Buenaventura Mining Co Inc 6-K, filed Oct 31, 2024
Buenaventura Mining Co Inc (BVN)
About this 6-K
Buenaventura Mining Co Inc filed this 6-K on October 31, 2024.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of October 2024
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)
CARLOS VILLARAN 790
SANTA CATALINA, LIMA 13, PERU
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of 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):
Yes ¨ No x
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):
Yes ¨ No x
Buenaventura Announces
Third Quarter and Nine-month 2024 Results
Lima, Peru, October 30, 2024 – 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 third quarter (3Q24) and nine-month period ended September 30, 2024 (9M24). 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$).
Third Quarter and Nine-Month 2024 Highlights:
| · | 3Q24 EBITDA from direct operations excluding the sale of Chaupiloma Royalty Company was US$ 132.4 million, compared to US$ 53.3 million reported in 3Q23. 9M24 EBITDA from direct operations excluding the sale of Chaupiloma Royalty Company reached US$ 333.8 million, compared to US$ 121.9 million reported in 9M23. |
| · | 3Q24 net income including the sale of Chaupiloma Royalty Company reached US$ 236.9 million, compared to a US$ 28.0 million net loss for the same period in 2023. 9M24 net income including the sale of Chaupiloma Royalty Company was US$ 369.1 million, compared to US$ 29.6 million in net income for the 9M23. |
| · | Buenaventura's cash position reached US$ 457.9 million by quarter’s end, September 30, 2024, while net debt amounted to US$ 224.7 million, resulting in a Leverage Ratio of 0.50x. |
| · | Buenaventura's 3Q24 consolidated silver production increased by 2.5M Oz, zinc production increased by 96% YoY, and lead production increased by 206% YoY, primarily driven by increased production at Uchucchacua and Yumpag. Gold production increased by 7% YoY due to increased output at Julcani and La Zanja. However, copper production decreased by 9% YoY. In 3Q23, copper production at El Brocal had increased due to higher than estimated copper content mined from the open pit transitional ore. |
| · | 100% of the ore stockpiled during 2Q24 due to Buenaventura’s voluntary temporary suspension of El Brocal’s processing plant facilities was processed during the 3Q24. The underground mine reached a record ~12 KTPD average throughput and Uchucchacua reached an average 1,500 TPD throughput during 3Q24, which was achieved earlier than had previously been forecast. Yumpag maintained steady 1,000 TPD production during 3Q24. |
| · | Buenaventura completed the sale of its Chaupiloma Royalty Company to Franco-Nevada for US$ 210 million during 3Q24, as was announced on August 13, 2024. |
| · | 3Q24 CAPEX related to San Gabriel was US$ 76.8 million, primarily allocated to the mine’s water dam and to power line construction. |
| · | Buenaventura’s credit rating was upgraded by Moody’s to B1 with a positive outlook. Moody’s cited Buenaventura's operational improvements driven by increased production from its El Brocal, Yumpag and Uchucchacua mines as well as efficiency in cost reduction, cash flow generation, and conservative liquidity management as key factors. |
Financial Highlights (in millions of US$, excluding EPS):
| 3Q24 | 3Q23 | Var % | 9M24 | 9M23 | Var % | |
| Total Revenues | 331.1 | 211.3 | 57% | 855.0 | 570.0 | 50% |
| Operating Income | 286.4 | -29.5 | N.A. | 399.9 | -39.0 | N.A. |
| EBITDA Direct Operations (1) | 132.4 | 53.3 | 149% | 333.8 | 121.9 | 174% |
| EBITDA Including Affiliates (1) | 238.0 | 152.7 | 56% | 660.3 | 418.5 | 58% |
| Net Income (2) | 236.9 | -28.0 | N.A. | 369.1 | 29.6 | 1,146% |
| EPS (3) | 0.93 | -0.11 | N.A. | 1.45 | 0.12 | 1,146% |
| (1) | Does not include US$ 208.9 million from the sale of Chaupiloma Royalty Company. |
| (2) | Net Income attributable to owners of the parent. |
| (3) | As of September 30, 2024, Buenaventura had a weighted average number of shares outstanding of 253,986,867. |
1
| CAPEX |
3Q24 capital expenditures were US$ 98.0 million, compared to US$ 59.8 million for the same period in 2023. The 3Q24 capex includes US$ 76.8 million for the San Gabriel Project, US$ 8.3 million for the Trapiche Project, and US$ 12.9 million in sustaining capex. 9M24 capital expenditures reached US$ 240.1 million, compared to US$ 145.7 million in 9M23.
| Operating Revenues |
3Q24 net sales reached US$ 331.1 million, compared to US$ 211.3 million in 3Q23. Increased net sales were primarily driven by a higher volume of silver, lead, and zinc sold related to the resumption of ore processing at the Uchucchacua and Yumpag mines. Additionally, increased sales were also driven by higher prices during the third quarter 2024.
| Operating Highlights | 3Q24 | 3Q23 | Var % | 9M24 | 9M23 | Var % |
| Net Sales (millions of US$) | 331.1 | 211.3 | 57% | 855.0 | 570.0 | 50% |
|
Average Gold Price (US$/oz.) Direct Operations(1) (2) |
2,514 | 1,921 | 31% | 2,323 | 1,927 | 21% |
|
Average Gold Price (US$/oz.) incl Associated(2) (3) |
2,517 | 1,917 | 31% | 2,312 | 1,925 | 20% |
| Average Silver Price (US$/oz.)(1) (2) | 29.92 | 25.67 | 17% | 28.14 | 24.30 | 16% |
| Average Lead Price (US$/MT)(1) (2) | 2,082 | 2,225 | -6% | 2,078 | 2,030 | 2% |
| Average Zinc Price (US$/MT)(1) (2) | 2,883 | 1,762 | 64% | 2,618 | 2,152 | 22% |
| Average Copper Price (US$/MT)(1) (2) | 9,391 | 8,291 | 13% | 9,124 | 8,689 | 5% |
| Volume Sold | 3Q24 | 3Q23 | Var % | 9M24 | 9M23 | Var % |
| Gold Oz Direct Operations(1) | 35,345 | 33,265 | 6% | 100,151 | 102,700 | -2% |
| Gold Oz incl. Associated(3) | 38,733 | 41,780 | -7% | 115,598 | 117,239 | -1% |
| Silver Oz(1) | 3,875,123 | 1,743,629 | 122% | 10,676,849 | 4,666,199 | 129% |
| Lead MT(1) | 4,455 | 1,269 | 251% | 13,129 | 4,799 | 174% |
| Zinc MT(1) | 5,995 | 3,029 | 98% | 18,417 | 8,324 | 121% |
| Copper MT(1) | 15,622 | 17,802 | -12% | 39,883 | 41,940 | -5% |
| (1) | Buenaventura Consolidated figure includes 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal. |
| (2) | Realized prices include both provisional sales and final adjustments for price changes. |
| (3) | Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal and 40.094% of Coimolache. |
| Production and Operating Costs |
Buenaventura’s 3Q24 equity gold production was 39,690 ounces, compared to 43,449 ounces produced in 3Q23. This decrease was primarily due to decreased production at Orcopampa and Coimolache, which was partially offset by increased production at Julcani and with benefit of re-leaching at La Zanja. 3Q24 silver production was 4,228,250 ounces, compared to 1,472,907 ounces produced in 3Q23. 3Q24 lead production was 4,953 MT, compared to 1,279 MT produced in 3Q23. 3Q24 zinc production was 7,374 MT, compared to 2,663 MT produced in 3Q23. Silver, lead, and zinc production increased during the quarter primarily due to production initiation at Uchucchacua and Yumpag. The Company’s 3Q24 equity copper production was 32,352 MT, compared to 34,075 MT produced in 3Q23, due to decreased production at El Brocal and Cerro Verde.
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| Equity Production | 3Q24 | 3Q23 | Var % | 9M24 | 9M23 | Var % |
| Gold Oz Direct Operations(1) | 36,335 | 33,978 | 7% | 102,637 | 105,930 | -3% |
|
Gold Oz including Associated Companies(2) |
39,690 | 43,449 | -9% | 118,095 | 121,884 | -3% |
| Silver Oz(1) | 4,228,250 | 1,472,907 | 187% | 10,859,769 | 3,984,040 | 173% |
| Lead MT(1) | 4,953 | 1,279 | 287% | 14,523 | 4,575 | 217% |
| Zinc MT(1) | 7,374 | 2,663 | 177% | 21,774 | 7,706 | 183% |
| Copper MT Direct Operations(1) | 10,444 | 11,472 | -9% | 26,388 | 27,107 | -3% |
|
Copper MT including Associated Companies(3) |
32,352 | 34,075 | -5% | 90,009 | 94,243 | -4% |
| Consolidated Production | 3Q24 | 3Q23 | Var % | 9M24 | 9M23 | Var % |
| Gold Oz(4) | 38,909 | 36,228 | 7% | 109,321 | 111,574 | -2% |
| Silver Oz(4) | 4,427,457 | 1,933,025 | 129% | 11,516,207 | 4,857,709 | 137% |
| Lead Pb(4) | 4,953 | 1,620 | 206% | 14,523 | 5,408 | 169% |
| Zinc MT(4) | 7,374 | 3,762 | 96% | 22,540 | 10,275 | 119% |
| Copper MT(4) | 16,912 | 18,674 | -9% | 42,716 | 44,126 | -3% |
| (1) | Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 100% of La Zanja and 61.43% of El Brocal. |
| (2) | Based on 100% of Buenaventura´s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache. |
| (3) | Based on 100% of Buenaventura´s operating units, 61.43% of El Brocal and 19.58% of Cerro Verde. |
| (4) | Based on 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal. |
Tambomayo (100% owned by Buenaventura)
| Production | |||||||
| 3Q24 | 3Q23 | Var % | 9M24 | 9M23 | Var % | ||
| Gold | Oz | 8,015 | 8,127 | -1% | 26,072 | 29,623 | -12% |
| Silver | Oz | 434,054 | 301,963 | 44% | 1,143,490 | 1,237,001 | -8% |
| Cost Applicable to Sales | |||||||
| 3Q24 | 3Q23 | Var % | 9M24 | 9M23 | Var % | ||
| Gold | US$/Oz | 1,469 | 1,891 | -22% | 1,430 | 1,357 | 5% |
Tambomayo 3Q24 gold production decreased by 1% year on year due to a decrease in grades processed, as was expected. 3Q24 silver production increased by 44% year on year, due to a 30% increase in silver grades as per the mining sequence plan, along with enhanced metallurgical recoveries. Cost Applicable to Sales (CAS) decreased to 1,469 US$/Oz in 3Q24 from 1,891 US$/Oz in 3Q23, mainly due to decreased ground support costs as compared to 3Q23 when higher expenses were incurred related to rehabilitation in the upper zone of the mine.
Orcopampa (100% owned by Buenaventura)
| Production | |||||||
| 3Q24 | 3Q23 | Var % | 9M24 | 9M23 | Var % | ||
| Gold | Oz | 17,831 | 20,576 | -13% | 54,426 | 60,547 | -10% |
| Silver | Oz | 6,891 | 7,168 | -4% | 22,857 | 22,028 | 4% |
| Cost Applicable to Sales | |||||||
| 3Q24 | 3Q23 | Var % | 9M24 | 9M23 | Var % | ||
| Gold | US$/Oz | 1,242 | 970 | 28% | 1,167 | 973 | 20% |
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3Q24 gold and silver production decreased by 13% and 4% year on year, respectively, due to lower grades processed, consistent with the 2024 planned mining sequence. CAS increased, to 1,242 US$/Oz, in 3Q24 compared to 970 US$/Oz in 3Q23 due to decreased volume sold.
Coimolache (40.09% owned by Buenaventura)
| Production | |||||||
| 3Q24 | 3Q23 | Var % | 9M24 | 9M23 | Var % | ||
| Gold | Oz | 8,368 | 23,621 | -65% | 38,554 | 39,789 | -3% |
| Silver | Oz | 38,705 | 87,185 | -56% | 178,341 | 176,755 | 1% |
| Cost Applicable to Sales | |||||||
| 3Q24 | 3Q23 | Var % | 9M24 | 9M23 | Var % | ||
| Gold | US$/Oz | 2,142 | 1,083 | 98% | 1,512 | 1,711 | -12% |
Coimolache 3Q24 gold production decreased 65% year on year, in line with expectations. During the 3Q24, Buenaventura filed for a leach pad expansion construction permit at Coimolache, which is currently pending with the Ministry of Energy and Mines. Approval is expected by the end of 1Q25, enabling the Company to begin construction in 2Q25 and to resume leaching fresh ore in 3Q25. CAS increased to 2,142 US$/Oz for the 3Q24, from 1,083 US$/Oz in 3Q23 due to previously announced temporary decrease in production until leach pad expansion has been completed.
Uchucchacua & Yumpag (100% owned by Buenaventura)
| Production | |||||||
| 3Q24 | 3Q23 | Var % | 9M24 | 9M23 | Var % | ||
| Silver - Uchucchacua | Oz | 608,412 | N.A. | N.A. | 1,524,944 | N.A. | N.A. |
| Silver - Yumpag | Oz | 2,591,227 | N.A. | N.A. | 6,017,839 | N.A. | N.A. |
| Zinc | MT | 6,153 | N.A. | N.A. | 16,521 | N.A. | N.A. |
| Lead | MT | 3,865 | N.A. | N.A. | 10,812 | N.A. | N.A. |
| Cost Applicable to Sales | |||||||
| 3Q24 | 3Q23 | Var % | 9M24 | 9M23 | Var % | ||
| Silver | US$/Oz | 14.19 | N.A. | N.A. | 12.66 | N.A. | N.A. |
Uchucchacua’s 3Q24 silver, lead, and zinc production was consistent with expectations for the quarter. Production increased sequentially, to a daily average throughput of 1,500 TPD during 3Q24, aligned with the Company’s targeted 1,500 TPD by year end 2024. Yumpag’s silver production was in line with 3Q24 projections.
3Q24 Silver CAS reached 14.19 US$/Oz below initial estimates, due to the early approval of Yumpag´s operating permit, resulting in higher-grade silver ore than initially estimated for the quarter. Additionally, the increased production of lead and zinc from Uchucchacua also contributed to a reduction in unit costs.
Julcani (100% owned by Buenaventura)
| Production | |||||||
| 3Q24 | 3Q23 | Var % | 9M24 | 9M23 | Var % | ||
| Silver | Oz | 261,492 | 427,269 | -39% | 1,090,232 | 1,317,895 | -17% |
| Gold | Oz | 1,428 | N.A. | N.A. | 2,839 | N.A. | N.A. |
| Cost Applicable to Sales | |||||||
| 3Q24 | 3Q23 | Var % | 9M24 | 9M23 | Var % | ||
| Silver | US$/Oz | 35.34 | 26.09 | 35% | 27.10 | 22.40 | 21% |
4
3Q24 silver production decreased by 39% year on year in line with expectations, partially offset by 1,428 Oz of gold produced from the Rosario area early developments. 3Q24 CAS was 35.34 US$/Oz, compared to 26.09 US$/Oz in 3Q23; a 35% year on year increase due to increased exploration and development expenses required for the Rosario area.
El Brocal (61.43% owned by Buenaventura)
| Production | |||||||
| 3Q24 | 3Q23 | Var % | 9M24 | 9M23 | Var % | ||
| Copper | MT | 16,769 | 18,674 | -10% | 42,334 | 44,126 | -4% |
| Silver | Oz | 516,480 | 1,192,944 | -57% | 1,701,940 | 2,265,152 | -25% |
| Cost Applicable to Sales | |||||||
| 3Q24 | 3Q23 | Var % | 9M24 | 9M23 | Var % | ||
| Copper | US$/MT | 6,054 | 6,029 | 0% | 6,041 | 6,290 | -4% |
El Brocal's 3Q24 copper production decreased by 10% year on year. All ore stockpiled in 2Q24 was processed during the 3Q24, enabling El Brocal to meet its targeted production for the first nine months of 2024. In 3Q23, copper production at El Brocal had increased due to higher than estimated copper content mined from the open pit transitional ore. 3Q24 silver production decreased by 57% year on year compared to the same period of 2023 when the open pit was in operation.
The average mining rate during 3Q24 was 12,000 tons per day, and the average mining rate for the first nine months of the year was 11,000 tons per day, aligned with the Company’s target for full year production to exceed 11,000 tons per day.
3Q24 copper CAS was in line with 3Q23, primarily due to an increase in volume processed during the quarter, resulting from stockpiled ore processed.
| Share in Associated Companies |
Buenaventura’s share in associated companies was US$ 48.7 million in 3Q24, compared with US$ 46.4 million in 3Q23, comprised of:
|
Share in the Result of Associates (in millions of US$) |
3Q24 | 3Q23 | Var % | 9M24 | 9M23 | Var % |
| Cerro Verde | 49.8 | 44.4 | 12% | 147.2 | 122.3 | 20% |
| Coimolache | -0.7 | 2.5 | N.A. | 3.4 | -7.7 | N.A. |
| Other minor | -0.4 | -0.5 | -21% | -0.5 | -1.2 | -61% |
| Total | 48.7 | 46.4 | 5% | 150.2 | 113.4 | 32% |
| Cerro Verde (19.58% owned by Buenaventura) |
3Q24 copper production was 111,891 MT, 21,908 MT of which is attributable to Buenaventura; a 3% decrease as compared to 115,441 MT produced in 3Q23, 22,603 MT of which was attributable to Buenaventura.
Cerro Verde reported US$ 253.6 million in 3Q24 net income, compared to US$ 225.5 million in 3Q23 net income. This year on year increase is primarily due to a 3% year on year net sales increase from a higher average realized copper price of US$4.23 per pound, compared to US$3.77 per pound in 3Q23, partially offset by a 7% decrease in copper volume sold. Additionally, 3Q24 results reflect a gain on currency exchange difference as compared to a currency exchange loss in 3Q23. This exchange discrepancy increased 3Q24 results by US$ 29.7 million relative to 3Q23 results. Cerro Verde 3Q24 capital expenditure was US$ 91.1 million.
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| Coimolache (40.09% owned by Buenaventura) |
Coimolache reported a US$ 2.0 million net loss in 3Q24, compared to a US$ 6.6 million net income in 3Q23.
| San Gabriel Project |
3Q24 capital expenditures were US$ 76.8 million, primarily directed to the water dam and to power line construction.
The commissioning team is in the planning stage, with completion targeted for year-end 2024. Mobilization for the Electrical & Instrumentation, auxiliary buildings, and medium voltage transmission line contractors began during the 3Q24. All structural steel is now on-site and major contracts for the plant and infrastructure have been awarded.
| Item | Description | Cumulative Progress as of: | |||
| 4Q23 | 1Q24 | 2Q24 | 3Q24 | ||
| 1 | Engineering | 92% | 94% | 95% | 97% |
| 2 | Procurement | 89% | 94% | 98% | 100% |
| 3 | Construction | 27% | 37% | 50% | 59% |
| 4 | Commissioning | 0% | 0% | 0% | 0% |
| Total | 38% | 47% | 57% | 65% | |
| Administrative Expenses |
3Q24 General and Administrative expenses were US$ 17.0 million; a 3% decrease as compared to US$ 17.5 million in 3Q23. This variation can be attributed primarily to the exclusion of US$ 3.3 million in Administrative expenses related to back office expenses of Contacto, a subsidiary sold by Buenaventura in November 2023. Additionally, a US$ 2.5 million workers' participation provision has been recorded within 3Q24 General and Administrative expenses due to the higher year to date net income reported by the Company. This provision was not included within the Company’s 3Q23 results as Buenaventura recorded a net loss.
6
***
Company Description
Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache).
The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).
For a printed version of the Company’s 2023 Form 20-F, please contact the investor relations contacts on page 1 of this report or download the PDF format file from the Company’s web site at www.buenaventura.com.
(*) Operations wholly owned by Buenaventura
Note on Forward-Looking Statements
This press release and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company’s ability to manage its business and liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s results of operations, including net revenues, earnings and cash flows, the Company’s ability to reduce costs and capital spending in response to the COVID-19 pandemic if needed, the Company’s balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company’s prospects for financial performance, growth and achievement of its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases.
This press release may also contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company’s, 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, 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.
**Tables to follow**
APPENDIX 1
|
Equity Participation in Subsidiaries and Associates (as of September 30, 2024) | ||
| BVN | Operating | |
| Equity % | Mines / Business | |
| El Molle Verde S.A.C* | 100.00 | Trapiche Project |
| Minera La Zanja S.A* | 100.00 | La Zanja |
| Sociedad Minera El Brocal S.A.A* | 61.43 | Colquijirca and Marcapunta |
| Compañía Minera Coimolache S.A** | 40.09 | Tantahuatay |
| Sociedad Minera Cerro Verde S.A.A** | 19.58 | Cerro Verde |
| Processadora Industrial Rio Seco S.A* | 100.00 | Rio Seco chemical plant |
| Consorcio Energético de Huancavelica S.A* | 100.00 | Energy – Huanza Hydroelectrical plant |
(*) Consolidated
(**) Equity Accounting
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APPENDIX 2
Gold Production
| Mining Unit | Operating Results | Unit | 3Q24 | 3Q23 | △% | 9M24 | 9M23 | △ % |
| Underground | ||||||||
| Tambomayo | Ore Milled | DMT | 146,457 | 143,469 | 2% | 427,016 | 435,103 | -2% |
| Ore Grade | Gr/MT | 2.04 | 2.22 | -8% | 2.23 | 2.57 | -13% | |
| Recovery Rate | % | 83.61 | 79.35 | 5% | 85.29 | 82.08 | 4% | |
| Ounces Produced | Oz | 8,015 | 8,127 | -1% | 26,072 | 29,623 | -12% | |
| Orcopampa | Ore Milled | DMT | 101,685 | 74,026 | 37% | 249,813 | 213,474 | 17% |
| Ore Grade | Gr/MT | 5.87 | 8.96 | -34% | 7.20 | 9.19 | -22% | |
| Recovery Rate | % | 92.84 | 96.48 | -4% | 94.09 | 96.01 | -2% | |
| Ounces Produced* | Oz | 17,831 | 20,576 | -13% | 54,426 | 60,547 | -10% | |
| Marcapunta | Ore Milled | DMT | 1,223,279 | 776,985 | 57% | 2,963,932 | 2,465,994 | 20% |
| Ore Grade | Gr/MT | 0.58 | 0.88 | -33% | 0.68 | 0.64 | 6% | |
| Recovery Rate | % | 29.08 | 24.86 | 17% | 26.66 | 28.09 | -5% | |
| Ounces Produced* | Oz | 6,673 | 5,431 | 23% | 17,165 | 13,970 | 23% | |
| Julcani Pb - Ag |
Ounces Produced | Oz | 55 | - | N.A. | 254 | - | N.A. |
| Julcani Cu - Au |
Ounces Produced | Oz | 1,372 | - | N.A. | 2,585 | - | N.A. |
| Open Pit | ||||||||
| La Zanja | Ounces Produced | Oz | 4,963 | 1,692 | 193% | 8,655 | 6,772 | 28% |
| Tajo Norte Cu - Ag |
Ounces Produced | Oz | - | 402 | N.A. | 164 | 661 | N.A. |
| Coimolache | Ounces Produced | Oz | 8,368 | 23,621 | -65% | 38,554 | 39,789 | -3% |
Silver Production
| Mining Unit | Operating Results | Unit | 3Q24 | 3Q23 | △% | 9M24 | 9M23 | △ % |
| Underground | ||||||||
| Tambomayo | Ore Milled | DMT | 146,457 | 143,469 | 2% | 427,016 | 435,103 | -2% |
| Ore Grade | Oz/MT | 3.34 | 2.55 | 31% | 3.01 | 3.29 | -8% | |
| Recovery Rate | % | 88.65 | 82.04 | 8% | 88.84 | 85.84 | 3% | |
| Ounces Produced | Oz | 434,054 | 301,963 | 44% | 1,143,490 | 1,237,001 | -8% | |
| Orcopampa | Ore Milled | DMT | 101,685 | 74,026 | 37% | 249,813 | 213,474 | 17% |
| Ore Grade | Oz/MT | 0.12 | 0.13 | -4% | 0.15 | 0.14 | 5% | |
| Recovery Rate | % | 55.52 | 75.79 | -27% | 62.71 | 74.27 | -16% | |
| Ounces Produced | Oz | 6,891 | 7,168 | -4% | 22,857 | 22,028 | 4% | |
| Uchucchacua | Ore Milled | DMT | 138,469 | - | N.A. | 351,929 | - | N.A. |
| Ore Grade | Oz/MT | 5.39 | - | N.A. | 5.25 | - | N.A. | |
| Recovery Rate | % | 81.46 | - | N.A. | 82.58 | - | N.A. | |
| Ounces Produced | Oz | 608,412 | - | N.A. | 1,524,944 | - | N.A. | |
| Yumpag | Ore Milled | DMT | 95,412 | - | N.A. | 221,156 | - | N.A. |
| Ore Grade | Oz/MT | 28.93 | - | N.A. | 29.12 | - | N.A. | |
| Recovery Rate | % | 93.88 | - | N.A. | 93.46 | - | N.A. | |
| Ounces Produced | Oz | 2,591,227 | - | N.A. | 6,017,839 | - | N.A. | |
| Julcani Pb - Ag |
Ore Milled | DMT | 11,661 | 31,268 | -63% | 55,455 | 87,663 | -37% |
| Ore Grade | Oz/MT | 13.82 | 14.25 | -3% | 16.12 | 15.63 | 3% | |
| Recovery Rate | % | 96.89 | 95.81 | 1% | 97.04 | 96.04 | 1% | |
| Ounces Produced* | Oz | 156,116 | 427,269 | -63% | 867,703 | 1,317,895 | -34% | |
| Julcani Cu - Au |
Ore Milled | DMT | 13,787 | - | N.A. | 25,440 | - | N.A. |
| Ore Grade | Oz/MT | 7.97 | - | N.A. | 9.05 | - | N.A. | |
| Recovery Rate | % | 95.93 | - | N.A. | 96.64 | - | N.A. | |
| Ounces Produced | Oz | 105,376 | - | N.A. | 222,529 | - | N.A. | |
| Marcapunta | Ore Milled | DMT | 1,223,279 | 776,985 | 57% | 2,963,932 | 2,465,994 | 20% |
| Ore Grade | Oz/MT | 0.82 | 0.94 | -13% | 0.81 | 0.91 | -11% | |
| Recovery Rate | % | 51.76 | 58.70 | -12% | 51.59 | 56.15 | -8% | |
| Ounces Produced | Oz | 516,480 | 428,293 | 21% | 1,231,418 | 1,259,899 | -2% | |
| Open Pit | ||||||||
| Tajo Norte Cu - Ag |
Ore Milled | DMT | - | 354,994 | N.A. | 209,668 | 478,455 | N.A. |
| Ore Grade | Oz/MT | - | 2.58 | N.A. | 3.47 | 2.24 | 55% | |
| Recovery Rate | % | - | 56.71 | N.A. | 52.19 | 55.51 | -6% | |
| Ounces Produced | Oz | - | 591,886 | N.A. | 379,333 | 672,704 | N.A. | |
| Tajo Norte Pb - Zn |
Ore Milled | DMT | - | 162,367 | N.A. | 84,369 | 366,699 | -77% |
| Ore Grade | Oz/MT | - | 1.97 | N.A. | 3.15 | 1.56 | 102% | |
| Recovery Rate | % | - | 51.94 | N.A. | 34.30 | 58.92 | -42% | |
| Ounces Produced | Oz | - | 163,178 | N.A. | 91,190 | 322,962 | -72% | |
| La Zanja | Ounces Produced | Oz | 8,901 | 3,681 | 142% | 14,904 | 15,633 | -5% |
| Coimolache | Ounces Produced | Oz | 38,705 | 87,185 | -56% | 178,341 | 176,755 | 1% |
8
Lead Production
| Mining Unit | Operating Results | Unit | 3Q24 | 3Q23 | △% | 9M24 | 9M23 | △ % |
| Underground | ||||||||
| Tambomayo | Ore Milled | DMT | 146,457 | 143,469 | 2% | 427,016 | 435,103 | -2% |
| Ore Grade | % | 0.75 | 0.57 | 32% | 0.83 | 0.77 | 8% | |
| Recovery Rate | % | 88.91 | 75.05 | 18% | 86.94 | 83.41 | 4% | |
| MT Produced | MT | 979 | 603 | 62% | 3,093 | 2,851 | 8% | |
| Uchucchacua | Ore Milled | DMT | 138,469 | - | N.A. | 351,929 | - | N.A. |
| Ore Grade | % | 3.05 | - | N.A. | 3.37 | - | N.A. | |
| Recovery Rate | % | 91.57 | - | N.A. | 91.21 | - | N.A. | |
| MT Produced | MT | 3,865 | - | N.A. | 10,812 | - | N.A. | |
| Julcani Pb - Ag |
Ore Milled | DMT | 11,661 | 31,268 | -63% | 55,455 | 87,663 | -37% |
| Ore Grade | % | 0.98 | 0.48 | 106% | 1.17 | 0.51 | 130% | |
| Recovery Rate | % | 94.89 | 88.79 | 7% | 95.09 | 88.95 | 7% | |
| Ounces Produced* | MT | 108 | 132 | -18% | 619 | 398 | 56% | |
| Open Pit | ||||||||
| Tajo Norte Pb - Zn |
Ore Milled | DMT | - | 162,367 | N.A. | - | 366,699 | N.A. |
| Ore Grade | % | - | 1.63 | N.A. | - | 1.49 | N.A. | |
| Recovery Rate | % | - | 34.08 | N.A. | - | 40.22 | N.A. | |
| MT Produced | MT | - | 885 | N.A. | - | 2,160 | N.A. |
Zinc Production
| Mining Unit | Operating Results | Unit | 3Q24 | 3Q23 | △% | 9M24 | 9M23 | △ % |
| Underground | ||||||||
| Tambomayo | Ore Milled | DMT | 146,457 | 143,469 | 2% | 427,016 | 435,103 | -2% |
| Ore Grade | % | 1.13 | 0.87 | 30% | 1.23 | 1.06 | 16% | |
| Recovery Rate | % | 73.87 | 71.98 | 3% | 77.11 | 77.50 | -1% | |
| MT Produced | MT | 1,222 | 913 | 34% | 4,034 | 3,614 | 12% | |
| Uchucchacua | Ore Milled | DMT | 138,469 | - | N.A. | 351,929 | - | N.A. |
| Ore Grade | % | 5.06 | - | N.A. | 5.41 | - | N.A. | |
| Recovery Rate | % | 87.74 | - | N.A. | 86.74 | - | N.A. | |
| MT Produced | MT | 6,153 | - | N.A. | 16,521 | - | N.A. | |
| Open Pit | ||||||||
| Tajo Norte Pb - Zn |
Ore Milled | DMT | - | 162,367 | N.A. | 84,369 | 366,699 | -77% |
| Ore Grade | % | - | 4.09 | N.A. | 4.95 | 3.61 | 37% | |
| Recovery Rate | % | - | 42.97 | N.A. | 47.52 | 51.87 | -8% | |
| MT Produced | MT | - | 2,849 | N.A. | 1,985 | 6,661 | -70% |
Copper Production
| Mining Unit | Operating Results | Unit | 3Q24 | 3Q23 | △% | 9M24 | 9M23 | △ % |
| Underground | ||||||||
| Marcapunta | Ore Milled | DMT | 1,223,279 | 776,985 | 57% | 2,963,932 | 2,465,994 | 20% |
| Ore Grade | % | 1.57 | 1.75 | -10% | 1.55 | 1.70 | -9% | |
| Recovery Rate | % | 87.13 | 84.71 | 3% | 85.83 | 85.57 | 0% | |
| MT Produced | MT | 16,769 | 11,501 | 46% | 39,328 | 35,891 | 10% | |
| Julcani Pb - Ag |
MT Produced | MT | 21 | - | N.A. | 114 | - | N.A. |
| Julcani Cu - Au |
MT Produced | MT | 90 | - | N.A. | 174 | - | N.A. |
| Tambomayo | MT Produced | MT | 32 | - | N.A. | 94 | - | N.A. |
| Open Pit | ||||||||
| Tajo Norte Cu - Ag |
Ore Milled | DMT | - | 354,994 | N.A. | 209,668 | 478,455 | N.A. |
| Ore Grade | % | - | 2.86 | N.A. | 2.52 | 2.49 | N.A. | |
| Recovery Rate | % | - | 59.71 | N.A. | 56.79 | 59.89 | -5% | |
| MT Produced | MT | - | 7,174 | N.A. | 3,006 | 8,235 | N.A. |
9
APPENDIX 3: Adjusted EBITDA Reconciliation (in thousand US$)
| 3Q24 | 3Q23 | 9M24 | 9M23 | |
| Net Income | 244,426 | -24,498 | 385,853 | 42,953 |
| Add / Subtract: | 96,888 | 77,758 | 156,810 | 78,961 |
| Depreciation and Amortization of cost of sales | 43,815 | 51,264 | 119,717 | 121,816 |
| Provision (credit) for income tax, net | 98,141 | -1,264 | 127,227 | -2,070 |
| Interest expense | 13,100 | 13,381 | 42,508 | 43,455 |
| Loss (gain) on currency exchange difference | -18,369 | 31,176 | 572 | -3,450 |
| Provision of bonuses and compensations | 4,856 | 4,447 | 14,309 | 10,391 |
| Loss (gain) from discontinued operations | 1,459 | 167 | 1,521 | -439 |
| Workers' participation provision | 6,199 | 2,899 | 9,021 | 4,691 |
| Depreciation and amortization in administration expenses | 589 | 651 | 1,342 | 1,943 |
| Depreciation and Amortization in other, net | 14 | 30 | 39 | 79 |
| Provision (reversal) for contingencies | 1,245 | -240 | 1,878 | -5,534 |
| Share in associated companies by the equity method, net | -48,664 | -46,375 | -150,189 | -113,368 |
| Write-off of fixed assets | 1,165 | 632 | 3,172 | 870 |
| Impairment (reversal) of inventories | -403 | 23,112 | -4,294 | 26,650 |
| Interest income | -3,654 | -2,122 | -7,627 | -6,073 |
| Changes in provision of exploration activities | 236 | 0 | 236 | 0 |
| Change in environmental liabilities provision | -2,841 | 0 | -2,622 | 0 |
| EBITDA Buenaventura Direct Operations | 341,314 | 53,260 | 542,663 | 121,914 |
| EBITDA Cerro Verde (19.58%) | 105,458 | 95,953 | 315,409 | 296,566 |
| EBITDA Coimolache (40.095%) | 86 | 3,528 | 11,084 | -3 |
| EBITDA Buenaventura + All Associates | 446,858 | 152,741 | 869,157 | 418,477 |
*Cerro Verde’s EBITDA accounts for D&A related to the capitalization of the stripping.
Note:
EBITDA (Buenaventura Direct Operations) consists of earnings before net interest, taxes, depreciation and amortization, share in associated companies, net, loss on currency exchange difference, other, net, provision for workers’ profit sharing and provision for long-term officers’ compensation.
EBITDA (including associated companies) consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura’s equity share of EBITDA (Cerro Verde), plus (2) Buenaventura’s equity share of EBITDA (Coimolache). All EBITDA mentioned were similarly calculated using financial information provided to Buenaventura by the associated companies.
Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) to provide further information with respect to its operating performance and the operating performance of its equity investees, the affiliates. EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) are not a measure of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) as alternatives to operating income or net income determined in accordance with IFRS, as an indicator of Buenaventura’s, affiliates operating performance, or as an alternative to cash flows from operating activities.
10
APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION
Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold
Cost applicable to sales consists of cost of sales, excluding depreciation and amortization, plus selling expenses. Cost applicable to sales per unit sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases.
Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of our operating performance. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without adjusting for by-product revenue amounts.
Operations’ Cost applicable to sales does not include operating cost for those months during which Buenaventura’s operations were suspended due to COVID-19, as these have been classified as “Unabsorbed costs due to production stoppage” within the financial statements.
The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2022 and 2021 and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units. The amounts set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2021 and 2022 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.
11
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 September 30 | For the 9 months ended September 30 | |||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||
| (in thousands of US$) | ||||||||||
| Consolidated Cost of sales excluding depreciation and amortization | 154,399 | 136,195 | 402,017 | 342,171 | ||||||
| Add: | ||||||||||
| Consolidated Exploration in units in operation | 13,702 | 12,418 | 35,808 | 39,051 | ||||||
| Consolidated Commercial deductions | 49,738 | 51,260 | 131,352 | 134,651 | ||||||
| Consolidated Selling expenses | 7,004 | 4,277 | 18,670 | 12,745 | ||||||
| Consolidated Cost applicable to sales | 224,843 | 204,150 | 587,847 | 528,618 | ||||||
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 September 30 | For the 9 months ended September 30 | |||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Cost of sales by mine and mineral | (in thousands of US$) | |||||||
| Julcani, Gold | 2,492 | 71 | 3,949 | 123 | ||||
| Julcani, Silver | 5,998 | 7,761 | 19,544 | 21,670 | ||||
| Julcani, Lead | 154 | 181 | 792 | 513 | ||||
| Julcani, Copper | 113 | 99 | 449 | 296 | ||||
| Orcopampa, Gold | 20,039 | 17,987 | 56,444 | 52,819 | ||||
| Orcopampa, Silver | 133 | 69 | 273 | 195 | ||||
| Orcopampa, Copper | 0 | 0 | 0 | 0 | ||||
| Uchucchacua, Gold (incl. Yumpag) | 0 | 0 | 0 | 0 | ||||
| Uchucchacua, Silver (incl. Yumpag) | 28,341 | 0 | 62,087 | 0 | ||||
| Uchucchacua, Lead (incl. Yumpag) | 2,499 | 0 | 6,264 | 0 | ||||
| Uchucchacua, Zinc (incl. Yumpag) | 4,887 | 0 | 11,282 | 0 | ||||
| Tambomayo, Gold | 9,296 | 11,899 | 29,083 | 29,626 | ||||
| Tambomayo, Silver | 6,263 | 5,758 | 15,513 | 15,406 | ||||
| Tambomayo, Zinc | 917 | 1,020 | 4,074 | 2,982 | ||||
| Tambomayo, Lead | 1,374 | 0 | 3,030 | 2,979 | ||||
| Tambomayo, Copper | 149 | 0 | 492 | 0 | ||||
| La Zanja, Gold | 3,785 | 5,660 | 10,519 | 23,397 | ||||
| La Zanja, Silver | 157 | 333 | 470 | 1,270 | ||||
| La Zanja, Lead | 0 | 0 | 0 | 0 | ||||
| El Brocal, Gold | 3,827 | 3,367 | 9,943 | 7,489 | ||||
| El Brocal, Silver | 4,968 | 10,936 | 15,105 | 19,045 | ||||
| El Brocal, Lead | 0 | 610 | 0 | 1,654 | ||||
| El Brocal, Zinc | 0 | 2,485 | 1,508 | 5,428 | ||||
| El Brocal, Copper | 57,656 | 66,626 | 146,274 | 153,802 | ||||
| Non Mining Units | 1,350 | 1,333 | 4,923 | 3,477 | ||||
| Consolidated Cost of sales, excluding depreciation and amortization | 154,399 | 136,195 | 402,017 | 342,171 | ||||
Set forth below is a reconciliation of Exploration expenses in units in operation (by mine and mineral) to consolidated Exploration expenses in mining units:
| For the 3 months ended September 30 | For the 9 months ended September 30 | |||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Exploration expenses in units in operation by mine and mineral | (in thousands of US$) | |||||||
| Julcani, Gold | 920 | 16 | 1,419 | 28 | ||||
| Julcani, Silver | 2,213 | 1,793 | 7,025 | 4,937 | ||||
| Julcani, Lead | 57 | 42 | 285 | 117 | ||||
| Julcani, Copper | 42 | 23 | 161 | 67 | ||||
| Orcopampa, Gold | 2,015 | 1,434 | 5,911 | 4,697 | ||||
| Orcopampa, Silver | 13 | 6 | 29 | 17 | ||||
| Orcopampa, Copper | 0 | 0 | 0 | 0 | ||||
| Uchucchacua, Gold (incl. Yumpag) | 0 | 0 | 0 | 0 | ||||
| Uchucchacua, Silver (incl. Yumpag) | 3,695 | 6,661 | 8,520 | 20,592 | ||||
| Uchucchacua, Lead (incl. Yumpag) | 326 | 0 | 860 | 0 | ||||
| Uchucchacua, Zinc (incl. Yumpag) | 637 | 0 | 1,548 | 0 | ||||
| Tambomayo, Gold | 604 | 459 | 1,807 | 1,304 | ||||
| Tambomayo, Silver | 407 | 222 | 964 | 678 | ||||
| Tambomayo, Lead | 60 | 39 | 188 | 131 | ||||
| Tambomayo, Zinc | 89 | 0 | 253 | 131 | ||||
| Tambomayo, Copper | 10 | 0 | 31 | 0 | ||||
| La Zanja, Gold | 60 | 103 | 108 | 415 | ||||
| La Zanja, Silver | 3 | 6 | 5 | 23 | ||||
| La Zanja, Lead | 0 | 0 | 0 | 0 | ||||
| El Brocal, Gold | 147 | 65 | 385 | 236 | ||||
| El Brocal, Silver | 191 | 210 | 585 | 601 | ||||
| El Brocal, Lead | 0 | 12 | 0 | 52 | ||||
| El Brocal, Zinc | 0 | 48 | 58 | 171 | ||||
| El Brocal, Copper | 2,214 | 1,280 | 5,666 | 4,853 | ||||
| Non Mining Units | 0 | 0 | 0 | 0 | ||||
| Consolidated Exploration expenses in units in operation | 13,702 | 12,418 | 35,808 | 39,051 | ||||
12
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 September 30 | For the 9 months ended September 30 | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Commercial Deductions in units in operation by mine and mineral | (in thousands of US$) | |||||||||||
| Julcani, Gold | 137 | 4 | 313 | 7 | ||||||||
| Julcani, Silver | 376 | 549 | 1,446 | 1,273 | ||||||||
| Julcani, Lead | 11 | 12 | 56 | 29 | ||||||||
| Julcani, Copper | 7 | 6 | 40 | 16 | ||||||||
| Orcopampa, Gold | 183 | 215 | 484 | 826 | ||||||||
| Orcopampa, Silver | 2 | 1 | 3 | 0 | ||||||||
| Orcopampa, Copper | 0 | 0 | 0 | 0 | ||||||||
| Uchucchacua, Gold (incl. Yumpag) | 0 | 0 | 0 | 0 | ||||||||
| Uchucchacua, Silver (incl. Yumpag) | 5,824 | 753 | 15,747 | 3,299 | ||||||||
| Uchucchacua, Lead (incl. Yumpag) | 877 | 0 | 2,439 | 0 | ||||||||
| Uchucchacua, Zinc (incl. Yumpag) | 3,720 | 0 | 9,232 | 0 | ||||||||
| Tambomayo, Gold | 625 | 1,274 | 2,407 | 4,071 | ||||||||
| Tambomayo, Silver | 576 | 685 | 1,715 | 2,355 | ||||||||
| Tambomayo, Lead | 74 | 70 | 275 | 351 | ||||||||
| Tambomayo, Zinc | 600 | 301 | 1,884 | 1,756 | ||||||||
| Tambomayo, Copper | 7 | 0 | 23 | 0 | ||||||||
| La Zanja, Gold | 15 | 6 | 45 | 86 | ||||||||
| La Zanja, Silver | 0 | 3 | 3 | 9 | ||||||||
| El Brocal, Gold | 2,121 | 2,114 | 5,603 | 5,025 | ||||||||
| El Brocal, Silver | 2,715 | 5,888 | 8,124 | 11,634 | ||||||||
| El Brocal, Lead | -13 | 193 | -49 | 608 | ||||||||
| El Brocal, Zinc | 126 | 1,906 | 1,144 | 4,379 | ||||||||
| El Brocal, Copper | 31,754 | 37,280 | 80,418 | 98,928 | ||||||||
| Non Mining Units | 0 | 0 | 0 | 0 | ||||||||
| Consolidated Commercial deductions in units in operation | 49,738 | 51,260 | 131,352 | 134,651 | ||||||||
Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated Selling expenses:
| For the 3 months ended September 30 | For the 9 months ended September 30 | |||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Selling expenses by mine and mineral | (in thousands of US$) | |||||||
| Julcani, Gold | 81 | 0 | 101 | 1 | ||||
| Julcani, Silver | 194 | 43 | 499 | 156 | ||||
| Julcani, Lead | 5 | 1 | 20 | 4 | ||||
| Julcani, Copper | 4 | 1 | 11 | 2 | ||||
| Orcopampa, Gold | 157 | 202 | 432 | 512 | ||||
| Orcopampa, Silver | 1 | 1 | 2 | 2 | ||||
| Orcopampa, Copper | 0 | 0 | 0 | 0 | ||||
| Uchucchacua, Gold (incl. Yumpag) | 0 | 0 | 0 | 0 | ||||
| Uchucchacua, Silver (incl. Yumpag) | 1,647 | 600 | 3,913 | 2,203 | ||||
| Uchucchacua, Lead (incl. Yumpag) | 145 | 0 | 395 | 0 | ||||
| Uchucchacua, Zinc (incl. Yumpag) | 284 | 0 | 711 | 0 | ||||
| Tambomayo, Gold | 399 | 400 | 1,308 | 1,175 | ||||
| Tambomayo, Silver | 269 | 194 | 698 | 611 | ||||
| Tambomayo, Lead | 39 | 34 | 136 | 118 | ||||
| Tambomayo, Zinc | 59 | 0 | 183 | 118 | ||||
| Tambomayo, Copper | 6 | 0 | 22 | 0 | ||||
| La Zanja, Gold | 70 | 31 | 280 | 135 | ||||
| La Zanja, Silver | 3 | 2 | 13 | 7 | ||||
| La Zanja, Lead | 0 | 0 | 0 | 0 | ||||
| El Brocal, Gold | 176 | 103 | 512 | 286 | ||||
| El Brocal, Silver | 228 | 336 | 778 | 728 | ||||
| El Brocal, Lead | 0 | 19 | 0 | 63 | ||||
| El Brocal, Zinc | 0 | 76 | 78 | 208 | ||||
| El Brocal, Copper | 2,648 | 2,045 | 7,532 | 5,882 | ||||
| Non Mining Units | 589 | 189 | 1,046 | 533 | ||||
| Consolidated Selling expenses | 7,004 | 4,277 | 18,670 | 12,745 | ||||
13
| JULCANI | ||||||||||||
| 3Q 2024 | 3Q 2023 | |||||||||||
| 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) | 2,492 | 5,998 | 154 | - | 113 | 8,757 | 71 | 7,761 | 181 | - | 99 | 8,112 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 920 | 2,213 | 57 | - | 42 | 3,232 | 16 | 1,793 | 42 | - | 23 | 1,874 |
| Commercial Deductions (US$000) | 137 | 376 | 11 | - | 7 | 531 | 4 | 549 | 12 | - | 6 | 571 |
| Selling Expenses (US$000) | 81 | 194.50 | 5.00 | - | 4 | 284 | 0 | 43 | 1 | - | 1 | 45 |
| Cost Applicable to Sales (US$000) | 3,630 | 8,781 | 227 | - | 166 | 12,804 | 92 | 10,145 | 236 | - | 129 | 10,602 |
| Divide: | ||||||||||||
| Volume Sold | 1,293 | 248,442 | 96 | - | 20 | Not Applicable | 51 | 388,854 | 107 | - | 16 | Not Applicable |
| CAS | 2,808 | 35.34 | 2,363 | - | 8,443 | Not Applicable | 1,791 | 26.09 | 2,196 | - | 8,019 | Not Applicable |
| JULCANI | ||||||||||||
| 9M 2024 | 9M 2023 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 3,949 | 19,544 | 792 | - | 449 | 24,734 | 123 | 21,670 | 513 | - | 296 | 22,602 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 1,419 | 7,025 | 285 | - | 161 | 8,890 | 28 | 4,937 | 117 | - | 67 | 5,149 |
| Commercial Deductions (US$000) | 313 | 1,446 | 56 | - | 40 | 1,854 | 7 | 1,273 | 29 | - | 16 | 1,325 |
| Selling Expenses (US$000) | 101 | 499 | 20 | - | 11 | 632 | 1 | 156 | 4 | - | 2 | 163 |
| Cost Applicable to Sales (US$000) | 5,782 | 28,515 | 1,152 | - | 661 | 36,110 | 158 | 28,036 | 663 | - | 382 | 29,239 |
| Divide: | ||||||||||||
| Volume Sold | 2,527 | 1,052,051 | 562 | - | 79 | Not Applicable | 90 | 1,251,585 | 339 | - | 50 | No Aplicable |
| CAS | 2,288 | 27.10 | 2,051 | - | 8,320 | No Applicable | 1,759 | 22.40 | 1,955 | - | 7,637 | No Applicable |
| ORCOPAMPA | ||||||||||||
| 3Q 2024 | 3Q 2023 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 20,039 | 133 | - | - | - | 20,172 | 17,987 | 69 | - | - | - | 18,056 |
| Add: | - | |||||||||||
| Exploration Expenses (US$000) | 2,015 | 13 | - | - | - | 2,028 | 1,434 | 6 | - | - | - | 1,440 |
| Commercial Deductions (US$000) | 183 | 2 | - | - | - | 185 | 215 | 1 | - | - | - | 216 |
| Selling Expenses (US$000) | 157 | 1 | - | - | - | 158 | 202 | 1 | - | - | - | 203 |
| Cost Applicable to Sales (US$000) | 22,393 | 150 | - | - | - | 22,543 | 19,839 | 76 | - | - | - | 19,915 |
| Divide: | ||||||||||||
| Volume Sold | 18,027 | 10,031 | - | - | - | Not Applicable | 20,460 | 6,710 | - | - | - | Not Applicable |
| CAS | 1,242 | 14.93 | - | - | - | Not Applicable | 970 | 11.34 | - | - | - | Not Applicable |
| ORCOPAMPA | ||||||||||||
| 9M 2024 | 9M 2023 | |||||||||||
| 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) | 56,444 | 273 | - | - | - | 56,717 | 52,819 | 195 | - | - | - | 53,014 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 5,911 | 29 | - | - | - | 5,940 | 4,697 | 17 | - | - | - | 4,714 |
| Commercial Deductions (US$000) | 484 | 3 | - | - | - | 487 | 826 | 0 | - | - | - | 826 |
| Selling Expenses (US$000) | 432 | 2 | - | - | - | 434 | 512 | 2 | - | - | - | 514 |
| Cost Applicable to Sales (US$000) | 63,271 | 307 | - | - | - | 63,578 | 58,854 | 214 | - | - | - | 59,068 |
| Divide: | ||||||||||||
| Volume Sold | 54,223 | 22,174 | - | - | - | Not Applicable | 60,504 | 19,432 | - | - | - | Not Applicable |
| CAS | 1,167 | 13.84 | - | - | - | No Applicable | 973 | 11.01 | - | - | - | No Applicable |
| UCHUCCHACUA (INCL. YUMPAG) | ||||||||||||
| 3Q 2024 | 3Q 2023 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | - | 28,341 | 2,499 | 4,887 | - | 35,726 | - | - | - | - | - | - |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | - | 3,695 | 326 | 637 | - | 4,658 | - | 6,661 | - | - | - | 6,661 |
| Commercial Deductions (US$000) | - | 5,824 | 877 | 3,720 | - | 10,421 | - | 753 | - | - | - | 753 |
| Selling Expenses (US$000) | - | 1,647 | 145 | 284 | - | 2,076 | - | 600 | - | - | - | 600 |
| Cost Applicable to Sales (US$000) | - | 39,507 | 3,847 | 9,528 | - | 52,882 | - | 8,014 | - | - | - | 8,014 |
| Divide: | ||||||||||||
| Volume Sold | - | 2,784,161 | 3,510 | 5,026 | - | Not Applicable | - | 85,499 | - | - | - | Not Applicable |
| CAS | - | 14.19 | 1,096 | 1,896 | - | No Applicable | - | 93.74 | - | - | - | No Applicable |
| UCHUCCHACUA (INCL. YUMPAG) | ||||||||||||
| 9M 2024 | 9M 2023 | |||||||||||
| 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) | - | 62,087 | 6,264 | 11,282 | - | 79,633 | - | - | - | - | - | - |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | - | 8,520 | 860 | 1,548 | - | 10,928 | - | 20,592 | - | - | - | 20,592 |
| Commercial Deductions (US$000) | - | 15,747 | 2,439 | 9,232 | - | 27,419 | - | 3,299 | - | - | - | 3,299 |
| Selling Expenses (US$000) | - | 3,913 | 395 | 711 | - | 5,019 | - | 2,203 | - | - | - | 2,203 |
| Cost Applicable to Sales (US$000) | - | 90,268 | 9,958 | 22,773 | - | 122,999 | - | 26,094 | - | - | - | 26,094 |
| Divide: | ||||||||||||
| Volume Sold | - | 7,131,489 | 9,807 | 13,593 | - | Not Applicable | - | 366,778 | - | - | - | Not Applicable |
| CAS | - | 12.66 | 1,015 | 1,675 | - | No Applicable | - | 71.15 | - | - | - | No Applicable |
| TAMBOMAYO | ||||||||||||
| 3Q 2024 | 3Q 2023 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 9,296 | 6,263 | 917 | 1,374 | 149 | 17,999 | 11,899 | 5,758 | 1,020 | - | - | 18,677 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 604 | 407 | 60 | 89 | 10 | 1,169 | 459 | 222 | 39 | - | - | 720 |
| Commercial Deductions (US$000) | 625 | 576 | 74 | 600 | 7 | 1,882 | 1,274 | 685 | 70 | 301 | - | 2,330 |
| Selling Expenses (US$000) | 399 | 269 | 39 | 59 | 6 | 772 | 400 | 194 | 34 | - | - | 628 |
| Cost Applicable to Sales (US$000) | 10,924 | 7,514 | 1,090 | 2,122 | 172 | 21,822 | 14,031 | 6,858 | 1,164 | 301 | - | 22,355 |
| Divide: | ||||||||||||
| Volume Sold | 7,438 | 402,631 | 849 | 969 | 32 | Not Applicable | 7,421 | 269,542 | 525 | 682 | - | Not Applicable |
| CAS | 1,469 | 18.66 | 1,283 | 2,190 | 5,463 | No Applicable | 1,891 | 25.44 | 2,218 | 441 | - | No Applicable |
| TAMBOMAYO | ||||||||||||
| 9M 2024 | 9M 2023 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 29,083 | 15,513 | 3,030 | 4,074 | 492 | 52,191 | 29,626 | 15,406 | 2,979 | 2,982 | - | 50,993 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 1,807 | 964 | 188 | 253 | 31 | 3,242 | 1,304 | 678 | 131 | 131 | - | 2,244 |
| Commercial Deductions (US$000) | 2,407 | 1,715 | 275 | 1,884 | 23 | 6,303 | 4,071 | 2,355 | 351 | 1,756 | - | 8,532 |
| Selling Expenses (US$000) | 1,308 | 698 | 136 | 183 | 22 | 2,347 | 1,175 | 611 | 118 | 118 | - | 2,023 |
| Cost Applicable to Sales (US$000) | 34,604 | 18,888 | 3,629 | 6,394 | - | 64,083 | 36,176 | 19,050 | 3,578 | 4,988 | - | 63,792 |
| Divide: | ||||||||||||
| Volume Sold | 24,199 | 1,035,689 | 2,692 | 3,231 | 95 | Not Applicable | 26,649 | 1,125,434 | 2,521 | 2,846 | - | Not Applicable |
| CAS | 1,430 | 18.24 | 1,348 | 1,979 | - | No Applicable | 1,357 | 16.93 | 1,419 | 1,753 | - | Not Applicable |
14
| LA ZANJA | ||||||||||||
| 3Q 2024 | 3Q 2023 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 3,785 | 157 | - | - | - | 3,942 | 5,660 | 333 | - | - | - | 5,993 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 60 | 3 | - | - | - | 63 | 103 | 6 | - | - | - | 109 |
| Commercial Deductions (US$000) | 15 | 0 | - | - | - | 15 | 6 | 3 | - | - | - | 8 |
| Selling Expenses (US$000) | 70 | 3 | - | - | - | 73 | 31 | 2 | - | - | - | 33 |
| Cost Applicable to Sales (US$000) | 3,931 | 163 | - | - | - | 4,094 | 5,800 | 344 | - | - | - | 6,143 |
| Divide: | ||||||||||||
| Volume Sold | 4,676 | 16,450 | - | - | - | Not Applicable | 1,780 | 6,442 | - | - | - | Not Applicable |
| CAS | 841 | 9.91 | - | - | - | Not Applicable | 3,259 | 53.36 | - | - | - | Not Applicable |
| LA ZANJA | ||||||||||||
| 9M 2024 | 9M 2023 | |||||||||||
| 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) | 10,519 | 470 | - | - | - | 10,989 | 23,397 | 1,270 | - | - | - | 24,667 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 108 | 5 | - | - | - | 113 | 415 | 23 | - | - | - | 438 |
| Commercial Deductions (US$000) | 45 | 3 | - | - | - | 48 | 86 | 9 | - | - | - | 96 |
| Selling Expenses (US$000) | 280 | 13 | - | - | - | 293 | 135 | 7 | - | - | - | 142 |
| Cost Applicable to Sales (US$000) | 10,953 | 490 | - | - | - | 11,443 | 24,034 | 1,309 | - | - | - | 25,343 |
| Divide: | ||||||||||||
| Volume Sold | 8,525 | 32,140 | - | - | - | Not Applicable | 6,883 | 28,973 | - | - | - | Not Applicable |
| CAS | 1,285 | 15.26 | - | - | - | Not Applicable | 3,492 | 45.17 | - | - | - | Not Applicable |
| BROCAL | ||||||||||||
| 3Q 2024 | 3Q 2023 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 3,827 | 4,968 | - | - | 57,656 | 66,451 | 3,367 | 10,936 | 610 | 2,485 | 66,626 | 84,024 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 147 | 191 | - | - | 2,214 | 2,552 | 65 | 210 | 12 | 48 | 1,280 | 1,614 |
| Commercial Deductions (US$000) | 2,121 | 2,715 | -13 | 126 | 31,754 | 36,703 | 2,114 | 5,888 | 193 | 1,906 | 37,280 | 47,382 |
| Selling Expenses (US$000) | 176 | 228 | - | - | 2,648 | 3,052 | 103 | 336 | 19 | 76 | 2,045 | 2,579 |
| Cost Applicable to Sales (US$000) | 6,271 | 8,102 | -13 | 126 | 94,273 | 108,759 | 5,649 | 17,370 | 833 | 4,516 | 107,231 | 135,599 |
| Divide: | ||||||||||||
| Volume Sold | 3,912 | 413,407 | - | - | 15,571 | Not Applicable | 3,553 | 986,583 | 636 | 2,347 | 17,786 | Not Applicable |
| CAS | 1,603 | 19.60 | - | - | 6,054 | Not Applicable | 1,590 | 17.61 | 1,309 | 1,924 | 6,029 | Not Applicable |
| BROCAL | ||||||||||||
| 9M 2024 | 9M 2023 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 9,943 | 15,105 | - | 1,508 | 146,274 | 172,830 | 7,489 | 19,045 | 1,654 | 5,428 | 153,802 | 187,418 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 385 | 585 | - | 58 | 5,666 | 6,695 | 236 | 601 | 52 | 171 | 4,853 | 5,914 |
| Commercial Deductions (US$000) | 5,603 | 8,124 | -49 | 1,144 | 80,418 | 95,240 | 5,025 | 11,634 | 608 | 4,379 | 98,928 | 120,572 |
| Selling Expenses (US$000) | 512 | 778 | - | 78 | 7,532 | 8,899 | 286 | 728 | 63 | 208 | 5,882 | 7,167 |
| Cost Applicable to Sales (US$000) | 16,443 | 24,592 | -49 | 2,788 | 239,890 | 283,664 | 13,036 | 32,008 | 2,377 | 10,185 | 263,465 | 321,071 |
| Divide: | ||||||||||||
| Volume Sold | 10,676 | 1,403,306 | 72 | 1,592 | 39,709 | Not Applicable | 8,575 | 1,873,998 | 1,939 | 5,478 | 41,889 | Not Applicable |
| CAS | 1,540 | 17.52 | - | 1,751 | 6,041 | No Applicable | 1,520 | 17.08 | 1,226 | 1,859 | 6,290 | Not Applicable |
| NON MINING COMPANIES | ||||||||||||
| 3Q 2024 | 3Q 2023 | |||||||||||
| 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) | - | - | - | - | - | 1,350 | - | - | - | - | - | 1,333 |
| Add: | ||||||||||||
| Selling Expenses (US$000) | - | - | - | - | - | 589 | - | - | - | - | - | 189 |
| Total (US$000) | - | - | - | - | - | 1,939 | - | - | - | - | - | 1,522 |
| NON MINING COMPANIES | ||||||||||||
| 9M 2024 | 9M 2023 | |||||||||||
| 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) | - | - | - | - | - | 4,923 | - | - | - | - | - | 3,477 |
| Add: | - | |||||||||||
| Selling Expenses (US$000) | - | - | - | - | - | 1,046 | - | - | - | - | - | 533 |
| Total (US$000) | - | - | - | - | - | 5,969 | - | - | - | - | - | 4,010 |
| BUENAVENTURA CONSOLIDATED | ||||||||||||
| 3Q 2024 | 3Q 2023 | |||||||||||
| 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) | 39,440 | 45,860 | 3,570 | 6,261 | 57,918 | 154,399 | 38,984 | 24,856 | 1,811 | 2,485 | 66,725 | 136,195 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 3,746 | 6,522 | 442 | 726 | 2,266 | 13,702 | 2,077 | 8,897 | 93 | 48 | 1,303 | 12,418 |
| Commercial Deductions (US$000) | 3,081 | 9,493 | 949 | 4,446 | 31,769 | 49,738 | 3,613 | 7,879 | 275 | 2,207 | 37,287 | 51,260 |
| Selling Expenses (US$000) | 882 | 2,342 | 190 | 343 | 2,658 | 7,004 | 737 | 1,175 | 54 | 76 | 2,046 | 4,277 |
| Cost Applicable to Sales (US$000) | 47,149 | 64,216 | 5,151 | 11,776 | 94,611 | 224,843 | 45,411 | 42,807 | 2,233 | 4,816 | 107,360 | 204,150 |
| Divide: | ||||||||||||
| Volume Sold | 35,345 | 3,875,123 | 4,455 | 5,995 | 15,622 | Not Applicable | 33,265 | 1,743,629 | 1,269 | 3,029 | 17,802 | Not Applicable |
| CAS | 1,334 | 16.57 | 1,156 | 1,964 | 6,056 | Not Applicable | 1,365 | 24.55 | 1,760 | 1,590 | 6,031 | Not Applicable |
| BUENAVENTURA CONSOLIDATED | ||||||||||||
| 9M 2024 | 9M 2023 | |||||||||||
| 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) | 109,937 | 112,993 | 10,086 | 16,863 | 147,215 | 402,017 | 113,455 | 57,585 | 5,145 | 8,410 | 154,099 | 342,171 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 9,631 | 17,127 | 1,332 | 1,860 | 5,858 | 35,808 | 6,680 | 26,847 | 300 | 302 | 4,921 | 39,051 |
| Commercial Deductions (US$000) | 8,852 | 27,039 | 2,721 | 12,260 | 80,480 | 131,352 | 10,014 | 18,571 | 987 | 6,135 | 98,944 | 134,651 |
| Selling Expenses (US$000) | 2,633 | 5,903 | 551 | 972 | 7,565 | 18,670 | 2,109 | 3,708 | 185 | 326 | 5,884 | 12,745 |
| Cost Applicable to Sales (US$000) | 131,053 | 163,061 | 14,691 | 31,955 | 240,551 | 587,847 | 132,258 | 106,711 | 6,618 | 15,173 | 263,847 | 528,618 |
| Divide: | ||||||||||||
| Volume Sold | 100,151 | 10,676,849 | 13,134 | 18,417 | 39,883 | Not Applicable | 102,700 | 4,666,199 | 4,799 | 8,324 | 41,940 | Not Applicable |
| CAS | 1,309 | 15.27 | 1,119 | 1,735 | 6,031 | Not Applicable | 1,288 | 22.87 | 1,379 | 1,823 | 6,291 | Not Applicable |
| COIMOLACHE | ||||||||||||
| 122% | 3Q 2024 | 3Q 2023 | ||||||||||
| 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) | 13,476 | 740 | - | - | - | 14,216 | 18,044 | 866 | - | - | - | 18,910 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 4,444 | 244 | - | - | - | 4,688 | 4,530 | 217 | - | - | - | 4,747 |
| Commercial Deductions (US$000) | 49 | 3 | - | - | - | 51 | 181 | 40 | - | - | - | 221 |
| Selling Expenses (US$000) | 132 | 7 | - | - | - | 139 | 235 | 11 | - | - | - | 246 |
| Cost Applicable to Sales (US$000) | 18,101 | 994 | - | - | - | 19,094 | 22,990 | 1,134 | - | - | - | 24,124 |
| Divide: | ||||||||||||
| Volume Sold | 8,450 | 38,748 | - | - | - | Not Applicable | 21,237 | 82,379 | - | - | - | Not Applicable |
| CAS | 2,142 | 25.65 | - | - | - | Not Applicable | 1,083 | 13.77 | - | - | - | Not Applicable |
| COIMOLACHE | ||||||||||||
| 9M 2024 | 9M 2023 | |||||||||||
| 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) | 51,631 | 2,813 | - | - | - | 54,444 | 51,805 | 2,881 | - | - | - | 54,686 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 5,756 | 314 | - | - | - | 6,070 | 9,485 | 527 | - | - | - | 10,012 |
| Commercial Deductions (US$000) | 339 | 16 | - | - | - | 355 | 293 | 48 | - | - | - | 342 |
| Selling Expenses (US$000) | 521 | 28 | - | - | - | 549 | 468 | 26 | - | - | - | 494 |
| Cost Applicable to Sales (US$000) | 58,247 | 3,171 | - | - | - | 61,418 | 62,051 | 3,483 | - | - | - | 65,534 |
| Divide: | ||||||||||||
| Volume Sold | 38,526 | 177,393 | - | - | - | Not Applicable | 36,261 | 164,895 | - | - | - | Not Applicable |
| CAS | 1,512 | 17.88 | - | - | - | No Applicable | 1,711 | 21.12 | - | - | - | Not Applicable |
15
APPENDIX 5: All-in Sustaining Cost
All-in Sustaining Cost for 3Q24 - Gold
| Buenaventura1 | La Zanja | El Brocal | Consolidated 2 | Tantahuatay | ||||||||||
| 3Q24 | 3Q24 | 3Q24 | 3Q24 | 3Q24 | ||||||||||
| Au Ounces Sold Net | 26,758 | 4,676 | 3,912 | 35,345 | 8,450 | |||||||||
| Income Statement & Cash Flow | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | ||||
| Cost of Sales | 86,371 | 3,228 | 7,850 | 1,679 | 67,606 | 17,283 | 161,827 | 4,578 | 14,216 | 1,682 | ||||
| Exploration in Operating Units | 11,091 | 414 | 63 | 13 | 2,570 | 657 | 13,724 | 388 | 4,687 | 555 | ||||
| Royalties | 4,702 | 176 | 0 | 0 | 0 | 0 | 4,702 | 133 | 0 | 0 | ||||
| Comercial Deductions3 | 13,019 | 487 | 15 | 3 | 36,703 | 9,383 | 49,738 | 1,407 | 51 | 6 | ||||
| Selling Expenses | 3,290 | 123 | 29 | 6 | 3,052 | 780 | 6,371 | 180 | 139 | 16 | ||||
| Administrative Expenses | 13,268 | 496 | 421 | 90 | 2,347 | 600 | 16,036 | 454 | 833 | 99 | ||||
| Other, net | 746 | 28 | 1,364 | 292 | 759 | 194 | 2,869 | 81 | 24 | 3 | ||||
| Sustaining Capex4 | 6,131 | 229 | 0 | 0 | 3,789 | 969 | 9,920 | 281 | 2,263 | 268 | ||||
| By-product Credit | -129,471 | -4,839 | -510 | -109 | -159,248 | -40,711 | -289,229 | -8,183 | -1,179 | -140 | ||||
| All-in Sustaining Cost | 9,147 | 342 | 9,232 | 1,975 | -42,422 | -10,845 | -24,043 | -680 | 21,034 | 2,489 | ||||
| All-in Sustaining Cost for 3Q24 - Copper | ||||||||||||||
| Buenaventura1 | La Zanja | El Brocal | Consolidated 2 | |||||||||||
| 3Q24 | 3Q24 | 3Q24 | 3Q24 | |||||||||||
| Cu MT Sold Net | 51 | 0 | 15,571 | 15,622 | ||||||||||
| Income Statement & Cash Flow | US$ 000' | US$/TM Cu | US$ 000' | US$/TM Cu | US$ 000' | US$/TM Cu | US$ 000' | US$/TM Cu | ||||||
| Cost of Sales | 86,371 | 1,686,275 | 7,850 | - | 67,606 | 4,342 | 161,827 | 10,359 | ||||||
| Exploration in Operating Units | 11,091 | 216,537 | 63 | - | 2,570 | 165 | 13,724 | 878 | ||||||
| Royalties | 4,702 | 91,793 | 0 | - | 0 | 0 | 4,702 | 301 | ||||||
| Comercial Deductions3 | 13,019 | 254,173 | 15 | - | 36,703 | 2,357 | 49,738 | 3,184 | ||||||
| Selling Expenses | 3,290 | 64,233 | 29 | - | 3,052 | 196 | 6,371 | 408 | ||||||
| Administrative Expenses | 13,268 | 259,039 | 421 | - | 2,347 | 151 | 16,036 | 1,026 | ||||||
| Other, net | 746 | 14,565 | 1,364 | - | 759 | 49 | 2,869 | 184 | ||||||
| Sustaining Capex4 | 6,131 | 119,697 | 0 | - | 3,789 | 243 | 9,920 | 635 | ||||||
| By-product Credit | -195,913 | -3,824,923 | -12,783 | - | -22,680 | -1,457 | -231,375 | -14,810 | ||||||
| All-in Sustaining Cost | -57,295 | -1,118,611 | -3,040 | - | 94,147 | 6,046 | 33,811 | 2,164 | ||||||
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.
Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 100% from El Brocal.
3. For all metals produced.
4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
16
| All-in Sustaining Cost for 3Q23 - Gold | ||||||||||||||
| Buenaventura1 | La Zanja | El Brocal | Consolidated 2 | Tantahuatay | ||||||||||
| 3Q23 | 3Q23 | 3Q23 | 3Q23 | 3Q23 | ||||||||||
| Au Ounces Sold Net | 27,932 | 1,780 | 3,553 | 33,265 | 21,237 | |||||||||
| Income Statement & Cash Flow | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | ||||
| Cost of Sales | 44,648 | 1,598 | 5,656 | 3,178 | 84,242 | 23,711 | 134,546 | 4,045 | 18,910 | 890 | ||||
| Exploration in Operating Units | 10,695 | 383 | 109 | 61 | 1,614 | 454 | 12,418 | 373 | 4,747 | 224 | ||||
| Royalties | 3,235 | 116 | 0 | 0 | 0 | 0 | 3,235 | 97 | 0 | 0 | ||||
| Comercial Deductions3 | 3,870 | 139 | 8 | 5 | 47,382 | 13,336 | 51,260 | 1,541 | 221 | 10 | ||||
| Selling Expenses | 1,476 | 53 | 12 | 7 | 2,579 | 726 | 4,067 | 122 | 245 | 12 | ||||
| Administrative Expenses | 9,740 | 349 | 812 | 456 | 2,535 | 714 | 13,087 | 393 | 1,002 | 47 | ||||
| Other, net | 2,378 | 85 | 252 | 142 | 1,710 | 481 | 4,340 | 130 | -110 | -5 | ||||
| Sustaining Capex4 | 2,364 | 85 | 1,732 | 973 | 13,720 | 3,862 | 17,817 | 536 | 719 | 34 | ||||
| By-product Credit | -21,851 | -782 | -166 | -93 | -178,500 | -50,241 | -200,518 | -6,028 | -1,938 | -91 | ||||
| All-in Sustaining Cost | 56,555 | 2,025 | 8,416 | 4,729 | -24,718 | -6,957 | 40,253 | 1,210 | 23,796 | 1,121 | ||||
| All-in Sustaining Cost for 3Q23 - Copper | ||||||||||||||
| Buenaventura1 | La Zanja | El Brocal | Consolidated 2 | |||||||||||
| 3Q23 | 3Q23 | 3Q23 | 3Q23 | |||||||||||
| Cu MT Sold Net | 16 | 0 | 17,786 | 17,802 | ||||||||||
| Income Statement & Cash Flow | US$ 000' | US$/TM Cu | US$ 000' | US$/TM Cu | US$ 000' | US$/TM Cu | US$ 000' | US$/TM Cu | ||||||
| Cost of Sales | 44,648 | 2,769,727 | 5,656 | - | 84,242 | 4,736 | 134,546 | 7,558 | ||||||
| Exploration in Operating Units | 10,695 | 663,462 | 109 | - | 1,614 | 91 | 12,418 | 698 | ||||||
| Royalties | 3,235 | 200,682 | 0 | - | 0 | 0 | 3,235 | 182 | ||||||
| Comercial Deductions3 | 3,870 | 240,072 | 8 | - | 47,382 | 2,664 | 51,260 | 2,879 | ||||||
| Selling Expenses | 1,476 | 91,563 | 12 | - | 2,579 | 145 | 4,067 | 228 | ||||||
| Administrative Expenses | 9,740 | 604,218 | 812 | - | 2,535 | 143 | 13,087 | 735 | ||||||
| Other, net | 2,378 | 147,519 | 252 | - | 1,710 | 96 | 4,340 | 244 | ||||||
| Sustaining Capex4 | 2,364 | 146,672 | 1,732 | - | 13,720 | 771 | 17,817 | 1,001 | ||||||
| By-product Credit | -75,316 | -4,672,208 | -2,990 | - | -38,506 | -2,165 | -116,813 | -6,562 | ||||||
| All-in Sustaining Cost | 3,090 | 191,708 | 5,592 | - | 115,276 | 6,481 | 123,958 | 6,963 | ||||||
| *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. | ||||||||||||||
| Notes: | ||||||||||||||
| 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. | ||||||||||||||
| 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 100% from El Brocal. | ||||||||||||||
| 3. For all metals produced. | ||||||||||||||
| 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. | ||||||||||||||
17
| All-in Sustaining Cost for 9M24 - Gold | ||||||||||||||
| Buenaventura1 | La Zanja | El Brocal | Consolidated 2 | Tantahuatay | ||||||||||
| 9M24 | 9M24 | 9M24 | 9M24 | 9M24 | ||||||||||
| Au Ounces Sold Net | 80,949 | 8,525 | 10,676 | 100,151 | 38,526 | |||||||||
| Income Statement & Cash Flow | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | ||||
| Cost of Sales | 231,834 | 2,864 | 15,677 | 1,839 | 178,813 | 16,748 | 426,324 | 4,257 | 54,444 | 1,413 | ||||
| Exploration in Operating Units | 29,058 | 359 | 113 | 13 | 6,449 | 604 | 35,620 | 356 | 6,069 | 158 | ||||
| Royalties | 11,453 | 141 | 0 | 0 | 0 | 0 | 11,453 | 114 | 0 | 0 | ||||
| Comercial Deductions3 | 36,063 | 445 | 48 | 6 | 95,240 | 8,921 | 131,352 | 1,312 | 355 | 9 | ||||
| Selling Expenses | 8,432 | 104 | 58 | 7 | 8,899 | 834 | 17,389 | 174 | 549 | 14 | ||||
| Administrative Expenses | 34,554 | 427 | 1,272 | 149 | 6,942 | 650 | 42,768 | 427 | 2,701 | 70 | ||||
| Other, net | 6,918 | 85 | 1,757 | 206 | 813 | 76 | 9,488 | 95 | 96 | 2 | ||||
| Sustaining Capex4 | 14,543 | 180 | 33 | 4 | 8,546 | 800 | 23,122 | 231 | 4,470 | 116 | ||||
| By-product Credit | -335,543 | -4,145 | -935 | -110 | -403,375 | -37,782 | -739,853 | -7,387 | -4,695 | -122 | ||||
| All-in Sustaining Cost | 37,312 | 461 | 18,023 | 2,114 | -97,672 | -9,148 | -42,337 | -423 | 63,988 | 1,661 | ||||
| All-in Sustaining Cost for 9M24 - Copper | ||||||||||||||
| Buenaventura1 | La Zanja | El Brocal | Consolidated 2 | |||||||||||
| 9M24 | 9M24 | 9M24 | 9M24 | |||||||||||
| Cu MT Sold Net | 174 | 0 | 39,709 | 39,883 | ||||||||||
| Income Statement & Cash Flow | US$ 000' | US$/TM Cu | US$ 000' | US$/TM Cu | US$ 000' | US$/TM Cu | US$ 000' | US$/TM Cu | ||||||
| Cost of Sales | 231,834 | 1,329,628 | 15,677 | - | 178,813 | 4,503 | 426,324 | 10,689 | ||||||
| Exploration in Operating Units | 29,058 | 166,655 | 113 | - | 6,449 | 162 | 35,620 | 893 | ||||||
| Royalties | 11,453 | 65,686 | 0 | - | 0 | 0 | 11,453 | 287 | ||||||
| Comercial Deductions3 | 36,063 | 206,830 | 48 | - | 95,240 | 2,398 | 131,352 | 3,293 | ||||||
| Selling Expenses | 8,432 | 48,360 | 58 | - | 8,899 | 224 | 17,389 | 436 | ||||||
| Administrative Expenses | 34,554 | 198,176 | 1,272 | - | 6,942 | 175 | 42,768 | 1,072 | ||||||
| Other, net | 6,918 | 39,677 | 1,757 | - | 813 | 20 | 9,488 | 238 | ||||||
| Sustaining Capex4 | 14,543 | 83,410 | 33 | - | 8,546 | 215 | 23,122 | 580 | ||||||
| By-product Credit | -521,061 | -2,988,423 | -21,859 | - | -65,717 | -1,655 | -608,637 | -15,260 | ||||||
| All-in Sustaining Cost | -148,206 | -850,001 | -2,901 | - | 239,986 | 6,044 | 88,879 | 2,228 | ||||||
| *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. | ||||||||||||||
| Notes: | ||||||||||||||
| 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. | ||||||||||||||
| 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 100% from El Brocal. | ||||||||||||||
| 3. For all metals produced. | ||||||||||||||
| 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. | ||||||||||||||
18
| All-in Sustaining Cost for 9M23 - Gold | ||||||||||||||
| Buenaventura1 | La Zanja | El Brocal | Consolidated 2 | Tantahuatay | ||||||||||
| 9M23 | 9M23 | 9M23 | 9M23 | 9M23 | ||||||||||
| Au Ounces Sold Net | 87,243 | 6,883 | 8,575 | 102,700 | 36,261 | |||||||||
| Income Statement & Cash Flow | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | ||||
| Cost of Sales | 129,229 | 1,481 | 24,261 | 3,525 | 191,114 | 22,288 | 344,604 | 3,355 | 54,686 | 1,508 | ||||
| Exploration in Operating Units | 32,699 | 375 | 438 | 64 | 5,914 | 690 | 39,051 | 380 | 10,012 | 276 | ||||
| Royalties | 9,446 | 108 | 0 | 0 | 0 | 0 | 9,446 | 92 | 0 | 0 | ||||
| Comercial Deductions3 | 13,983 | 160 | 96 | 14 | 120,572 | 14,062 | 134,651 | 1,311 | 342 | 9 | ||||
| Selling Expenses | 4,903 | 56 | 49 | 7 | 7,167 | 836 | 12,119 | 118 | 494 | 14 | ||||
| Administrative Expenses | 31,765 | 364 | 2,206 | 321 | 7,217 | 842 | 41,188 | 401 | 3,053 | 84 | ||||
| Other, net | 2,446 | 28 | 518 | 75 | 2,710 | 316 | 5,674 | 55 | -751 | -21 | ||||
| Sustaining Capex4 | 5,532 | 63 | 2,087 | 303 | 36,758 | 4,287 | 44,378 | 432 | 4,121 | 114 | ||||
| By-product Credit | -78,958 | -905 | -700 | -102 | -425,804 | -49,659 | -505,462 | -4,922 | -3,864 | -107 | ||||
| All-in Sustaining Cost | 151,045 | 1,731 | 28,955 | 4,207 | -54,351 | -6,339 | 125,649 | 1,223 | 68,093 | 1,878 | ||||
| All-in Sustaining Cost for 9M23 - Copper | ||||||||||||||
| Buenaventura1 | La Zanja | El Brocal | Consolidated 2 | |||||||||||
| 9M23 | 9M23 | 9M23 | 9M23 | |||||||||||
| Cu MT Sold Net | 50 | 0 | 41,889 | 41,940 | ||||||||||
| Income Statement & Cash Flow | US$ 000' | US$/TM Cu | US$ 000' | US$/TM Cu | US$ 000' | US$/TM Cu | US$ 000' | US$/TM Cu | ||||||
| Cost of Sales | 129,229 | 2,583,030 | 24,261 | - | 191,114 | 4,562 | 344,604 | 8,217 | ||||||
| Exploration in Operating Units | 32,699 | 653,588 | 438 | - | 5,914 | 141 | 39,051 | 931 | ||||||
| Royalties | 9,446 | 188,807 | 0 | - | 0 | 0 | 9,446 | 225 | ||||||
| Comercial Deductions3 | 13,983 | 279,491 | 96 | - | 120,572 | 2,878 | 134,651 | 3,211 | ||||||
| Selling Expenses | 4,903 | 98,001 | 49 | - | 7,167 | 171 | 12,119 | 289 | ||||||
| Administrative Expenses | 31,765 | 634,919 | 2,206 | - | 7,217 | 172 | 41,188 | 982 | ||||||
| Other, net | 2,446 | 48,891 | 518 | - | 2,710 | 65 | 5,674 | 135 | ||||||
| Sustaining Capex4 | 5,532 | 110,583 | 2,087 | - | 36,758 | 878 | 44,378 | 1,058 | ||||||
| By-product Credit | -245,783 | -4,912,705 | -13,595 | - | -79,558 | -1,899 | -338,936 | -8,082 | ||||||
| All-in Sustaining Cost | -15,779 | -315,394 | 16,060 | - | 291,894 | 6,968 | 292,175 | 6,967 | ||||||
| *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. | ||||||||||||||
| Notes: | ||||||||||||||
| 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. | ||||||||||||||
| 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 100% from El Brocal. | ||||||||||||||
| 3. For all metals produced. | ||||||||||||||
| 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. | ||||||||||||||
19
APPENDIX 6
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Interim condensed consolidated statements of financial position
As of September 30, 2024 (unaudited) and December 31, 2023 (audited)
| 2024 | 2023 | |||||||
| Assets | US$(000) | US$(000) | ||||||
| Current assets | ||||||||
| Cash and cash equivalents | 457,892 | 219,790 | ||||||
| Trade and other receivables | 248,982 | 240,319 | ||||||
| Inventories | 79,620 | 76,527 | ||||||
| Current income tax | 6,016 | 15,150 | ||||||
| Prepaid expenses | 13,373 | 25,976 | ||||||
| - | - | |||||||
| 805,883 | 577,762 | |||||||
| Non-current assets | ||||||||
| Trade and other receivables | 602,012 | 612,880 | ||||||
| Investments in associates and joint venture | 1,587,033 | 1,527,123 | ||||||
| Property, plant, equipment and development cost | 1,778,027 | 1,600,295 | ||||||
| Deferred income tax asset | 99,001 | 131,863 | ||||||
| Prepaid expenses | 21,484 | 22,148 | ||||||
| Current income tax assets | 1,668 | 1,909 | ||||||
| Other non-financial assets | 58,734 | 59,819 | ||||||
| 4,147,959 | 3,956,037 | |||||||
| Total assets | 4,953,842 | 4,533,799 | ||||||
| Liabilities and equity | ||||||||
| Current liabilities | ||||||||
| Trade and other payables | 266,935 | 293,621 | ||||||
| Financial obligations | 35,889 | 34,219 | ||||||
| Provisions | 87,738 | 107,491 | ||||||
| Income tax payable | 53,414 | 6,274 | ||||||
| 443,976 | 441,605 | |||||||
| Non-current liabilities | ||||||||
| Trade and other payables | 9,290 | 5,385 | ||||||
| Provisions | 646,683 | 193,209 | ||||||
| Financial obligations | 262,048 | 672,361 | ||||||
| Contingent consideration liability | 26,224 | 21,614 | ||||||
| Deferred income tax liabilities | 34,518 | 30,414 | ||||||
| 978,763 | 922,983 | |||||||
| Total liabilities | 1,422,739 | 1,364,588 | ||||||
| Equity | ||||||||
| Capital stock | 750,497 | 750,497 | ||||||
| Investment shares | 791 | 791 | ||||||
| Additional paid-in capital | 218,450 | 218,450 | ||||||
| Legal reserve | 163,539 | 163,372 | ||||||
| Other reserves | 31,897 | 31,897 | ||||||
| Other reserves of equity | (96 | ) | (96 | ) | ||||
| Retained earnings | 2,192,001 | 1,841,549 | ||||||
| Shareholders’ equity attributable to owners of the parent | 3,357,079 | 3,006,460 | ||||||
| Non-controlling interest | 174,024 | 162,751 | ||||||
| Total equity | 3,531,103 | 3,169,211 | ||||||
| Total liabilities and equity | 4,953,842 | 4,533,799 | ||||||
20
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Interim condensed consolidated statements of profit or loss (unaudited)
For the three-month and nine-month ended September 30, 2024 and 2023
For the three-month period ended September 30, | For the nine-month period ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Continuing operations | US$(000) | US$(000) | US$(000) | US$(000) | ||||||||||||
| Operating income | ||||||||||||||||
| Sales of goods | 329,017 | 207,705 | 850,235 | 559,489 | ||||||||||||
| Sales of services | 2,089 | 3,588 | 4,777 | 10,555 | ||||||||||||
| Total operating income | 331,106 | 211,293 | 855,012 | 570,044 | ||||||||||||
| Cost of sales | ||||||||||||||||
| Cost of sales of goods, excluding depreciation and amortization | (153,640 | ) | (134,863 | ) | (399,725 | ) | (338,695 | ) | ||||||||
| Unabsorbed cost due to production stoppage | (271 | ) | (7,467 | ) | (1,711 | ) | (18,002 | ) | ||||||||
| Cost of sales of services, excluding depreciation and amortization | (759 | ) | (1,332 | ) | (2,292 | ) | (3,476 | ) | ||||||||
| Depreciation and amortization | (43,815 | ) | (51,264 | ) | (119,717 | ) | (121,816 | ) | ||||||||
| Exploration in operating units | (13,703 | ) | (12,418 | ) | (35,808 | ) | (39,051 | ) | ||||||||
| Mining royalties | (5,866 | ) | (4,439 | ) | (15,017 | ) | (13,381 | ) | ||||||||
| Total costs of sales | (218,054 | ) | (211,783 | ) | (574,270 | ) | (534,421 | ) | ||||||||
| Gross profit (loss) | 113,052 | (490 | ) | 280,742 | 35,623 | |||||||||||
| Operating income (expenses), net | ||||||||||||||||
| Administrative expenses | (16,950 | ) | (17,536 | ) | (45,800 | ) | (54,656 | ) | ||||||||
| Selling expenses | (7,003 | ) | (4,277 | ) | (18,670 | ) | (12,745 | ) | ||||||||
| Exploration in non-operating areas | (6,297 | ) | (4,553 | ) | (16,847 | ) | (8,715 | ) | ||||||||
| Reversal (provision) of contingencies | (1,245 | ) | 240 | (1,878 | ) | 5,534 | ||||||||||
| Other, net | 204,751 | (2,919 | ) | 202,187 | (4,033 | ) | ||||||||||
| Total operating income (expenses), net | 173,256 | (29,045 | ) | 118,992 | (74,615 | ) | ||||||||||
| Operating profit (loss) | 286,308 | (29,535 | ) | 399,734 | (38,992 | ) | ||||||||||
| Share in the results of associates and joint venture | 48,664 | 46,375 | 150,189 | 113,368 | ||||||||||||
| Finance income | 3,654 | 2,122 | 7,627 | 6,073 | ||||||||||||
| Foreign currency exchange difference | 18,369 | (31,176 | ) | (572 | ) | 3,450 | ||||||||||
| Finance costs | (12,969 | ) | (13,381 | ) | (42,377 | ) | (43,455 | ) | ||||||||
| Profit (loss) before income tax | 344,026 | (25,595 | ) | 514,601 | 40,444 | |||||||||||
| Current income tax | (67,756 | ) | (11,925 | ) | (90,049 | ) | (22,228 | ) | ||||||||
| Deferred income tax | (30,385 | ) | 13,189 | (37,178 | ) | 24,298 | ||||||||||
| (98,141 | ) | 1,264 | (127,227 | ) | 2,070 | |||||||||||
| Profit (loss) from continuing operations | 245,885 | (24,331 | ) | 387,374 | 42,514 | |||||||||||
| Discontinued operations | ||||||||||||||||
| Profit (loss) from discontinued operations | (1,459 | ) | (167 | ) | (1,521 | ) | 439 | |||||||||
| Net profit (loss) | 244,426 | (24,498 | ) | 385,853 | 42,953 | |||||||||||
| Profit (loss) attributable to: | ||||||||||||||||
| Owners of the parent | 236,927 | (28,032 | ) | 369,075 | 29,627 | |||||||||||
| Non-controlling interest | 7,499 | 3,534 | 16,778 | 13,326 | ||||||||||||
| 244,426 | (24,498 | ) | 385,853 | 42,953 | ||||||||||||
| Basic and diluted profit (loss) per share, stated in U.S. dollars | 0.93 | (0.11 | ) | 1.45 | 0.12 | |||||||||||
21
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Interim condensed consolidated statements of cash flows (unaudited)
For the three-month and nine-month ended September 30, 2024 and 2023
| For the three-month period ended September 30, | For the nine-month period ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| US$(000) | US$(000) | US$(000) | US$(000) | |||||||||||||
| Cash flows from (used in) of operating activities | ||||||||||||||||
| Proceeds from sales of goods and services | 318,002 | 206,711 | 834,635 | 588,376 | ||||||||||||
| Dividends received from associates | 59,902 | 48,961 | 90,169 | 98,323 | ||||||||||||
| Recovery from value added tax | 9,141 | 9,631 | 32,101 | 42,971 | ||||||||||||
| Interest received | 1,609 | 1,639 | 2,397 | 4,314 | ||||||||||||
| Dividends received from investments | - | 1,150 | 150 | |||||||||||||
| Royalty received | - | - | ||||||||||||||
| Payments to suppliers and third-parties, and other net | (105,890 | ) | (104,989 | ) | (419,396 | ) | (379,544 | ) | ||||||||
| Payments to employees | (55,682 | ) | (33,962 | ) | (115,268 | ) | (100,969 | ) | ||||||||
| Interest paid | (16,862 | ) | (16,081 | ) | (35,713 | ) | (37,590 | ) | ||||||||
| Short-term and low value lease payments | (12,355 | ) | (9,884 | ) | (32,807 | ) | (28,159 | ) | ||||||||
| Income tax and royalties paid to the Peruvian State | (17,546 | ) | (7,293 | ) | (43,632 | ) | (19,393 | ) | ||||||||
| Payment of royalties | - | (3,235 | ) | (6,751 | ) | (9,446 | ) | |||||||||
| Payments for tax litigation | (542 | ) | (3,331 | ) | - | (3,569 | ) | |||||||||
| Others minor | 1,083 | - | 1,083 | - | ||||||||||||
| Net cash flows from (used in) operating activities | 180,860 | 88,167 | 307,968 | 155,464 | ||||||||||||
| Cash flows from (used in) of investing activities | ||||||||||||||||
| Collection from the sale of shares of the subsidiary Chaupiloma Dos de Cajamarca S.C.R.L. | 210,000 | - | 210,000 | - | ||||||||||||
| Proceeds from sale of property, plant and equipment | 3,387 | 2,455 | 9,587 | 6,485 | ||||||||||||
| Proceeds from the sale Contacto Corredores de Seguros S.A. shares to Howden | - | - | 1,060 | - | ||||||||||||
| Proceeds from sale of investments | - | 245 | - | 245 | ||||||||||||
| Payments for acquisition of property, plant and equipment | (95,448 | ) | (59,786 | ) | (236,769 | ) | (145,659 | ) | ||||||||
| Payments for acquisition of other assets | (155 | ) | (1,052 | ) | (1,524 | ) | (1,772 | ) | ||||||||
| Net cash flows from (used in) investing activities | 117,784 | (58,138 | ) | (17,646 | ) | (140,701 | ) | |||||||||
| Cash flows from (used in) financing activities | ||||||||||||||||
| Increase of bank loans | - | - | - | 49,000 | ||||||||||||
| Decrease (increase) of bank accounts in trust | (970 | ) | - | (1,040 | ) | 17 | ||||||||||
| Payments of bank loans | - | - | - | (49,000 | ) | |||||||||||
| Payments of financial obligations | (7,759 | ) | (7,758 | ) | (23,276 | ) | (23,276 | ) | ||||||||
| Dividends paid to controlling interest | - | - | (18,441 | ) | (18,542 | ) | ||||||||||
| Lease payments | (1,782 | ) | (1,181 | ) | (3,575 | ) | (3,430 | ) | ||||||||
| Dividends paid to non-controlling interest | (1,787 | ) | (1,641 | ) | (5,888 | ) | (1,641 | ) | ||||||||
| Net cash and cash equivalents used in financing activities | (12,298 | ) | (10,580 | ) | (52,220 | ) | (46,872 | ) | ||||||||
| Increase (decrease) in cash and cash equivalents during the period, net | 286,346 | 19,449 | 238,102 | (32,109 | ) | |||||||||||
| Cash and cash equivalents at beginning of period | 171,546 | 202,360 | 219,790 | 253,918 | ||||||||||||
| Cash and cash equivalents at the end of the period | 457,892 | 221,809 | 457,892 | 221,809 | ||||||||||||
22
For the three-month period ended September 30, | For the nine-month period ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| US$(000) | US$(000) | US$(000) | US$(000) | |||||||||||||
| Reconciliation of net profit to cash and cash equivalents provided by operating activities | ||||||||||||||||
| Net profit (loss) | 244,426 | (24,498 | ) | 385,853 | 42,953 | |||||||||||
| Plus (less): | ||||||||||||||||
| Collection from the sale of shares of the subsidiary Chaupiloma Dos de Cajamarca S.C.R.L. | (210,000 | ) | - | (210,000 | ) | - | ||||||||||
| Share in the results of associates and joint venture | (48,664 | ) | (46,375 | ) | (150,189 | ) | (113,368 | ) | ||||||||
| Deferred income tax (continuing operations) | 30,385 | (13,189 | ) | 37,178 | (24,298 | ) | ||||||||||
| Exchange difference | (18,369 | ) | 31,176 | 572 | (3,450 | ) | ||||||||||
| Reversal (provision) of contingencies | 1,245 | (240 | ) | 1,878 | (5,534 | ) | ||||||||||
| Depreciation and amortization in cost of sales | 43,815 | 51,264 | 119,717 | 121,816 | ||||||||||||
| Non - cash discontinued operations | (47 | ) | (49 | ) | (260 | ) | (1,637 | ) | ||||||||
| Provision for estimated fair value of sales | (7,488 | ) | 18 | (3,272 | ) | 13,746 | ||||||||||
| Workers´ participation provision | 6,199 | 2,899 | 9,021 | 4,691 | ||||||||||||
| Bonus provision - executives & employes | 2,816 | 4,447 | 14,309 | 10,391 | ||||||||||||
| Other minor | (3,675 | ) | 4,482 | (483 | ) | 14,778 | ||||||||||
| Net changes in operating assets and liabilities: | ||||||||||||||||
| Decrease (increase) in operating assets - | ||||||||||||||||
| Trade and other accounts receivable | (19,624 | ) | 16,604 | (2,752 | ) | 56,241 | ||||||||||
| Inventories | 6,141 | (26,589 | ) | 1,199 | (24,878 | ) | ||||||||||
| Income tax credit | 14,216 | - | 32,101 | 9,178 | ||||||||||||
| Prepaid expenses | 6,771 | 7,677 | 13,267 | 8,855 | ||||||||||||
| Increase (decrease) in operating liabilities - | ||||||||||||||||
| Trade and other accounts payable | 67,071 | 20,476 | (22,781 | ) | (43,590 | ) | ||||||||||
| Provisions | (11,583 | ) | (5,101 | ) | (15,780 | ) | (12,619 | ) | ||||||||
| Income tax payable | 17,865 | 19,535 | 8,221 | 7,435 | ||||||||||||
| Payments for tax litigation | (542 | ) | (3,331 | ) | - | (3,569 | ) | |||||||||
| Proceeds from dividends in associates | 59,902 | 48,961 | 90,169 | 98,323 | ||||||||||||
| Net cash and cash equivalents used in operating activities | 180,860 | 88,167 | 307,968 | 155,464 | ||||||||||||
23
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. | ||
| Date: October 30, 2024 | By: | /s/ DANIEL DOMÍNGUEZ VERA |
| Name: | Daniel Domínguez Vera | |
| Title: | Market Relations Officer | |