6-K
BUENAVENTURA MINING CO INC (BVN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15b-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2021
Commission File Number 001-14370
COMPANIA DE MINAS BUENAVENTURA S.A.A.
(Exact name of registrant as specified in its charter)
BUENAVENTURA MINING COMPANY INC.
\(Translation of registrant’s name into English\)
Republic of Peru
\(Jurisdiction of incorporation or organization\)
CARLOS VILLARAN 790
SANTA CATALINA, LIMA 13, PERU
\(Address of principal executive offices\)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ____X___ Form 40-F _______
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101\(b\)\(7\): \[ \]
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No ___X____
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.
Buenaventura Announces
Second Quarter and Six-month 2021 Results
Lima, Peru, August 2, 2021 – Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced results for the second quarter (2Q21) and six-month period ended June 30, 2021. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$).
Second Quarter 2021 Highlights:
| ● | 2Q21 EBITDA from direct operations reached US$ 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<br> 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<br> 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<br> 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<br> annum, due 2026. |
| ● | The net proceeds from the bond fully paid down the SUNAT dispute on July 30, 2021.” |
Financial Highlights (in millions of US$, except EPS figures):
| 2Q21 | 2Q20 | Var | 6M21 | 6M20 | Var | |
|---|---|---|---|---|---|---|
| Total Revenues | 240.9 | 97.8 | 146% | 426.7 | 212.3 | 101% |
| Operating Income | 8.9 | -17.9 | N.A. | -2.1 | -77.5 | 97% |
| EBITDA Direct Operations | 66.9 | 26.4 | 153% | 105.2 | 19.7 | 435% |
| EBITDA Including Affiliates | 229.7 | 84.5 | 172% | 412.6 | 114.6 | 260% |
| Net Income | 37.5 | -19.1 | N.A. | 53.9 | -99.5 | N.A. |
| EPS | 0.15 | -0.08 | N.A. | 0.21 | -0.39 | N.A. |
(*) As of June 30, 2021, Buenaventura had a weighted average number of shares outstanding of 253,986,867.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>Page 2 of 27 |
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| Operating Revenues |
| --- |
2Q21 net sales were US$ 235.9 million, as compared to US$ 94.2 million reported in 2Q20; a significant year on year increase driven by increased commodity prices during the quarter and an increase in volume sold due to the recovery of operations relative to the impact of COVID-19 on the Company’s operations and related adverse effects on 2Q20 production results.
Royalty income increased 38% to US$ 4.9 million in the 2Q21, from US$ 3.6 million in 2Q20. This was due to a 37% increase in Yanacocha revenues.
| Operating Highlights | 2Q21 | 2Q20 | % | 6M21 | 6M20 | % |
|---|---|---|---|---|---|---|
| Net Sales<br><br> <br>(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$/MT)^(1) (2)^ | 2,192 | 1,460 | 50% | 2,166 | 1,587 | 36% |
| Average Realized<br><br> <br>Zinc Price (US$/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.<br><br> <br>Second Quarter 2021 Results<br><br> <br>Page 3 of 27 |
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| Production and Operating Costs |
| --- |
Buenaventura’s 2Q21 equity gold production was 73,388 ounces, compared to 62,029 ounces produced in 2Q20. Silver equity production increased by 76% year on year. Lead equity production increased by 91% year on year. Additionally, zinc equity production increased by 201% year on year, and the Company’s 2Q21 copper production increased by 243% year on year. This was due to increased production at all of the Company’s mines. It’s important to note that Buenaventura restarted operations during 2Q20 between May and June due to COVID-19 restrictions previously imposed by the Government.
| 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.<br><br> <br>Second Quarter 2021 Results<br><br> <br>Page 4 of 27 |
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Tambomayo (100% owned by Buenaventura)
| 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% |
2Q21 gold production at Tambomayo increased 5% year on year, primarily due to a 15% increase in ore milled after accounting for treated stockpiles. However, gold grade decreased by 18% during the quarter due to the change of ore stope sequencing. A gradual recovery in gold grade is expected in the second half of 2021. Cost Applicable to Sales (CAS) increased to 873 US$/Oz in 2Q21, from 736 US$/Oz in 2Q20, primarily due to a 164% increase in exploration expenses.
Orcopampa (100% owned by Buenaventura)
| 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$/Oz | 1,650 | 325 | 408% | 1,813 | 909 | 99% |
Increased 2Q21 gold production at Orcopampa was primarily due to a 110% year on year increase in ore volume treated. Cost Applicable to Sales (CAS) increased to 1,650 US$/Oz in 2Q21, compared to 325 US$/Oz in 2Q20, primarily due to a 412% increase in exploration expenses and additional COVID-19 expenses to comply with sanitary protocols.
La Zanja (53.06% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 2Q21 | 2Q20 | Var % | 6M21 | 6M20 | Var % | ||
| Gold | Oz | 4,447 | 3,028 | 47% | 8,355 | 6,325 | 32% |
| Silver | Oz | 20,519 | 14,411 | 42% | 47,561 | 27,830 | 71% |
| Cost Applicable to Sales | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2Q21 | 2Q20 | Var % | 6M21 | 6M20 | Var % | ||
| Gold | US$/Oz | 1,775 | 1,053 | 69% | 1,693 | 1,656 | 2% |
2Q21 gold production increased by 47% year on year due to increased volume treated. 2Q21 Cost Applicable to Sales (CAS) was 1,775 US$/Oz; a 69% increase compared to 1,053 US$/Oz in 2Q20 mainly due to an increase in stripping necessary for 2022 production as well as additional COVID-19 expenses to comply with sanitary protocols.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>Page 5 of 27 |
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Coimolache (40.10% owned by Buenaventura)
| 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$/Oz | 851 | 1,017 | -16% | 834 | 942 | -11% |
2Q21 gold production at Coimolache increased by 124% year on year, primarily due to a 73% increase in volume treated with a 30% gold grade increase. 2Q21 Cost Applicable to Sales (CAS) decreased 16% to 851 US$/Oz; compared to 1,017 US$/Oz in 2Q20, mainly due to a 105% increase in volume sold.
Uchucchacua (100% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 2Q21 | 2Q20 | Var % | 6M21 | 6M20 | Var % | ||
| Silver | Oz | 1,268,082 | 979,008 | 30% | 2,511,997 | 2,935,471 | -14% |
| Zinc | MT | 3,029 | 462 | 555% | 4,275 | 2,822 | 51% |
| Lead | MT | 1,715 | 753 | 128% | 3,006 | 3,026 | -1% |
| Cost Applicable to Sales | |||||||
| 2Q21 | 2Q20 | Var % | 6M21 | 6M20 | Var % | ||
| Silver | US$/Oz | 28.16 | 16.24 | 73% | 28.73 | 16.61 | 73% |
2Q21 silver production at Uchucchacua increased by 30%, primarily due to an increase in ore treated. Uchucchacua did not achieve full capacity during the second quarter 2021 due to mine development delays and lower than expected grades from planned stopes. Production was also adversely affected by a reduced workforce during 2021 due to continued COVID-19 related personnel restrictions. 2Q21 Cost Applicable to Sales (CAS) increased by 73% year on year, mainly due to an increase in commercial deductions, exploration expenses and additional COVID-19 expenses to comply with sanitary protocols.
Julcani (100% owned by Buenaventura)
| 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$/Oz | 17.56 | 17.02 | 3% | 16.94 | 16.10 | 5% |
2Q21 silver production increased 319% year on year due to a 385% increase in ore treated despite lower silver grades. Second quarter 2021 silver production includes 24,170 silver ounces derived from tailings retreatment. 2Q21 Cost Applicable to Sales (CAS) was 17.56 US$/Oz, in line with the figure reported in 2Q20 despite a US$ 1.1 million increase in exploration expenses.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>Page 6 of 27 |
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El Brocal (61.43% owned by Buenaventura)
| 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% |
El Brocal 2Q21 copper production increased by 245% year on year, mainly due to a 316% increase in ore milled at Marcapunta during the quarter and additional copper ore derived from the Tajo Norte mine. Tajo Norte 2Q21 zinc production increased by 96% year on year due to a year on year increase in ore treated.
2Q21 Copper Cost Applicable to Sales (CAS) increased by 14% year on year, mainly due to a US$ 2 million increase in exploration expenses in order to offset the reduced exploration activities during 2Q20. 2Q21 zinc CAS increased by 4% year on year.
| General and Administrative Expenses |
|---|
2Q21 General and Administrative expenses were US$ 16.1 million; an 8% increase as compared to US$ 14.9 million in 2Q20.
| Exploration in Non-Operating Areas |
|---|
2Q21 exploration costs in Non-Operating Areas were US$ 2.0 million, compared with US$ 1.7 million in 2Q20. During the period, Buenaventura focused exploration primarily on its Emperatriz project, resulting in US$ 0.7 million in exploration costs during 2Q21. The increase in exploration during the quarter is in line with Buenaventura’s Strategy to focus on extending LOM.
| Financial Expenses |
|---|
2Q21 financial expenses increased due to higher interest generated by Letters of Guarantee (2.5%) related fees. Said letters will be returned and deactivated in early August due to the Company’s payment in full on July 30, 2021 of all outstanding debt owed to SUNAT.
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| Share in Associated Companies |
| --- |
During 2Q21, Buenaventura’s share in associated companies was US$ 56.1 million, compared to US$ 13.9 million reported in 2Q20, comprised of:
| Share in the Result of Associates<br><br> <br>(in millions of US$) | 2Q21 | 2Q20 | Var | 6M21 | 6M20 | Var |
|---|---|---|---|---|---|---|
| Cerro Verde | 47.1 | 13.5 | 250% | 101.2 | 1.6 | 6,222% |
| Yanacocha | 6.0 | 1.2 | 416% | 5.0 | -8.3 | N.A. |
| Coimolache | 3.4 | -0.6 | N.A. | 7.9 | 0.3 | 2,994% |
| Other minor | -0.4 | -0.1 | -345% | -0.8 | -0.2 | -347% |
| Total | 56.1 | 13.9 | 303% | 113.3 | -6.7 | N.A. |
YANACOCHA
At Yanacocha, which is 43.65% owned by Buenaventura, 2Q21 gold production reached 66,563 ounces; 29,005 ounces of which were attributable to Buenaventura. This represents a 2% decrease as compared to the 67,827 ounces produced in 2Q20; 29,606 ounces of which were attributable to Buenaventura.
Yanacocha reported a net income of US$ 11.8 million for 2Q21, compared to a US$ 17.5 million net loss in 2Q20. CAS in 2Q21 was 502 US$/Oz; a 46% decrease compared to 929 US$/Oz in 2Q20.
Capital expenditures at Yanacocha were US$ 27.4 million in 2Q21.
The Yanacocha Sulfides project
| ● | 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. |
| --- | --- |
CERRO VERDE
Cerro Verde (19.58% owned by Buenaventura) 2Q21 copper production was 93,576 MT, 18,322 MT of which is attributable to Buenaventura; an increase as compared to 80,621 MT produced in 2Q20, 15,786 MT of which was attributable to Buenaventura.
Cerro Verde reported 2Q21 net income of US$ 240.3 million, compared to net income of US$ 68.7 million in 2Q20. This is primarily due to an 83% year on year net sales increase, mainly due to a higher average realized copper price of US$ 4.73 per pound in the second quarter of 2021, compared to US$ 2.94 per pound in the second quarter of 2020. This increase was partially offset by a year on year income tax increase.
2Q21 capital expenditures at Cerro Verde were US$ 29.7 million.
COIMOLACHE (Tantahuatay operation)
Coimolache (40.10% owned by Buenaventura) 2Q21 attributable contribution to net income was US$ 3.4 million, as compared to a net loss of US$ 0.6 million in 2Q20.
| Others |
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| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>Page 8 of 27 |
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***
Company Description
Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded, precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines as well as through its participation in joint exploration projects.
Buenaventura currently operates several mines in Peru: Tambomayo*, Orcopampa*, Uchucchacua*, Julcani*, El Brocal, La Zanja and Coimolache.
The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation), an important precious metal producer; 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer.
For a printed version of the Company’s 2020 Form 20-F, please contact the investor relations contacts on page 1 of this report, or download the PDF format file from the Company’s web site at www.buenaventura.com.
(*) Operations wholly owned by Buenaventura
| Note on Forward-Looking Statements<br><br> <br>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<br> 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<br> 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<br> its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases.<br><br> <br><br><br> <br>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<br> 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<br> 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<br> 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<br> result of a variety of factors discussed elsewhere in this Press Release. |
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| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>Page 9 of 27 |
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**Tables to follow**
APPENDIX 1
| Equity Participation in<br><br> <br>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 |
(*) Consolidated
(**) Equity Accounting
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>Page 10 of 27 |
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APPENDIX 2
| 2Q21 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Gold Production | 14 | 17 | ||||||
| Mining Unit | Operating Results | Unit | 2Q21 | 2Q20 | △% | 6M21 | 6M20 | △ % |
| Underground | ||||||||
| Tambomayo | Ore Milled | DMT | 150,476 | 131,034 | 15% | 262,749 | 247,064 | 6% |
| Ore Grade | Gr/MT | 4.27 | 5.21 | -18% | 4.74 | 4.97 | -4% | |
| Recovery Rate | % | 86.95 | 78.02 | 11% | 83.11 | 80.27 | 4% | |
| Ounces Produced | Oz | 17,964 | 17,121 | 5% | 33,311 | 31,670 | 5% | |
| Orcopampa | Ore Milled | DMT | 31,607 | 15,076 | 110% | 48,659 | 35,692 | 36% |
| Ore Grade | Gr/MT | 9.91 | 16.12 | -39% | 10.19 | 13.96 | -27% | |
| Recovery Rate | % | 90.64 | 97.41 | -7% | 94.85 | 97.50 | -3% | |
| Ounces Produced* | Oz | 9,130 | 7,612 | 20% | 15,116 | 15,773 | -4% | |
| Open Pit | ||||||||
| La Zanja | Ounces Produced | Oz | 4,447 | 3,028 | 47% | 8,355 | 6,325 | 32% |
| Coimolache | Ounces Produced | Oz | 30,378 | 13,551 | 124% | 56,510 | 36,044 | 57% |
| Silver Production | ||||||||
| Mining Unit | Operating Results | Unit | 2Q21 | 2Q20 | △% | 6M21 | 6M20 | △ % |
| Underground | ||||||||
| Tambomayo | Ore Milled | DMT | 150,476 | 131,034 | 15% | 262,749 | 247,064 | 6% |
| Ore Grade | Oz/MT | 3.13 | 3.99 | -22% | 3.14 | 4.08 | -23% | |
| Recovery Rate | % | 91.96 | 78.39 | 17% | 86.82 | 79.01 | 10% | |
| Ounces Produced | Oz | 432,638 | 410,010 | 6% | 717,315 | 795,541 | -10% | |
| Uchucchacua | Ore Milled | DMT | 292,177 | 85,429 | 242% | 483,398 | 317,773 | 52% |
| Ore Grade | Oz/MT | 5.93 | 12.09 | -51% | 6.66 | 10.11 | -34% | |
| Recovery Rate | % | 73.20 | 94.77 | -23% | 78.03 | 91.37 | -15% | |
| Ounces Produced | Oz | 1,268,082 | 979,008 | 30% | 2,511,997 | 2,935,471 | -14% | |
| Julcani | Ore Milled | DMT | 30,024 | 6,193 | 385% | 62,163 | 32,924 | 89% |
| Ore Grade | Oz/MT | 18.77 | 22.78 | -18% | 19.77 | 21.57 | -8% | |
| Recovery Rate | % | 96.88 | 96.34 | 1% | 96.86 | 96.65 | 0% | |
| Ounces Produced | Oz | 570,248 | 136,177 | 319% | 1,219,102 | 686,729 | 78% | |
| Marcapunta | Ore Milled | DMT | 644,455 | 154,849 | 316% | 1,156,471 | 662,009 | 75% |
| Ore Grade | Oz/MT | 0.97 | 0.72 | 34% | 0.90 | 0.71 | 27% | |
| Recovery Rate | % | 48.62 | 60.41 | -20% | 51.13 | 65.27 | -22% | |
| Ounces Produced | Oz | 303,197 | 67,307 | 350% | 530,125 | 305,675 | 73% | |
| Open Pit | ||||||||
| Tajo Norte<br><br> Cu - Ag | Ore Milled | DMT | 185,554 | - | - | 223,148 | - | - |
| Ore Grade | Oz/MT | 4.77 | - | - | 4.81 | - | - | |
| Recovery Rate | % | 57.18 | - | - | 54.62 | - | - | |
| Ounces Produced | Oz | 505,739 | - | - | 586,756 | - | - | |
| Tajo Norte<br><br> Pb - Zn | Ore Milled | DMT | 584,976 | 239,898 | - | 1,159,724 | 1,090,017 | - |
| Ore Grade | Oz/MT | 2.30 | 1.00 | - | 2.67 | 0.85 | - | |
| Recovery Rate | % | 66.32 | 75.88 | - | 69.74 | 67.02 | - | |
| Ounces Produced | Oz | 794,272 | 181,386 | - | 2,060,632 | 621,087 | - |
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>Page 11 of 27 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Zinc Production | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Mining Unit | Operating Results | Unit | 2Q21 | 2Q20 | △% | 6M21 | 6M20 | △ % |
| Underground | ||||||||
| Tambomayo | Ore Milled | DMT | 150,476 | 131,034 | 15% | 262,749 | 247,064 | 6% |
| Ore Grade | % | 3.07 | 1.69 | 81% | 2.74 | 1.64 | 67% | |
| Recovery Rate | % | 79.48 | 37.47 | 112% | 76.23 | 51.80 | 47% | |
| MT Produced | MT | 3,671 | 830 | 342% | 5,491 | 2,098 | 162% | |
| Uchucchacua | Ore Milled | DMT | 292,177 | 85,429 | 242% | 483,398 | 317,773 | 52% |
| Ore Grade | % | 1.76 | 1.21 | 45% | 1.57 | 1.52 | 3% | |
| Recovery Rate | % | 58.84 | 44.60 | 32% | 56.39 | 58.49 | -4% | |
| MT Produced | MT | 3,029 | 462 | 555% | 4,275 | 2,822 | 51% | |
| Open Pit | ||||||||
| Tajo Norte<br><br> Pb - Zn | Ore Milled | DMT | 584,976 | 239,898 | 144% | 1,159,724 | 1,090,017 | 6% |
| Ore Grade | % | 2.07 | 3.35 | -38% | 2.44 | 3.41 | -28% | |
| Recovery Rate | % | 62.80 | 54.63 | 15% | 62.98 | 52.32 | 20% | |
| MT Produced | MT | 8,612 | 4,385 | 96% | 18,819 | 19,442 | -3% | |
| Copper Production | ||||||||
| Mining Unit | Operating Results | Unit | 2Q21 | 2Q20 | △% | 6M21 | 6M20 | △ % |
| Underground | ||||||||
| Marcapunta | Ore Milled | DMT | 644,455 | 154,849 | 316% | 1,156,471 | 662,009 | 75% |
| Ore Grade | % | 1.69 | 2.11 | -20% | 1.69 | 1.97 | -15% | |
| Recovery Rate | % | 85.06 | 93.09 | -9% | 86.10 | 93.22 | -8% | |
| MT Produced | MT | 9,252 | 3,045 | 204% | 16,784 | 12,167 | 38% | |
| Tajo Norte<br><br> Cu - Ag | Ore Milled | DMT | 185,554 | - | - | 223147.73 | - | - |
| Ore Grade | % | 1.05 | - | - | 1.01 | - | - | |
| Recovery Rate | % | 64.00 | - | - | 62.12 | - | - | |
| MT Produced | MT | 1,242 | - | - | 1,676 | - | - |
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>Page 12 of 27 |
|---|
APPENDIX 3: Adjusted EBITDA Reconciliation (in thousand US$)
| EBITDA RECONCILIATION<br> (in thousand US) | |||
|---|---|---|---|
| 2Q20 | 6M21 | 6M20 | |
| Net Income | -19,114 | 56,086 | -99,481 |
| Add / Substract: | 45,521 | 49,071 | 119,145 |
| Depreciation and Amortization in cost of sales | 36,997 | 94,820 | 73,638 |
| Provision (credit) for income tax, net | 5,006 | 25,783 | -5,041 |
| Interest expense | 7,346 | 21,893 | 15,720 |
| Loss (gain) on currency exchange difference | 2,019 | 8,947 | 3,115 |
| Provision of bonuses and compensations | 3,686 | 6,227 | 8,028 |
| Loss from discontinued operations | 1,335 | 2,280 | 2,812 |
| Workers' participation provision | - | 1,971 | - |
| Depreciation and amortization in administration expenses | 958 | 1,817 | 1,875 |
| Depreciation and Amortization in other, net | -38 | 54 | 51 |
| Provision (reversal) for contingencies | -1,087 | -429 | -850 |
| Share in associated companies by the equity method, net | -13,924 | -113,303 | 6,652 |
| Write-off of fixed assets | 0 | 6,763 | 0 |
| Impairment (reversal) of inventories | 3,771 | -3,998 | 14,457 |
| Interest income | -548 | -3,754 | -1,312 |
| EBITDA Buenaventura Direct Operations | 26,407 | 105,157 | 19,664 |
| EBITDA Yanacocha (43.65%) | 12,290 | 72,083 | 37,573 |
| EBITDA Cerro Verde (19.58%) | 41,493 | 210,575 | 45,533 |
| EBITDA Coimolache (40.095%) | 4,357 | 24,805 | 11,838 |
| EBITDA Buenaventura + All Associates | 84,546 | 412,620 | 114,608 |
All values are in US Dollars.
*Cerro Verde’s EBITDA accounts for D&A related to the capitalization of the stripping.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>Page 13 of 27 |
|---|
Note:
EBITDA (Buenaventura Direct Operations) consists of earnings before net interest, taxes, depreciation and amortization, share in associated companies, net, loss on currency exchange difference, other, net, provision for workers’ profit sharing and provision for long-term officers’ compensation.
EBITDA (including associated companies) consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura’s equity share of EBITDA (Yanacocha) (2) Buenaventura’s equity share of EBITDA (Cerro Verde), plus (3) Buenaventura’s equity share of EBITDA (Coimolache). All EBITDA mentioned were similarly calculated using financial information provided to Buenaventura by the associated companies.
Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) to provide further information with respect to its operating performance and the operating performance of its equity investees, the affiliates. EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) are not a measure of financial performance under IFRS, and may not be comparable to similarly titled measures of other companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) as alternatives to operating income or net income determined in accordance with IFRS, as an indicator of Buenaventura’s, affiliates operating performance, or as an alternative to cash flows from operating activities
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>Page 14 of 27 |
|---|
APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION
Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold
Cost applicable to sales consists of cost of sales, excluding depreciation and amortization, plus selling expenses. Cost applicable to sales per unit sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases.
Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS, and may not be comparable to similarly titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of our operating performance. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without adjusting for by-product revenue amounts.
Operations’ Cost applicable to sales does not include operating cost for those months during which Buenaventura’s operations were suspended due to COVID-19, as these have been classified as “Unabsorbed costs due to production stoppage” within the financial statements.
The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and nine months ended September 30, 2015 and 2016, and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units. The amounts set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and nine months ended September 30, 2015 and 2016 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>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 | 41,172 | 251,249 | 146,980 | ||||
| Add: | |||||||
| Consolidated Exploration in units in operation | 2,456 | 23,843 | 8,465 | ||||
| Consolidated Commercial deductions | 19,958 | 98,761 | 70,001 | ||||
| Consolidated Selling expenses | 2,230 | 9,755 | 6,778 | ||||
| Consolidated Cost applicable to sales | 65,816 | 383,608 | 232,224 |
All values are in US Dollars.
| Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization | |||||||
|---|---|---|---|---|---|---|---|
| (by mine and mineral) to consolidated Cost of sales: | |||||||
| For the 3 months ended June 30 | For the 6 months ended June 30 | ||||||
| 2021 | 2020 | 2021 | 2020 | ||||
| Cost of sales by mine and mineral | (in thousands of US) | ||||||
| Julcani, Gold | 0 | 40 | 0 | ||||
| Julcani, Silver | 1,454 | 14,442 | 7,644 | ||||
| Julcani, Lead | 0 | 205 | 129 | ||||
| Julcani, Copper | 0 | 31 | 19 | ||||
| Orcopampa, Gold | 618 | 23,317 | 9,821 | ||||
| Orcopampa, Silver | 2 | 85 | 21 | ||||
| Orcopampa, Copper | 0 | 0 | 0 | ||||
| Uchucchacua, Gold | 0 | 0 | 0 | ||||
| Uchucchacua, Silver | 8,050 | 44,648 | 29,658 | ||||
| Uchucchacua, Lead | 305 | 3,710 | 2,551 | ||||
| Uchucchacua, Zinc | 199 | 6,901 | 2,510 | ||||
| Tambomayo, Gold | 9,206 | 21,044 | 17,234 | ||||
| Tambomayo, Silver | 2,561 | 6,535 | 4,532 | ||||
| Tambomayo, Zinc | 820 | 5,042 | 1,429 | ||||
| Tambomayo, Lead | 373 | 3,162 | 1,329 | ||||
| La Zanja, Gold | 3,924 | 13,917 | 11,781 | ||||
| La Zanja, Silver | 252 | 1,339 | 0 | ||||
| El Brocal, Gold | 635 | 2,780 | 2,757 | ||||
| El Brocal, Silver | 1,620 | 22,258 | 5,524 | ||||
| El Brocal, Lead | 1,301 | 3,587 | 5,369 | ||||
| El Brocal, Zinc | 1,870 | 15,992 | 12,628 | ||||
| El Brocal, Copper | 6,797 | 53,920 | 29,104 | ||||
| Non Mining Units | 1,185 | 8,294 | 2,940 | ||||
| Consolidated Cost of sales, excluding depreciation and amortization | 41,172 | 251,249 | 146,980 |
All values are in US Dollars.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>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 | 0 | 8 | 0 | ||||
| Julcani, Silver | 324 | 2,857 | 1,367 | ||||
| Julcani, Lead | 0 | 41 | 23 | ||||
| Julcani, Copper | 0 | 6 | 3 | ||||
| Orcopampa, Gold | 480 | 4,244 | 1,510 | ||||
| Orcopampa, Silver | 1 | 15 | 3 | ||||
| Orcopampa, Copper | 0 | 0 | 0 | ||||
| Uchucchacua, Gold | 0 | 0 | 0 | ||||
| Uchucchacua, Silver | 517 | 4,920 | 2,266 | ||||
| Uchucchacua, Lead | 20 | 409 | 195 | ||||
| Uchucchacua, Zinc | 13 | 760 | 192 | ||||
| Tambomayo, Gold | 595 | 2,411 | 933 | ||||
| Tambomayo, Silver | 165 | 749 | 245 | ||||
| Tambomayo, Lead | 53 | 362 | 72 | ||||
| Tambomayo, Zinc | 24 | 578 | 77 | ||||
| La Zanja, Gold | 0 | 124 | 1 | ||||
| La Zanja, Silver | 0 | 12 | 0 | ||||
| El Brocal, Gold | 14 | 179 | 79 | ||||
| El Brocal, Silver | 35 | 1,434 | 157 | ||||
| El Brocal, Lead | 28 | 231 | 153 | ||||
| El Brocal, Zinc | 41 | 1,030 | 360 | ||||
| El Brocal, Copper | 147 | 3,473 | 829 | ||||
| Non Mining Units | 0 | 0 | 0 | ||||
| Consolidated Exploration expenses in units in operation | 2,456 | 23,843 | 8,465 |
All values are in US Dollars.
| 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 | ||||
| Commercial Deductions in units in operation by mine and mineral | (in thousands of US) | ||||||
| Julcani, Gold | 0 | 7 | -16 | ||||
| Julcani, Silver | 202 | 2,152 | 1,043 | ||||
| Julcani, Lead | 2 | 30 | 17 | ||||
| Julcani, Copper | -1 | 4 | 3 | ||||
| Mallay, Gold | 0 | 0 | 0 | ||||
| Mallay, Silver | 0 | 0 | 0 | ||||
| Mallay, Lead | 0 | 0 | 0 | ||||
| Mallay, Zinc | 0 | 0 | 0 | ||||
| Orcopampa, Gold | 36 | 84 | 88 | ||||
| Orcopampa, Silver | 0 | 3 | 0 | ||||
| Orcopampa, Copper | 0 | 0 | 0 | ||||
| Uchucchacua, Gold | 0 | 0 | 1 | ||||
| Uchucchacua, Silver | 1,411 | 13,778 | 8,753 | ||||
| Uchucchacua, Lead | 66 | 866 | 712 | ||||
| Uchucchacua, Zinc | 52 | 5,973 | 1,363 | ||||
| Tambomayo, Gold | 1,667 | 3,236 | 2,234 | ||||
| Tambomayo, Silver | 1,037 | 1,246 | 1,496 | ||||
| Tambomayo, Lead | 324 | 537 | 498 | ||||
| Tambomayo, Zinc | 672 | 2,399 | 1,439 | ||||
| La Zanja, Gold | 292 | 57 | 300 | ||||
| La Zanja, Silver | 14 | 11 | 15 | ||||
| El Brocal, Gold | 733 | 2,335 | 2,595 | ||||
| El Brocal, Silver | 1,436 | 11,627 | 4,263 | ||||
| El Brocal, Lead | 765 | 1,563 | 3,116 | ||||
| El Brocal, Zinc | 3,349 | 8,690 | 14,526 | ||||
| El Brocal, Copper | 7,900 | 44,164 | 27,555 | ||||
| Non Mining Units | 0 | 0 | 0 | ||||
| Consolidated Commercial deductions in units in operation | 19,958 | 98,761 | 70,001 |
All values are in US Dollars.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>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 | 0 | 1 | 0 | ||||
| Julcani, Silver | 54 | 234 | 147 | ||||
| Julcani, Lead | 0 | 3 | 2 | ||||
| Julcani, Copper | 0 | 1 | 0 | ||||
| Orcopampa, Gold | 62 | 122 | 122 | ||||
| Orcopampa, Silver | 0 | 0 | 0 | ||||
| Orcopampa, Copper | 0 | 0 | 0 | ||||
| Uchucchacua, Gold | 0 | 0 | 0 | ||||
| Uchucchacua, Silver | 483 | 1,468 | 1,259 | ||||
| Uchucchacua, Lead | 18 | 122 | 108 | ||||
| Uchucchacua, Zinc | 12 | 227 | 107 | ||||
| Tambomayo, Gold | 672 | 1,310 | 1,026 | ||||
| Tambomayo, Silver | 187 | 407 | 270 | ||||
| Tambomayo, Lead | 60 | 197 | 79 | ||||
| Tambomayo, Zinc | 27 | 314 | 85 | ||||
| La Zanja, Gold | 30 | 41 | 50 | ||||
| La Zanja, Silver | 2 | 4 | 0 | ||||
| El Brocal, Gold | 24 | 134 | 145 | ||||
| El Brocal, Silver | 60 | 1,075 | 291 | ||||
| El Brocal, Lead | 48 | 173 | 283 | ||||
| El Brocal, Zinc | 69 | 773 | 666 | ||||
| El Brocal, Copper | 252 | 2,605 | 1,536 | ||||
| Non Mining Units | 170 | 544 | 600 | ||||
| Consolidated Selling expenses | 2,230 | 9,755 | 6,778 |
All values are in US Dollars.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>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.<br><br> <br>Second Quarter 2021 Results<br><br> <br>Page 19 of 27 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LA ZANJA | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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) | 7,728 | 622 | - | - | - | 8,351 | 3,924 | 252 | - | - | - | 4,176 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 126 | 10 | - | - | - | 136 | - | - | - | - | - | - |
| Commercial Deductions (US$000) | 31 | 8 | - | - | - | 39 | 292 | 14 | - | - | - | 306 |
| Selling Expenses (US$000) | 21 | 2 | - | - | - | 23 | 30 | 2 | - | - | - | 32 |
| Cost Applicable to Sales (US$000) | 7,906 | 642 | - | - | - | 8,549 | 4,246 | 268 | - | - | - | 4,514 |
| Divide: | ||||||||||||
| Volume Sold | 4,455 | 24,710 | - | - | - | Not Applicable | 4,032 | 21,857 | - | - | - | Not Applicable |
| CAS | 1,775 | 26.00 | - | - | - | Not Applicable | 1,053 | 12.26 | - | - | - | Not Applicable |
| BROCAL | ||||||||||||
| 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) | 1,693 | 12,048 | 2,010 | 7,129 | 32,939 | 55,819 | 635 | 1,620 | 1,301 | 1,870 | 6,797 | 12,223 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 114 | 808 | 135 | 478 | 2,208 | 3,742 | 14 | 35 | 28 | 41 | 147 | 265 |
| Commercial Deductions (US$000) | 1,330 | 6,546 | 812 | 3,108 | 25,338 | 37,135 | 733 | 1,436 | 765 | 3,349 | 7,900 | 14,182 |
| Selling Expenses (US$000) | 83 | 594 | 99 | 351 | 1,624 | 2,752 | 24 | 60 | 48 | 69 | 252 | 453 |
| Cost Applicable to Sales (US$000) | 3,220 | 19,996 | 3,056 | 11,067 | 62,110 | 99,448 | 1,405 | 3,151 | 2,142 | 5,329 | 15,096 | 27,123 |
| Divide: | ||||||||||||
| Volume Sold | 2,805 | 1,325,553 | 2,597 | 7,117 | 9,948 | Not Applicable | 633 | 187,339 | 1,888 | 3,575 | 2,758 | Not Applicable |
| CAS | 1,148 | 15.08 | 1,177 | 1,555 | 6,243 | Not Applicable | 2,220 | 16.82 | 1,135 | 1,491 | 5,473 | Not Applicable |
| NON MINING COMPANIES | ||||||||||||
| 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) | - | - | - | - | - | 4,197 | - | - | - | - | - | 1,185 |
| Add: | ||||||||||||
| Selling Expenses (US$000) | - | - | - | - | - | 300 | - | - | - | - | - | 170 |
| Total (US$000) | - | - | - | - | - | 4,497 | - | - | - | - | - | 1,355 |
| BUENAVENTURA CONSOLIDATED | ||||||||||||
| 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) | 33,355 | 45,466 | 6,072 | 14,931 | 32,957 | 136,978 | 14,383 | 13,939 | 2,426 | 2,442 | 6,797 | 41,172 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 4,271 | 5,750 | 713 | 1,570 | 2,212 | 14,515 | 1,088 | 1,043 | 101 | 77 | 147 | 2,456 |
| Commercial Deductions (US$000) | 3,084 | 16,800 | 1,672 | 8,806 | 25,341 | 55,703 | 2,729 | 4,100 | 1,157 | 4,073 | 7,899 | 19,958 |
| Selling Expenses (US$000) | 878 | 1,843 | 307 | 745 | 1,624 | 5,697 | 787 | 786 | 126 | 108 | 252 | 2,230 |
| Cost Applicable to Sales (US$000) | 41,588 | 69,859 | 8,763 | 26,052 | 62,134 | 212,893 | 18,987 | 19,868 | 3,810 | 6,701 | 15,095 | 65,816 |
| Divide: | ||||||||||||
| Volume Sold | 33,575 | 3,505,471 | 6,713 | 12,476 | 9,966 | Not Applicable | 24,839 | 1,460,620 | 3,862 | 4,751 | 2,758 | Not Applicable |
| CAS | 1,239 | 19.93 | 1,305 | 2,088 | 6,234 | Not Applicable | 764 | 13.60 | 987 | 1,411 | 5,473 | Not Applicable |
| COIMOLACHE | ||||||||||||
| 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) | 23,670 | 2,093 | - | - | - | 25,763 | 14,016 | 756 | - | - | - | 14,772 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 1,160 | 103 | - | - | - | 1,263 | 224 | 12 | - | - | - | 236 |
| Commercial Deductions (US$000) | 286 | 73 | - | - | - | 359 | 161 | 24 | - | - | - | 185 |
| Selling Expenses (US$000) | 263 | 23 | - | - | - | 286 | 394 | 21 | - | - | - | 415 |
| Cost Applicable to Sales (US$000) | 25,379 | 2,292 | - | - | - | 27,671 | 14,794 | 813 | - | - | - | 15,608 |
| Divide: | ||||||||||||
| Volume Sold | 29,815 | 178,729 | - | - | - | Not Applicable | 14,549 | 92,860 | - | - | - | Not Applicable |
| CAS | 851 | 12.83 | - | - | - | Not Applicable | 1,017 | 8.76 | - | - | - | Not Applicable |
| LA ZANJA | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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) | 13,917 | 1,339 | - | - | - | 15,257 | 11,781 | 0 | - | - | - | 11,781 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 124 | 12 | - | - | - | 136 | 1 | 0 | - | - | - | 1 |
| Commercial Deductions (US$000) | 57 | 11 | - | - | - | 68 | 300 | 15 | - | - | - | 315 |
| Selling Expenses (US$000) | 41 | 4 | - | - | - | 45 | 50 | 0 | - | - | - | 50 |
| Cost Applicable to Sales (US$000) | 14,140 | 1,366 | - | - | - | 15,506 | 12,132 | 15 | - | - | - | 12,147 |
| Divide: | ||||||||||||
| Volume Sold | 8,352 | 53,673 | - | - | - | Not Applicable | 7,327 | 58,280 | - | - | - | Not Applicable |
| CAS | 1,693 | 25.45 | - | - | - | No Applicable | 1,656 | 0.25 | - | - | - | Not Applicable |
| BROCAL | ||||||||||||
| 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) | 2,780 | 22,258 | 3,587 | 15,992 | 53,920 | 98,536 | 2,757 | 5,524 | 5,369 | 12,628 | 29,104 | 55,382 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 179 | 1,434 | 231 | 1,030 | 3,473 | 6,347 | 79 | 157 | 153 | 360 | 829.27 | 1,578 |
| Commercial Deductions (US$000) | 2,335 | 11,627 | 1,563 | 8,690 | 44,164 | 68,378 | 2,595 | 4,263 | 3,116 | 14,526 | 27,555 | 52,054 |
| Selling Expenses (US$000) | 134 | 1,075 | 173 | 773 | 2,605 | 4,761 | 145 | 291 | 283 | 666 | 1,536 | 2,922 |
| Cost Applicable to Sales (US$000) | 5,428 | 36,394 | 5,554 | 26,485 | 104,162 | 178,022 | 5,576 | 10,235 | 8,920 | 28,180 | 59,024 | 111,936 |
| Divide: | ||||||||||||
| Volume Sold | 4,756 | 2,569,720 | 4,836 | 15,608 | 17,485 | Not Applicable | 3,272 | 653,704 | 7,033 | 16,013 | 11,217 | Not Applicable |
| CAS | 1,141 | 14.16 | 1,148 | 1,697 | 5,957 | No Applicable | 1,704 | 15.66 | 1,268 | 1,760 | 5,262 | Not Applicable |
| NON MINING COMPANIES | ||||||||||||
| 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) | - | - | - | - | - | 8,294 | - | - | - | - | - | 2,940 |
| Add: | - | |||||||||||
| Selling Expenses (US$000) | - | - | - | - | - | 544 | - | - | - | - | - | 600 |
| Total (US$000) | - | - | - | - | - | 8,838 | - | - | - | - | - | 3,540 |
| BUENAVENTURA CONSOLIDATED | ||||||||||||
| 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) | 61,098 | 89,307 | 10,665 | 27,934 | 53,951 | 251,249 | 41,593 | 47,378 | 9,377 | 16,568 | 29,123 | 146,980 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 6,966 | 9,987 | 1,043 | 2,368 | 3,479 | 23,843 | 2,522 | 4,039 | 443 | 629 | 833 | 8,465 |
| Commercial Deductions (US$000) | 5,719 | 28,817 | 2,996 | 17,062 | 44,168 | 98,761 | 5,202 | 15,570 | 4,343 | 17,328 | 27,558 | 70,001 |
| Selling Expenses (US$000) | 1,608 | 3,188 | 496 | 1,314 | 2,606 | 9,755 | 1,343 | 1,968 | 473 | 858 | 1,536 | 6,778 |
| Cost Applicable to Sales (US$000) | 75,391 | 131,299 | 15,199 | 48,677 | 104,204 | 383,608 | 50,660 | 68,955 | 14,636 | 35,383 | 59,050 | 232,224 |
| Divide: | ||||||||||||
| Volume Sold | 59,763 | 6,681,750 | 11,517 | 23,282 | 17,517 | Not Applicable | 45,075 | 4,470,246 | 11,357 | 20,055 | 11,223 | Not Applicable |
| CAS | 1,262 | 19.65 | 1,320 | 2,091 | 5,949 | Not Applicable | 1,124 | 15.43 | 1,289 | 1,764 | 5,262 | Not Applicable |
| COIMOLACHE | ||||||||||||
| 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) | 45,834 | 4,688 | - | - | - | 50,522 | 34,645 | 2,568 | - | - | - | 37,213 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 1,470 | 150 | - | - | - | 1,620 | 814 | 60 | - | - | - | 874 |
| Commercial Deductions (US$000) | 506 | 99 | - | - | - | 606 | 339 | 37 | - | - | - | 376 |
| Selling Expenses (US$000) | 494 | 50 | - | - | - | 544 | 498 | 37 | - | - | - | 535 |
| Cost Applicable to Sales (US$000) | 48,303 | 4,989 | - | - | - | 53,292 | 36,297 | 2,702 | - | - | - | 38,998 |
| Divide: | ||||||||||||
| Volume Sold | 57,909 | 394,377 | - | - | - | Not Applicable | 38,528 | 290,930 | - | - | - | Not Applicable |
| CAS | 834 | 12.65 | - | - | - | No Applicable | 942 | 9.29 | - | - | - | Not Applicable |
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>Page 20 of 27 | ||||||
|---|---|---|---|---|---|---|
| All-in Sustaining Cost for 2Q21 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Buenaventura1 | La Zanja | Tantahuatay | ||||
| Au Ounces Sold Net | ||||||
| Income Statement & Cash Flow | US 000' | US/Oz Au | US 000' | US/Oz Au | US 000' | US/Oz Au |
| Cost of Sales | ||||||
| Exploration in Operating Units | ||||||
| Royalties | ||||||
| Comercial Deductions^3^ | ||||||
| Selling Expenses | ||||||
| Administrative Expenses | ||||||
| Other, net | ||||||
| Sustaining Capex^4^ | ||||||
| By-product Credit | ||||||
| All-in Sustaining Cost | ||||||
| *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. |
All values are in US Dollars.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>Page 21 of 27 | ||||||
|---|---|---|---|---|---|---|
| All-in Sustaining Cost for 2Q20 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Buenaventura1 | La Zanja | Tantahuatay | ||||
| Au Ounces Sold Net | ||||||
| Income Statement & Cash Flow | US 000' | US/Oz Au | US 000' | US/Oz Au | US 000' | US/Oz Au |
| Cost of Sales | ||||||
| Exploration in Operating Units | ||||||
| Royalties | ||||||
| Comercial Deductions^3^ | ||||||
| Selling Expenses | ||||||
| Administrative Expenses | ||||||
| Other, net | ||||||
| Sustaining Capex^4^ | ||||||
| By-product Credit | ||||||
| All-in Sustaining Cost | ||||||
| *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. |
All values are in US Dollars.
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.<br><br> <br>Second Quarter 2021 Results<br><br> <br>Page 22 of 27 | ||||||
|---|---|---|---|---|---|---|
| All-in Sustaining Cost for 1S21 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Buenaventura1 | La Zanja | Tantahuatay | ||||
| Au Ounces Sold Net | ||||||
| Income Statement & Cash Flow | US 000' | US/Oz Au | US 000' | US/Oz Au | US 000' | US/Oz Au |
| Cost of Sales | ||||||
| Exploration in Operating Units | ||||||
| Royalties | ||||||
| Comercial Deductions^3^ | ||||||
| Selling Expenses | ||||||
| Administrative Expenses | ||||||
| Other, net | ||||||
| Sustaining Capex^4^ | ||||||
| By-product Credit | ||||||
| All-in Sustaining Cost | ||||||
| *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. |
All values are in US Dollars.
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.<br><br> <br>Second Quarter 2021 Results<br><br> <br>Page 23 of 27 | ||||||
|---|---|---|---|---|---|---|
| All-in Sustaining Cost for 1S20 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Buenaventura1 | La Zanja | Tantahuatay | ||||
| Au Ounces Sold Net | ||||||
| Income Statement & Cash Flow | US 000' | US/Oz Au | US 000' | US/Oz Au | US 000' | US/Oz Au |
| Cost of Sales | ||||||
| Exploration in Operating Units | ||||||
| Royalties | ||||||
| Comercial Deductions^3^ | ||||||
| Selling Expenses | ||||||
| Administrative Expenses | ||||||
| Other, net | ||||||
| Sustaining Capex^4^ | ||||||
| By-product Credit | ||||||
| All-in Sustaining Cost | ||||||
| *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. |
All values are in US Dollars.
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.<br><br> <br>Second Quarter 2021 Results<br><br> <br>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 | ||||
| Trade and other receivables, net | ||||
| Inventory, net | ||||
| Income tax credit | ||||
| Prepaid expenses | ||||
| Non-current assets | ||||
| Trade and other receivables, net | ||||
| Inventories, net | ||||
| Investment in associates and joint venture | ||||
| Mining concessions, development costs, right-of-use, property, plant and equipment, net | ||||
| Investment properties, net | ||||
| Deferred income tax asset, net | ||||
| Prepaid expenses | ||||
| Other assets, net | ||||
| Total assets | ||||
| Liabilities and shareholders’ equity, net | ||||
| Current liabilities | ||||
| Bank loans | ||||
| Trade and other payables | ||||
| Provisions, contingent liabilities and other liabilities | ||||
| Income tax payable | ||||
| Financial obligations | ||||
| Hedge derivative financial instruments | ||||
| Non-current liabilities | ||||
| Provisions, contingent liabilities and other liabilities | ||||
| Financial obligations | ||||
| Contingent consideration liability | ||||
| Deferred income tax liabilities, net | ||||
| Total liabilities | ||||
| Shareholders’ equity, net | ||||
| Capital stock | ||||
| Investment shares | ||||
| Additional paid-in capital | ||||
| Legal reserve | ||||
| Other reserves | ||||
| Retained earnings | ||||
| Other reserves of equity | ) | ) | ||
| Shareholders’ equity, net attributable to owners of the parent | ||||
| Non-controlling interest | ||||
| Total shareholders’ equity, net | ||||
| Total liabilities and shareholders’ equity, net |
All values are in US Dollars.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>Page 25 of 27 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Compañía de Minas Buenaventura S.A.A. and Subsidiaries | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Interim consolidated statements of profit or loss (unaudited) | ||||||||||||
| As of June 30, 2021 and 2020 | ||||||||||||
| For the three-month period <br> ended June 30, | For the six-month period ended <br> June 30, | For the three-month period <br> ended March 31, | ||||||||||
| 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||
| Continuing operations | US(000) | US(000) | US(000) | US(000) | US(000) | US(000) | ||||||
| Sales revenue | ||||||||||||
| Sales of goods | ||||||||||||
| Royalty income | ||||||||||||
| Sales of services | ||||||||||||
| Total sales revenue | ||||||||||||
| Operating costs | ||||||||||||
| Cost of sales of goods, excluding depreciation and amortization | ) | ) | ) | ) | ) | ) | ||||||
| Unabsorbed cost due to production stoppage | ) | ) | ||||||||||
| Cost of sales of services, excluding depreciation and amortization | ) | ) | ) | ) | ) | ) | ||||||
| Depreciation and amortization | ) | ) | ) | ) | ) | ) | ||||||
| Exploration in operating units | ) | ) | ) | ) | ) | ) | ||||||
| Mining royalties | ) | ) | ) | ) | ) | ) | ||||||
| Total operating costs | ) | ) | ) | ) | ) | ) | ||||||
| Gross profit (loss) | ) | ) | ) | |||||||||
| Operating expenses, net | ||||||||||||
| Administrative expenses | ) | ) | ) | ) | ) | ) | ||||||
| Selling expenses | ) | ) | ) | ) | ) | ) | ||||||
| Write –off of stripping activity asset | ) | ) | ||||||||||
| Exploration in non-operating areas | ) | ) | ) | ) | ) | ) | ||||||
| Reversal for contingencies and others | ) | ) | ||||||||||
| Other, net | ) | ) | ||||||||||
| Total operating expenses, net | ) | ) | ) | ) | ) | ) | ||||||
| Operating profit (loss) | ) | ) | ) | ) | ) | |||||||
| Share in the results of associates and joint venture | ) | ) | ||||||||||
| Financial income | ||||||||||||
| Financial costs | ) | ) | ) | ) | ) | ) | ||||||
| Net loss from currency exchange difference | ) | ) | ) | ) | ) | ) | ||||||
| Profit (loss) before income tax | ) | ) | ) | |||||||||
| Current income tax | ) | ) | ) | ) | ) | ) | ||||||
| Deferred income tax | ) | ) | ) | ) | ||||||||
| ) | ) | ) | ||||||||||
| Profit (loss) from continuing operations | ) | ) | ) | |||||||||
| Discontinued operations | ||||||||||||
| Loss from discontinued operations attributable to equity holders of the parent | ) | ) | ) | ) | ) | ) | ||||||
| Net profit (loss) | ) | ) | ) | |||||||||
| Attributable to: | ||||||||||||
| Equity holders of the parent | ) | ) | ) | |||||||||
| Non-controlling interest | ) | ) | ) | |||||||||
| ) | ) | ) | ||||||||||
| Basic and diluted profit (loss) per share attributable | ||||||||||||
| to equity holders of the parent, stated in U.S. dollars | ) | ) | ) |
All values are in US Dollars.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>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 <br> ended June 30, 2021 | For the six-month period ended <br> June 30, 2021 | |||||||
| 2021 | 2020 | 2021 | 2020 | |||||
| US(000) | US(000) | US(000) | US(000) | |||||
| Operating activities | ||||||||
| Proceeds from sales | ||||||||
| Proceeds from dividends from related parties | ||||||||
| Recovery from value added tax and other taxes | ||||||||
| Royalty received | ||||||||
| Proceeds from dividends of financial investments | ||||||||
| Interest received | ||||||||
| Payments to suppliers and third-parties, and other net | ) | ) | ) | ) | ||||
| Payments to employees | ) | ) | ) | ) | ||||
| Payments of income taxes and royalties paid to Peruvian State | ) | ) | ) | ) | ||||
| Payments for tax litigation | ) | ) | ||||||
| Payments of interest | ) | ) | ) | ) | ||||
| Payment of mining royalties | ) | ) | ) | ) | ||||
| Net cash and cash equivalents provided by (used in) operating activities | ) | |||||||
| Investing activities | ||||||||
| Proceeds from sale of property, plant and equipment | ||||||||
| Proceeds from sale of investments | ||||||||
| Acquisitions of development costs, property, plant and equipment | ) | ) | ) | ) | ||||
| Payments for acquisitions of other assets | ) | ) | ) | ) | ||||
| Acquisition of investment in associate | ) | |||||||
| Net cash and cash equivalents used in investing activities | ) | ) | ) | ) | ||||
| Financing activities | ||||||||
| Increase of restricted time deposits | ) | |||||||
| Payments of financial obligations | ) | ) | ) | ) | ||||
| Proceeds of bank loans | ||||||||
| Payments of bank loans | ) | ) | ) | |||||
| Payments of obligations for leases | ) | ) | ) | ) | ||||
| Short-term and low value lease payments | ) | ) | ) | ) | ||||
| Dividends paid to non-controlling interest | ) | ) | ) | |||||
| Decrease of restricted bank accounts | ||||||||
| Net cash and cash equivalents used in financing activities | ) | ) | ) | ) | ||||
| Increase (decrease) in cash and cash equivalents during the period, net | ) | ) | ||||||
| Cash and cash equivalents at the beginning of the period | ||||||||
| Cash and cash equivalents at period-end |
All values are in US Dollars.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Second Quarter 2021 Results<br><br> <br>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 |
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
COMPAÑÍA DE MINAS BUENAVENTURA S.A.A.
By: /s/ DANIEL DOMINGUEZ
Name: Daniel Dominguez
Title: Chief Financial Officer
Date: August 2, 2021