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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 | |
---|---|---|---|---|---|---|---|---|
-0.47 | -2.64% | 17.35 | 17.64 | 16.16 | 17.48 | 2,666,736 | 01:00:00 |
●
|
Third quarter 2020 EBITDA from direct operations reflected a positive trend on both a sequential and year on year basis, despite the effects of COVID-19 on Buenaventura’s operations during the quarter.
EBITDA from direct operations reached US$ 68.5 million for the 3Q20, compared to US$ 26.5 million in 2Q20 and US$ 58.4 million reported in 3Q19.
|
●
|
3Q20 Adjusted EBITDA including associated companies reached US$ 183.9 million, compared to US$ 168.2 million in 3Q19.
|
●
|
3Q20 capital expenditures were US$ 12.6 million, compared to US$ 28.0 million for the same period in 2019.
|
●
|
3Q20 net income was US$ 24.4 million, compared to US$ 4.5 million for the same period in 2019.
|
●
|
The Company´s De-Bottlenecking Program continued to progress at a reduced level during the 3Q20. The program’s 2020 focus is on Buenaventura’s Tambomayo, Uchucchacua and El Brocal mines (please refer to
page 7 for related details).
|
●
|
Buenaventura’s cash position reached US$ 265 million for the third quarter 2020.
|
●
|
The Company has released its updated guidance for the full year 2020 (please refer to page 2 for related details).
|
●
|
In line with the Company’s ongoing focus on cash preservation, on October 29, 2020 Buenaventura successfully refinanced the final US$ 113 million leasing payment for its Huanza hydroelectric power plant,
effective November 2, 2020. This extends the maturity by 18 months (bullet) at rate of Libor 30-days + 2.10%.
|
3Q20
|
3Q19
|
Var
|
9M20
|
9M19
|
Var
|
|
Total Revenues
|
228.2
|
230.2
|
-1%
|
440.5
|
632.4
|
-30%
|
Operating Profit
|
12.7
|
-6.9
|
N.A.
|
-64.8
|
-49.3
|
-31%
|
EBITDA Direct Operations
|
68.5
|
58.4
|
17%
|
88.1
|
133.2
|
-34%
|
Adjusted EBITDA (Inc Associates)
|
183.9
|
168.2
|
9%
|
298.5
|
472.5
|
-37%
|
Net Income
|
24.4
|
4.5
|
442%
|
-75.7
|
41.5
|
N.A.
|
EPS*
|
0.10
|
0.02
|
442%
|
-0.30
|
0.16
|
N.A.
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results
Page 2 of 27
|
Updated Guidance 1,
2
|
|
3Q20 Production per Metal and 2020 Guidance
(100% Basis)
|
|||||||||
Tambomayo
|
1Q
|
2Q
|
July
|
Aug
|
Sept
|
3Q
|
9M20
|
2020E
|
|
Au [Oz]
|
14,549
|
17,121
|
4,007
|
5,891
|
6,210
|
16,108
|
47,778
|
70k - 74k
|
|
Ag [Oz]
|
385,532
|
410,010
|
86,292
|
154,874
|
154,746
|
395,913
|
1,191,454
|
1.5M - 1.7M
|
|
Pb [MT]
|
1,194
|
1,190
|
408
|
509
|
555
|
1,472
|
3,856
|
5.6k - 5.8k
|
|
Zn [MT]
|
1,267
|
831
|
318
|
401
|
574
|
1,292
|
3,390
|
5.2k - 5.6k
|
|
Orcopampa
|
1Q
|
2Q
|
July
|
Aug
|
Sept
|
3Q
|
9M20
|
2020E
|
|
Au [Oz]
|
8,160
|
7,612
|
4,384
|
6,777
|
3,936
|
15,096
|
30,869
|
40k - 42k
|
|
Coimolache
|
1Q
|
2Q
|
July
|
Aug
|
Sept
|
3Q
|
9M20
|
2020E
|
|
Au [Oz]
|
22,493
|
13,551
|
8,399
|
8,115
|
9,959
|
26,473
|
62,517
|
100k - 106k
|
|
La Zanja
|
1Q
|
2Q
|
July
|
Aug
|
Sept
|
3Q
|
9M20
|
2020E
|
|
Au [Oz]
|
3,297
|
3,028
|
1,610
|
2,076
|
1,401
|
5,087
|
11,411
|
13k - 16k
|
|
Yanacocha
|
1Q
|
2Q
|
July
|
Aug
|
Sept
|
3Q
|
9M20
|
2020E
|
|
Au [Oz]
|
121,802
|
67,827
|
25,901
|
26,543
|
27,430
|
79,874
|
269,503
|
335k**
|
|
Julcani
|
1Q
|
2Q
|
July
|
Aug
|
Sept
|
3Q
|
9M20
|
2020E
|
|
Ag [Oz]
|
550,552
|
136,177
|
0
|
0
|
323,495
|
323,495
|
1,010,224
|
1.4M - 1.6M
|
|
Pb [MT]
|
149
|
29
|
0
|
0
|
76
|
76
|
254
|
380 - 430
|
|
Uchucchacua
|
1Q
|
2Q
|
July
|
Aug
|
Sept
|
3Q
|
9M20
|
2020E
|
|
Ag [Oz]
|
1,956,463
|
979,008
|
0
|
200,149
|
590,164
|
790,313
|
3,725,784
|
4.4M - 5.0M
|
|
Pb [MT]
|
2,273
|
753
|
0
|
225
|
531
|
756
|
3,782
|
4.7k - 5.0k
|
|
Zn [MT]
|
2,360
|
462
|
0
|
212
|
716
|
928
|
3,750
|
4.7k - 5.0k
|
|
El Brocal
|
1Q
|
2Q
|
July
|
Aug
|
Sept
|
3Q
|
9M20
|
2020E
|
|
Au [Oz]
|
4,054
|
1,049
|
1,039
|
1,080
|
1,236
|
3,354
|
8,457
|
12k - 14k
|
|
Ag [Oz]
|
678,067
|
248,693
|
400,846
|
487,026
|
591,455
|
1,479,327
|
2,406,087
|
3.6M - 4.0M
|
|
Pb [MT]
|
5,460
|
2,188
|
2,628
|
2,188
|
3,367
|
8,182
|
15,830
|
17k - 19k
|
|
Zn [MT]
|
15,058
|
4,385
|
8,195
|
6,564
|
7,517
|
22,277
|
41,719
|
48k - 51k
|
|
Cu [MT]
|
9,122
|
3,045
|
3,132
|
2,754
|
3,303
|
9,190
|
21,356
|
33k - 36k
|
1.
|
2020 outlook projections shown above are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of October 29, 2020.
|
2.
|
Please consider that this updated guidance could potentially be adversely impacted due to further effects related to COVID-19.
|
3.
|
As announced by Newmont.
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results
Page 3 of 27
|
Operating Revenues
|
|
Operating Highlights
|
3Q20
|
3Q19
|
%
|
9M20
|
9M19
|
%
|
|
Net Sales
(in millions of US$)
|
223.4
|
223.6
|
0%
|
426.4
|
615.0
|
-31%
|
|
Average Realized Gold Price (US$/oz) (1) (2)
|
1,939
|
1,493
|
30%
|
1,835
|
1,373
|
34%
|
|
Average Realized Gold Price (US$/oz) Inc. Affiliates (2)(3)
|
1,923
|
1,480
|
30%
|
1,766
|
1,371
|
29%
|
|
Average Realized Silver Price (US$/oz) (1) (2)
|
27.19
|
17.69
|
54%
|
20.92
|
16.00
|
31%
|
|
Average Realized Lead Price (US$/MT) (1) (2)
|
1,659
|
1,947
|
-15%
|
1,620
|
1,934
|
-16%
|
|
Average Realized
Zinc Price (US$/MT) (1) (2)
|
2,349
|
1,961
|
20%
|
2,005
|
2,584
|
-22%
|
|
Average Realized Copper Price (US$/MT) (1) (2)
|
6,448
|
5,584
|
15%
|
5,875
|
5,889
|
0%
|
Volume Sold
|
3Q20
|
3Q19
|
%
|
9M20
|
9M19
|
%
|
Consolidated Gold Oz (1)
|
42,462
|
48,003
|
-12%
|
87,537
|
129,444
|
-32%
|
Gold Oz Inc. Associated Companies (3)
|
87,713
|
132,649
|
-34%
|
229,565
|
357,559
|
-36%
|
Consolidated Silver Oz (1)
|
2,794,158
|
4,600,098
|
-39%
|
7,264,405
|
13,444,555
|
-46%
|
Consolidated Lead MT (1)
|
9,493
|
10,588
|
-10%
|
20,850
|
35,137
|
-41%
|
Consolidated Zinc MT (1)
|
20,347
|
13,412
|
52%
|
40,402
|
45,251
|
-11%
|
Consolidated Copper MT (1)
|
8,811
|
12,000
|
-27%
|
20,034
|
29,507
|
-32%
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results
Page 4 of 27
|
Production and Operating Costs
|
|
Equity Production
|
3Q20
|
3Q19
|
%
|
9M20
|
9M19
|
%
|
Gold Oz Direct Operations(1)
|
36,115
|
39,277
|
-8%
|
90,071
|
119,213
|
-24%
|
Gold Oz including Associated(2) Companies
|
81,595
|
121,466
|
-33%
|
232,776
|
349,623
|
-33%
|
Silver Oz Direct Operations(1)
|
2,437,019
|
4,610,266
|
-47%
|
7,442,716
|
13,466,680
|
-45%
|
Silver Oz including Associated Companies
|
2,975,584
|
4,994,392
|
-40%
|
8,780,896
|
14,505,596
|
-39%
|
Lead MT
|
7,331
|
9,185
|
-20%
|
17,617
|
30,444
|
-42%
|
Zinc MT
|
15,904
|
13,088
|
22%
|
32,768
|
42,018
|
-22%
|
Copper MT Direct Operations(1)
|
5,667
|
7,853
|
-28%
|
13,193
|
19,325
|
-32%
|
Copper MT including Associated Companies(3)
|
24,996
|
28,719
|
-13%
|
66,362
|
84,559
|
-22%
|
Consolidated Production
|
3Q20
|
3Q19
|
%
|
9M20
|
9M19
|
%
|
Gold Oz(4)
|
39,797
|
44,386
|
-10%
|
98,690
|
136,015
|
-27%
|
Silver Oz(4)
|
3,021,550
|
5,003,175
|
-40%
|
8,397,762
|
14,741,848
|
-43%
|
Lead MT(4)
|
10,487
|
10,879
|
-4%
|
23,723
|
37,299
|
-36%
|
Zinc MT(4)
|
24,497
|
16,547
|
48%
|
48,859
|
54,326
|
-10%
|
Copper MT(4)
|
9,211
|
12,754
|
-28%
|
21,430
|
31,372
|
-32%
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results
Page 5 of 27
|
Production
|
|||||||
|
|
3Q20
|
3Q19
|
Var %
|
9M20
|
9M19
|
Var %
|
Gold
|
Oz
|
16,108
|
21,740
|
-26%
|
47,778
|
70,384
|
-32%
|
Silver
|
Oz
|
395,913
|
641,247
|
-38%
|
1,191,454
|
1,714,523
|
-31%
|
Cost Applicable to Sales
|
|||||||
|
|
3Q20
|
3Q19
|
Var %
|
9M20
|
9M19
|
Var %
|
Gold
|
US$/Oz
|
821
|
695
|
18%
|
910
|
647
|
41%
|
Production
|
|||||||
|
|
3Q20
|
3Q19
|
Var %
|
9M20
|
9M19
|
Var %
|
Gold
|
Oz
|
15,096
|
10,721
|
41%
|
30,869
|
27,434
|
13%
|
Silver
|
Oz
|
2,774
|
3,924
|
-29%
|
6,655
|
14,424
|
-54%
|
Cost Applicable to Sales
|
|||||||
|
|
3Q20
|
3Q19
|
Var %
|
9M20
|
9M19
|
Var %
|
Gold
|
US$/Oz
|
754
|
1,699
|
-56%
|
820
|
1,776
|
-54%
|
Production
|
|||||||
|
|
3Q20
|
3Q19
|
Var %
|
9M20
|
9M19
|
Var %
|
Gold
|
Oz
|
5,087
|
6,224
|
-18%
|
11,411
|
25,283
|
-55%
|
Silver
|
Oz
|
29,728
|
20,384
|
46%
|
57,558
|
80,988
|
-29%
|
Cost Applicable to Sales
|
|||||||
|
|
3Q20
|
3Q19
|
Var %
|
9M20
|
9M19
|
Var %
|
Gold
|
US$/Oz
|
1,689
|
1,039
|
62%
|
1,706
|
1,095
|
56%
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results
Page 6 of 27
|
Production
|
|||||||
|
|
3Q20
|
3Q19
|
Var %
|
9M20
|
9M19
|
Var %
|
Gold
|
Oz
|
26,473
|
49,683
|
-47%
|
62,517
|
110,722
|
-44%
|
Silver
|
Oz
|
187,379
|
239,053
|
-22%
|
454,337
|
460,980
|
-1%
|
Cost Applicable to Sales
|
|||||||
|
|
3Q20
|
3Q19
|
Var %
|
9M20
|
9M19
|
Var %
|
Gold
|
US$/Oz
|
800
|
630
|
27%
|
884
|
679
|
30%
|
Production
|
|||||||
|
|
3Q20
|
3Q19
|
Var %
|
9M20
|
9M19
|
Var %
|
Silver
|
Oz
|
790,313
|
2,684,854
|
-71%
|
3,725,784
|
7,764,583
|
-52%
|
Zinc
|
MT
|
928
|
5,101
|
-82%
|
3,750
|
15,099
|
-75%
|
Lead
|
MT
|
756
|
4,708
|
-84%
|
3,782
|
13,461
|
-72%
|
Cost Applicable to Sales
|
|||||||
|
|
3Q20
|
3Q19
|
Var %
|
9M20
|
9M19
|
Var %
|
Silver
|
US$/Oz
|
27.65
|
11.60
|
138%
|
19.46
|
11.10
|
75%
|
Production
|
|||||||
|
|
3Q20
|
3Q19
|
Var %
|
9M20
|
9M19
|
Var %
|
Silver
|
Oz
|
323,495
|
658,883
|
-51%
|
1,010,224
|
1,959,780
|
-48%
|
Cost Applicable to Sales
|
|||||||
|
|
3Q20
|
3Q19
|
Var %
|
9M20
|
9M19
|
Var %
|
Silver
|
US$/Oz
|
11.10
|
13.26
|
-16%
|
14.65
|
13.59
|
8%
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results
Page 7 of 27
|
De-Bottlenecking Program – 2020 Update
|
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results
Page 8 of 27
|
General and Administrative Expenses
|
|
Exploration in Non-Operating Areas
|
|
Share in Associated Companies
|
|
•
|
Currently in the Definitive Feasibility Stage
|
•
|
Study work and engineering continue to successfully progress remotely
|
•
|
Decision to proceed expected in 2021.
|
•
|
The Environmental Impact Assessment study was approved in March 2019.
|
|
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 September 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
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results
Page 12 of 27
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results
Page 13 of 27
|
3Q20
|
3Q19
|
9M20
|
9M19
|
|
Net Income
|
27,371
|
737
|
-90,480
|
30,415
|
Add / Subtract:
|
41,085
|
57,618
|
178,601
|
102,760
|
Depreciation and Amortization in cost of sales
|
56,856
|
60,211
|
130,495
|
168,729
|
Share in associated companies by the equity method, net
|
-34,212
|
-37,771
|
-16,066
|
-109,988
|
Interest expense
|
7,410
|
11,994
|
23,130
|
33,679
|
Impairment of inventories
|
-5,787
|
1,106
|
8,670
|
-1,017
|
Provision of bonuses and compensations
|
2,541
|
2,276
|
10,569
|
12,058
|
Depreciation and Amortization in other, net
|
874
|
2,507
|
2,749
|
4,286
|
Loss (gain) on currency exchange difference
|
776
|
1,455
|
3,891
|
1,672
|
Profit from discontinued operations
|
1,468
|
2,129
|
4,280
|
6,643
|
Provision (credit) for income tax, net
|
10,824
|
16,139
|
12,659
|
-6,113
|
Depreciation and amortization in administration expenses
|
26
|
28
|
77
|
556
|
Workers' participation provision
|
-928
|
-1,611
|
-2,240
|
-5,656
|
Interest income
|
1,237
|
-827
|
387
|
-2,089
|
Provision (reversal) for contingencies
|
-
|
-18
|
-
|
-
|
EBITDA Buenaventura Direct Operations
|
68,456
|
58,355
|
88,121
|
133,175
|
EBITDA Yanacocha (43.65%)
|
29,800
|
49,434
|
67,373
|
119,163
|
EBITDA Cerro Verde (19.58%)
|
73,356
|
42,553
|
118,889
|
187,783
|
EBITDA Coimolache (40.095%)
|
12,284
|
17,870
|
24,122
|
32,345
|
EBITDA Buenaventura + All Associates
|
183,896
|
168,212
|
298,505
|
472,466
|
|
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
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results
Page 16 of 27
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results
Page 17 of 27
|
Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated
|
||||||||||||||||
Selling expenses:
|
||||||||||||||||
For the 3 months ended September 30
|
For the 9 months ended September 30
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Selling expenses by mine and mineral
|
(in thousands of US$)
|
|||||||||||||||
Julcani, Gold
|
1
|
0
|
-1
|
0
|
||||||||||||
Julcani, Silver
|
85
|
96
|
234
|
265
|
||||||||||||
Julcani, Lead
|
1
|
4
|
3
|
11
|
||||||||||||
Julcani, Copper
|
0
|
0
|
1
|
1
|
||||||||||||
Orcopampa, Gold
|
202
|
79
|
324
|
165
|
||||||||||||
Orcopampa, Silver
|
1
|
0
|
1
|
1
|
||||||||||||
Orcopampa, Copper
|
0
|
0
|
0
|
0 | ||||||||||||
Uchucchacua, Gold
|
0
|
0
|
0
|
0 | ||||||||||||
Uchucchacua, Silver
|
580
|
1,254
|
1,845
|
2,653
|
||||||||||||
Uchucchacua, Lead
|
22
|
234
|
126
|
532
|
||||||||||||
Uchucchacua, Zinc
|
37
|
206
|
142
|
709
|
||||||||||||
Tambomayo, Gold
|
681
|
647
|
1,704
|
1,555
|
||||||||||||
Tambomayo, Silver
|
219
|
207
|
496
|
449
|
||||||||||||
Tambomayo, Lead
|
56
|
72
|
135
|
173
|
||||||||||||
Tambomayo, Zinc
|
36
|
72
|
117
|
263
|
||||||||||||
La Zanja, Gold
|
27
|
83
|
74
|
261
|
||||||||||||
La Zanja, Silver
|
3
|
3
|
6
|
9
|
||||||||||||
El Brocal, Gold
|
83
|
143
|
222
|
271
|
||||||||||||
El Brocal, Silver
|
592
|
336
|
915
|
952
|
||||||||||||
El Brocal, Lead
|
241
|
189
|
519
|
755
|
||||||||||||
El Brocal, Zinc
|
903
|
363
|
1,593
|
1,600
|
||||||||||||
El Brocal, Copper
|
1,156
|
1,639
|
2,649
|
3,960
|
||||||||||||
Non Mining Units
|
362
|
567
|
962
|
1,901
|
||||||||||||
Consolidated Selling expenses
|
5,289
|
6,195
|
12,067
|
16,486
|
||||||||||||
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results
Page 18 of 27
|
JULCANI
|
||||||||||||
3Q 2020
|
3Q 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)
|
33
|
2,213
|
26
|
-
|
6
|
2,278
|
3
|
6,152
|
274
|
-
|
16
|
6,445
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
6
|
391
|
5
|
-
|
1
|
402
|
1
|
1,457
|
65
|
-
|
4
|
1,526
|
Commercial Deductions (US$000)
|
13
|
522
|
5
|
-
|
2
|
542
|
0
|
906
|
39
|
-
|
3
|
948
|
Selling Expenses (US$000)
|
1
|
84.51
|
0.99
|
-
|
0
|
87
|
0
|
96
|
4
|
-
|
0
|
101
|
Cost Applicable to Sales (US$000)
|
53
|
3,210
|
37
|
-
|
9
|
3,309
|
4
|
8,610
|
383
|
-
|
23
|
9,020
|
Divide:
|
||||||||||||
Volume Sold
|
70
|
289,258
|
58
|
-
|
13
|
Not Applicable
|
0
|
649,276
|
256
|
-
|
6
|
Not Applicable
|
CAS
|
756
|
11.10
|
632
|
-
|
743
|
Not Applicable
|
12,347
|
13.26
|
1,495
|
-
|
3,977
|
Not Applicable
|
ORCOPAMPA
|
||||||||||||
3Q 2020
|
3Q 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)
|
11,284
|
32
|
-
|
-
|
-
|
11,316
|
17,444
|
88
|
-
|
-
|
-
|
17,532
|
Add:
|
-
|
|||||||||||
Exploration Expenses (US$000)
|
1,345
|
4
|
-
|
-
|
-
|
1,349
|
1,572
|
8
|
-
|
-
|
-
|
1,580
|
Commercial Deductions (US$000)
|
104
|
8
|
-
|
-
|
-
|
113
|
73
|
2
|
-
|
-
|
-
|
74
|
Selling Expenses (US$000)
|
202
|
1
|
-
|
-
|
-
|
203
|
79
|
0
|
-
|
-
|
-
|
79
|
Cost Applicable to Sales (US$000)
|
12,936
|
45
|
-
|
-
|
-
|
12,981
|
19,167
|
98
|
-
|
-
|
-
|
19,265
|
Divide:
|
||||||||||||
Volume Sold
|
17,159
|
3,913
|
-
|
-
|
-
|
Not Applicable
|
11,283
|
4,544
|
-
|
-
|
-
|
Not Applicable
|
CAS
|
754
|
11.43
|
-
|
-
|
-
|
Not Applicable
|
1,699
|
21.62
|
-
|
-
|
-
|
Not Applicable
|
UCHUCCHACUA
|
||||||||||||
3Q 2020
|
3Q 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)
|
-
|
17,614
|
683
|
1,122
|
-
|
19,419
|
-
|
19,642
|
3,665
|
3,235
|
-
|
26,542
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
-
|
1,008
|
39
|
64
|
-
|
1,111
|
-
|
1,231
|
230
|
203
|
-
|
1,664
|
Commercial Deductions (US$000)
|
-
|
5,006
|
104
|
197
|
-
|
5,307
|
1
|
5,903
|
749
|
1,550
|
-
|
8,203
|
Selling Expenses (US$000)
|
-
|
580
|
22
|
37
|
-
|
639
|
-
|
1,254
|
234
|
206
|
-
|
1,694
|
Cost Applicable to Sales (US$000)
|
-
|
24,208
|
848
|
1,420
|
-
|
26,476
|
1
|
28,029
|
4,878
|
5,194
|
-
|
38,103
|
Divide:
|
||||||||||||
Volume Sold
|
-
|
875,489
|
738
|
699
|
-
|
Not Applicable
|
-
|
2,415,985
|
4,072
|
3,843
|
-
|
Not Applicable
|
CAS
|
-
|
27.65
|
1,149
|
2,032
|
-
|
No Applicable
|
-
|
11.60
|
1,198
|
1,352
|
-
|
No Applicable
|
TAMBOMAYO
|
||||||||||||
3Q 2020
|
|
3Q 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)
|
10,919
|
3,512
|
891
|
575
|
-
|
15,897
|
14,610
|
4,675
|
1,614
|
1,625
|
-
|
22,524
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
2,175
|
699
|
177
|
114
|
-
|
3,166
|
1,848
|
591
|
204
|
205
|
-
|
2,849
|
Commercial Deductions (US$000)
|
887
|
864
|
173
|
610
|
-
|
2,534
|
1,364
|
1,105
|
324
|
1,570
|
-
|
4,363
|
Selling Expenses (US$000)
|
681
|
219
|
56
|
36
|
-
|
992
|
647
|
207
|
72
|
72
|
-
|
998
|
Cost Applicable to Sales (US$000)
|
14,662
|
5,295
|
1,297
|
1,335
|
-
|
22,589
|
18,470
|
6,579
|
2,213
|
3,472
|
-
|
30,734
|
Divide:
|
||||||||||||
Volume Sold
|
17,849
|
406,946
|
1,680
|
1,058
|
-
|
Not Applicable
|
26,568
|
705,669
|
2,084
|
2,070
|
-
|
Not Applicable
|
CAS
|
821
|
13.01
|
772
|
1,261
|
-
|
No Applicable
|
695
|
9.32
|
1,062
|
1,677
|
-
|
No Applicable
|
JULCANI
|
||||||||||||
9M 2020
|
9M 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)
|
-52
|
9,951
|
144
|
-
|
26
|
10,069
|
20
|
18,433
|
770
|
-
|
48
|
19,272
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
-9
|
1,774
|
26
|
-
|
5
|
1,795
|
5
|
4,305
|
180
|
-
|
11
|
4,501
|
Commercial Deductions (US$000)
|
-3
|
1,565
|
22
|
-
|
5
|
1,590
|
2
|
2,401
|
99
|
-
|
8
|
2,510
|
Selling Expenses (US$000)
|
-1
|
234
|
3
|
-
|
1
|
237
|
0
|
265
|
11
|
-
|
1
|
277
|
Cost Applicable to Sales (US$000)
|
-66
|
13,525
|
195
|
-
|
37
|
13,691
|
28
|
25,404
|
1,060
|
-
|
68
|
26,560
|
Divide:
|
||||||||||||
Volume Sold
|
70
|
922,903
|
179
|
-
|
19
|
Not Applicable
|
17
|
1,868,683
|
645
|
-
|
14
|
No Aplicable
|
CAS
|
-
|
14.65
|
1,093
|
-
|
1,939
|
No Applicable
|
1,625
|
13.59
|
1,642
|
-
|
4,906
|
No Applicable
|
ORCOPAMPA
|
||||||||||||
9M 2020
|
9M 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)
|
21,104
|
54
|
-
|
-
|
-
|
21,158
|
38,407
|
197
|
-
|
-
|
-
|
38,604
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
2,855
|
7
|
-
|
-
|
-
|
2,862
|
7,670
|
39
|
-
|
-
|
-
|
7,709
|
Commercial Deductions (US$000)
|
192
|
9
|
-
|
-
|
-
|
201
|
102
|
1
|
-
|
-
|
-
|
103
|
Selling Expenses (US$000)
|
324
|
1
|
-
|
-
|
-
|
325
|
165
|
1
|
-
|
-
|
-
|
166
|
Cost Applicable to Sales (US$000)
|
24,475
|
71
|
-
|
-
|
-
|
24,546
|
46,344
|
239
|
-
|
-
|
-
|
46,582
|
Divide:
|
||||||||||||
Volume Sold
|
29,849
|
6,497
|
-
|
-
|
-
|
Not Applicable
|
26,102
|
11,200
|
-
|
-
|
-
|
Not Applicable
|
CAS
|
820
|
10.92
|
-
|
-
|
-
|
No Applicable
|
1,776
|
21.30
|
-
|
-
|
-
|
No Applicable
|
UCHUCCHACUA
|
||||||||||||
9M 2020
|
9M 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)
|
-
|
47,276
|
3,231
|
3,631
|
-
|
54,138
|
-
|
54,960
|
11,018
|
14,682
|
-
|
80,661
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
-
|
3,287
|
225
|
252
|
-
|
3,764
|
-
|
4,692
|
941
|
1,253
|
-
|
6,886
|
Commercial Deductions (US$000)
|
1
|
13,759
|
816
|
1,560
|
-
|
16,136
|
-1
|
17,349
|
1,983
|
7,791
|
-
|
27,121
|
Selling Expenses (US$000)
|
-
|
1,845
|
126
|
142
|
-
|
2,113
|
-
|
2,653
|
532
|
709
|
-
|
3,894
|
Cost Applicable to Sales (US$000)
|
1
|
66,167
|
4,398
|
5,585
|
-
|
76,151
|
-1
|
79,654
|
14,474
|
24,435
|
-
|
118,562
|
Divide:
|
||||||||||||
Volume Sold
|
-
|
3,399,834
|
3,113
|
2,939
|
-
|
Not Applicable
|
0
|
7,173,934
|
11,877
|
12,104
|
-
|
Not Applicable
|
CAS
|
-
|
19.46
|
1,413
|
1,900
|
-
|
No Applicable
|
-
|
11.10
|
1,219
|
2,019
|
-
|
No Applicable
|
TAMBOMAYO
|
||||||||||||
9M 2020
|
9M 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)
|
28,098
|
8,172
|
2,227
|
1,925
|
-
|
40,422
|
34,148
|
9,860
|
3,803
|
5,782
|
-
|
53,593
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
3,123
|
908
|
248
|
214
|
-
|
4,493
|
5,940
|
1,715
|
662
|
1,006
|
-
|
9,323
|
Commercial Deductions (US$000)
|
3,122
|
2,361
|
671
|
2,049
|
-
|
8,202
|
3,874
|
2,721
|
1,050
|
4,846
|
-
|
12,491
|
Selling Expenses (US$000)
|
1,704
|
496
|
135
|
117
|
-
|
2,452
|
1,555
|
449
|
173
|
263
|
-
|
2,441
|
Cost Applicable to Sales (US$000)
|
36,047
|
11,936
|
3,281
|
4,305
|
-
|
55,569
|
45,517
|
14,745
|
5,688
|
11,898
|
-
|
77,848
|
Divide:
|
||||||||||||
Volume Sold
|
39,634
|
1,004,636
|
3,508
|
2,860
|
-
|
Not Applicable
|
70,396
|
1,694,588
|
5,429
|
6,050
|
-
|
Not Applicable
|
CAS
|
910
|
11.88
|
935
|
1,505
|
-
|
No Applicable
|
647
|
8.70
|
1,048
|
1,967
|
-
|
Not Applicable
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results
Page 19 of 27
|
LA ZANJA
|
||||||||||||
3Q 2020
|
3Q 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)
|
8,954
|
820
|
-
|
-
|
-
|
9,774
|
6,483
|
225
|
-
|
-
|
-
|
6,708
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Commercial Deductions (US$000)
|
47
|
4
|
-
|
-
|
-
|
50
|
18
|
0
|
-
|
-
|
-
|
18
|
Selling Expenses (US$000)
|
27
|
3
|
-
|
-
|
-
|
30
|
83
|
3
|
-
|
-
|
-
|
86
|
Cost Applicable to Sales (US$000)
|
9,028
|
826
|
-
|
-
|
-
|
9,854
|
6,584
|
228
|
-
|
-
|
-
|
6,812
|
Divide:
|
||||||||||||
Volume Sold
|
5,346
|
36,425
|
-
|
-
|
-
|
Not Applicable
|
6,335
|
19,924
|
-
|
-
|
-
|
Not Applicable
|
CAS
|
1,689
|
22.68
|
-
|
-
|
-
|
Not Applicable
|
1,039
|
11.44
|
-
|
-
|
-
|
Not Applicable
|
BROCAL
|
||||||||||||
3Q 2020
|
3Q 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)
|
1,462
|
10,423
|
4,245
|
15,899
|
20,355
|
52,384
|
2,594
|
6,103
|
3,433
|
6,596
|
29,776
|
48,502
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
44
|
312
|
127
|
477
|
610
|
1,570
|
134
|
315
|
177
|
340
|
1,535
|
2,500
|
Commercial Deductions (US$000)
|
1,520
|
7,317
|
2,251
|
16,306
|
20,489
|
47,882
|
2,334
|
3,785
|
873
|
5,042
|
26,870
|
38,904
|
Selling Expenses (US$000)
|
83
|
592
|
241
|
903
|
1,156
|
2,976
|
143
|
336
|
189
|
363
|
1,639
|
2,670
|
Cost Applicable to Sales (US$000)
|
3,109
|
18,644
|
6,865
|
33,585
|
42,610
|
104,813
|
5,205
|
10,538
|
4,672
|
12,341
|
59,820
|
92,576
|
Divide:
|
||||||||||||
Volume Sold
|
2,038
|
1,182,127
|
7,017
|
18,589
|
8,799
|
Not Applicable
|
3,817
|
804,700
|
4,176
|
7,499
|
11,995
|
Not Applicable
|
CAS
|
1,525
|
15.77
|
978
|
1,807
|
4,843
|
Not Applicable
|
1,364
|
13.10
|
1,119
|
1,646
|
4,987
|
Not Applicable
|
NON MINING COMPANIES
|
||||||||||||
3Q 2020
|
3Q 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)
|
-
|
-
|
-
|
-
|
-
|
984
|
-
|
-
|
-
|
-
|
-
|
985
|
Add:
|
||||||||||||
Selling Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
362
|
-
|
-
|
-
|
-
|
-
|
567
|
Total (US$000)
|
-
|
-
|
-
|
-
|
-
|
1,346
|
-
|
-
|
-
|
-
|
-
|
1,552
|
BUENAVENTURA CONSOLIDATED
|
||||||||||||
3Q 2020
|
3Q 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)
|
32,652
|
34,614
|
5,845
|
17,596
|
20,361
|
112,052
|
41,134
|
36,884
|
8,987
|
11,456
|
29,792
|
129,238
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
3,569
|
2,414
|
348
|
655
|
611
|
7,598
|
3,554
|
3,602
|
676
|
748
|
1,539
|
10,119
|
Commercial Deductions (US$000)
|
2,571
|
13,722
|
2,533
|
17,113
|
20,491
|
56,429
|
3,791
|
11,701
|
1,985
|
8,161
|
26,873
|
52,510
|
Selling Expenses (US$000)
|
996
|
1,479
|
320
|
976
|
1,157
|
5,289
|
952
|
1,896
|
499
|
642
|
1,639
|
6,195
|
Cost Applicable to Sales (US$000)
|
39,789
|
52,228
|
9,047
|
36,340
|
42,620
|
181,369
|
49,431
|
54,083
|
12,146
|
21,007
|
59,842
|
198,062
|
Divide:
|
||||||||||||
Volume Sold
|
42,462
|
2,794,158
|
9,493
|
20,347
|
8,811
|
Not Applicable
|
48,003
|
4,600,098
|
10,588
|
13,412
|
12,000
|
Not Applicable
|
CAS
|
937
|
18.69
|
953
|
1,786
|
4,837
|
Not Applicable
|
1,030
|
11.76
|
1,147
|
1,566
|
4,987
|
Not Applicable
|
COIMOLACHE
|
||||||||||||
3Q 2020
|
3Q 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)
|
20,216
|
1,942
|
-
|
-
|
-
|
22,158
|
28,960.33
|
1,678
|
-
|
-
|
-
|
30,638
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
153
|
15
|
-
|
-
|
-
|
168
|
1,423.53
|
82
|
-
|
-
|
-
|
1,506
|
Commercial Deductions (US$000)
|
121
|
9
|
-
|
-
|
-
|
130
|
124
|
7
|
-
|
-
|
-
|
130
|
Selling Expenses (US$000)
|
239
|
23
|
-
|
-
|
-
|
262
|
436
|
25
|
-
|
-
|
-
|
461
|
Cost Applicable to Sales (US$000)
|
20,729
|
1,989
|
-
|
-
|
-
|
22,718
|
30,943
|
1,792
|
-
|
-
|
-
|
32,735
|
Divide:
|
||||||||||||
Volume Sold
|
25,901
|
183,213
|
-
|
-
|
-
|
Not Applicable
|
49,095
|
239,346
|
-
|
-
|
-
|
Not Applicable
|
CAS
|
800
|
10.86
|
-
|
-
|
-
|
Not Applicable
|
630
|
7.49
|
-
|
-
|
-
|
Not Applicable
|
|
LA ZANJA
|
|||||||||||
9M 2020
|
9M 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)
|
21,193
|
1,811
|
-
|
-
|
-
|
23,004
|
26,461
|
896
|
-
|
-
|
-
|
27,357
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
1
|
0
|
-
|
-
|
-
|
1
|
1
|
0
|
-
|
-
|
-
|
1
|
Commercial Deductions (US$000)
|
347
|
18
|
-
|
-
|
-
|
365
|
85
|
2
|
-
|
-
|
-
|
87
|
Selling Expenses (US$000)
|
74
|
6
|
-
|
-
|
-
|
80
|
261
|
9
|
-
|
-
|
-
|
270
|
Cost Applicable to Sales (US$000)
|
21,615
|
1,835
|
-
|
-
|
-
|
23,450
|
26,808
|
907
|
-
|
-
|
-
|
27,715
|
Divide:
|
||||||||||||
Volume Sold
|
12,673
|
94,704
|
-
|
-
|
-
|
Not Applicable
|
24,477
|
71,158
|
-
|
-
|
-
|
Not Applicable
|
CAS
|
1,706
|
19.38
|
-
|
-
|
-
|
No Applicable
|
1,095
|
12.74
|
-
|
-
|
-
|
Not Applicable
|
BROCAL
|
||||||||||||
9M 2020
|
9M 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)
|
4,050
|
16,713
|
9,491
|
29,112
|
48,400
|
107,766
|
5,387
|
18,944
|
15,041
|
31,845
|
78,836
|
150,052
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
118
|
488
|
277
|
850
|
1,414
|
3,148
|
230
|
809
|
642
|
1,360
|
3,367.21
|
6,409
|
Commercial Deductions (US$000)
|
4,114
|
11,580
|
5,367
|
30,831
|
48,044
|
99,936
|
4,919
|
10,272
|
3,842
|
19,592
|
73,104
|
111,729
|
Selling Expenses (US$000)
|
222
|
915
|
519
|
1,593
|
2,649
|
5,898
|
271
|
952
|
755
|
1,600
|
3,960
|
7,537
|
Cost Applicable to Sales (US$000)
|
8,504
|
29,695
|
15,654
|
62,388
|
100,507
|
216,748
|
10,807
|
30,976
|
20,281
|
54,396
|
159,267
|
275,727
|
Divide:
|
||||||||||||
Volume Sold
|
5,310
|
1,835,831
|
14,050
|
34,603
|
20,015
|
Not Applicable
|
8,452
|
2,624,992
|
17,185
|
27,097
|
29,493
|
Not Applicable
|
CAS
|
1,602
|
16.18
|
1,114
|
1,803
|
5,022
|
No Applicable
|
1,279
|
11.80
|
1,180
|
2,007
|
5,400
|
Not Applicable
|
NON MINING COMPANIES
|
||||||||||||
9M 2020
|
9M 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)
|
-
|
-
|
-
|
-
|
-
|
2,475
|
-
|
-
|
-
|
-
|
-
|
3,523
|
Add:
|
-
|
-
|
||||||||||
Selling Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
962
|
-
|
-
|
-
|
-
|
-
|
1,901
|
Total (US$000)
|
-
|
-
|
-
|
-
|
-
|
3,437
|
-
|
-
|
-
|
-
|
-
|
5,424
|
BUENAVENTURA CONSOLIDATED
|
||||||||||||
9M 2020
|
9M 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)
|
74,393
|
83,976
|
15,093
|
34,669
|
48,426
|
259,032
|
104,423
|
103,290
|
30,633
|
52,309
|
78,884
|
373,062
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
6,088
|
6,465
|
775
|
1,317
|
1,419
|
16,063
|
13,846
|
11,561
|
2,425
|
3,619
|
3,378
|
34,829
|
Commercial Deductions (US$000)
|
7,773
|
29,292
|
6,876
|
34,440
|
48,049
|
126,430
|
8,982
|
32,745
|
6,973
|
32,229
|
73,112
|
154,041
|
Selling Expenses (US$000)
|
2,323
|
3,497
|
784
|
1,852
|
2,650
|
12,067
|
2,253
|
4,329
|
1,472
|
2,572
|
3,961
|
16,486
|
Cost Applicable to Sales (US$000)
|
90,576
|
123,230
|
23,528
|
72,278
|
100,543
|
413,592
|
129,503
|
151,924
|
41,503
|
90,729
|
159,335
|
578,418
|
Divide:
|
||||||||||||
Volume Sold
|
87,537
|
7,264,405
|
20,850
|
40,402
|
20,034
|
Not Applicable
|
129,444
|
13,444,555
|
35,137
|
45,251
|
29,507
|
Not Applicable
|
CAS
|
1,035
|
16.96
|
1,128
|
1,789
|
5,019
|
Not Applicable
|
1,000
|
11.30
|
1,181
|
2,005
|
5,400
|
Not Applicable
|
COIMOLACHE
|
||||||||||||
9M 2020
|
9M 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)
|
54,782
|
4,589
|
-
|
-
|
-
|
59,371
|
69,593
|
3,400
|
-
|
-
|
-
|
72,993
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
961
|
81
|
-
|
-
|
-
|
1,042
|
3,929
|
192
|
-
|
-
|
-
|
4,121
|
Commercial Deductions (US$000)
|
460
|
46
|
-
|
-
|
-
|
506
|
295
|
14
|
-
|
-
|
-
|
309
|
Selling Expenses (US$000)
|
735
|
62
|
-
|
-
|
-
|
797
|
747
|
36
|
-
|
-
|
-
|
783
|
Cost Applicable to Sales (US$000)
|
56,939
|
4,778
|
-
|
-
|
-
|
61,716
|
74,564
|
3,642
|
-
|
-
|
-
|
78,206
|
Divide:
|
||||||||||||
Volume Sold
|
64,428
|
474,143
|
-
|
-
|
-
|
Not Applicable
|
109,741
|
449,973
|
-
|
-
|
-
|
Not Applicable
|
CAS
|
884
|
10.08
|
-
|
-
|
-
|
No Applicable
|
679
|
8.09
|
-
|
-
|
-
|
Not Applicable
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results
Page 20 of 27
|
Buenaventura
|
||||||||||||||||||||||||||||||||
All-in Sustaining Cost for 3Q20
|
||||||||||||||||||||||||||||||||
Buenaventura1
|
La Zanja
|
Tantahuatay
|
Attributable 2
|
|||||||||||||||||||||||||||||
3Q20
|
3Q20
|
3Q20
|
3Q20
|
|||||||||||||||||||||||||||||
Au Ounces Sold Net
|
35,078
|
5,346
|
25,901
|
48,299
|
||||||||||||||||||||||||||||
3Q20
|
US$ 000'
|
US$ 000'
|
US$ 000'
|
|||||||||||||||||||||||||||||
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
|
53,587
|
1,528
|
8,115
|
1,518
|
22,158
|
855
|
66,777
|
1,383
|
||||||||||||||||||||||||
Exploration in Operating Units
|
6,027
|
172
|
0
|
0
|
168
|
6
|
6,094
|
126
|
||||||||||||||||||||||||
Royalties
|
2,838
|
81
|
0
|
0
|
0
|
0
|
2,838
|
59
|
||||||||||||||||||||||||
Comercial Deductions3
|
8,496
|
242
|
50
|
9
|
130
|
5
|
8,575
|
178
|
||||||||||||||||||||||||
Selling Expenses
|
2,152
|
61
|
30
|
6
|
262
|
10
|
2,273
|
47
|
||||||||||||||||||||||||
Administrative Expenses
|
10,783
|
307
|
467
|
87
|
1,039
|
40
|
11,447
|
237
|
||||||||||||||||||||||||
Other, net
|
-1,771
|
-50
|
599
|
112
|
-134
|
-5
|
-1,507
|
-31
|
||||||||||||||||||||||||
Sustaining Capex4
|
735
|
21
|
80
|
15
|
5,290
|
204
|
2,899
|
60
|
||||||||||||||||||||||||
By-product Credit
|
-53,298
|
-1,519
|
-974
|
-182
|
-4,802
|
-185
|
-2,442
|
-51
|
||||||||||||||||||||||||
All-in Sustaining Cost
|
29,549
|
842
|
8,368
|
1,565
|
24,112
|
931
|
43,657
|
904
|
||||||||||||||||||||||||
*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
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results
Page 22 of 27
|
All-in Sustaining Cost for 9M20
|
||||||||||||||||||||||||||||||||
Buenaventura1
|
La Zanja
|
Tantahuatay
|
Attributable 2
|
|||||||||||||||||||||||||||||
9M20
|
9M20
|
9M20
|
9M20
|
|||||||||||||||||||||||||||||
Au Ounces Sold Net
|
69,553
|
12,673
|
64,428
|
102,110
|
||||||||||||||||||||||||||||
9M20
|
9M20
|
9M20
|
9M20
|
|||||||||||||||||||||||||||||
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
|
140,876
|
2,025
|
20,234
|
1,597
|
59,371
|
922
|
175,417
|
1,718
|
||||||||||||||||||||||||
Exploration in Operating Units
|
12,913
|
186
|
1
|
0
|
1,042
|
16
|
13,331
|
131
|
||||||||||||||||||||||||
Royalties
|
4,471
|
64
|
0
|
0
|
0
|
0
|
4,471
|
44
|
||||||||||||||||||||||||
Comercial Deductions3
|
26,129
|
376
|
365
|
29
|
506
|
8
|
26,526
|
260
|
||||||||||||||||||||||||
Selling Expenses
|
5,584
|
80
|
80
|
6
|
797
|
12
|
5,946
|
58
|
||||||||||||||||||||||||
Administrative Expenses
|
31,838
|
458
|
1,492
|
118
|
3,172
|
49
|
33,901
|
332
|
||||||||||||||||||||||||
Other, net
|
-946
|
-14
|
882
|
70
|
108
|
2
|
-435
|
-4
|
||||||||||||||||||||||||
Sustaining Capex4
|
4,018
|
58
|
563
|
44
|
7,585
|
118
|
7,358
|
72
|
||||||||||||||||||||||||
By-product Credit
|
-130,339
|
-1,874
|
-1,983
|
-156
|
-9,530
|
-148
|
-4,873
|
-48
|
||||||||||||||||||||||||
All-in Sustaining Cost
|
94,543
|
1,359
|
21,634
|
1,707
|
63,052
|
979
|
131,303
|
1,286
|
||||||||||||||||||||||||
*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
|
Buenaventura
|
||||||||||||||||||||||||||||||||
All-in Sustaining Cost for 9M19
|
||||||||||||||||||||||||||||||||
Buenaventura1
|
La Zanja
|
Tantahuatay
|
Attributable 2
|
|||||||||||||||||||||||||||||
9M19
|
9M19
|
9M19
|
9M19
|
|||||||||||||||||||||||||||||
Au Ounces Sold Net
|
96,515
|
24,477
|
109,741
|
153,503
|
||||||||||||||||||||||||||||
9M19
|
9M19
|
9M19
|
9M19
|
|||||||||||||||||||||||||||||
Income Statement & Cash Flow
|
US$ 000'
|
US$/Oz Au
|
US$ 000'
|
US$/Oz Au
|
US$ 000'
|
US$/Oz Au
|
US$ 000'
|
US$/Oz Au
|
||||||||||||||||||||||||
Cost of Sales
|
210,090
|
2,177
|
28,211
|
1,153
|
72,993
|
665
|
254,325
|
1,657
|
||||||||||||||||||||||||
Exploration in Operating Units
|
28,419
|
294
|
2
|
0
|
4,121
|
38
|
30,072
|
196
|
||||||||||||||||||||||||
Royalties
|
3,146
|
33
|
0
|
0
|
3,146
|
20
|
||||||||||||||||||||||||||
Comercial Deductions3
|
42,279
|
438
|
87
|
4
|
309
|
3
|
42,449
|
277
|
||||||||||||||||||||||||
Selling Expenses
|
7,309
|
76
|
270
|
11
|
783
|
7
|
7,766
|
51
|
||||||||||||||||||||||||
Administrative Expenses
|
35,281
|
366
|
2,162
|
88
|
3,463
|
32
|
37,817
|
246
|
||||||||||||||||||||||||
Other, net
|
9,972
|
103
|
1,136
|
46
|
416
|
4
|
10,742
|
70
|
||||||||||||||||||||||||
Sustaining Capex4
|
14,853
|
154
|
1,483
|
61
|
15,968
|
146
|
22,042
|
144
|
||||||||||||||||||||||||
By-product Credit
|
-253,691
|
-2,629
|
-1,133
|
-46
|
-7,474
|
-68
|
-3,598
|
-23
|
||||||||||||||||||||||||
All-in Sustaining Cost
|
97,658
|
1,012
|
32,218
|
1,316
|
90,579
|
825
|
151,071
|
984
|
||||||||||||||||||||||||
Notes:
|
||||||||||||||||||||||||||||||||
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
|
||||||||||||||||||||||||||||||||
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.
|
||||||||||||||||||||||||||||||||
3. For all metals produced.
|
||||||||||||||||||||||||||||||||
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results
Page 24 of 27
|
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
|
||||||||
Consolidated Statement of Financial Position
|
||||||||
As of September 30, 2020 and December 31, 2019
|
||||||||
2020
|
2019
|
|||||||
Assets
|
US$(000)
|
US$(000)
|
||||||
Current assets
|
||||||||
Cash and cash equivalents
|
264,816
|
210,046
|
||||||
Trade and other accounts receivable, net
|
185,734
|
287,712
|
||||||
Inventory, net
|
108,721
|
97,973
|
||||||
Income tax credit
|
17,377
|
31,919
|
||||||
Prepaid expenses
|
11,160
|
20,969
|
||||||
587,808
|
648,619
|
|||||||
Assets classified as held for sale
|
3,874
|
-
|
||||||
591,682
|
648,619
|
|||||||
Non-current assets
|
||||||||
Trade and other receivables, net
|
84,878
|
88,515
|
||||||
Inventories, net
|
312
|
394
|
||||||
Investment in associates and joint venture
|
1,516,591
|
1,488,247
|
||||||
Mining concessions, development costs, right-of-use, property, plant and equipment, net
|
1,654,650
|
1,754,372
|
||||||
Investment properties, net
|
191
|
204
|
||||||
Deferred income tax asset, net
|
72,541
|
74,556
|
||||||
Prepaid expenses
|
25,027
|
25,692
|
||||||
Other assets
|
26,674
|
26,675
|
||||||
3,380,864
|
3,458,655
|
|||||||
Total assets
|
3,972,546
|
4,107,274
|
||||||
Liabilities and shareholders’ equity, net
|
||||||||
Current liabilities
|
||||||||
Bank loans
|
67,992
|
55,000
|
||||||
Trade and other payables
|
137,001
|
166,244
|
||||||
Provisions, contingent liabilities and other liabilities
|
75,469
|
72,771
|
||||||
Income tax payable
|
2,288
|
5,650
|
||||||
Financial obligations
|
141,451
|
265,692
|
||||||
Hedge derivative financial instruments
|
1,671
|
-
|
||||||
425,872
|
565,357
|
|||||||
Liabilities directly associated with assets classified as held for sale
|
5,755
|
-
|
||||||
431,627
|
565,357
|
|||||||
Non-current liabilities
|
||||||||
Trade and other payables
|
-
|
616
|
||||||
Provisions, contingent liabilities and other liabilities
|
218,550
|
221,736
|
||||||
Financial obligations
|
397,896
|
305,996
|
||||||
Contingent consideration liability
|
23,701
|
16,410
|
||||||
Deferred income tax liabilities, net
|
32,773
|
28,959
|
||||||
672,920
|
573,717
|
|||||||
Total liabilities
|
1,104,547
|
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
|
163,194
|
163,168
|
||||||
Other reserves
|
269
|
269
|
||||||
Retained earnings
|
1,559,553
|
1,639,658
|
||||||
Other reserves of equity
|
(2,275
|
)
|
(1,311
|
)
|
||||
Shareholders’ equity, net attributable to owners of the parent
|
2,690,479
|
2,771,522
|
||||||
Non-controlling interest
|
177,520
|
196,678
|
||||||
Total shareholders’ equity, net
|
2,867,999
|
2,968,200
|
||||||
Total liabilities and shareholders’ equity, net
|
3,972,546
|
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 nine-month periods ended September 30, 2020 and 2019
|
||||||||||||||||
For the three-month period
ended September 30,
|
For the nine-month period
ended September 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
US$(000)
|
US$(000)
|
US$(000)
|
US$(000)
|
|||||||||||||
Operating activities
|
||||||||||||||||
Proceeds from sales
|
188,994
|
216,206
|
499,840
|
608,200
|
||||||||||||
Tax recovered
|
21,781
|
7,261
|
36,608
|
29,546
|
||||||||||||
Royalty received
|
4,199
|
5,152
|
16,694
|
16,087
|
||||||||||||
Proceeds from dividends
|
-
|
1,545
|
5,132
|
30,921
|
||||||||||||
Insurance collection
|
4,381
|
-
|
4,381
|
-
|
||||||||||||
Interest received
|
120
|
-
|
1,603
|
523
|
||||||||||||
Payments to suppliers and third-parties, and other net
|
(86,230
|
)
|
(143,161
|
)
|
(324,556
|
)
|
(465,056
|
)
|
||||||||
Payments to employees
|
(32,513
|
)
|
(33,652
|
)
|
(98,067
|
)
|
(106,828
|
)
|
||||||||
Payments of income taxes and royalties paid to State
|
(3,805
|
)
|
(6,030
|
)
|
(17,783
|
)
|
(16,080
|
)
|
||||||||
Payments of interest
|
(4,892
|
)
|
(6,232
|
)
|
(17,518
|
)
|
(20,811
|
)
|
||||||||
Payments of mining royalties
|
(2,838
|
)
|
(1,569
|
)
|
(4,471
|
)
|
(3,146
|
)
|
||||||||
Net cash and cash equivalents provided by operating activities
|
89,197
|
39,520
|
101,863
|
73,356
|
||||||||||||
Investing activities
|
||||||||||||||||
Proceeds from sales of mining concessions, property, plant and equipment
|
285
|
280
|
21,469
|
702
|
||||||||||||
Purchase of shares
|
-
|
-
|
(13,453
|
)
|
-
|
|||||||||||
Acquisitions of mining concessions, development costs, property, plant and equipment
|
(12,601
|
)
|
(27,971
|
)
|
(34,082
|
)
|
(64,255
|
)
|
||||||||
Acquisitions of other assets
|
(305
|
)
|
(1,040
|
)
|
(1,111
|
)
|
(2,468
|
)
|
||||||||
Net cash and cash equivalents used in investing activities
|
(12,621
|
)
|
(28,731
|
)
|
(27,177
|
)
|
(66,021
|
)
|
||||||||
Financing activities
|
||||||||||||||||
Proceeds of bank loans
|
10,811
|
50,000
|
18,019
|
55,000
|
||||||||||||
Payments of bank loans
|
-
|
(50,000
|
)
|
(5,000
|
)
|
(95,000
|
)
|
|||||||||
Payments of financial obligations
|
(15,180
|
)
|
(10,429
|
)
|
(29,210
|
)
|
(33,657
|
)
|
||||||||
Dividends paid to controlling shareholders
|
-
|
-
|
-
|
(15,240
|
)
|
|||||||||||
Dividends paid to non-controlling interest
|
(2,660
|
)
|
(2,319
|
)
|
(3,940
|
)
|
(5,419
|
)
|
||||||||
Decrease (increase) of restricted bank accounts
|
(244
|
)
|
(2,367
|
)
|
215
|
(2,511
|
)
|
|||||||||
Net cash and cash equivalents used in financing activities
|
(7,273
|
)
|
(15,115
|
)
|
(19,916
|
)
|
(96,827
|
)
|
||||||||
Net increase (decrease) in cash and cash equivalents during the period
|
69,303
|
(4,326
|
)
|
54,770
|
(89,492
|
)
|
||||||||||
Cash and cash equivalents at the beginning of the period
|
195,513
|
284,034
|
210,046
|
369,200
|
||||||||||||
Cash and cash equivalents at period-end
|
264,816
|
279,708
|
264,816
|
279,708
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2020 Results
Page 27 of 27
|
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