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 October 2020
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 Third Quarter 2020 Production Results
LIMA, Peru--(BUSINESS WIRE)--October 20, 2020--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 3Q20 results for production and volume sold.
In order to ensure transparency in light of uncertainties associated with the current operating environment, Buenaventura will be releasing its production data on a monthly basis until greater production continuity and visibility have been achieved.
| 3Q20 Production per Metal | |||||||
|---|---|---|---|---|---|---|---|
| (100% Basis) | |||||||
| Tambomayo | 1Q | 2Q | July | Aug | Sept | 3Q | 9M20 |
| Au [Oz] | 14,549 | 17,121 | 4,007 | 5,891 | 6,210 | 16,108 | 47,778 |
| Ag [Oz] | 385,532 | 410,010 | 86,292 | 154,874 | 154,746 | 395,913 | 1,191,454 |
| Pb [MT] | 1,194 | 1,190 | 408 | 509 | 555 | 1,472 | 3,856 |
| Zn [MT] | 1,267 | 831 | 318 | 401 | 574 | 1,292 | 3,390 |
| Orcopampa | 1Q | 2Q | July | Aug | Sept | 3Q | 9M20 |
| Au [Oz] | 8,160 | 7,612 | 4,384 | 6,777 | 3,936 | 15,096 | 30,869 |
| Coimolache | 1Q | 2Q | July | Aug | Sept | 3Q | 9M20 |
| Au [Oz] | 22,493 | 13,551 | 8,399 | 8,115 | 9,959 | 26,473 | 62,517 |
| La Zanja | 1Q | 2Q | July | Aug | Sept | 3Q | 9M20 |
| Au [Oz] | 3,297 | 3,028 | 1,610 | 2,076 | 1,401 | 5,087 | 11,411 |
| Yanacocha | 1Q | 2Q | July | Aug | Sept | 3Q | 9M20 |
| Au [Oz] | 121,802 | 67,827 | 25,901 | 26,543 | 27,430 | 79,874 | 269,503 |
| Julcani | 1Q | 2Q | July | Aug | Sept | 3Q | 9M20 |
| Ag [Oz] | 550,552 | 136,177 | 0 | 0 | 323,495 | 323,495 | 1,010,224 |
| Pb [MT] | 149 | 29 | 0 | 0 | 76 | 76 | 254 |
| Uchucchacua | 1Q | 2Q | July | Aug | Sept | 3Q | 9M20 |
| Ag [Oz] | 1,956,463 | 979,008 | 0 | 200,149 | 590,164 | 790,313 | 3,725,784 |
| Pb [MT] | 2,273 | 753 | 0 | 225 | 531 | 756 | 3,782 |
| Zn [MT] | 2,360 | 462 | 0 | 212 | 716 | 928 | 3,750 |
| El Brocal | 1Q | 2Q | July | Aug | Sept | 3Q | 9M20 |
| Au [Oz] | 4,054 | 1,049 | 1,039 | 1,080 | 1,236 | 3,354 | 8,457 |
| Ag [Oz] | 678,067 | 248,693 | 400,846 | 487,026 | 591,455 | 1,479,327 | 2,406,087 |
| Pb [MT] | 5,460 | 2,188 | 2,628 | 2,188 | 3,367 | 8,182 | 15,830 |
| Zn [MT] | 15,058 | 4,385 | 8,195 | 6,564 | 7,517 | 22,277 | 41,719 |
| Cu [MT] | 9,122 | 3,045 | 3,132 | 2,754 | 3,303 | 9,190 | 21,356 |
Additional Comments
Tambomayo: Achieved pre-Covid operating levels since September.
Orcopampa: Operated at pre-Covid levels for the duration of the quarter.
Coimolache: Ramp-up process continued during July until August, and reached pre-Covid operating levels since September.
La Zanja: Operating at pre-Covid levels since August.
Julcani: Operating at pre-Covid levels since September, when Julcani also treated prior month inventories. September production therefore reached above-average levels.
Uchucchacua: The only remaining Buenaventura mine not yet operating at pre-Covid levels. This is primarily due to a reduced workforce, and shortage of workers required to successfully operate at full capacity.
El Brocal: Operated at pre-Covid levels for the duration of the quarter. During the quarter Plant #2 was halted for nine consecutive days in August as part of the Planned Preventive Maintenance (PPM) for this mine.
It is important to note that the Company’s third and fourth quarter mining strategy is to focus operations within high-grade areas to offset COVID-19’s adverse impact on operations.
| 3Q20 Payable Volume Sold (100% basis) | ||||
|---|---|---|---|---|
| 1Q20 (Actual) | 2Q20 (Actual) | 3Q20 (Actual) | 9M20 (Actual) | |
| Gold (Oz.) | ||||
| Orcopampa | 9,016 | 3,675 | 17,159 | 29,849 |
| Tambomayo | 5,286 | 16,499 | 17,849 | 39,634 |
| La Zanja | 3,295 | 4,032 | 5,346 | 12,673 |
| Coimolache | 23,978 | 14,549 | 25,901 | 64,428 |
| El Brocal | 2,639 | 633 | 2,038 | 5,310 |
| Silver (Oz.) | ||||
| Uchucchacua | 1,880,330 | 644,014 | 875,489 | 3,399,834 |
| El Brocal | 466,365 | 187,339 | 1,182,127 | 1,835,831 |
| Tambomayo | 110,661 | 487,028 | 406,946 | 1,004,636 |
| Julcani | 514,114 | 119,531 | 289,258 | 922,903 |
| Lead (MT) | ||||
| El Brocal | 5,145 | 1,888 | 7,017 | 14,050 |
| Uchucchacua | 1,972 | 403 | 738 | 3,113 |
| Tambomayo | 282 | 1,547 | 1,680 | 3,508 |
| Julcani | 95 | 25 | 58 | 179 |
| Zinc (MT) | ||||
| El Brocal | 12,438 | 3,575 | 18,589 | 34,603 |
| Uchucchacua | 1,874 | 366 | 699 | 2,939 |
| Tambomayo | 992 | 810 | 1,058 | 2,860 |
| Copper (MT) | ||||
| El Brocal | 8,458 | 2,758 | 8,799 | 20,015 |
| Realized Metal Prices* | ||||
| Gold (Oz) | 1,692 | 1,775 | 1,939 | 1,835 |
| Silver (Oz) | 17.16 | 16.67 | 27.19 | 20.92 |
| Lead (MT) | 1,653 | 1,460 | 1,659 | 1,620 |
| Zinc (MT) | 1,824 | 1,112 | 2,349 | 2,005 |
| Copper (MT) | 5,536 | 5,085 | 6,448 | 5,875 |
| *Buenaventura consolidated figures |
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*, El Brocal, La Zanja and Coimolache).
The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation & Sumitomo Corporation), an important precious metal producer and 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 2019 Form 20-F, please contact the persons indicated above, or download a PDF format file from the Company’s web site.
(*) Operations wholly owned by Buenaventura
Note on Forward-Looking Statements This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company’s, Yanacocha’s and Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to the Company’s, Yanacocha’s and Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.
Contacts
Lima:
**Daniel Dominguez, Chief Financial Officer**
**\(511\) 419 2540**
Rodrigo Echecopar, Head of Investor Relations
**\(511\) 419 2591 / [email protected]**
NY:
**Barbara Cano**
**\(646\) 452 2334 [email protected]**
Company Website: www.buenaventura.com.pe/ir
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: October 20, 2020