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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 | |
---|---|---|---|---|---|---|---|---|
-0.14 | -0.86% | 16.23 | 16.34 | 15.96 | 16.02 | 1,876,644 | 01:00:00 |
●
|
2Q21 EBITDA from direct operations reached US$ 66.9 million, compared to US$ 26.4 million reported in 2Q20.
|
●
|
2Q21 Adjusted EBITDA including associated companies reached US$ 229.7 million, compared to US$ 84.5 million in 2Q20.
|
●
|
2Q21 net income reached US$ 37.5 million, compared to a US$ 15.6 million net loss for the same period in 2020.
|
●
|
2Q21 exploration at operating units increased to US$ 14.5 million, compared to US$ 2.5 million in 2Q20. This increase was part of the
Company’s revised strategy to increase exploration activities.
|
●
|
2Q21 capital expenditures were US$ 21.5 million, compared to US$ 11.6 million for the same period in 2020.
|
●
|
Cost Applicable to Sales (CAS) for the 6M21 reflect a US$ 30.8 million impact due to COVID-19-related expenses. Said expenses are expected
to decrease in the second half of 2021 with the increase of vaccinated workforce.
|
●
|
Buenaventura’s cash position reached US$ 255.2 million as of June 30, 2021.
|
●
|
On April 29, 2021, Cerro Verde paid a total dividend of US$ 200 million. Buenaventura received US$ 39.2 million relative to its stake in
Cerro Verde.
|
●
|
On July 23, 2021 the Company issued senior unsecured notes for an aggregate amount of US$ 550 million with a coupon rate of 5.5% per
annum, due 2026.
|
●
|
The net proceeds from the bond fully paid down the SUNAT dispute on July 30, 2021.”
|
2Q21
|
2Q20
|
Var
|
6M21
|
6M20
|
Var
|
|
Total Revenues
|
240.9
|
97.8
|
146%
|
426.7
|
212.3
|
101%
|
Operating Income
|
8.9
|
-17.9
|
N.A.
|
-2.1
|
-77.5
|
97%
|
EBITDA Direct Operations
|
66.9
|
26.4
|
153%
|
105.2
|
19.7
|
435%
|
EBITDA Including Affiliates
|
229.7
|
84.5
|
172%
|
412.6
|
114.6
|
260%
|
Net Income
|
37.5
|
-19.1
|
N.A.
|
53.9
|
-99.5
|
N.A.
|
EPS
|
0.15
|
-0.08
|
N.A.
|
0.21
|
-0.39
|
N.A.
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 2 of 27
|
Operating Revenues
|
|
Operating Highlights
|
2Q21
|
2Q20
|
%
|
6M21
|
6M20
|
%
|
Net Sales
(in millions of US$)
|
235.9
|
94.2
|
150%
|
417.9
|
203.0
|
106%
|
Average Realized Gold Price (US$/oz) (1) (2)
|
1,815
|
1,775
|
2%
|
1,776
|
1,738
|
2%
|
Average Realized Gold Price (US$/oz) Inc. Affiliates (2)(3)
|
1,812
|
1,744
|
4%
|
1,790
|
1,669
|
7%
|
Average Realized Silver Price (US$/oz) (1) (2)
|
27.06
|
16.67
|
62%
|
27.02
|
17.00
|
59%
|
Average Realized Lead Price (US$/MT) (1) (2)
|
2,192
|
1,460
|
50%
|
2,166
|
1,587
|
36%
|
Average Realized
Zinc Price (US$/MT) (1) (2)
|
3,010
|
1,112
|
171%
|
3,108
|
1,655
|
88%
|
Average Realized Copper Price (US$/MT) (1) (2)
|
10,033
|
5,085
|
97%
|
9,585
|
5,425
|
77%
|
Volume Sold
|
2Q21
|
2Q20
|
%
|
6M21
|
6M20
|
%
|
Consolidated Gold Oz (1)
|
33,575
|
24,839
|
35%
|
59,763
|
45,075
|
33%
|
Gold Oz including Associated Companies (3)
|
75,370
|
60,327
|
25%
|
139,377
|
141,852
|
-2%
|
Consolidated Silver Oz (1)
|
3,505,471
|
1,460,620
|
140%
|
6,681,750
|
4,470,246
|
49%
|
Consolidated Lead MT (1)
|
6,713
|
3,862
|
74%
|
11,517
|
11,357
|
1%
|
Consolidated Zinc MT (1)
|
12,476
|
4,751
|
163%
|
23,282
|
20,055
|
16%
|
Consolidated Copper MT (1)
|
9,966
|
2,758
|
261%
|
17,517
|
11,223
|
56%
|
(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.
Second Quarter 2021 Results
Page 3 of 27
|
Production and Operating Costs
|
|
Equity Production
|
2Q21
|
2Q20
|
%
|
6M21
|
6M20
|
%
|
Gold Oz Direct Operations(1)
|
32,154
|
26,989
|
19%
|
57,457
|
53,956
|
6%
|
Gold Oz including Associated(2) Companies
|
73,388
|
62,029
|
18%
|
136,288
|
151,181
|
-10%
|
Silver Oz Direct Operations(1)
|
3,268,486
|
1,686,689
|
94%
|
6,428,420
|
5,005,697
|
28%
|
Silver Oz including Associated Companies
|
3,510,497
|
1,991,257
|
76%
|
7,017,847
|
5,805,312
|
21%
|
Lead MT
|
6,332
|
3,316
|
91%
|
10,589
|
10,286
|
3%
|
Zinc MT
|
11,990
|
3,986
|
201%
|
21,326
|
16,863
|
26%
|
Copper MT Direct Operations(1)
|
6,447
|
1,881
|
243%
|
11,340
|
7,526
|
51%
|
Copper MT including Associated Companies(3)
|
24,769
|
17,667
|
40%
|
48,916
|
41,366
|
18%
|
Consolidated Production
|
2Q21
|
2Q20
|
%
|
6M21
|
6M20
|
%
|
Gold Oz(4)
|
35,906
|
28,815
|
25%
|
64,227
|
58,893
|
9%
|
Silver Oz(4)
|
3,896,475
|
1,789,375
|
118%
|
7,676,312
|
5,376,212
|
43%
|
Lead MT(4)
|
7,417
|
4,160
|
78%
|
12,499
|
13,236
|
-6%
|
Zinc MT(4)
|
15,311
|
5,677
|
170%
|
28,585
|
24,362
|
17%
|
Copper MT(4)
|
10,494
|
3,056
|
243%
|
18,460
|
12,218
|
51%
|
(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.
Second Quarter 2021 Results
Page 4 of 27
|
Production
|
|||||||
|
|
2Q21
|
2Q20
|
Var %
|
6M21
|
6M20
|
Var %
|
Gold
|
Oz
|
17,964
|
17,121
|
5%
|
33,311
|
31,670
|
5%
|
Silver
|
Oz
|
432,638
|
410,010
|
6%
|
717,315
|
795,541
|
-10%
|
Cost Applicable to Sales
|
|||||||
|
|
2Q21
|
2Q20
|
Var %
|
6M21
|
6M20
|
Var %
|
Gold
|
US$/Oz
|
873
|
736
|
19%
|
895
|
984
|
-9%
|
Production
|
|||||||
|
|
2Q21
|
2Q20
|
Var %
|
6M21
|
6M20
|
Var %
|
Gold
|
Oz
|
9,130
|
7,612
|
20%
|
15,116
|
15,773
|
-4%
|
Silver
|
Oz
|
1,781
|
1,075
|
66%
|
2,823
|
3,881
|
-27%
|
Cost Applicable to Sales
|
|||||||
|
|
2Q21
|
2Q20
|
Var %
|
6M21
|
6M20
|
Var %
|
Gold
|
US$/Oz
|
1,650
|
325
|
408%
|
1,813
|
909
|
99%
|
Production
|
|||||||
|
|
2Q21
|
2Q20
|
Var %
|
6M21
|
6M20
|
Var %
|
Gold
|
Oz
|
4,447
|
3,028
|
47%
|
8,355
|
6,325
|
32%
|
Silver
|
Oz
|
20,519
|
14,411
|
42%
|
47,561
|
27,830
|
71%
|
Cost Applicable to Sales
|
|||||||
|
|
2Q21
|
2Q20
|
Var %
|
6M21
|
6M20
|
Var %
|
Gold
|
US$/Oz
|
1,775
|
1,053
|
69%
|
1,693
|
1,656
|
2%
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 5 of 27
|
Production
|
|||||||
|
|
2Q21
|
2Q20
|
Var %
|
6M21
|
6M20
|
Var %
|
Gold
|
Oz
|
30,378
|
13,551
|
124%
|
56,510
|
36,044
|
57%
|
Silver
|
Oz
|
166,327
|
77,992
|
113%
|
367,320
|
266,957
|
38%
|
Cost Applicable to Sales
|
|||||||
|
|
2Q21
|
2Q20
|
Var %
|
6M21
|
6M20
|
Var %
|
Gold
|
US$/Oz
|
851
|
1,017
|
-16%
|
834
|
942
|
-11%
|
Production
|
|||||||||||||
|
|
2Q21
|
2Q20
|
Var %
|
6M21
|
6M20
|
Var %
|
||||||
Silver
|
Oz
|
1,268,082
|
979,008
|
30%
|
2,511,997
|
2,935,471
|
-14%
|
||||||
Zinc
|
MT
|
3,029
|
462
|
555%
|
4,275
|
2,822
|
51%
|
||||||
Lead
|
MT
|
1,715
|
753
|
128%
|
3,006
|
3,026
|
-1%
|
||||||
|
|
|
|
|
|||||||||
Cost Applicable to Sales
|
|||||||||||||
|
|
2Q21
|
2Q20
|
Var %
|
6M21
|
6M20
|
Var %
|
||||||
Silver
|
US$/Oz
|
28.16
|
16.24
|
73%
|
28.73
|
16.61
|
73%
|
Production
|
|||||||||||||
|
|
2Q21
|
2Q20
|
Var %
|
6M21
|
6M20
|
Var %
|
||||||
Silver
|
Oz
|
570,248
|
136,177
|
319%
|
1,219,102
|
686,729
|
78%
|
||||||
|
|
|
|
|
|||||||||
Cost Applicable to Sales
|
|||||||||||||
|
|
2Q21
|
2Q20
|
Var %
|
6M21
|
6M20
|
Var %
|
||||||
Silver
|
US$/Oz
|
17.56
|
17.02
|
3%
|
16.94
|
16.10
|
5%
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 6 of 27
|
Production
|
|||||||||||||
|
|
2Q21
|
2Q20
|
Var %
|
6M21
|
6M20
|
Var %
|
||||||
Copper
|
MT
|
10,494
|
3,045
|
245%
|
18,460
|
12,167
|
52%
|
||||||
Zinc
|
MT
|
8,612
|
4,385
|
96%
|
18,819
|
19,442
|
-3%
|
||||||
Silver
|
Oz
|
1,603,208
|
248,693
|
545%
|
3,177,513
|
926,761
|
243%
|
||||||
|
|
|
|
|
|||||||||
Cost Applicable to Sales
|
|||||||||||||
|
|
2Q21
|
2Q20
|
Var %
|
6M21
|
6M20
|
Var %
|
||||||
Copper
|
US$/MT
|
6,243
|
5,473
|
14%
|
5,957
|
5,262
|
13%
|
||||||
Zinc
|
US$/MT
|
1,555
|
1,491
|
4%
|
1,697
|
1,760
|
-4%
|
General and Administrative Expenses
|
|
Exploration in Non-Operating Areas
|
|
Financial Expenses
|
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 7 of 27
|
Share in Associated Companies
|
|
Share in the Result of Associates
(in millions of US$)
|
2Q21
|
2Q20
|
Var
|
6M21
|
6M20
|
Var
|
Cerro Verde
|
47.1
|
13.5
|
250%
|
101.2
|
1.6
|
6,222%
|
Yanacocha
|
6.0
|
1.2
|
416%
|
5.0
|
-8.3
|
N.A.
|
Coimolache
|
3.4
|
-0.6
|
N.A.
|
7.9
|
0.3
|
2,994%
|
Other minor
|
-0.4
|
-0.1
|
-345%
|
-0.8
|
-0.2
|
-347%
|
Total
|
56.1
|
13.9
|
303%
|
113.3
|
-6.7
|
N.A.
|
●
|
Currently in the Definitive Feasibility Stage.
|
●
|
First phase of Sulfides Deposits with an integrated processing circuit, including an autoclave to process gold, copper and silver feedstock.
|
●
|
The Project is expected to add 500 thousand gold equivalent ounces with an AISC between US$ 700 and US$ 800 per ounce for the first five full years of production.
|
●
|
Decision to proceed expected in the second half 2021, with a three-year development schedule.
|
●
|
Investment of approximately US$ 2 billion will be required
|
●
|
Environmental Impact Assessment (EIA) study was approved in March 2019.
|
Others
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 8 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.
Second Quarter 2021 Results
Page 9 of 27
|
Equity Participation in
Subsidiaries and Associates (as of June 30, 2021)
|
|||
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.
Second Quarter 2021 Results
Page 10 of 27
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 11 of 27
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 12 of 27
|
EBITDA RECONCILIATION
(in thousand US$)
|
|
|
|
|
|
|
|
|
|
2Q21
|
2Q20
|
6M21
|
6M20
|
|
Net Income
|
37,969
|
-19,114
|
56,086
|
-99,481
|
Add / Substract:
|
28,969
|
45,521
|
49,071
|
119,145
|
Depreciation and Amortization in cost of sales
|
48,332
|
36,997
|
94,820
|
73,638
|
Provision (credit) for income tax, net
|
9,710
|
5,006
|
25,783
|
-5,041
|
Interest expense
|
10,984
|
7,346
|
21,893
|
15,720
|
Loss (gain) on currency exchange difference
|
7,506
|
2,019
|
8,947
|
3,115
|
Provision of bonuses and compensations
|
2,480
|
3,686
|
6,227
|
8,028
|
Loss from discontinued operations
|
946
|
1,335
|
2,280
|
2,812
|
Workers' participation provision
|
1,971
|
-
|
1,971
|
-
|
Depreciation and amortization in administration expenses
|
908
|
958
|
1,817
|
1,875
|
Depreciation and Amortization in other, net
|
28
|
-38
|
54
|
51
|
Provision (reversal) for contingencies
|
-735
|
-1,087
|
-429
|
-850
|
Share in associated companies by the equity method, net
|
-56,082
|
-13,924
|
-113,303
|
6,652
|
Write-off of fixed assets
|
6,763
|
0
|
6,763
|
0
|
Impairment (reversal) of inventories
|
-1,686
|
3,771
|
-3,998
|
14,457
|
Interest income
|
-2,156
|
-548
|
-3,754
|
-1,312
|
EBITDA Buenaventura Direct Operations
|
66,938
|
26,407
|
105,157
|
19,664
|
EBITDA Yanacocha (43.65%)
|
50,470
|
12,290
|
72,083
|
37,573
|
EBITDA Cerro Verde (19.58%)
|
99,496
|
41,493
|
210,575
|
45,533
|
EBITDA Coimolache (40.095%)
|
12,820
|
4,357
|
24,805
|
11,838
|
EBITDA Buenaventura + All Associates
|
229,723
|
84,546
|
412,620
|
114,608
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 13 of 27
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 14 of 27
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 15 of 27
|
Set forth below is a reconciliation of consolidated Cost of sales, excluding depreciation and amortization,
|
||||||||||||||||
to consolidated Cost applicable to sales:
|
||||||||||||||||
For the 3 months ended June 30
|
For the 6 months ended June 30
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(in thousands of US$)
|
||||||||||||||||
Consolidated Cost of sales excluding depreciation and amortization
|
136,978
|
41,172
|
251,249
|
146,980
|
||||||||||||
Add:
|
||||||||||||||||
Consolidated Exploration in units in operation
|
14,515
|
2,456
|
23,843
|
8,465
|
||||||||||||
Consolidated Commercial deductions
|
55,703
|
19,958
|
98,761
|
70,001
|
||||||||||||
Consolidated Selling expenses
|
5,697
|
2,230
|
9,755
|
6,778
|
||||||||||||
Consolidated Cost applicable to sales
|
212,893
|
65,816
|
383,608
|
232,224
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 16 of 27
|
Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral)
|
||||||||||||
to consolidated Commercial deductions:
|
For the 3 months ended June 30
|
For the 6 months ended June 30
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Exploration expenses in units in operation by mine and mineral
|
(in thousands of US$)
|
|||||||||||||||
Julcani, Gold
|
7
|
0
|
8
|
0
|
||||||||||||
Julcani, Silver
|
1,405
|
324
|
2,857
|
1,367
|
||||||||||||
Julcani, Lead
|
20
|
0
|
41
|
23
|
||||||||||||
Julcani, Copper
|
4
|
0
|
6
|
3
|
||||||||||||
Orcopampa, Gold
|
2,453
|
480
|
4,244
|
1,510
|
||||||||||||
Orcopampa, Silver
|
6
|
1
|
15
|
3
|
||||||||||||
Orcopampa, Copper
|
0
|
0
|
0
|
0
|
||||||||||||
Uchucchacua, Gold
|
0
|
0
|
0
|
0
|
||||||||||||
Uchucchacua, Silver
|
2,991
|
517
|
4,920
|
2,266
|
||||||||||||
Uchucchacua, Lead
|
281
|
20
|
409
|
195
|
||||||||||||
Uchucchacua, Zinc
|
615
|
13
|
760
|
192
|
||||||||||||
Tambomayo, Gold
|
1,571
|
595
|
2,411
|
933
|
||||||||||||
Tambomayo, Silver
|
530
|
165
|
749
|
245
|
||||||||||||
Tambomayo, Lead
|
277
|
53
|
362
|
72
|
||||||||||||
Tambomayo, Zinc
|
477
|
24
|
578
|
77
|
||||||||||||
La Zanja, Gold
|
126
|
0
|
124
|
1
|
||||||||||||
La Zanja, Silver
|
10
|
0
|
12
|
0
|
||||||||||||
El Brocal, Gold
|
114
|
14
|
179
|
79
|
||||||||||||
El Brocal, Silver
|
808
|
35
|
1,434
|
157
|
||||||||||||
El Brocal, Lead
|
135
|
28
|
231
|
153
|
||||||||||||
El Brocal, Zinc
|
478
|
41
|
1,030
|
360
|
||||||||||||
El Brocal, Copper
|
2,208
|
147
|
3,473
|
829
|
||||||||||||
Non Mining Units
|
0
|
0
|
0
|
0
|
||||||||||||
Consolidated Exploration expenses in units in operation
|
14,515
|
2,456
|
23,843
|
8,465
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 17 of 27
|
Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated
|
||||||||||||||||
Selling expenses:
|
||||||||||||||||
For the 3 months ended June 30
|
For the 6 months ended June 30
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Selling expenses by mine and mineral
|
(in thousands of US$)
|
|||||||||||||||
Julcani, Gold
|
1
|
0
|
1
|
0
|
||||||||||||
Julcani, Silver
|
122
|
54
|
234
|
147
|
||||||||||||
Julcani, Lead
|
2
|
0
|
3
|
2
|
||||||||||||
Julcani, Copper
|
0
|
0
|
1
|
0
|
||||||||||||
Orcopampa, Gold
|
78
|
62
|
122
|
122
|
||||||||||||
Orcopampa, Silver
|
0
|
0
|
0
|
0
|
||||||||||||
Orcopampa, Copper
|
0
|
0
|
0
|
0 | ||||||||||||
Uchucchacua, Gold
|
0
|
0
|
0
|
0 | ||||||||||||
Uchucchacua, Silver
|
890
|
483
|
1,468
|
1,259
|
||||||||||||
Uchucchacua, Lead
|
84
|
18
|
122
|
108
|
||||||||||||
Uchucchacua, Zinc
|
183
|
12
|
227
|
107
|
||||||||||||
Tambomayo, Gold
|
694
|
672
|
1,310
|
1,026
|
||||||||||||
Tambomayo, Silver
|
234
|
187
|
407
|
270
|
||||||||||||
Tambomayo, Lead
|
123
|
60
|
197
|
79
|
||||||||||||
Tambomayo, Zinc
|
211
|
27
|
314
|
85
|
||||||||||||
La Zanja, Gold
|
21
|
30
|
41
|
50
|
||||||||||||
La Zanja, Silver
|
2
|
2
|
4
|
0
|
||||||||||||
El Brocal, Gold
|
83
|
24
|
134
|
145
|
||||||||||||
El Brocal, Silver
|
594
|
60
|
1,075
|
291
|
||||||||||||
El Brocal, Lead
|
99
|
48
|
173
|
283
|
||||||||||||
El Brocal, Zinc
|
351
|
69
|
773
|
666
|
||||||||||||
El Brocal, Copper
|
1,624
|
252
|
2,605
|
1,536
|
||||||||||||
Non Mining Units
|
300
|
170
|
544
|
600
|
||||||||||||
Consolidated Selling expenses
|
5,697
|
2,230
|
9,755
|
6,778
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 18 of 27
|
|
JULCANI | |||||||||||
|
2Q 2021 |
|
2Q 2020 | |||||||||
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)
|
36
|
6,924
|
97
|
-
|
18
|
7,075
|
-
|
1,454
|
-0
|
-
|
-
|
1,454
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
7
|
1,405
|
20
|
-
|
4
|
1,436
|
-
|
324
|
-0
|
-
|
-
|
324
|
Commercial Deductions (US$000)
|
6
|
1,165
|
16
|
-
|
2
|
1,190
|
0
|
202
|
2
|
-
|
-1
|
204
|
Selling Expenses (US$000)
|
1
|
122.33
|
1.72
|
-
|
0
|
125
|
-
|
54
|
-0
|
-
|
-
|
54
|
Cost Applicable to Sales (US$000)
|
50
|
9,616
|
135
|
-
|
24
|
9,826
|
0
|
2,035
|
2
|
-
|
-1
|
2,036
|
Divide:
|
||||||||||||
Volume Sold
|
46
|
547,606
|
91
|
-
|
18
|
Not Applicable
|
-
|
119,531
|
25
|
-
|
-
|
Not Applicable
|
CAS
|
1,083
|
17.56
|
1,485
|
-
|
1,359
|
Not Applicable
|
-
|
17.02
|
73
|
-
|
-
|
Not Applicable
|
|
ORCOPAMPA | |||||||||||
|
2Q 2021 |
|
2Q 2020 | |||||||||
GOLD (OZ)
|
SILVER (OZ)
|
LEAD (MT)
|
ZINC (MT)
|
COPPER (MT)
|
TOTAL
|
GOLD (OZ)
|
SILVER (OZ)
|
LEAD (MT)
|
ZINC (MT)
|
COPPER (MT)
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
13,274
|
31
|
-
|
-
|
-
|
13,305
|
618
|
2
|
-
|
-
|
-
|
620
|
Add:
|
-
|
|||||||||||
Exploration Expenses (US$000)
|
2,453
|
6
|
-
|
-
|
-
|
2,459
|
480
|
1
|
-
|
-
|
-
|
481
|
Commercial Deductions (US$000)
|
66
|
0
|
-
|
-
|
-
|
66
|
36
|
0
|
-
|
-
|
-
|
36
|
Selling Expenses (US$000)
|
78
|
0
|
-
|
-
|
-
|
78
|
62
|
0
|
-
|
-
|
-
|
62
|
Cost Applicable to Sales (US$000)
|
15,871
|
37
|
-
|
-
|
-
|
15,908
|
1,196
|
4
|
-
|
-
|
-
|
1,199
|
Divide:
|
||||||||||||
Volume Sold
|
9,618
|
1,518
|
-
|
-
|
-
|
Not Applicable
|
3,675
|
851
|
-
|
-
|
-
|
Not Applicable
|
CAS
|
1,650
|
24.49
|
-
|
-
|
-
|
Not Applicable
|
325
|
4.51
|
-
|
-
|
-
|
Not Applicable
|
|
UCHUCCHACUA | |||||||||||
|
2Q 2021 |
|
2Q 2020 | |||||||||
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)
|
-
|
22,260
|
2,090
|
4,576
|
-
|
28,926
|
-
|
8,050
|
305
|
199
|
-
|
8,554
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
-
|
2,991
|
281
|
615
|
-
|
3,887
|
-
|
517
|
20
|
13
|
-
|
549
|
Commercial Deductions (US$000)
|
-
|
8,379
|
522
|
4,438
|
-
|
13,338
|
-
|
1,411
|
66
|
52
|
-
|
1,529
|
Selling Expenses (US$000)
|
-
|
890
|
84
|
183
|
-
|
1,157
|
-
|
483
|
18
|
12
|
-
|
513
|
Cost Applicable to Sales (US$000)
|
-
|
34,521
|
2,976
|
9,812
|
-
|
47,308
|
-
|
10,460
|
409
|
275
|
-
|
11,145
|
Divide:
|
||||||||||||
Volume Sold
|
-
|
1,226,055
|
1,450
|
2,309
|
-
|
Not Applicable
|
-
|
644,014
|
403
|
366
|
-
|
Not Applicable
|
CAS
|
-
|
28.16
|
2,053
|
4,250
|
-
|
No Applicable
|
-
|
16.24
|
1,016
|
753
|
-
|
No Applicable
|
|
TAMBOMAYO | |||||||||||
|
2Q 2021 |
|
2Q 2020 | |||||||||
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)
|
10,623
|
3,581
|
1,875
|
3,225
|
-
|
19,304
|
9,206
|
2,561
|
820
|
373
|
-
|
12,960
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
1,571
|
530
|
277
|
477
|
-
|
2,855
|
595
|
165
|
53
|
24
|
-
|
837
|
Commercial Deductions (US$000)
|
1,652
|
702
|
322
|
1,260
|
-
|
3,936
|
1,667
|
1,037
|
324
|
672
|
-
|
3,701
|
Selling Expenses (US$000)
|
694
|
234
|
123
|
211
|
-
|
1,262
|
672
|
187
|
60
|
27
|
-
|
946
|
Cost Applicable to Sales (US$000)
|
14,540
|
5,047
|
2,597
|
5,173
|
-
|
27,357
|
12,140
|
3,950
|
1,257
|
1,097
|
-
|
18,444
|
Divide:
|
||||||||||||
Volume Sold
|
16,652
|
380,029
|
2,575
|
3,049
|
-
|
Not Applicable
|
16,499
|
487,028
|
1,547
|
810
|
-
|
Not Applicable
|
CAS
|
873
|
13.28
|
1,008
|
1,697
|
-
|
No Applicable
|
736
|
8.11
|
813
|
1,354
|
-
|
No Applicable
|
|
JULCANI | |||||||||||
|
6M 2021 |
6M 2020
|
||||||||||
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)
|
40
|
14,442
|
205
|
-
|
31
|
14,719
|
-
|
7,644
|
129
|
-
|
19
|
7,791
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
8
|
2,857
|
41
|
-
|
6
|
2,912
|
-
|
1,367
|
23
|
-
|
3
|
1,393
|
Commercial Deductions (US$000)
|
7
|
2,152
|
30
|
-
|
4
|
2,193
|
-16
|
1,043
|
17
|
-
|
3
|
1,048
|
Selling Expenses (US$000)
|
1
|
234
|
3
|
-
|
1
|
238
|
-
|
147
|
2
|
-
|
0
|
150
|
Cost Applicable to Sales (US$000)
|
55
|
19,685
|
279
|
-
|
42
|
20,062
|
-16
|
10,200
|
171
|
-
|
26
|
10,382
|
Divide:
|
||||||||||||
Volume Sold
|
56
|
1,161,770
|
204
|
-
|
32
|
Not Applicable
|
-
|
633,645
|
121
|
-
|
6
|
No Aplicable
|
CAS
|
990
|
16.94
|
1,372
|
-
|
1,307
|
No Applicable
|
-
|
16.10
|
1,421
|
-
|
4,113
|
No Applicable
|
|
ORCOPAMPA | |||||||||||
|
6M 2021 |
6M 2020
|
||||||||||
GOLD (OZ)
|
SILVER (OZ)
|
LEAD (MT)
|
ZINC (MT)
|
COPPER (MT)
|
TOTAL
|
GOLD (OZ)
|
SILVER (OZ)
|
LEAD (MT)
|
ZINC (MT)
|
COPPER (MT)
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
23,317
|
85
|
-
|
-
|
-
|
23,402
|
9,821
|
21
|
-
|
-
|
-
|
9,842
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
4,244
|
15
|
-
|
-
|
-
|
4,259
|
1,510
|
3
|
-
|
-
|
-
|
1,513
|
Commercial Deductions (US$000)
|
84
|
3
|
-
|
-
|
-
|
87
|
88
|
0
|
-
|
-
|
-
|
88
|
Selling Expenses (US$000)
|
122
|
0
|
-
|
-
|
-
|
122
|
122
|
0
|
-
|
-
|
-
|
122
|
Cost Applicable to Sales (US$000)
|
27,766
|
104
|
-
|
-
|
-
|
27,870
|
11,540
|
25
|
-
|
-
|
-
|
11,565
|
Divide:
|
||||||||||||
Volume Sold
|
15,316
|
3,396
|
-
|
-
|
-
|
Not Applicable
|
12,690
|
2,584
|
-
|
-
|
-
|
Not Applicable
|
CAS
|
1,813
|
30.62
|
-
|
-
|
-
|
No Applicable
|
909
|
9.70
|
-
|
-
|
-
|
No Applicable
|
|
UCHUCCHACUA | |||||||||||
|
6M 2021 |
6M 2020
|
||||||||||
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)
|
-
|
44,648
|
3,710
|
6,901
|
-
|
55,259
|
-
|
29,658
|
2,551
|
2,510
|
-
|
34,719
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
-
|
4,920
|
409
|
760
|
-
|
6,089
|
-
|
2,266
|
195
|
192
|
-
|
2,653
|
Commercial Deductions (US$000)
|
0
|
13,778
|
866
|
5,973
|
-
|
20,618
|
1
|
8,753
|
712
|
1,363
|
-
|
10,829
|
Selling Expenses (US$000)
|
-
|
1,468
|
122
|
227
|
-
|
1,817
|
-
|
1,259
|
108
|
107
|
-
|
1,474
|
Cost Applicable to Sales (US$000)
|
0
|
64,814
|
5,108
|
13,861
|
-
|
83,783
|
1
|
41,936
|
3,566
|
4,172
|
-
|
49,675
|
Divide:
|
||||||||||||
Volume Sold
|
-
|
2,255,872
|
2,463
|
3,223
|
-
|
Not Applicable
|
-
|
2,524,344
|
2,375
|
2,240
|
-
|
Not Applicable
|
CAS
|
-
|
28.73
|
2,074
|
4,300
|
-
|
No Applicable
|
-
|
16.61
|
1,501
|
1,862
|
-
|
No Applicable
|
|
TAMBOMAYO | |||||||||||
|
6M 2021 |
6M 2020
|
||||||||||
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)
|
21,044
|
6,535
|
3,162
|
5,042
|
-
|
35,783
|
17,234
|
4,532
|
1,329
|
1,429
|
-
|
24,525
|
Add:
|
||||||||||||
Exploration Expenses (US$000)
|
2,411
|
749
|
362
|
578
|
-
|
4,100
|
933
|
245
|
72
|
77
|
-
|
1,327
|
Commercial Deductions (US$000)
|
3,236
|
1,246
|
537
|
2,399
|
-
|
7,417
|
2,234
|
1,496
|
498
|
1,439
|
-
|
5,668
|
Selling Expenses (US$000)
|
1,310
|
407
|
197
|
314
|
-
|
2,228
|
1,026
|
270
|
79
|
85
|
-
|
1,460
|
Cost Applicable to Sales (US$000)
|
28,001
|
8,936
|
4,258
|
8,332
|
-
|
49,528
|
21,427
|
6,544
|
1,978
|
3,031
|
-
|
32,980
|
Divide:
|
||||||||||||
Volume Sold
|
31,283
|
637,319
|
4,015
|
4,451
|
-
|
Not Applicable
|
21,785
|
597,690
|
1,828
|
1,802
|
-
|
Not Applicable
|
CAS
|
895
|
14.02
|
1,061
|
1,872
|
-
|
No Applicable
|
984
|
10.95
|
1,082
|
1,682
|
-
|
Not Applicable
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 19 of 27
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 20 of 27
|
All-in Sustaining Cost for 2Q21
|
||||||||||||||||||||||||
Buenaventura1
|
La Zanja
|
Tantahuatay
|
||||||||||||||||||||||
2Q21
|
2Q21
|
2Q21
|
|
|||||||||||||||||||||
Au Ounces Sold Net
|
26,315
|
4,455
|
29,815
|
|||||||||||||||||||||
2Q21
|
2Q21
|
2Q21
|
||||||||||||||||||||||
Income Statement & Cash Flow
|
US$ 000'
|
US$/Oz Au
|
US$ 000'
|
US$/Oz Au
|
US$ 000'
|
US$/Oz Au
|
||||||||||||||||||
Cost of Sales
|
74,927
|
2,847
|
11,474
|
2,576
|
25,764
|
695
|
||||||||||||||||||
Exploration in Operating Units
|
10,637
|
404
|
136
|
31
|
1,264
|
50
|
||||||||||||||||||
Royalties
|
1,528
|
58
|
0
|
0
|
0
|
0
|
||||||||||||||||||
Comercial Deductions3
|
18,529
|
704
|
39
|
9
|
359
|
3
|
||||||||||||||||||
Selling Expenses
|
2,792
|
106
|
23
|
5
|
286
|
5
|
||||||||||||||||||
Administrative Expenses
|
9,568
|
364
|
703
|
158
|
949
|
46
|
||||||||||||||||||
Other, net
|
125
|
5
|
-396
|
-89
|
104
|
8
|
||||||||||||||||||
Sustaining Capex4
|
2,803
|
107
|
357
|
80
|
3,581
|
153
|
||||||||||||||||||
By-product Credit
|
-82,166
|
-3,122
|
-692
|
-155
|
-4,757
|
-47
|
||||||||||||||||||
All-in Sustaining Cost
|
38,618
|
1,468
|
11,644
|
2,614
|
27,550
|
924
|
||||||||||||||||||
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.
|
||||||||||||||||||||||||
Notes:
|
||||||||||||||||||||||||
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
|
||||||||||||||||||||||||
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.
|
||||||||||||||||||||||||
3. For all metals produced.
|
||||||||||||||||||||||||
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 21 of 27
|
All-in Sustaining Cost for 2Q20
|
||||||||||||||||||||||||
Buenaventura1
|
La Zanja
|
Tantahuatay
|
||||||||||||||||||||||
2Q20
|
2Q20
|
2Q20
|
||||||||||||||||||||||
Au Ounces Sold Net
|
20,174
|
4,032
|
14,549
|
|||||||||||||||||||||
2Q20
|
2Q20
|
2Q20
|
||||||||||||||||||||||
Income Statement & Cash Flow
|
US$ 000'
|
US$/Oz Au
|
US$ 000'
|
US$/Oz Au
|
US$ 000'
|
US$/Oz Au
|
||||||||||||||||||
Cost of Sales
|
27,512
|
1,364
|
4,564
|
1,132
|
14,772
|
695
|
||||||||||||||||||
Exploration in Operating Units
|
2,190
|
109
|
1
|
0
|
236
|
50
|
||||||||||||||||||
Royalties
|
497
|
25
|
0
|
0
|
0
|
0
|
||||||||||||||||||
Comercial Deductions3
|
5,470
|
271
|
306
|
76
|
185
|
3
|
||||||||||||||||||
Selling Expenses
|
1,648
|
82
|
32
|
8
|
415
|
5
|
||||||||||||||||||
Administrative Expenses
|
9,083
|
450
|
433
|
107
|
1,042
|
46
|
||||||||||||||||||
Other, net
|
13,511
|
670
|
217
|
54
|
-196
|
8
|
||||||||||||||||||
Sustaining Capex4
|
483
|
24
|
359
|
89
|
1,435
|
153
|
||||||||||||||||||
By-product Credit
|
-24,922
|
-1,235
|
-454
|
-113
|
-1,352
|
-47
|
||||||||||||||||||
All-in Sustaining Cost
|
21,961
|
1,089
|
5,458
|
1,354
|
16,536
|
1,137
|
||||||||||||||||||
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.
|
||||||||||||||||||||||||
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 22 of 27
|
All-in Sustaining Cost for 1S21
|
||||||||||||||||||||||||
Buenaventura1
|
La Zanja
|
Tantahuatay
|
||||||||||||||||||||||
1S21
|
1S21
|
1S21
|
|
|||||||||||||||||||||
Au Ounces Sold Net
|
46,654
|
8,352
|
57,909
|
|||||||||||||||||||||
1S21
|
1S21
|
1S21
|
||||||||||||||||||||||
Income Statement & Cash Flow
|
US$ 000'
|
US$/Oz Au
|
US$ 000'
|
US$/Oz Au
|
US$ 000'
|
US$/Oz Au
|
||||||||||||||||||
Cost of Sales
|
142,097
|
3,046
|
21,061
|
2,522
|
50,522
|
872
|
||||||||||||||||||
Exploration in Operating Units
|
17,360
|
372
|
136
|
16
|
1,620
|
28
|
||||||||||||||||||
Royalties
|
2,304
|
49
|
0
|
0
|
0
|
0
|
||||||||||||||||||
Comercial Deductions3
|
30,315
|
650
|
68
|
8
|
606
|
10
|
||||||||||||||||||
Selling Expenses
|
4,722
|
101
|
45
|
5
|
544
|
9
|
||||||||||||||||||
Administrative Expenses
|
20,009
|
429
|
1,458
|
175
|
1,955
|
34
|
||||||||||||||||||
Other, net
|
1,752
|
38
|
-366
|
-44
|
344
|
6
|
||||||||||||||||||
Sustaining Capex4
|
5,279
|
113
|
396
|
47
|
9,845
|
170
|
||||||||||||||||||
By-product Credit
|
-146,206
|
-3,134
|
-1,481
|
-177
|
-10,579
|
-183
|
||||||||||||||||||
All-in Sustaining Cost
|
77,631
|
1,664
|
21,317
|
2,552
|
54,857
|
947
|
||||||||||||||||||
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.
|
||||||||||||||||||||||||
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 23 of 27
|
All-in Sustaining Cost for 1S20
|
||||||||||||||||||||||||
Buenaventura1
|
La Zanja
|
Tantahuatay
|
||||||||||||||||||||||
1S20
|
1S20
|
1S20
|
|
|||||||||||||||||||||
Au Ounces Sold Net
|
34,475
|
7,327
|
38,528
|
|||||||||||||||||||||
1S20
|
1S20
|
1S20
|
||||||||||||||||||||||
Income Statement & Cash Flow
|
US$ 000'
|
US$/Oz Au
|
US$ 000'
|
US$/Oz Au
|
US$ 000'
|
US$/Oz Au
|
||||||||||||||||||
Cost of Sales
|
87,289
|
2,532
|
12,119
|
1,654
|
37,213
|
966
|
||||||||||||||||||
Exploration in Operating Units
|
6,886
|
200
|
1
|
0
|
874
|
23
|
||||||||||||||||||
Royalties
|
1,633
|
47
|
0
|
0
|
0
|
0
|
||||||||||||||||||
Comercial Deductions3
|
17,632
|
511
|
315
|
43
|
376
|
10
|
||||||||||||||||||
Selling Expenses
|
3,432
|
100
|
50
|
7
|
535
|
14
|
||||||||||||||||||
Administrative Expenses
|
21,055
|
611
|
1,025
|
140
|
2,133
|
55
|
||||||||||||||||||
Other, net
|
10,900
|
316
|
283
|
39
|
242
|
6
|
||||||||||||||||||
Sustaining Capex4
|
3,283
|
95
|
482
|
66
|
2,295
|
60
|
||||||||||||||||||
By-product Credit
|
-77,041
|
-2,235
|
-1,009
|
-138
|
-4,728
|
-123
|
||||||||||||||||||
All-in Sustaining Cost
|
75,069
|
2,177
|
13,266
|
1,811
|
38,940
|
1,011
|
||||||||||||||||||
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.
|
||||||||||||||||||||||||
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 24 of 27
|
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
|
||||||||
Interim condensed consolidated statements of financial position
|
||||||||
As of June 30, 2021 and December 31, 2020
|
||||||||
2021
|
2020
|
|||||||
Assets
|
US$(000)
|
US$(000)
|
||||||
Current assets
|
||||||||
Cash and cash equivalents
|
255,232
|
235,449
|
||||||
Trade and other receivables, net
|
245,584
|
230,830
|
||||||
Inventory, net
|
83,439
|
77,327
|
||||||
Income tax credit
|
8,335
|
19,837
|
||||||
Prepaid expenses
|
19,679
|
25,709
|
||||||
612,269
|
589,152
|
|||||||
Non-current assets
|
||||||||
Trade and other receivables, net
|
102,111
|
102,347
|
||||||
Inventories, net
|
18,501
|
23,637
|
||||||
Investment in associates and joint venture
|
1,559,060
|
1,488,775
|
||||||
Mining concessions, development costs, right-of-use, property, plant and equipment, net
|
1,588,712
|
1,650,361
|
||||||
Investment properties, net
|
176
|
186
|
||||||
Deferred income tax asset, net
|
64,708
|
73,850
|
||||||
Prepaid expenses
|
24,363
|
24,806
|
||||||
Other assets, net
|
25,872
|
26,503
|
||||||
3,383,503
|
3,390,465
|
|||||||
Total assets
|
3,995,772
|
3,979,617
|
||||||
Liabilities and shareholders’ equity, net
|
||||||||
Current liabilities
|
||||||||
Bank loans
|
50,000
|
65,793
|
||||||
Trade and other payables
|
172,948
|
179,956
|
||||||
Provisions, contingent liabilities and other liabilities
|
74,702
|
68,000
|
||||||
Income tax payable
|
3,206
|
3,162
|
||||||
Financial obligations
|
136,774
|
25,086
|
||||||
Hedge derivative financial instruments
|
20,868
|
18,439
|
||||||
458,498
|
360,436
|
|||||||
Non-current liabilities
|
||||||||
Provisions, contingent liabilities and other liabilities
|
240,007
|
252,338
|
||||||
Financial obligations
|
383,315
|
506,567
|
||||||
Contingent consideration liability
|
22,597
|
22,100
|
||||||
Deferred income tax liabilities, net
|
39,425
|
38,319
|
||||||
685,344
|
819,324
|
|||||||
Total liabilities
|
1,143,842
|
1,179,760
|
||||||
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
|
163,194
|
||||||
Other reserves
|
269
|
269
|
||||||
Retained earnings
|
1,558,094
|
1,503,785
|
||||||
Other reserves of equity
|
(10,397
|
)
|
(9,526
|
)
|
||||
Shareholders’ equity, net attributable to owners of the parent
|
2,680,898
|
2,627,460
|
||||||
Non-controlling interest
|
171,032
|
172,397
|
||||||
Total shareholders’ equity, net
|
2,851,930
|
2,799,857
|
||||||
Total liabilities and shareholders’ equity, net
|
3,995,772
|
3,979,617
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 25 of 27
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 26 of 27
|
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
|
||||||||||||||||
Interim condensed consolidated statements of cash flows (unaudited)
|
||||||||||||||||
As of June 30, 2021 and December 31, 2020
|
||||||||||||||||
For the three-month period
ended June 30, 2021
|
For the six-month period ended
June 30, 2021
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
US$(000)
|
US$(000)
|
US$(000)
|
US$(000)
|
|||||||||||||
Operating activities
|
||||||||||||||||
Proceeds from sales
|
236,873
|
102,891
|
446,394
|
310,846
|
||||||||||||
Proceeds from dividends from related parties
|
39,169
|
2,631
|
42,720
|
2,631
|
||||||||||||
Recovery from value added tax and other taxes
|
15,266
|
10,485
|
21,700
|
14,827
|
||||||||||||
Royalty received
|
4,173
|
6,769
|
8,883
|
12,495
|
||||||||||||
Proceeds from dividends of financial investments
|
1,599
|
-
|
3,049
|
2,501
|
||||||||||||
Interest received
|
29
|
323
|
64
|
1,483
|
||||||||||||
Payments to suppliers and third-parties, and other net
|
(151,474
|
)
|
(86,038
|
)
|
(302,885
|
)
|
(228,529
|
)
|
||||||||
Payments to employees
|
(29,941
|
)
|
(31,142
|
)
|
(63,097
|
)
|
(65,554
|
)
|
||||||||
Payments of income taxes and royalties paid to Peruvian State
|
(7,996
|
)
|
(7,907
|
)
|
(12,880
|
)
|
(13,978
|
)
|
||||||||
Payments for tax litigation
|
(948
|
)
|
−
|
(8,410
|
)
|
−
|
||||||||||
Payments of interest
|
(3,524
|
)
|
(6,333
|
)
|
(7,338
|
)
|
(12,626
|
)
|
||||||||
Payment of mining royalties
|
(1,528
|
)
|
(497
|
)
|
(2,304
|
)
|
(1,633
|
)
|
||||||||
Net cash and cash equivalents provided by (used in) operating activities
|
101,698
|
(8,818
|
)
|
125,896
|
22,463
|
|||||||||||
Investing activities
|
||||||||||||||||
Proceeds from sale of property, plant and equipment
|
102
|
147
|
257
|
21,184
|
||||||||||||
Proceeds from sale of investments
|
-
|
-
|
3,640
|
-
|
||||||||||||
Acquisitions of development costs, property, plant and equipment
|
(21,356
|
)
|
(11,435
|
)
|
(34,316
|
)
|
(21,481
|
)
|
||||||||
Payments for acquisitions of other assets
|
(109
|
)
|
(115
|
)
|
(205
|
)
|
(806
|
)
|
||||||||
Acquisition of investment in associate
|
−
|
−
|
-
|
(13,453
|
)
|
|||||||||||
Net cash and cash equivalents used in investing activities
|
(21,363
|
)
|
(11,403
|
)
|
(30,624
|
)
|
(14,556
|
)
|
||||||||
Financing activities
|
||||||||||||||||
Increase of restricted time deposits
|
-
|
−
|
(29,117
|
)
|
−
|
|||||||||||
Payments of financial obligations
|
(5,397
|
)
|
(4,342
|
)
|
(10,793
|
)
|
(14,030
|
)
|
||||||||
Proceeds of bank loans
|
−
|
2,208
|
−
|
7,208
|
||||||||||||
Payments of bank loans
|
(5,396
|
)
|
−
|
(15,793
|
)
|
(5,000
|
)
|
|||||||||
Payments of obligations for leases
|
(1,019
|
)
|
(1,043
|
)
|
(2,036
|
)
|
(2,402
|
)
|
||||||||
Short-term and low value lease payments
|
(8,527
|
)
|
(2,970
|
)
|
(15,325
|
)
|
(7,395
|
)
|
||||||||
Dividends paid to non-controlling interest
|
(1,080
|
)
|
−
|
(2,480
|
)
|
(1,280
|
)
|
|||||||||
Decrease of restricted bank accounts
|
60
|
293
|
55
|
459
|
||||||||||||
Net cash and cash equivalents used in financing activities
|
(21,359
|
)
|
(5,854
|
)
|
(75,489
|
)
|
(22,440
|
)
|
||||||||
Increase (decrease) in cash and cash equivalents during the period, net
|
58,976
|
(26,075
|
)
|
19,783
|
(14,533
|
)
|
||||||||||
Cash and cash equivalents at the beginning of the period
|
196,256
|
221,588
|
235,449
|
210,046
|
||||||||||||
Cash and cash equivalents at period-end
|
255,232
|
195,513
|
255,232
|
195,513
|
|
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2021 Results
Page 27 of 27
|
For the three-month period ended June 30, 2021
|
For the six-month period ended June 30, 2021
|
|||||||
2021
|
2020
|
2021
|
2020
|
|||||
US$(000)
|
US$(000)
|
US$(000)
|
US$(000)
|
|||||
Reconciliation of net profit to cash and cash equivalents provided
|
||||||||
by operating activities
|
||||||||
Net profit (loss)
|
37,969
|
(19,114)
|
56,086
|
(99,481)
|
||||
Plus (less):
|
||||||||
Depreciation and amortization in cost of sales
|
48,332
|
36,997
|
94,820
|
73,638
|
||||
Depreciation and amortization in other, net
|
28
|
(38)
|
54
|
51
|
||||
Depreciation and amortization in administration expenses
|
908
|
958
|
1,817
|
1,875
|
||||
Net share in results of associates and joint venture
|
(56,082)
|
(13,924)
|
(113,303)
|
6,652
|
||||
Reversal (provision) for impairment loss of inventories
|
(1,686)
|
3,771
|
(3,998)
|
14,457
|
||||
Bonus provision - executives & employes
|
2,480
|
3,686
|
6,227
|
8,028
|
||||
Accretion expense of provision for closure of mining units and exploration projects
|
1,401
|
1,672
|
2,822
|
3,265
|
||||
Net loss (gain) from currency exchange difference
|
7,506
|
2,019
|
8,947
|
3,115
|
||||
Provision for estimated fair value of sales
|
(2,080)
|
(17,785)
|
11,401
|
1,159
|
||||
Deferred income tax expense (income)
|
1,614
|
3,884
|
10,960
|
(8,148)
|
||||
Recovery (expense) for provision for contingencies
|
(735)
|
(1,087)
|
(429)
|
(850)
|
||||
Write –off of stripping activity asset
|
6,763
|
-
|
6,763
|
-
|
||||
Fair value of provision for contingences liabilities
|
497
|
-
|
497
|
-
|
||||
Workers´ participation provision
|
1,971
|
-
|
1,971
|
-
|
||||
Other minor
|
(947)
|
(2,974)
|
(5,624)
|
6,700
|
||||
Net changes in operating assets and liabilities:
|
||||||||
Decrease (increase) in operating assets -
|
||||||||
Trade and other accounts receivable
|
(21,194)
|
13,903
|
(3,093)
|
94,220
|
||||
Inventories
|
(2,090)
|
(7,495)
|
(976)
|
(35,338)
|
||||
Income tax credit
|
8,218
|
14,519
|
11,502
|
15,431
|
||||
Prepaid expenses
|
2,256
|
4,396
|
6,473
|
7,977
|
||||
Increase (decrease) in operating liabilities -
|
||||||||
Trade and other accounts payable
|
28,150
|
(27,255)
|
3,985
|
(53,492)
|
||||
Provisions, contingent liabilities and other liabilities
|
(4,766)
|
(3,561)
|
(16,819)
|
(17,563)
|
||||
Income tax payable
|
2,417
|
(4,021)
|
44
|
(4,365)
|
||||
Proceeds from dividends
|
40,768
|
2,631
|
45,769
|
5,132
|
||||
Net cash and cash equivalents provided by operating activities
|
101,698
|
(8,818)
|
125,896
|
22,463
|
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