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 February 2022
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
Fourth Quarter and Full year 2021 Results
Lima, Peru, February 24, 2022 – 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 fourth quarter (4Q21) and full year (FY21) ended December 31, 2021. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$).
Fourth Quarter and Full year 2021 Financial Highlights:
| ● | 4Q21 EBITDA from direct operations reached US$ 62.8 million, compared to US$ 59.1 million reported in 4Q20. FY21 EBITDA from direct operations reached US$ 204.4 million; a 39% increase of as compared to US$<br> 147.4 million for the FY20. |
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| ● | 4Q21 EBITDA including associated companies reached US$ 210.2 million, compared to US$ 171.7 million in 4Q20. FY21 EBITDA including associates reached US$ 719.0 million; a significant increase as compared to<br> US$ 403.0 million for the FY20. |
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| ● | 4Q21 net income reached US$ 163.0 million, compared to a US$ 7.8 million net loss for the same period in 2020 excluding discontinued operations. Increased net income year on year is due to improved Cerro<br> Verde results which were partially offset by one-off provision related to an early termination of contracts at Uchucchacua when operations were suspended. FY21 net income was US$ 124.8 million, compared to a US$ 83.5 million net loss in<br> the FY20 excluding discontinued operations. |
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| ● | 4Q21 exploration at operating units increased to US$ 15.5 million, from US$ 12.0 million in 4Q20; aligned with the Company’s strategy to focus primarily on exploration. FY21 exploration at operating units<br> increased to US$ 56.4 million, from US$ 28.0 million in FY20. |
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| ● | 4Q21 capital expenditures were US$ 32.2 million, compared to US$ 38.0 million for the same period in 2020. FY21 capital expenditures reached US$ 90.7 million, compared to US$ 73.2 million in FY20 primarily<br> related to US$ 13.9M in growth capex for San Gabriel as well as US$ 10.2M and US$ 19.5M in sustaining capex for Yumpag and El Brocal, respectively. |
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| ● | Cost Applicable to Sales (CAS) for the FY21 reflecting US$ 67.7 million in COVID-19 related expenses, compared to the US$ 30.5 million reported in FY20. Buenaventura expects to significantly reduce its<br> COVID-19 expenses by updating related protocols, aligned with an increase in vaccinated workforce. |
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| ● | Buenaventura’s cash position reached US$ 377.0 million as of December 31, 2021, reflecting US$ 137 million in dividends received from Cerro Verde in FY21. |
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Financial Highlights (in millions of US$, except EPS figures):
| 4Q21 | 4Q20 | Var | FY21 | FY20 | Var | |
|---|---|---|---|---|---|---|
| Total Revenues | 253.3 | 236.1 | 7% | 900.5 | 676.5 | 33% |
| Operating Income | -46.3 | -16.4 | 181% | -66.0 | -81.3 | 19% |
| EBITDA Direct Operations | 62.9 | 59.1 | 6% | 204.5 | 147.3 | 39% |
| EBITDA Including Affiliates | 210.4 | 171.7 | 23% | 719.2 | 402.8 | 79% |
| Profit (loss) from continuing operations | 163.0 | -7.8 | N.A. | 124.8 | -83.5 | N.A. |
| Net profit (loss) | -222.3 | -70.3 | 216% | -262.8 | -150.3 | 75% |
| Net profit (loss) attributable to owners of the parent | -224.8 | -60.0 | 275% | -264.1 | -135.7 | 95% |
| EPS | -0.89 | -0.24 | 275% | -1.04 | -0.53 | 95% |
(*) As of December 31, 2021, Buenaventura had a weighted average number of shares outstanding of 253,986,867.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 2 of 27 |
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2022 Highlights
| • | Buenaventura’s Board of Directors has proposed a dividend payment in the amount of US$ 0.073 per share/ADS, aligned with the Company’s commitment to its shareholders. |
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| • | The Company’s portfolio of Greenfield projects progressed well during the fourth quarter 2021. The San Gabriel (Au) project concluded its ‘Pre-Consultation’ processes with the Corire and Oyo-Oyo<br> communities, both of which would be most closely affected by the project. Construction permits are expected by 2Q22 followed by the full funding decision. |
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| • | Yumpag (Ag) project, which will add close to 30 MOz-Ag to the Uchucchacua LOM, progressed according to plan including EIA which is currently under review by the authorities. In the meantime, detailed<br> engineering is progressing related to the construction permit application process. This will enable Yumpaq to increase silver production in early 2024, adding to Uchucchacua production once operations have resumed. |
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| • | Buenaventura announced on February 8, 2022 that it sold its total stake in Yanacocha for US$ 300 million with contingent payments of up to US$ 100 million tied to future increases in metal prices.<br> Additionally, Newmont transferred its ownership interest in the La Zanja joint venture to Buenaventura in exchange for royalties on any future production and contributed an additional $45 million to cover future closure costs. |
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| • | The net proceeds of the Yanacocha sale, combined with the dividends received from Cerro Verde during 4Q21, enable Buenaventura to fully pre-pay US$ 275 million of its syndicated loan, representing 100% of<br> the outstanding debt, while also partially funding the San Gabriel project. This decision is aligned with Buenaventura´s commitment to deleveraging the company and improving its balance sheet. |
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| • | Buenaventura finished its ESG Materiality Assessment in 2021, which serves as a roadmap for its sustainability strategy. In 2022, Buenaventura will focus on measuring KPIs such as carbon emissions, water<br> consumption and management, and human rights due diligence, among others. |
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2022 CAPEX Guidance
| • | The company expects a total CAPEX between US$ 190 – 210 million during 2022 including US$ 90 – 100 million in sustaining capex and US$ 100 – 110 million in growth capex, primarily related to investments in<br> San Gabriel. |
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| Operating Revenues | |
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4Q21 net sales were US$ 249.7 million, as compared to US$ 231.5 million reported in 4Q20; a slight year-on-year increase driven by higher base metal prices during the quarter with an increase in copper volume sold.
| Operating Highlights | 4Q21 | 4Q20 | % | FY21 | FY20 | % |
|---|---|---|---|---|---|---|
| Net Sales (million of US$) | 249.7 | 231.5 | 8% | 884.5 | 657.9 | 34% |
| Average Gold Price (US$/oz.) Direct Operations ^(1) (2)^ | 1,784 | 1,858 | -4% | 1,775 | 1,842 | -4% |
| Average Gold Price (US$/oz.) inc Associated ^(2) (3)^ | 1,784 | 1,860 | -4% | 1,776 | 1,791 | -1% |
| Average Silver Price (US$/oz.)^(2)^ | 21.54 | 24.96 | -14% | 25.09 | 22.14 | 13% |
| Average Lead Price (US$/MT)^(2)^ | 2,429 | 1,954 | 24% | 2,291 | 1,708 | 34% |
| Average Zinc Price (US$/MT)^(2)^ | 3,482 | 2,915 | 19% | 3,182 | 2,234 | 42% |
| Average Copper Price (US$/MT)^(2)^ | 9,193 | 7,121 | 29% | 9,455 | 6,259 | 51% |
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 3 of 27 | ||||||
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| Volume Sold | 4Q21 | 4Q20 | % | FY21 | FY20 | % |
| --- | --- | --- | --- | --- | --- | --- |
| Gold Oz Direct Operations ^(1)^ | 47,560 | 37,108 | 28% | 147,956 | 124,644 | 19% |
| Gold Oz inc Associated ^(3)^ | 56,988 | 85,102 | -33% | 192,989 | 314,666 | -39% |
| Silver Oz | 2,524,061 | 3,146,072 | -20% | 12,631,890 | 10,410,477 | 21% |
| Lead MT | 5,224 | 7,499 | -30% | 22,659 | 28,348 | -20% |
| Zinc MT | 10,726 | 13,569 | -21% | 45,122 | 53,971 | -16% |
| Copper MT | 9,807 | 8,932 | 10% | 36,015 | 28,966 | 24% |
| (1) | Buenaventura Consolidated figure includes 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal. | |||||
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| (2) | The realized price takes into account the adjustments of quotational periods. | |||||
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| (3) | Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal and 40.095% of Coimolache. | |||||
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| Production and Operating Costs | ||||||
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Buenaventura’s 4Q21 equity gold production was 59,033 ounces, compared to 51,443 ounces produced in 4Q20. Silver equity production decreased by 27% year on year, lead equity production decreased by 32% year on year and zinc equity production decreased by 19% year on year, primarily due to the suspension of Uchucchacua operations. The Company’s 4Q21 copper production increased by 8%, year on year.
| Equity Production | 4Q21 | 4Q20 | % | FY21 | FY20 | % |
|---|---|---|---|---|---|---|
| Gold Oz Direct Operations^(1)^ | 49,223 | 34,001 | 45% | 153,330 | 129,429 | 18% |
| Gold Oz including Associated^(2)^ Companies | 59,033 | 51,443 | 15% | 197,665 | 171,936 | 15% |
| Silver Oz Direct Operations^(1)^ | 2,244,836 | 3,124,923 | -28% | 12,022,524 | 10,594,658 | 13% |
| Silver Oz including Associated Companies | 2,490,615 | 3,403,873 | -27% | 13,003,439 | 11,537,665 | 13% |
| Lead MT | 4,621 | 6,819 | -32% | 20,823 | 24,436 | -15% |
| Zinc MT | 9,301 | 11,453 | -19% | 41,437 | 44,221 | -6% |
| Copper MT Direct Operations^(1)^ | 6,332 | 5,737 | 10% | 23,291 | 18,930 | 23% |
| Copper MT including Associated Companies^(3)^ | 27,493 | 25,404 | 8% | 102,075 | 91,766 | 11% |
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 4 of 27 | ||||||
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| Consolidated Production | 4Q21 | 4Q20 | % | FY21 | FY20 | % |
| --- | --- | --- | --- | --- | --- | --- |
| Gold Oz^(4)^ | 51,199 | 35,311 | 45% | 160,222 | 134,000 | 20% |
| Silver Oz^(4)^ | 2,823,117 | 3,550,156 | -20% | 14,398,043 | 11,947,919 | 21% |
| Lead MT^(4)^ | 5,542 | 8,453 | -34% | 24,717 | 32,175 | -23% |
| Zinc MT^(4)^ | 12,474 | 16,541 | -25% | 55,312 | 65,399 | -15% |
| Copper MT^(4)^ | 10,308 | 9,306 | 11% | 37,914 | 30,735 | 23% |
| (1) | Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 100% of La Zanja and 61.43% of El Brocal. | |||||
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| (2) | Based on 100% of Buenaventura´s operating units, 100% of La Zanja, 61.43% of el Brocal and 40.095% of Coimolache. | |||||
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| (3) | Based on 100% of Buenaventura´s operating units, 61.43% of el Brocal and 19.58% of Cerro Verde. | |||||
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| (4) | Based on 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal. | |||||
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Tambomayo (100% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 4Q21 | 4Q20 | Var % | FY21 | FY20 | Var % | ||
| Gold | Oz | 18,406 | 15,699 | 17% | 69,554 | 63,477 | 10% |
| Silver | Oz | 588,138 | 477,127 | 23% | 1,815,288 | 1,668,582 | 9% |
| Cost Applicable to Sales | |||||||
| 4Q21 | 4Q20 | Var % | FY21 | FY20 | Var % | ||
| Gold | US$/Oz | 1,023 | 1,011 | 1% | 950 | 941 | 1% |
4Q21 gold production at Tambomayo increased 17% year on year, primarily due to increased metallurgical recovery which was partially offset by decreased gold recovery due a re-scheduled high-grade sill pillar. This sill pillar will be mined during 1Q and 2Q of 2022.
4Q21 Cost Applicable to Sales (CAS) increased to 1,023 US$/Oz, from 1,011 US$/Oz in 4Q20, primarily due to a 29% year on year increase in commercial deductions, as the Company sold more doré bars during the fourth quarter 2020. COVID-19 related expenses also increased by US$ 0.8 M, year on year.
Gold production guidance for 2022 is 45k – 50k ounces and silver production guidance is 1.8M – 2.4M ounces.
Orcopampa (100% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 4Q21 | 4Q20 | Var % | FY21 | FY20 | Var % | ||
| Gold | Oz | 19,358 | 10,260 | 89% | 50,020 | 41,129 | 22% |
| Silver | Oz | 7,274 | 2,414 | 201% | 14,814 | 9,069 | 63% |
| Cost Applicable to Sales | |||||||
| 4Q21 | 4Q20 | Var % | FY21 | FY20 | Var % | ||
| Gold | US$/Oz | 1,023 | 1,318 | -22% | 1,303 | 962 | 35% |
Increased 4Q21 gold production at Orcopampa was primarily due to a 157% year on year increase in ore volume treated due to earlier than expected production from the Pucara Ramal 4, 5 and 6 vein system. Cost Applicable to Sales (CAS) decreased to 1,023 US$/Oz in 4Q21, compared to 1,318 US$/Oz in 4Q20 due to a more stable operation despite a 55% increase in exploration expenses. COVID-19 related expenses also increased by US$ 0.7 M year on year.
Gold production guidance for 2022 is 57k – 65k ounces
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 5 of 27 |
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La Zanja (100% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 4Q21 | 4Q20 | Var % | FY21 | FY20 | Var % | ||
| Gold | Oz | 8,289 | 5,817 | 42% | 22,611 | 17,228 | 31% |
| Silver | Oz | 32,961 | 27,083 | 22% | 104,534 | 84,641 | 24% |
| Cost Applicable to Sales | |||||||
| 4Q21 | 4Q20 | Var % | FY21 | FY20 | Var % | ||
| Gold | US$/Oz | 1,665 | 1,822 | -9% | 1,697 | 1,739 | -2% |
4Q21 gold production increased by 42% year on year due to increased volume treated with a positive gold grade reconciliation of the Pampa Verde open pit Phase 4. 4Q21 Cost Applicable to Sales (CAS) was 1,665 US$/Oz; a 9% decrease compared to 1,822 US$/Oz in 4Q20 as Phase 4 Pampa Verde pre-stripping is progressing and new mining benches were accessible during the quarter for operation which more than offset an increase in exploration costs, to reach US$ 300k for the fourth quarter 2021. COVID-19 related expenses were in line compared to 4Q20.
Gold production guidance for 2022 is 37k – 45k ounces
Coimolache (40.10% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 4Q21 | 4Q20 | Var % | FY21 | FY20 | Var % | ||
| Gold | Oz | 24,468 | 43,500 | -44% | 110,575 | 106,017 | 4% |
| Silver | Oz | 121,076 | 245,024 | -51% | 647,468 | 699,361 | -7% |
| Cost Applicable to Sales | |||||||
| 4Q21 | 4Q20 | Var % | FY21 | FY20 | Var % | ||
| Gold | US$/Oz | 1,147 | 806 | 42% | 936 | 854 | 10% |
4Q21 gold production at Coimolache decreased by 44% year on year, as part of mining sequence optimization that enabled early gold production in the previous quarters while exceeding guidance on an annual basis. 4Q21 Cost Applicable to Sales (CAS) increased 42% to 1,147 US$/Oz, compared to 806 US$/Oz in 4Q20, mainly due to a 42% decrease in gold ounces sold. COVID-19 related expenses also increased by US$ 0.8 M year on year.
Gold production guidance for 2022 is 75k – 80k ounces
Uchucchacua (100% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 4Q21 | 4Q20 | Var % | FY21 | FY20 | Var % | ||
| Silver | Oz | 0 | 1,274,529 | -100% | 3,732,391 | 5,000,312 | -25% |
| Zinc | MT | 0 | 1,474 | -100% | 6,203 | 5,223 | 19% |
| Lead | MT | 0 | 1,369 | -100% | 4,836 | 5,151 | -6% |
| Cost Applicable to Sales | |||||||
| 4Q21 | 4Q20 | Var % | FY21 | FY20 | Var % | ||
| Silver | US$/Oz | 15.09 | 30.20 | -50% | 27.45 | 22.24 | 23% |
4Q21 Cost Applicable to Sales (CAS) decreased by 50% year on year and is associated with the sale of silver remaining from 3Q21 production. COVID-19 related expenses decreased by US$ 3.3 M year on year once operations were suspended.
Contractor de-mobilization was completed in 4Q21. Tunneling resumed in December 2021 with Buenaventura personnel and resources as well as diamond drilling completed by a contractor. Both activities focused on exploration. The total amount of meters in tunneling and diamond drilling will increase during 2022 as part of the strategy to temporarily suspend operations and explore and reschedule mine development. Operations are expected to resume in the near future, with more stable and efficient KPIs.
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Julcani (100% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 4Q21 | 4Q20 | Var % | FY21 | FY20 | Var % | ||
| Silver | Oz | 695,439 | 666,507 | 4% | 2,572,036 | 1,676,731 | 53% |
| Cost Applicable to Sales | |||||||
| 4Q21 | 4Q20 | Var % | FY21 | FY20 | Var % | ||
| Silver | US$/Oz | 16.52 | 13.70 | 21% | 16.79 | 14.27 | 18% |
Julcani 4Q21 silver production increased by 4% year on year due to a 25% increase in ore treated, offsetting lower silver grades. 4Q21 Cost Applicable to Sales (CAS) was 16.52 US$/Oz; a 21% year on year increase due to a 23% increase in exploration expenses which were postponed in 2022 due to the pandemic. COVID-19 related expenses decreased by US$ 0.2 M year on year.
Silver production guidance for 2022 is 2.2M – 2.5M ounces
El Brocal (61.43% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 4Q21 | 4Q20 | Var % | FY21 | FY20 | Var % | ||
| Copper | MT | 10,308 | 9,252 | 11% | 37,914 | 30,608 | 24% |
| Zinc | MT | 8,227 | 13,191 | -38% | 35,975 | 54,909 | -34% |
| Silver | Oz | 1,499,305 | 1,102,496 | 36% | 6,158,981 | 3,508,585 | 76% |
| Cost Applicable to Sales | |||||||
| 4Q21 | 4Q20 | Var % | FY21 | FY20 | Var % | ||
| Copper | US$/MT | 7,426 | 5,386 | 38% | 6,593 | 5,135 | 28% |
| Zinc | US$/MT | 2,524 | 2,308 | 9% | 1,937 | 1,923 | 1% |
El Brocal 4Q21 copper production increased by 11% year on year. Tajo Norte 4Q21 zinc production decreased by 38% year on year as part of the anticipated transition from polymetallic to copper ore in the open pit mining sequence.
4Q21 Copper Cost Applicable to Sales (CAS) increased by 38% year on year while zinc CAS increased by 9% year on year. These increases are primarily due to: (1) a US$ 4.8 M year on year increase in COVID-19 related expenses and (2) the stripping ratio increase by 15 times, as compared to seven times for the same period in 2020.
Zinc production guidance for 2022 is 18k – 22k metric tonnes, lead production guidance for 2022 is 7k – 10k metric tonnes and copper production guidance for 2022 is 40k – 45k metric tonnes.
| General and Administrative Expenses |
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4Q21 General and Administrative expenses were US$ 18.9 million; a 9% increase as compared to US$ 17.3 million in 4Q20.
| Exploration in Non-Operating Areas |
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4Q21 Non-Operating Area exploration costs were US$ 4.0 million, compared with US$ 3.2 million in 4Q20. During the fourth quarter 2021, Buenaventura focused exploration primarily on its Emperatriz project, resulting in US$ 2.2 million in exploration costs during 4Q21. Increased exploration during the quarter is aligned with Buenaventura’s Strategy to focus on extending LOM.
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| Net gain (loss) for currency exchange difference |
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4Q21 currency exchange related net loss was US$ 22.8 million, compared with a net loss of US$ 0.2 million in 4Q20 due to a year on year weakening of the PEN relative to the US dollar (3.624 PEN/USD in 2020 vs 3.998 PEN/USD in 2021). SUNAT’s claim is registered in Peruvian Soles as part of Buenaventura’s ‘accounts receivables’, therefore, a higher exchange rate decreases the total amount when converted to US dollars.
| Share in Associated Companies |
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During 4Q21, Buenaventura’s share in associated companies increased to US$ 73.8 million, compared to US$ 37.6 million reported in 4Q20, comprised of:
| Share in the Result of Associates<br><br> <br>(in millions of US$) | 4Q21 | 4Q20 | Var | FY21 | FY20 | Var |
|---|---|---|---|---|---|---|
| Cerro Verde Contribution | 74.8 | 29.5 | 153% | 233.3 | 53.8 | 334% |
| Coimolache Contribution | -0.5 | 8.6 | N.A. | 8.2 | 10.1 | -19% |
| Others Contribution | -0.4 | -0.5 | -5% | -1.1 | -1.1 | -5% |
| Total Income from non-consolidated affiliates | 73.8 | 37.6 | 96% | 240.5 | 62.7 | 284% |
CERRO VERDE (19.58% owned by Buenaventura)
4Q21 copper production was 108,074 MT, 21,161 MT of which is attributable to Buenaventura; an increase as compared to 100,442 MT produced in 4Q20; 19,666 MT of which was attributable to Buenaventura.
Cerro Verde reported 4Q21 net income of US$ 381.7 million, compared to net income of US$ 150.6 million in 4Q20. This is primarily due to a 34% year on year net sales increase, mainly due to a higher average realized copper price of US$ 4.76 per pound in the fourth quarter of 2021, compared to US$ 3.83 per pound in the fourth quarter of 2020. This increase was partially offset by a year-on-year income tax increase and on workers participation.
4Q21 capital expenditures at Cerro Verde were US$ 54.6 million.
COIMOLACHE (40.10% owned by Buenaventura)
4Q21 attributable contribution to net loss was US$ 0.5 million, as compared to US$ 8.6 million attributable contribution to net income in 4Q20.
| Loss from discontinued operations |
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In December 2021, Buenaventura's management reclassified its investment held with Yanacocha as available for sale, which at December 31, 2021 was registered as a US$ 264.8 million liability in the Statement of Financial Position.
Under IFRS 5 "Non-current assets held for sale and discontinued operations", the Group's management determined that its operation in Yanacocha qualified to be recognized as a discontinued operation and therefore reclassified the effects recorded in the Income Statement for the years 2020 and 2019 under the account "Net loss from discontinued operations attributable to the parent company".
On February 7, 2022, the Company entered into definitive agreements with Newmont Corporation ("Newmont") to sell its entire interest in Yanacocha, see details in note.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 8 of 27 |
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| Others |
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The following resolution was passed at the Company’s February 24, 2022 Board of Directors Meeting:
| • | Call for Annual Shareholders Meeting to be held on March 31, 2022 with the following items for approval: |
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| 1. | Approval of the 2021 Annual Report |
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| 2. | Approval of the Financial Statements for the year ended December 31, 2021 |
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| 3. | Compensation for the Board of Directors – 2021 |
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| 4. | Appointment of Independent Auditors for Year 2022 |
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| 5. | Distribution of Dividends |
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| 6. | ESG Report |
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Company Description
Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded, precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines as well as through its participation in joint exploration projects.
Buenaventura currently operates several mines in Peru: Tambomayo*, Orcopampa*, Uchucchacua*, Julcani*, La Zanja*, El Brocal and Coimolache.
The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer.
For a printed version of the Company’s 2020 Form 20-F, please contact the investor relations contacts on page 1 of this report, or download the PDF format file from the Company’s web site at www.buenaventura.com.
(*) Operations wholly owned by Buenaventura
| Note on Forward-Looking Statements<br> <br>This press release and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company’s ability to manage its business and<br> liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s results of operations, including net revenues, earnings and cash flows, the Company’s ability to reduce costs and capital spending<br> in response to the COVID-19 pandemic if needed, the Company’s balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company’s prospects for financial performance, growth and achievement of<br> its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases.<br><br> <br><br><br> <br>This press release may also contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning<br> the Company’s 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,<br> 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<br> reflect the Company’s view with respect to the Company’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<br> discussed elsewhere in this Press Release. |
|---|
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 9 of 27 |
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**Tables to follow**
APPENDIX 1
| Equity Participation in<br><br> <br>Subsidiaries and Associates (as of December 31, 2021) | ||
|---|---|---|
| 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. ** | 40.10 | 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
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 10 of 27 |
|---|
APPENDIX 2
| 4Q21 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Gold Production | ||||||||
| Mining Unit | Operating Results | Unit | 4Q21 | 4Q20 | △% | FY21 | FY20 | △ % |
| Underground | ||||||||
| Tambomayo | Ore Milled | DMT | 150,884 | 150,851 | 0% | 566,881 | 510,405 | 11% |
| Ore Grade | Gr/MT | 4.14 | 5.25 | -21% | 4.35 | 5.10 | -15% | |
| Recovery Rate | % | 91.56 | 61.69 | 48% | 87.80 | 75.80 | 16% | |
| Ounces Produced | Oz | 18,406 | 15,699 | 17% | 69,554 | 63,477 | 10% | |
| Orcopampa | Ore Milled | DMT | 62,132 | 24,171 | 157% | 189,265 | 88,249 | 114% |
| Ore Grade | Gr/MT | 9.43 | 12.88 | -27% | 8.20 | 14.65 | -44% | |
| Recovery Rate | % | 102.78 | 93.38 | 10% | 100.19 | 96.41 | 4% | |
| Ounces Produced* | Oz | 19,358 | 10,260 | 89% | 50,020 | 41,129 | 22% | |
| Open Pit | ||||||||
| La Zanja | Ounces Produced | Oz | 8,289 | 5,817 | 42% | 22,611 | 17,228 | 31% |
| Coimolache | Ounces Produced | Oz | 24,468 | 43,500 | -44% | 110,575 | 106,017 | 4% |
| Silver Production | ||||||||
| Mining Unit | Operating Results | Unit | 4Q21 | 4Q20 | △% | FY21 | FY20 | △ % |
| Underground | ||||||||
| Tambomayo | Ore Milled | DMT | 150,884 | 150,851 | 0% | 566,881 | 510,405 | 11% |
| Ore Grade | Oz/MT | 4.29 | 3.59 | 20% | 3.63 | 3.97 | -9% | |
| Recovery Rate | % | 90.77 | 88.06 | 3% | 88.25 | 82.39 | 7% | |
| Ounces Produced | Oz | 588,138 | 477,127 | 23% | 1,815,288 | 1,668,582 | 9% | |
| Uchucchacua | Ore Milled | DMT | 0 | 148,173 | -100% | 757,945 | 550,718 | 38% |
| Ore Grade | Oz/MT | 0.00 | 10.07 | -100% | 6.45 | 10.10 | -36% | |
| Recovery Rate | % | 0.00 | 85.45 | -100% | 76.35 | 89.88 | -15% | |
| Ounces Produced | Oz | 0 | 1,274,529 | -100% | 3,732,391 | 5,000,312 | -25% | |
| Julcani* | Ore Milled | DMT | 33,681 | 26,904 | 25% | 127,925 | 71,943 | 78% |
| Ore Grade | Oz/MT | 20.82 | 23.88 | -13% | 20.12 | 22.67 | -11% | |
| Recovery Rate | % | 98.08 | 96.95 | 1% | 97.38 | 96.88 | 1% | |
| Ounces Produced* | Oz | 695,439 | 666,507 | 4% | 2,572,036 | 1,676,731 | 53% | |
| Marcapunta | Ore Milled | DMT | 744,345 | 472,303 | 58% | 2,517,474 | 1,659,731 | 52% |
| Ore Grade | Oz/MT | 0.93 | 0.96 | -3% | 0.96 | 0.78 | 24% | |
| Recovery Rate | % | 56.55 | 52.82 | 7% | 53.70 | 62.98 | -15% | |
| Ounces Produced | Oz | 370,931 | 239,555 | 55% | 1,291,226 | 812,501 | 59% | |
| Open Pit | ||||||||
| Tajo Norte<br><br> Cu – Ag | Ore Milled | DMT | 5,515 | 91,477 | -94% | 313,515 | 91,477 | 243% |
| Ore Grade | Oz/MT | 2.72 | 3.80 | -28% | 4.47 | 3.80 | 18% | |
| Recovery Rate | % | 76.64 | 50.51 | 52% | 56.53 | 50.51 | 12% | |
| Ounces Produced | Oz | 11,496 | 175,556 | -93% | 797,884 | 175,556 | 354% | |
| Tajo Norte<br><br> Pb – Zn | Ore Milled | DMT | 667,383 | 864,200 | -23% | 2,450,214 | 2,873,790 | -15% |
| Ore Grade | Oz/MT | 2.32 | 1.73 | 34% | 2.35 | 1.41 | 67% | |
| Recovery Rate | % | 72.07 | 57.83 | 25% | 70.68 | 66.52 | 6% | |
| Ounces Produced | Oz | 1,116,878 | 862,941 | 29% | 4,069,870 | 2,696,084 | 51% | |
| (*) Includes 7,651 ounces from retreatment of tailing dams in 4Q21 and 65,552 in FY21. |
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 11 of 27 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Zinc Production | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Mining Unit | Operating Results | Unit | 4Q21 | 4Q20 | △% | FY21 | FY20 | △ % |
| Underground | ||||||||
| Tambomayo | Ore Milled | DMT | 150,884 | 150,851 | 0% | 566,881 | 510,405 | 11% |
| Ore Grade | % | 3.61 | 2.20 | 64% | 2.85 | 1.92 | 48% | |
| Recovery Rate | % | 78.05 | 56.66 | 38% | 81.31 | 53.62 | 52% | |
| MT Produced | MT | 4,247 | 1,876 | 126% | 13,135 | 5,266 | 149% | |
| Uchucchacua | Ore Milled | DMT | 0 | 148,173 | -100% | 757,945 | 550,718 | 38% |
| Ore Grade | % | 0.00 | 1.50 | -100% | 1.61 | 1.56 | 4% | |
| Recovery Rate | % | 0.00 | 66.49 | -100% | 50.75 | 60.90 | -17% | |
| MT Produced | MT | 0 | 1,474 | -100% | 6,203 | 5,223 | 19% | |
| Open Pit | ||||||||
| Tajo Norte<br><br> Pb - Zn | Ore Milled | DMT | 667,383 | 864,200 | -23% | 2,450,214 | 2,873,790 | -15% |
| Ore Grade | % | 2.27 | 2.76 | -18% | 2.51 | 3.43 | -27% | |
| Recovery Rate | % | 54.32 | 55.32 | -2% | 58.48 | 55.70 | 5% | |
| MT Produced | MT | 8,227 | 13,191 | -38% | 35,975 | 54,909 | -34% | |
| Copper Production | ||||||||
| Mining Unit | Operating Results | Unit | 4Q21 | 4Q20 | △% | FY21 | FY20 | △ % |
| Underground | ||||||||
| Marcapunta | Ore Milled | DMT | 744,345 | 472,303 | 58% | 2,517,474 | 1,659,731 | 52% |
| Ore Grade | % | 1.69 | 2.05 | -17% | 1.70 | 1.97 | -14% | |
| Recovery Rate | % | 82.48 | 89.77 | -8% | 83.61 | 91.78 | -9% | |
| MT Produced | MT | 10,268 | 8,681 | 18% | 35,679 | 30,038 | 19% | |
| Tajo Norte<br><br> Cu - Ag | Ore Milled | DMT | 5,515 | 91,477 | -94% | 313,515 | 91,477 | 243% |
| Ore Grade | % | 1.01 | 1.04 | -3% | 0.98 | 1.04 | -6% | |
| Recovery Rate | % | 72.26 | 59.97 | 20% | 63.75 | 59.97 | 6% | |
| MT Produced | MT | 40 | 570 | -93% | 1,957 | 570 | 243% |
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 12 of 27 |
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APPENDIX 3: Adjusted EBITDA Reconciliation (in thousand US$)
| EBITDA RECONCILIATION (in thousand US) | |||
|---|---|---|---|
| 4Q20 | FY21 | FY20 | |
| Net Income | -59,859 | -262,804 | -150,339 |
| Add / Substract: | 118,991 | 467,170 | 297,719 |
| Depreciation and Amortization in cost of sales | 59,125 | 187,211 | 189,620 |
| Share in associated companies by the equity method, net | 25,583 | -240,450 | -62,702 |
| Interest expense | 14,692 | 60,629 | 37,822 |
| Impairment (reversal) of inventories | -2,112 | -343 | 6,558 |
| Provision of bonuses and compensations | 2,537 | 15,519 | 13,106 |
| Depreciation and amortization in administration expenses | 950 | 3,680 | 3,700 |
| Loss (gain) on currency exchange difference | 225 | 18,686 | 4,116 |
| Loss from discontinued operations | -9,689 | 387,604 | 66,810 |
| Provision (credit) for income tax, net | 12,771 | -23,671 | 25,430 |
| Depreciation and amortization in other, net | 28 | 107 | 105 |
| Interest income | -171 | -5,952 | -2,411 |
| Provision (reversal) for contingencies | 3,763 | 2,687 | 4,150 |
| Workers participation provision (reversal) | 57 | 1,653 | 57 |
| Write-off of fixed assets | 12,675 | 9,178 | 12,675 |
| Impairment of long-term lived assets | -2,083 | 14,910 | -2,083 |
| Changes in provision of exploration activities | 640 | 2,030 | 642 |
| Contractor claim provisions | 0 | 17,750 | 0 |
| Changes in environmental liabilities provisions | 0 | 15,533 | 124 |
| Provisions for accounts receivables | 0 | 409 | 0 |
| EBITDA Buenaventura Direct Operations | 59,132 | 204,366 | 147,380 |
| EBITDA Cerro Verde (19.58%) | 93,273 | 471,992 | 212,163 |
| EBITDA Coimolache (40.095%) | 19,297 | 42,689 | 43,419 |
| EBITDA Buenaventura + All Associates | 171,703 | 719,047 | 402,962 |
All values are in US Dollars.
*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.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 13 of 27 |
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Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) to provide further information with respect to its operating performance and the operating performance of its equity investees, the affiliates. EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) are not a measure of financial performance under IFRS, and may not be comparable to similarly titled measures of other companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) as alternatives to operating income or net income determined in accordance with IFRS, as an indicator of Buenaventura’s, affiliates operating performance, or as an alternative to cash flows from operating activities
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 14 of 27 |
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APPENDIX 4: 2021 RESERVES
| RESERVES AS OF DECEMBER 31st 2021 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| PRELIMINARY PROVEN AND PROBABLE RESERVES | ||||||||||
| GOLD | ||||||||||
| MT (000) | Grade Oz/TMS | Oz (000) | Attributable (000) | |||||||
| Orcopampa | 100.00 | 516,639 | 0.30 | 155,690 | 155,690 | |||||
| Julcani | 100.00 | 293,373 | 0.00 | 1,270 | 1,270 | |||||
| Tambomayo | 100.00 | 1,406,097 | 0.10 | 135,162 | 135,162 | |||||
| La Zanja | 100.00 | 8,363,730 | 0.01 | 90,964 | 90,964 | |||||
| Coimolache | 40.10 | 65,453,541 | 0.01 | 626,398 | 251,154 | |||||
| El Brocal Marcapunta | 61.43 | 35,737,790 | 0.02 | 849,215 | 521,673 | |||||
| El Brocal (Tajo Norte Smelter - Cu-Ag) | 61.43 | 26,187,488 | 0.01 | 186,856 | 114,786 | |||||
| San Gabriel | 100.00 | 14,934,000 | 0.14 | 1,657,000 | 1,657,000 | |||||
| Total | 3,702,555 | 2,927,698 | ||||||||
| SILVER | ||||||||||
| MT (000) | Grade Oz/TMS | Oz (000) | Attributable (000) | |||||||
| Uchucchacua (Ag - Zn - Pb) | 100.00 | 6,583,730 | 9.87 | 64,949,797 | 64,949,797 | |||||
| Julcani | 100.00 | 293,373 | 19.46 | 5,708,771 | 5,708,771 | |||||
| Orcopampa | 100.00 | 516,639 | 0.57 | 295,176 | 295,176 | |||||
| Tambomayo | 100.00 | 1,406,097 | 5.18 | 7,283,125 | 7,283,125 | |||||
| La Zanja | 100.00 | 8,363,730 | 0.11 | 914,562 | 914,562 | |||||
| Coimolache | 40.10 | 65,453,541 | 0.27 | 17,716,989 | 7,103,627 | |||||
| El Brocal (Tajo Norte Smelter - Cu-Ag) | 61.43 | 26,187,488 | 0.71 | 18,663,228 | 11,464,821 | |||||
| El Brocal (Tajo Norte Smelter - Zn-Pb-Ag) | 61.43 | 8,321,196 | 2.92 | 24,304,712 | 14,930,385 | |||||
| El Brocal Marcapunta | 61.43 | 35,737,790 | 0.70 | 24,997,010 | 15,355,663 | |||||
| San Gabriel | 100.00 | 14,934,000 | 0.23 | 1,377,000 | 1,377,000 | |||||
| Total | 166,210,370 | 129,382,927 | ||||||||
| ZINC | ||||||||||
| MT (000) | % Zn | MT (000) | Attributable (000) | |||||||
| Uchucchacua (Ag - Zn - Pb) | 100.00 | 6,583,730 | 1.86 | % | 122,748 | 122,748 | ||||
| Tambomayo | 100.00 | 1,406,097 | 1.41 | % | 19,869 | 19,869 | ||||
| El Brocal (Tajo Norte - Smelter Zn - Pb - Ag ) | 61.43 | 8,321,196 | 2.12 | % | 176,794 | 108,605 | ||||
| Total | 319,411 | 251,222 | ||||||||
| LEAD | ||||||||||
| MT (000) | % Pb | MT (000) | Attributable (000) | |||||||
| Uchucchacua (Ag - Zn - Pb) | 100.00 | 6,583,730 | 1.09 | % | 71,745 | 71,745 | ||||
| Julcani | 100.00 | 293,373 | 1.50 | % | 4,403 | 4403 | ||||
| Tambomayo | 100.00 | 1,406,097 | 0.94 | % | 13,207 | 13,207 | ||||
| El Brocal (Tajo Norte - Smelter Zn - Pb - Ag ) | 61.43 | 8,321,196 | 1.09 | % | 90,331 | 55,490 | ||||
| Total | 179,686 | 144,845 | ||||||||
| COPPER | ||||||||||
| MT (000) | % Cu | MT (000) | Attributable (000) | |||||||
| Julcani | 100.00 | 293,373 | 0.42 | % | 1,238 | 1,238 | ||||
| El Brocal Marcapunta Norte | 61.43 | 35,737,790 | 1.27 | % | 453,483 | 278,575 | ||||
| El Brocal (Tajo Norte - Smelter Cu - Ag) | 61.43 | 26,187,488 | 1.67 | % | 436,978 | 268,436 | ||||
| Trapiche | 100.00 | 283,200,000 | 0.51 | % | 1,084,000 | 1,084,000 | ||||
| Total | 1,975,699 | 1,632,248 | ||||||||
| Prices used for Buenaventura´s Reserves calculation: | ||||||||||
| Gold 1,600 US/Oz - Silver 25.00 US/Oz - Zinc 2,385 US/MT - Lead 2,286 US/MT - Copper 8,000 US/MT |
All values are in US Dollars.
Reported reserves under new SEC S-K 1300 regulations. Technical reports and more detail to be included in the 20-F report during 2Q22.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 15 of 27 |
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APPENDIX 5: 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, 2020 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, 2020 and 2021 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 16 of 27 | |||
|---|---|---|---|
| Set forth below is a reconciliation of consolidated Cost of sales, excluding depreciation and amortization, | |||
| --- | --- | --- | --- |
| to consolidated Cost applicable to sales: | |||
| For the 3 months ended December 31 | For the 12 months ended December 31 | ||
| 2021 | 2021 | 2020 | |
| (in thousands of US) | |||
| Consolidated Cost of sales excluding depreciation and amortization | 138,010 | 531,000 | 395,442 |
| Add: | |||
| Consolidated Exploration in units in operation | 15,511 | 56,412 | 28,044 |
| Consolidated Commercial deductions | 49,575 | 196,202 | 179,748 |
| Consolidated Selling expenses | 6,137 | 20,827 | 18,533 |
| Consolidated Cost applicable to sales | 209,233 | 804,441 | 621,768 |
| 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 December 31 | For the 12 months ended December 31 | ||
| 2021 | 2021 | 2020 | |
| Cost of sales by mine and mineral | (in thousands of US) | ||
| Julcani, Gold | 79 | 182 | 7 |
| Julcani, Silver | 7,879 | 29,726 | 15,961 |
| Julcani, Lead | 83 | 406 | 251 |
| Julcani, Copper | 18 | 69 | 23 |
| Orcopampa, Gold | 15,680 | 53,130 | 34,315 |
| Orcopampa, Silver | 67 | 213 | 81 |
| Orcopampa, Copper | 0 | 0 | 0 |
| Uchucchacua, Gold | 0 | 14 | 11 |
| Uchucchacua, Silver | -21 | 63,326 | 74,134 |
| Uchucchacua, Lead | -8 | 6,771 | 5,119 |
| Uchucchacua, Zinc | -34 | 11,076 | 6,326 |
| Tambomayo, Gold | 11,676 | 43,944 | 40,648 |
| Tambomayo, Silver | 4,512 | 15,270 | 12,640 |
| Tambomayo, Lead | 2,807 | 7,632 | 4,123 |
| Tambomayo, Zinc | 4,756 | 12,536 | 3,670 |
| La Zanja, Gold | 13,756 | 36,552 | 30,373 |
| La Zanja, Silver | 855 | 2,833 | 2,499 |
| El Brocal, Gold | 2,937 | 8,289 | 5,541 |
| El Brocal, Silver | 12,816 | 48,801 | 25,652 |
| El Brocal, Lead | 2,511 | 8,568 | 12,331 |
| El Brocal, Zinc | 11,492 | 37,032 | 41,583 |
| El Brocal, Copper | 42,658 | 130,804 | 73,408 |
| Non Mining Units | 3,490 | 13,827 | 6,746 |
| Consolidated Cost of sales, excluding depreciation and amortization | 138,010 | 531,000 | 395,442 |
| 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 December 31 | For the 12 months ended December 31 | ||
| 2021 | 2021 | 2020 | |
| Exploration expenses in units in operation by mine and mineral | (in thousands of US) | ||
| Julcani, Gold | 17 | 37 | 1 |
| Julcani, Silver | 1,650 | 5,975 | 3,112 |
| Julcani, Lead | 17 | 82 | 49 |
| Julcani, Copper | 4 | 14 | 4 |
| Orcopampa, Gold | 3,604 | 11,420 | 5,186 |
| Orcopampa, Silver | 15 | 46 | 12 |
| Orcopampa, Copper | 0 | 0 | 0 |
| Uchucchacua, Gold | 0 | 2 | 1 |
| Uchucchacua, Silver | 518 | 8,650 | 5,830 |
| Uchucchacua, Lead | 199 | 925 | 403 |
| Uchucchacua, Zinc | 829 | 1,513 | 498 |
| Tambomayo, Gold | 1,488 | 5,578 | 4,763 |
| Tambomayo, Silver | 575 | 1,938 | 1,481 |
| Tambomayo, Lead | 358 | 969 | 483 |
| Tambomayo, Zinc | 606 | 1,591 | 430 |
| La Zanja, Gold | 282 | 533 | 2 |
| La Zanja, Silver | 17 | 41 | 0 |
| El Brocal, Gold | 216 | 607 | 202 |
| El Brocal, Silver | 944 | 3,574 | 937 |
| El Brocal, Lead | 185 | 627 | 450 |
| El Brocal, Zinc | 846 | 2,712 | 1,519 |
| El Brocal, Copper | 3,142 | 9,579 | 2,681 |
| Non Mining Units | 0 | 0 | 0 |
| Consolidated Exploration expenses in units in operation | 15,511 | 56,412 | 28,044 |
All values are in US Dollars.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 17 of 27 | |||
|---|---|---|---|
| Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral) | |||
| --- | --- | --- | --- |
| to consolidated Commercial deductions: | |||
| For the 3 months ended December 31 | For the 12 months ended December 31 | ||
| 2021 | 2021 | 2020 | |
| Commercial Deductions in units in operation by mine and mineral | (in thousands of US) | ||
| Julcani, Gold | 14 | 38 | 11 |
| Julcani, Silver | 1,256 | 4,598 | 2,505 |
| Julcani, Lead | 13 | 62 | 38 |
| Julcani, Copper | 3 | 9 | 5 |
| Orcopampa, Gold | 96 | 307 | 234 |
| Orcopampa, Silver | 0 | 4 | 9 |
| Orcopampa, Copper | 0 | 0 | 0 |
| Uchucchacua, Gold | 0 | 1 | 1 |
| Uchucchacua, Silver | 808 | 20,541 | 18,831 |
| Uchucchacua, Lead | 79 | 1,696 | 1,111 |
| Uchucchacua, Zinc | 1,015 | 8,877 | 2,082 |
| Tambomayo, Gold | 2,696 | 7,851 | 6,266 |
| Tambomayo, Silver | 1,331 | 3,425 | 4,023 |
| Tambomayo, Lead | 621 | 1,438 | 1,219 |
| Tambomayo, Zinc | 4,211 | 7,869 | 3,585 |
| La Zanja, Gold | 21 | 117 | 376 |
| La Zanja, Silver | 1 | 15 | 21 |
| El Brocal, Gold | 1,748 | 5,897 | 5,377 |
| El Brocal, Silver | 5,165 | 22,548 | 17,258 |
| El Brocal, Lead | 833 | 3,279 | 6,528 |
| El Brocal, Zinc | 4,599 | 16,551 | 41,907 |
| El Brocal, Copper | 25,065 | 91,077 | 68,360 |
| Non Mining Units | 0 | 0 | 0 |
| Consolidated Commercial deductions in units in operation | 49,575 | 196,202 | 179,748 |
| Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated | |||
| Selling expenses: | |||
| For the 3 months ended December 31 | For the 12 months ended December 31 | ||
| 2021 | 2021 | 2020 | |
| Selling expenses by mine and mineral | (in thousands of US) | ||
| Julcani, Gold | 1 | 3 | 0 |
| Julcani, Silver | 106 | 470 | 430 |
| Julcani, Lead | 1 | 6 | 7 |
| Julcani, Copper | 0 | 1 | 1 |
| Orcopampa, Gold | 166 | 399 | 435 |
| Orcopampa, Silver | 1 | 2 | 1 |
| Orcopampa, Copper | 0 | 0 | 0 |
| Uchucchacua, Gold | 0 | 1 | 0 |
| Uchucchacua, Silver | 132 | 2,411 | 2,751 |
| Uchucchacua, Lead | 51 | 258 | 190 |
| Uchucchacua, Zinc | 211 | 422 | 235 |
| Tambomayo, Gold | 905 | 3,036 | 2,570 |
| Tambomayo, Silver | 350 | 1,055 | 799 |
| Tambomayo, Lead | 217 | 527 | 261 |
| Tambomayo, Zinc | 368 | 866 | 232 |
| La Zanja, Gold | 44 | 115 | 74 |
| La Zanja, Silver | 3 | 9 | 6 |
| El Brocal, Gold | 128 | 353 | 317 |
| El Brocal, Silver | 558 | 2,079 | 1,468 |
| El Brocal, Lead | 109 | 365 | 706 |
| El Brocal, Zinc | 500 | 1,577 | 2,379 |
| El Brocal, Copper | 1,856 | 5,572 | 4,200 |
| Non Mining Units | 431 | 1,300 | 1,471 |
| Consolidated Selling expenses | 6,137 | 20,827 | 18,533 |
All values are in US Dollars.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 18 of 27 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JULCANI | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4Q 2021 | 4Q 2020 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 79 | 7,879 | 83 | - | 18 | 8,060 | 50 | 6,017 | 105 | - | - | 6,172 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 17 | 1,650 | 17 | - | 4 | 1,688 | 11 | 1,338 | 23 | - | - | 1,372 |
| Commercial Deductions (US$000) | 14 | 1,256 | 13 | - | 3 | 1,286 | 14 | 939 | 16 | - | -0 | 969 |
| Selling Expenses (US$000) | 1 | 106 | 1 | - | 0 | 108 | 1.63 | 195.95 | 3.43 | - | - | 201 |
| Cost Applicable to Sales (US$000) | 110 | 10,891 | 115 | - | 25 | 11,141 | 76 | 8,490 | 148 | - | -0 | 8,714 |
| Divide: | ||||||||||||
| Volume Sold | 87 | 659,178 | 66 | - | 15 | Not Applicable | 63 | 619,666 | 128 | - | -1 | Not Applicable |
| CAS | 1,274 | 16.52 | 1,744 | - | 1,720 | Not Applicable | 1,220 | 13.70 | 1,157 | - | - | Not Applicable |
| JULCANI | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FY 2021 | FY 2020 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 182 | 29,726 | 406 | - | 69 | 30,383 | 7 | 15,961 | 251 | - | 23 | 16,241 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 37 | 5,975 | 82 | - | 14 | 6,107 | 1 | 3,112 | 49 | - | 4 | 3,167 |
| Commercial Deductions (US$000) | 38 | 4,598 | 62 | - | 9 | 4,708 | 11 | 2,505 | 38 | - | 5 | 2,559 |
| Selling Expenses (US$000) | 3 | 470 | 6 | - | 1 | 480 | 0 | 430 | 7 | - | 1 | 438 |
| Cost Applicable to Sales (US$000) | 260 | 40,769 | 556 | - | 93 | 41,678 | 19 | 22,008 | 345 | - | 33 | 22,405 |
| Divide: | ||||||||||||
| Volume Sold | 206 | 2,427,685 | 352 | - | 61 | Not Applicable | 133 | 1,542,568 | 306 | - | 18 | Not Aplicable |
| CAS | 1,262 | 16.79 | 1,579 | - | 1,523 | Not Applicable | 143 | 14.27 | 1,126 | - | 1,819 | Not Applicable |
| ORCOPAMPA | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4Q 2021 | 4Q 2020 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 15,680 | 67 | - | - | - | 15,747 | 13,213 | 25 | - | - | - | 13,238 |
| Add: | - | |||||||||||
| Exploration Expenses (US$000) | 3,604 | 15 | - | - | - | 3,619 | 2,332 | 4 | - | - | - | 2,336 |
| Commercial Deductions (US$000) | 96 | 0 | - | - | - | 96 | 42 | 0 | - | - | - | 42 |
| Selling Expenses (US$000) | 166 | 1 | - | - | - | 167 | 111 | 0 | - | - | - | 111 |
| Cost Applicable to Sales (US$000) | 19,546 | 84 | - | - | - | 19,630 | 15,697 | 30 | - | - | - | 15,727 |
| Divide: | ||||||||||||
| Volume Sold | 19,106 | 6,460 | - | - | - | Not Applicable | 11,907 | 1,616 | - | - | - | Not Applicable |
| CAS | 1,023 | 12.97 | - | - | - | Not Applicable | 1,318 | 18.64 | - | - | - | Not Applicable |
| ORCOPAMPA | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FY 2021 | FY 2020 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 53,130 | 213 | - | - | - | 53,343 | 34,315 | 81 | - | - | - | 34,396 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 11,420 | 46 | - | - | - | 11,466 | 5,186 | 12 | - | - | - | 5,198 |
| Commercial Deductions (US$000) | 307 | 4 | - | - | - | 311 | 234 | 9 | - | - | - | 243 |
| Selling Expenses (US$000) | 399 | 2 | - | - | - | 401 | 435 | 1 | - | - | - | 436 |
| Cost Applicable to Sales (US$000) | 65,257 | 264 | - | - | - | 65,521 | 40,169 | 104 | - | - | - | 40,273 |
| Divide: | ||||||||||||
| Volume Sold | 50,068 | 14,565 | - | - | - | Not Applicable | 41,757 | 8,113 | - | - | - | Not Applicable |
| CAS | 1,303 | 18.14 | - | - | - | Not Applicable | 962 | 12.78 | - | - | - | Not Applicable |
| UCHUCCHACUA | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4Q 2021 | 4Q 2020 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | - | -21 | -8 | -34 | - | -63 | 3 | 26,741 | 1,890 | 2,818 | - | 31,452 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | - | 518 | 199 | 829 | - | 1,546 | 0 | 2,523 | 178 | 266 | - | 2,967 |
| Commercial Deductions (US$000) | -0 | 808 | 79 | 1,015 | - | 1,902 | 0 | 5,072 | 296 | 522 | - | 5,890 |
| Selling Expenses (US$000) | - | 132 | 51 | 211 | - | 393 | 0 | 904 | 64 | 95 | - | 1,063 |
| Cost Applicable to Sales (US$000) | -0 | 1,437 | 321 | 2,021 | - | 3,778 | 4 | 35,240 | 2,427 | 3,701 | - | 41,372 |
| Divide: | ||||||||||||
| Volume Sold | - | 95,215 | 110 | 378 | - | Not Applicable | 2 | 1,166,790 | 1,095 | 1,127 | - | Not Applicable |
| CAS | - | 15.09 | 2,914 | 5,347 | - | Not Applicable | 2,129 | 30.20 | 2,216 | 3,285 | - | Not Applicable |
| UCHUCCHACUA | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FY 2021 | FY 2020 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 14 | 63,326 | 6,771 | 11,076 | - | 81,187 | 11 | 74,134 | 5,119 | 6,326 | - | 85,590 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 2 | 8,650 | 925 | 1,513 | - | 11,090 | 1 | 5,830 | 403 | 498 | - | 6,731 |
| Commercial Deductions (US$000) | 1 | 20,541 | 1,696 | 8,877 | - | 31,114 | 1 | 18,831 | 1,111 | 2,082 | - | 22,026 |
| Selling Expenses (US$000) | 1 | 2,411 | 258 | 422 | - | 3,091 | 0 | 2,751 | 190 | 235 | - | 3,176 |
| Cost Applicable to Sales (US$000) | 18 | 94,928 | 9,649 | 21,887 | - | 126,482 | 13 | 101,547 | 6,823 | 9,141 | - | 117,523 |
| Divide: | ||||||||||||
| Volume Sold | 5 | 3,458,368 | 4,135 | 5,045 | - | Not Applicable | 2 | 4,566,624 | 4,209 | 4,066 | - | Not Applicable |
| CAS | 3,279 | 27.45 | 2,333 | 4,338 | - | Not Applicable | 7,067 | 22.24 | 1,621 | 2,248 | - | Not Applicable |
| TAMBOMAYO | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4Q 2021 | 4Q 2020 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 11,676 | 4,512 | 2,807 | 4,756 | - | 23,752 | 12,580 | 4,464 | 1,884 | 1,732.12 | - | 20,660 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 1,488 | 575 | 358 | 606 | - | 3,026 | 1,622 | 576 | 243 | 223 | - | 2,664 |
| Commercial Deductions (US$000) | 2,696 | 1,331 | 621 | 4,211 | - | 8,858 | 3,145 | 1,663 | 548 | 1,536 | - | 6,891 |
| Selling Expenses (US$000) | 905 | 350 | 217 | 368 | - | 1,840 | 859 | 305 | 129 | 118 | - | 1,410 |
| Cost Applicable to Sales (US$000) | 16,764 | 6,767 | 4,003 | 9,942 | - | 37,476 | 18,205 | 7,007 | 2,803 | 3,610 | - | 31,625 |
| Divide: | ||||||||||||
| Volume Sold | 16,386 | 510,196 | 2,848 | 3,440 | - | Not Applicable | 17,999 | 469,849 | 2,501 | 1,603 | - | Not Applicable |
| CAS | 1,023 | 13.26 | 1,406 | 2,890 | - | Not Applicable | 1,011 | 14.91 | 1,121 | 2,252 | - | Not Applicable |
| TAMBOMAYO | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FY 2021 | FY 2020 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 43,944 | 15,270 | 7,632 | 12,536 | - | 79,382 | 40,648 | 12,640 | 4,123 | 3,670 | - | 61,082 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 5,578 | 1,938 | 969 | 1,591 | - | 10,076 | 4,763 | 1,481 | 483 | 430 | - | 7,157 |
| Commercial Deductions (US$000) | 7,851 | 3,425 | 1,438 | 7,869 | - | 20,583 | 6,266 | 4,023 | 1,219 | 3,585 | - | 15,093 |
| Selling Expenses (US$000) | 3,036 | 1,055 | 527 | 866 | - | 5,485 | 2,570 | 799 | 261 | 232 | - | 3,862 |
| Cost Applicable to Sales (US$000) | 60,410 | 21,688 | 10,566 | 22,862 | - | 115,526 | 54,247 | 18,944 | 6,086 | 7,917 | - | 87,194 |
| Divide: | ||||||||||||
| Volume Sold | 63,611 | 1,593,040 | 8,675 | 10,195 | - | Not Applicable | 57,633 | 1,474,485 | 6,009 | 4,463 | - | Not Applicable |
| CAS | 950 | 13.61 | 1,218 | 2,243 | - | Not Applicable | 941 | 12.85 | 1,013 | 1,774 | - | Not Applicable |
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 19 of 27 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LA ZANJA | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4Q 2021 | 4Q 2020 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 13,756 | 855 | - | - | - | 14,610 | 9,185 | 683 | - | - | - | 9,868 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 282 | 17 | - | - | - | 299 | 1 | 0 | - | - | - | 1 |
| Commercial Deductions (US$000) | 21 | 1 | - | - | - | 22 | 29 | 2 | - | - | - | 31 |
| Selling Expenses (US$000) | 44 | 3 | - | - | - | 47 | - | - | - | - | - | - |
| Cost Applicable to Sales (US$000) | 14,102 | 876 | - | - | - | 14,978 | 9,215 | 686 | - | - | - | 9,900 |
| Divide: | ||||||||||||
| Volume Sold | 8,468 | 40,394 | - | - | - | Not Applicable | 5,057 | 27,476 | - | - | - | Not Applicable |
| CAS | 1,665 | 21.69 | - | - | - | Not Applicable | 1,822 | 24.96 | - | - | - | Not Applicable |
| LA ZANJA | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FY 2021 | FY 2020 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 36,552 | 2,833 | - | - | - | 39,384 | 30,373 | 2,499 | - | - | - | 32,872 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 533 | 41 | - | - | - | 574 | 2 | 0 | - | - | - | 2 |
| Commercial Deductions (US$000) | 117 | 15 | - | - | - | 132 | 376 | 21 | - | - | - | 397 |
| Selling Expenses (US$000) | 115 | 9 | - | - | - | 124 | 74 | 6 | - | - | - | 80 |
| Cost Applicable to Sales (US$000) | 37,316 | 2,898 | - | - | - | 40,214 | 30,825 | 2,526 | - | - | - | 33,351 |
| Divide: | ||||||||||||
| Volume Sold | 21,990 | 120,750 | - | - | - | Not Applicable | 17,730 | 122,180 | - | - | - | Not Applicable |
| CAS | 1,697 | 24.00 | - | - | - | Not Applicable | 1,739 | 20.67 | - | - | - | Not Applicable |
| BROCAL | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4Q 2021 | 4Q 2020 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 2,937 | 12,816 | 2,511 | 11,492 | 42,658 | 72,414 | 1,504 | 8,904 | 2,892 | 12,510 | 24,939 | 50,749 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 216 | 944 | 185 | 846 | 3,142 | 5,333 | 78 | 463 | 151 | 651 | 1,298 | 2,641 |
| Commercial Deductions (US$000) | 1,748 | 5,165 | 833 | 4,599 | 25,065 | 37,411 | 1,263 | 5,678 | 1,161 | 11,076 | 20,316 | 39,495 |
| Selling Expenses (US$000) | 128 | 558 | 109 | 500 | 1,856 | 3,151 | 94 | 557 | 181 | 782 | 1,559 | 3,172 |
| Cost Applicable to Sales (US$000) | 5,029 | 19,483 | 3,639 | 17,437 | 72,721 | 118,309 | 2,939 | 15,602 | 4,385 | 25,019 | 48,112 | 96,057 |
| Divide: | ||||||||||||
| Volume Sold | 3,513 | 1,212,618 | 2,201 | 6,907 | 9,793 | Not Applicable | 2,080 | 860,675 | 3,775 | 10,839 | 8,933 | Not Applicable |
| CAS | 1,432 | 16.07 | 1,654 | 2,524 | 7,426 | Not Applicable | 1,413 | 18.13 | 1,162 | 2,308 | 5,386 | Not Applicable |
| BROCAL | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FY 2021 | FY 2020 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 8,289 | 48,801 | 8,568 | 37,032 | 130,804 | 233,494 | 5,541 | 25,652 | 12,331 | 41,583 | 73,408 | 158,515 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 607 | 3,574 | 627 | 2,712 | 9,579 | 17,099 | 202 | 937 | 450 | 1,519 | 2,681 | 5,789 |
| Commercial Deductions (US$000) | 5,897 | 22,548 | 3,279 | 16,551 | 91,077 | 139,354 | 5,377 | 17,258 | 6,528 | 41,907 | 68,360 | 139,431 |
| Selling Expenses (US$000) | 353 | 2,079 | 365 | 1,577 | 5,572 | 9,946 | 317 | 1,468 | 706 | 2,379 | 4,200 | 9,070 |
| Cost Applicable to Sales (US$000) | 15,146 | 77,002 | 12,840 | 57,872 | 237,032 | 399,893 | 11,437 | 45,315 | 20,015 | 87,388 | 148,650 | 312,805 |
| Divide: | ||||||||||||
| Volume Sold | 12,076 | 5,017,482 | 9,497 | 29,882 | 35,954 | Not Applicable | 7,390 | 2,696,506 | 17,824 | 45,442 | 28,948 | Not Applicable |
| CAS | 1,254 | 15.35 | 1,352 | 1,937 | 6,593 | Not Applicable | 1,548 | 16.80 | 1,123 | 1,923 | 5,135 | Not Applicable |
| NON MINING COMPANIES | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4Q 2021 | 4Q 2020 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | - | - | - | - | - | 3,490 | - | - | - | - | - | 4,271 |
| Add: | ||||||||||||
| Selling Expenses (US$000) | - | - | - | - | - | 431 | - | - | - | - | - | 509 |
| Total (US$000) | - | - | - | - | - | 3,921 | - | - | - | - | - | 4,780 |
| NON MINING COMPANIES | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FY 2021 | FY 2020 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | - | - | - | - | - | 13,827 | - | - | - | - | - | 6,746 |
| Add: | - | |||||||||||
| Selling Expenses (US$000) | - | - | - | - | - | 1,300 | - | - | - | - | - | 1,471 |
| Total (US$000) | - | - | - | - | - | 15,127 | - | - | - | - | - | 8,217 |
| BUENAVENTURA CONSOLIDATED | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4Q 2021 | 4Q 2020 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 44,129 | 26,108 | 5,393 | 16,214 | 42,676 | 138,010 | 36,534 | 46,834 | 6,771 | 17,060 | 24,939 | 136,410 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 5,606 | 3,720 | 759 | 2,281 | 3,145 | 15,511 | 4,044 | 4,904 | 595 | 1,140 | 1,298 | 11,981 |
| Commercial Deductions (US$000) | 4,573 | 8,562 | 1,547 | 9,825 | 25,068 | 49,575 | 4,492 | 13,355 | 2,021 | 13,134 | 20,316 | 53,318 |
| Selling Expenses (US$000) | 1,244 | 1,148 | 378 | 1,079 | 1,856 | 6,137 | 1,065 | 1,961 | 377 | 995 | 1,559 | 6,466 |
| Cost Applicable to Sales (US$000) | 55,552 | 39,537 | 8,077 | 29,400 | 72,746 | 209,233 | 46,136 | 67,054 | 9,764 | 32,330 | 48,112 | 208,175 |
| Divide: | ||||||||||||
| Volume Sold | 47,560 | 2,524,061 | 5,224 | 10,726 | 9,807 | Not Applicable | 37,108 | 3,146,072 | 7,499 | 13,569 | 8,932 | Not Applicable |
| CAS | 1,168 | 15.66 | 1,546 | 2,741 | 7,418 | Not Applicable | 1,243 | 21.31 | 1,302 | 2,383 | 5,387 | Not Applicable |
| BUENAVENTURA CONSOLIDATED | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FY 2021 | FY 2020 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 142,111 | 160,169 | 23,377 | 60,644 | 130,872 | 531,000 | 110,894 | 130,967 | 21,825 | 51,579 | 73,431 | 395,442 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 18,176 | 20,224 | 2,603 | 5,816 | 9,593 | 56,412 | 10,155 | 11,373 | 1,385 | 2,446 | 2,685 | 28,044 |
| Commercial Deductions (US$000) | 14,212 | 51,131 | 6,475 | 33,297 | 91,087 | 196,202 | 12,265 | 42,647 | 8,897 | 47,574 | 68,365 | 179,748 |
| Selling Expenses (US$000) | 3,907 | 6,025 | 1,157 | 2,865 | 5,573 | 20,827 | 3,397 | 5,455 | 1,163 | 2,846 | 4,201 | 18,533 |
| Cost Applicable to Sales (US$000) | 178,407 | 237,549 | 33,611 | 102,622 | 237,125 | 804,441 | 136,710 | 190,442 | 33,269 | 104,445 | 148,683 | 621,768 |
| Divide: | ||||||||||||
| Volume Sold | 147,956 | 12,631,890 | 22,659 | 45,122 | 36,015 | Not Applicable | 124,644 | 10,410,477 | 28,348 | 53,971 | 28,966 | Not Applicable |
| CAS | 1,206 | 18.81 | 1,483 | 2,274 | 6,584 | Not Applicable | 1,097 | 18.29 | 1,174 | 1,935 | 5,133 | Not Applicable |
| COIMOLACHE | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4Q 2021 | 4Q 2020 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 24,118 | 1,541 | - | - | - | 25,659 | 29,590 | 2,128 | - | - | - | 31,718 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 2,501 | 160 | - | - | - | 2,661 | 2,373 | 171 | - | - | - | 2,544 |
| Commercial Deductions (US$000) | 108 | 7 | - | - | - | 115 | 125 | 11 | - | - | - | 135 |
| Selling Expenses (US$000) | 233 | 15 | - | - | - | 248 | 459 | 33 | - | - | - | 492 |
| Cost Applicable to Sales (US$000) | 26,960 | 1,723 | - | - | - | 28,683 | 32,547 | 2,342 | - | - | - | 34,889 |
| Divide: | ||||||||||||
| Volume Sold | 23,515 | 115,780 | - | - | - | Not Applicable | 40,369 | 225,775 | - | - | - | Not Applicable |
| CAS | 1,147 | 14.88 | - | - | - | Not Applicable | 806 | 10.37 | - | - | - | Not Applicable |
| COIMOLACHE | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FY 2021 | FY 2020 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 97,621 | 8,467 | - | - | - | 106,088 | 84,413 | 6,676 | - | - | - | 91,089 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 5,697 | 494 | - | - | - | 6,191 | 3,323 | 263 | - | - | - | 3,586 |
| Commercial Deductions (US$000) | 783 | 119 | - | - | - | 902 | 585 | 57 | - | - | - | 642 |
| Selling Expenses (US$000) | 1,025 | 89 | - | - | - | 1,114 | 1,195 | 94 | - | - | - | 1,289 |
| Cost Applicable to Sales (US$000) | 105,126 | 9,168 | - | - | - | 114,295 | 89,516 | 7,090 | - | - | - | 96,606 |
| Divide: | ||||||||||||
| Volume Sold | 112,316 | 679,656 | - | - | - | Not Applicable | 104,797 | 699,918 | - | - | - | Not Applicable |
| CAS | 936 | 13.49 | - | - | - | Not Applicable | 854 | 10.13 | - | - | - | Not Applicable |
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 20 of 27 |
|---|
APPENDIX 6: All-in Sustaining Cost
| Buenaventura | |||||
|---|---|---|---|---|---|
| All-in Sustaining Cost for 4Q21 | |||||
| Buenaventura^1^ | La Zanja | Tantahuatay | Attributable 2 | ||
| 4Q21 | 4Q21 | 4Q21 | 4Q21 | ||
| Au Ounces Sold BVN | |||||
| Au Ounces Sold Net | 35,578 | ||||
| 4Q21 | US 000' | US 000' | US 000' | ||
| Income Statement & Cash Flow | US$ 000' | US$/Oz Au | US 000' | US 000' | US 000' |
| Cost of Sales | 49,638 | 1,395 | 15,163 | 25,659 | 67,971 |
| Exploration in Operating Units | 9,880 | 278 | 299 | 2,661 | 11,106 |
| Royalties | 2,593 | 73 | 0 | 0 | 2,593 |
| Comercial Deductions^3^ | 12,142 | 341 | 22 | 115 | 12,200 |
| Selling Expenses | 2,650 | 74 | 47 | 248 | 2,774 |
| Administrative Expenses | 10,167 | 286 | 756 | 792 | 10,886 |
| Other, net | 7,085 | 199 | -153 | -604 | 6,762 |
| Sustaining Capex^4^ | 4,949 | 139 | 331 | 8,097 | 8,371 |
| By-product Credit | -46,843 | -1,317 | -935 | -2,685 | -48,416 |
| All-in Sustaining Cost | 52,262 | 1,469 | 15,530 | 34,282 | 74,247 |
| *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. |
All values are in US Dollars.
| Notes: | |
|---|---|
| 1. | Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. |
| 2. | Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. |
| 3. | For all metals produced. |
| 4. | Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. |
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 21 of 27 | |||||
|---|---|---|---|---|---|
| Buenaventura | |||||
| --- | --- | --- | --- | --- | --- |
| All-in Sustaining Cost for 4Q20 | |||||
| Buenaventura^1^ | La Zanja | Tantahuatay | Attributable 2 | ||
| 4Q20 | 4Q20 | 4Q20 | 4Q20 | ||
| Au Ounces Sold BVN | |||||
| Au Ounces Sold Net | 29,971 | ||||
| 4Q20 | US 000' | US 000' | US 000' | ||
| Income Statement & Cash Flow | US$ 000' | US$/Oz Au | US 000' | US 000' | US 000' |
| Cost of Sales | 77,146 | 2,574 | 11,744 | 31,718 | 96,095 |
| Exploration in Operating Units | 9,340 | 312 | 1 | 2,544 | 10,361 |
| Royalties | 1,709 | 57 | 0 | 0 | 1,709 |
| Comercial Deductions^3^ | 13,792 | 460 | 31 | 135 | 13,863 |
| Selling Expenses | 2,958 | 99 | 24 | 493 | 3,168 |
| Administrative Expenses | 9,733 | 325 | 942 | 871 | 10,582 |
| Other, net | 1,085 | 36 | -170 | 12 | 1,000 |
| Sustaining Capex^4^ | 7,302 | 244 | 252 | 11,208 | 11,930 |
| By-product Credit | -70,040 | -2,337 | -696 | -5,356 | -72,557 |
| All-in Sustaining Cost | 53,026 | 1,769 | 12,129 | 41,625 | 76,150 |
| *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. |
All values are in US Dollars.
| Notes: | |
|---|---|
| 1. | Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. |
| 2. | Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. |
| 3. | For all metals produced. |
| 4. | Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. |
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 22 of 27 | ||||||||
|---|---|---|---|---|---|---|---|---|
| All-in Sustaining Cost for FY21 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Buenaventura^1^ | La Zanja | Tantahuatay | Attributable ^2^ | |||||
| FY21 | FY21 | FY21 | FY21 | |||||
| Au Ounces Sold Net | 113,891 | 21,990 | 112,316 | 180,914 | ||||
| FY21 | FY21 | FY21 | FY21 | |||||
| Income Statement & Cash Flow | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au |
| Cost of Sales | 265,392 | 2,330 | 46,531 | 2,116 | 106,088 | 945 | 332,617 | 1,839 |
| Exploration in Operating Units | 38,739 | 340 | 575 | 26 | 6,191 | 55 | 41,526 | 230 |
| Royalties | 6,970 | 61 | 0 | 0 | 0 | 0 | 6,970 | 39 |
| Comercial Deductions^3^ | 56,716 | 498 | 111 | 5 | 902 | 8 | 57,136 | 316 |
| Selling Expenses | 10,104 | 89 | 124 | 6 | 1,114 | 10 | 10,616 | 59 |
| Administrative Expenses | 39,779 | 349 | 2,932 | 133 | 3,718 | 33 | 42,825 | 237 |
| Other, net | 14,232 | 125 | 44 | 2 | 16 | 0 | 14,262 | 79 |
| Sustaining Capex^4^ | 11,946 | 105 | 990 | 45 | 21,058 | 187 | 20,914 | 116 |
| By-product Credit | -263,885 | -2,317 | -2,986 | -136 | -17,319 | -154 | -272,414 | -1,506 |
| All-in Sustaining Cost | 179,993 | 1,580 | 48,320 | 2,197 | 121,767 | 1,084 | 254,454 | 1,406 |
| *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. | ||||||||
| Notes: | ||||||||
| --- | --- | |||||||
| 1. | Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. | |||||||
| 2. | Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. | |||||||
| 3. | For all metals produced. | |||||||
| 4. | Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. |
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 23 of 27 | ||||||||
|---|---|---|---|---|---|---|---|---|
| All-in Sustaining Cost for FY20 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Buenaventura^1^ | La Zanja | Tantahuatay | Attributable ^2^ | |||||
| FY20 | FY20 | FY20 | FY20 | |||||
| Au Ounces Sold Net | 99,524 | 17,730 | 104,797 | 159,273 | ||||
| FY20 | FY20 | FY20 | FY20 | |||||
| Income Statement & Cash Flow | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au |
| Cost of Sales | 218,022 | 2,191 | 31,978 | 1,804 | 91,089 | 869 | 271,512 | 1,705 |
| Exploration in Operating Units | 22,253 | 224 | 2 | 0 | 3,586 | 34 | 23,692 | 149 |
| Royalties | 6,180 | 62 | 0 | 0 | 0 | 0 | 6,180 | 39 |
| Comercial Deductions^3^ | 39,921 | 401 | 397 | 22 | 642 | 6 | 40,389 | 254 |
| Selling Expenses | 8,542 | 86 | 104 | 6 | 1,290 | 12 | 9,114 | 57 |
| Administrative Expenses | 41,571 | 418 | 2,434 | 137 | 4,043 | 39 | 44,484 | 279 |
| Other, net | 139 | 1 | 712 | 40 | 120 | 1 | 565 | 4 |
| Sustaining Capex^4^ | 11,320 | 114 | 815 | 46 | 18,793 | 179 | 19,288 | 121 |
| By-product Credit | -200,379 | -2,013 | -2,678 | -151 | -14,886 | -142 | -207,769 | -1,304 |
| All-in Sustaining Cost | 147,569 | 1,483 | 33,763 | 1,904 | 104,676 | 999 | 207,454 | 1,303 |
| *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 40.095% from Tantahuatay. | |||||||
| 3. | For all metals produced. | |||||||
| 4. | Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. |
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 24 of 27 |
|---|
APPENDIX 7
| Compañía de Minas Buenaventura S.A.A. and Subsidiaries | ||||
|---|---|---|---|---|
| Consolidated statements of financial position | ||||
| As of December 30, 2021 and 2020 | ||||
| 2021 | 2020 | |||
| Assets | US(000) | US(000) | ||
| Current assets | ||||
| Cash and cash equivalents | ||||
| Trade and other receivables, net | ||||
| Inventory, net | ||||
| Income tax credit | ||||
| Prepaid expenses | ||||
| Non-current assets | ||||
| Trade and other receivables, net | ||||
| Inventories, net | ||||
| Investment in associates and joint venture | ||||
| Mining concessions, development costs, right-of-use, property, plant and equipment, net | ||||
| Investment properties, net | ||||
| Deferred income tax asset, net | ||||
| Prepaid expenses | ||||
| Other assets, net | ||||
| Total assets | ||||
| Liabilities and shareholders’ equity, net | ||||
| Current liabilities | ||||
| Bank loans | ||||
| Trade and other payables | ||||
| Provisions and contingent liabilities | ||||
| Income tax payable | ||||
| Financial obligations | ||||
| Hedge derivative financial instruments | ||||
| Liabilities directly associated with assets classified as held for sale | ||||
| Non-current liabilities | ||||
| Trade and other payables | ||||
| Provisions and contingent liabilities | ||||
| Financial obligations | ||||
| Contingent consideration liability | ||||
| Deferred income tax liabilities, net | ||||
| Total liabilities | ||||
| Shareholders’ equity, net | ||||
| Capital stock | ||||
| Investment shares | ||||
| Additional paid-in capital | ||||
| Legal reserve | ||||
| Other reserves | ||||
| Retained earnings | ||||
| Other reserves of equity | ) | ) | ||
| Shareholders’ equity, net attributable to owners of the parent | ||||
| Non-controlling interest | ||||
| Total shareholders’ equity, net | ||||
| Total liabilities and shareholders’ equity, net |
All values are in US Dollars.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 25 of 27 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Compañía de Minas Buenaventura S.A.A. and Subsidiaries | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Consolidated statements of profit or loss | ||||||||
| As of December 31, 2021 and 2020 | ||||||||
| For the three-month period<br> ended December 31, | For the twelve-month period<br> ended December 31, | |||||||
| 2021 | 2020 | 2021 | 2020 | |||||
| Continuing operations | US(000) | US(000) | US(000) | US(000) | ||||
| Sales revenue | ||||||||
| Sales of goods | ||||||||
| Sales of services | ||||||||
| Royalty income | ||||||||
| Total sales revenue | ||||||||
| Operating costs | ||||||||
| Cost of sales of goods, excluding depreciation and amortization | ) | ) | ) | ) | ||||
| Unabsorbed cost due to production stoppage | ) | ) | ) | |||||
| Cost of sales of services, excluding depreciation and amortization | ) | ) | ) | ) | ||||
| Depreciation and amortization | ) | ) | ) | ) | ||||
| Exploration in operating units | ) | ) | ) | ) | ||||
| Mining royalties | ) | ) | ) | ) | ||||
| Total operating costs | ) | ) | ) | ) | ||||
| Gross profit (loss) | ||||||||
| Operating expenses, net | ||||||||
| Administrative expenses | ) | ) | ) | ) | ||||
| Selling expenses | ) | ) | ) | ) | ||||
| Exploration in non-operating areas | ) | ) | ) | ) | ||||
| Write –off of stripping activity asset | ) | ) | ) | |||||
| Reversal for contingencies and others | ) | ) | ) | ) | ||||
| Impairment recovery (loss) of long-lived assets | ) | ) | ||||||
| Other, net | ) | ) | ) | |||||
| Total operating expenses, net | ) | ) | ) | ) | ||||
| Operating profit (loss) | ) | ) | ) | ) | ||||
| Share in the results of associates and joint venture | ||||||||
| Financial income | ||||||||
| Financial costs | ) | ) | ) | ) | ||||
| Net loss from currency exchange difference | ) | ) | ) | |||||
| Profit (loss) before income tax | ) | |||||||
| Current income tax | ) | ) | ) | ) | ||||
| Deferred income tax | ) | ) | ||||||
| ) | ) | |||||||
| Profit (loss) from continuing operations | ) | ) | ||||||
| Discontinued operations | ||||||||
| Loss from discontinued operations attributable to equity holders of the parent | ) | ) | ) | ) | ||||
| Net profit (loss) | ) | ) | ) | ) | ||||
| Attributable to: | ||||||||
| Equity holders of the parent | ) | ) | ) | ) | ||||
| Non-controlling interest | ) | ) | ||||||
| ) | ) | ) | ) | |||||
| Basic and diluted profit (loss) per share attributable | ||||||||
| to equity holders of the parent, stated in U.S. dollars | ) | ) | ) | ) |
All values are in US Dollars.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 26 of 27 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Compañía de Minas Buenaventura S.A.A. and Subsidiaries | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Consolidated statements of cash flows (unaudited) | ||||||||
| As of December 31, 2021 and 2020 | ||||||||
| For the three-month period<br> ended December 31, 2021 | For the twelve-month period<br> ended December 31, 2021 | |||||||
| 2021 | 2020 | 2021 | 2020 | |||||
| US(000) | US(000) | US(000) | US(000) | |||||
| Operating activities | ||||||||
| Proceeds from sales | ||||||||
| Recovery from value added tax and other taxes | ||||||||
| Royalty received | ||||||||
| Proceeds from dividends from related parties | ||||||||
| Proceeds from dividends of financial investments | ) | |||||||
| Insurance collection | ||||||||
| Interest received | ||||||||
| Payments for tax litigation | ) | ) | ) | |||||
| Payments to suppliers and third-parties, and other net | ) | ) | ) | ) | ||||
| Payments to employees | ) | ) | ) | ) | ||||
| Payments of income taxes and royalties paid to Peruvian State | ) | ) | ) | ) | ||||
| Payments of interest | ) | ) | ) | ) | ||||
| Payment of mining royalties | ) | ) | ) | ) | ||||
| Net cash and cash equivalents provided by (used in) operating activities | ) | |||||||
| Investing activities | ||||||||
| Proceeds from sale of property, plant and equipment | ||||||||
| Proceeds from sale of investments | ||||||||
| Acquisitions of development costs, property, plant and equipment | ) | ) | ) | ) | ||||
| Payments for acquisitions of other assets | ) | ) | ) | ) | ||||
| Acquisition of investment in associate | ) | |||||||
| Net cash and cash equivalents used in investing activities | ) | ) | ) | ) | ||||
| Financing activities | ||||||||
| Senior Notes bonds issue | ) | |||||||
| Proceeds of bank loans | ||||||||
| Payments of bank loans | ) | ) | ) | |||||
| Payments of financial obligations | ) | ) | ) | ) | ||||
| Dividends paid to non-controlling interest | ) | ) | ) | ) | ||||
| Increase of restricted time deposits | ) | ) | ||||||
| Short-term and low value lease payments | ) | ) | ) | ) | ||||
| Payments of obligations for leases | ) | ) | ) | ) | ||||
| Decrease of restricted bank accounts | ) | |||||||
| Net cash and cash equivalents provided by (used in) in financing activities | ) | ) | ) | |||||
| Increase (decrease) in cash and cash equivalents during the period, net | ) | |||||||
| Cash and cash equivalents at the beginning of the period | ||||||||
| Cash and cash equivalents at period-end |
All values are in US Dollars.
| Compañía de Minas Buenaventura S.A.A.<br><br> <br>Fourth Quarter and Full Year 2021 Results<br><br> <br>Page 27 of 27 | ||||||||
|---|---|---|---|---|---|---|---|---|
| For the three-month period<br> ended December 31, 2021 | For the twelve-month period<br> ended December 31, 2021 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2021 | 2020 | 2021 | 2020 | |||||
| US(000) | US(000) | US(000) | US(000) | |||||
| Reconciliation of net profit to cash and cash equivalents provided | ||||||||
| by operating activities | ||||||||
| Net profit (loss) | ) | ) | ) | ) | ||||
| Plus (less): | ||||||||
| Continued operations - | ||||||||
| Net share in results of associates and joint venture | ) | ) | ) | ) | ||||
| Deferred income tax expense (income) | ) | ) | ||||||
| Net loss (gain) from currency exchange difference | ) | |||||||
| Fair value of provision for contingences liabilities | ) | ) | ||||||
| Accretion expense of provision for closure of mining units and exploration projects | ||||||||
| Changes in provisions for environmetal provision | ||||||||
| Changes in provisions for exploration projects | ||||||||
| Write –off of stripping activity asset | ||||||||
| Recovery (expense) for provision for contingencies | ||||||||
| Impairment recovery (loss) of long-lived assets | ) | ) | ||||||
| Depreciation and amortization in cost of sales | ||||||||
| Depreciation and amortization in administration expenses | ||||||||
| Depreciation and amortization in other, net | ||||||||
| Provision for estimated fair value of sales | ) | ) | ) | |||||
| Workers´ participation provision | ) | |||||||
| Reversal (provision) for impairment loss of inventories - continued operations | ) | |||||||
| Effect of amortized cost of debts | ) | ) | ) | |||||
| Bonus provision - executives & employes | ||||||||
| Discontinued operations - | ||||||||
| Changes in ARO - Discontinued | ||||||||
| Changes in contingences - Discontinued | ) | ) | ||||||
| Changes in environmetal liabilities- Discontinued | ||||||||
| Deferred income tax expense (income) of Discontinued operations | ) | ) | ||||||
| Discontinued operation of Yanacocha | ||||||||
| Other minor | ||||||||
| Net changes in operating assets and liabilities: | ||||||||
| Decrease (increase) in operating assets - | ||||||||
| Trade and other accounts receivable | ) | ) | ||||||
| Inventories | ) | ) | ||||||
| Income tax credit | ) | ) | ||||||
| Prepaid expenses | ) | ) | ) | |||||
| Increase (decrease) in operating liabilities - | ||||||||
| Trade and other accounts payable | ||||||||
| Provisions and contingent liabilities | ) | ) | ) | ) | ||||
| Income tax payable | ) | ) | ||||||
| Payments for tax litigation | ) | ) | ) | |||||
| Proceeds from dividends | ||||||||
| Net cash and cash equivalents provided by operating activities | ) |
All values are in US Dollars.
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: February 24, 2022