equivalents at period-end
|
195,513
|
284,034
|
195,513
|
284,034
|
||||||||||||
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results Page 27 of 27 |
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