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 July 2023
Commission File Number 001-14370
COMPANIA DE MINAS BUENAVENTURA S.A.A.
(Exact name of registrant as specified in its charter)
BUENAVENTURA MINING COMPANY INC.
\(Translation of registrant’s name into English\)
Republic of Peru
\(Jurisdiction of incorporation or organization\)
CARLOS VILLARAN 790
SANTA CATALINA, LIMA 13, PERU
\(Address of principal executive offices\)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F _______
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101\(b\)\(7\): \[ \]
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No X
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.
Buenaventura Announces
Second Quarter and Six-month 2023 Results
Lima, Peru, July 26, 2023 – Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced results for the second quarter (2Q23) and six-month period ended June 30, 2023 (6M23). 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$). Buenaventura has provided accumulated six month results to reflect the provisional pricing effect on the first six months of 2023.
Second Quarter and Six-Month 2023 Highlights:
| • | 2Q23 EBITDA from direct operations was US$ 17.1 million, compared to US$ -12.9 million reported in 2Q22. 6M23 EBITDA from direct operations reached US$ 68.7 million, compared to US$ 74.0<br> million reported in 6M22. 2022 EBITDA does not include US$ 300 million resulting from the sale of Buenaventura's stake in Yanacocha. |
|---|---|
| • | 2Q23 net loss reached US$ 5.4 million, compared to a US$ 44.6 million net loss for the same period in 2022. 6M23 net income was US$ 67.5 million, compared to US$ 570.1 million net income for<br> the 6M22. The 6M22 result includes a US$ 480 million net income from discontinued operations, primarily due to the reclassification of Buenaventura's interest in Yanacocha. |
| --- | --- |
| • | The Company recorded a US$ 9.8 million provisional price adjustment for the accumulated first six months of 2023. This is comprised of US$ -13.7 million in fair value of accounts receivables<br> and US$ +3.9 million in adjustments to prior period liquidations. This compares to a US$ 35.1 million loss for the accumulated first six months of 2022. |
| --- | --- |
| • | Buenaventura's 6M23 consolidated copper production increased 23% YoY. Zinc production decreased by 68% YoY, lead decreased by 60% YoY,<br> silver decreased by 28% YoY, and gold decreased by 11% YoY. |
| --- | --- |
| • | El Brocal's underground mine production increased to 9,300 tpd during 2Q23, compared to 8,150 tpd in 2Q22. The El Brocal ramp-up remains on target to reach 10,000 tpd by year-end 2023. |
| --- | --- |
| • | Buenaventura's cash position reached US$ 202.4 million and net debt decreased to US$ 520.9 million with an average maturity of 2.9 years by quarter’s end, June 30, 2023. |
| --- | --- |
| • | 2Q23 capital expenditures were US$ 49.7 million, compared to US$ 36.1 million for the same period in 2022. 6M23 capital expenditures reached US$ 85.9 million, compared to US$ 56.0 million in<br> 6M22, and includes US$ 24.0 million related to the San Gabriel Project and US$ 19.2 million related to the Yumpag Project. |
| --- | --- |
| • | Buenaventura looks forward to permitting approval of Uchucchacua, Yumpag, El Brocal and Coimolache. The company continues to work with the Peruvian environmental authority (SENACE) on its<br> final review. We expect permits for Uchucchacua and Yumpag to be approved during 3Q23. |
| --- | --- |
| • | Cerro Verde paid a total dividend of US$ 250 million on April 28, 2023. Buenaventura received US$ 49.0 million relative to its stake in Cerro Verde. Cerro Verde will pay a second dividend on<br> August 3, 2023, from which Buenaventura will receive an additional US$ 49.0 million. |
| --- | --- |
1
Financial Highlights (in millions of US$, except EPS figures):
| 2Q23 | 2Q22 | Var | 6M23 | 6M22 | Var | |
|---|---|---|---|---|---|---|
| Total Revenues | 173.3 | 150.1 | 15% | 358.8 | 383.0 | -6% |
| Operating Income | -22.0 | -64.2 | -66% | -9.5 | -32.0 | N.A. |
| EBITDA Direct Operations ^(1)^ | 17.1 | -12.9 | N.A. | 68.7 | 74.0 | -7% |
| EBITDA Including Affiliates ^(1)^ | 87.4 | 57.8 | 51% | 265.7 | 291.5 | -9% |
| Net Income ^(2)^ | -6.7 | -36.3 | -81% | 57.7 | 568.2 | -90% |
| EPS ^(3)^ | -0.03 | -0.14 | -81% | 0.23 | 2.24 | -90% |
| (1) | Does not include US$ 300 million from the sale of Buenaventura’s stake in Yanacocha. | |||||
| --- | --- | |||||
| (2) | Net Income attributable to owners of the parent | |||||
| --- | --- | |||||
| (3) | As of June 30, 2023, Buenaventura had a weighted average number of shares outstanding of 253,986,867. | |||||
| --- | --- | |||||
| Operating Revenues | ||||||
| --- |
2Q23 net sales were US$ 173.3 million, compared to US$ 150.1 million in 2Q22; a year-on-year increase resulting from improved volume sold of copper and a decreased
loss related to provisional price adjustments.
| Operating Highlights | 2Q23 | 2Q22 | % | 6M23 | 6M22 | % |
|---|---|---|---|---|---|---|
| Net Sales (millions of US$) | 173.3 | 150.1 | 15% | 358.8 | 381.6 | -6% |
| Average Gold Price (US$/oz.) Direct Operations ^(1) (2)^ | 1,945 | 1,825 | 7% | 1,930 | 1,861 | 4% |
| Average Gold Price (US$/oz.) incl. Associated ^(2) (3)^ | 1,945 | 1,829 | 6% | 1,930 | 1,861 | 4% |
| Average Silver Price (US$/oz.)^(2)^ | 24.27 | 22.71 | 7% | 23.48 | 23.42 | 0% |
| Average Lead Price (US$/MT)^(2)^ | 1,846 | 2,180 | -15% | 1,960 | 2,280 | -14% |
| Average Zinc Price (US$/MT)^(2)^ | 2,497 | 4,489 | -44% | 2,375 | 4,257 | -44% |
| Average Copper Price (US$/MT)^(2)^ | 8,992 | 9,073 | -1% | 8,983 | 9,498 | -5% |
| Volume Sold | 2Q23 | 2Q22 | % | 6M23 | 6M22 | % |
| --- | --- | --- | --- | --- | --- | --- |
| Gold Oz Direct Operations ^(1)^ | 33,918 | 37,718 | -10% | 69,436 | 77,885 | -11% |
| Gold Oz incl. Associated ^(3)^ | 37,194 | 45,958 | -19% | 75,459 | 94,379 | -20% |
| Silver Oz | 1,611,940 | 1,813,579 | -11% | 2,922,570 | 3,701,368 | -21% |
| Lead MT | 2,160 | 3,811 | -43% | 3,530 | 8,401 | -58% |
| Zinc MT | 3,989 | 6,632 | -40% | 5,295 | 16,810 | -69% |
| Copper MT | 12,373 | 10,330 | 20% | 24,138 | 20,063 | 20% |
| (1) | Buenaventura Consolidated figure includes 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal. | |||||
| --- | --- | |||||
| (2) | The realized price takes into account the adjustments of quotational periods. | |||||
| --- | --- | |||||
| (3) | Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal and 40.095% of Coimolache. | |||||
| --- | --- |
2
| Production and Operating Costs |
|---|
Buenaventura’s 2Q23 equity gold production was 35,589 ounces, compared to 39,605 ounces produced in 2Q22, primarily due to decreased production at Tambomayo and Coimolache. 2Q23 silver production decreased by 12% primarily due to Julcani and El Brocal performance. 2Q23 lead and zinc production decreased by 50% and 46%, respectively, due to decreased production at Tambomayo. The Company’s 2Q23 equity copper production was 30,914 MT, compared to 27,900 MT produced in 2Q22.
| Equity Production | 2Q23 | 2Q22 | % | 6M23 | 6M22 | % |
|---|---|---|---|---|---|---|
| Gold Oz Direct Operations^(1)^ | 35,589 | 39,605 | -10% | 71,953 | 81,075 | -11% |
| Gold Oz including Associated^(2)^ Companies | 39,451 | 47,596 | -17% | 78,435 | 96,889 | -19% |
| Silver Oz Direct Operations^(1)^ | 1,416,441 | 1,607,230 | -12% | 2,511,133 | 3,369,931 | -25% |
| Lead MT | 1,867 | 3,749 | -50% | 3,296 | 7,891 | -58% |
| Zinc MT | 3,491 | 6,467 | -46% | 5,043 | 15,400 | -67% |
| Copper MT Direct Operations^(1)^ | 8,117 | 6,473 | 25% | 15,635 | 12,714 | 23% |
| Copper MT including Associated Companies^(3)^ | 30,914 | 27,900 | 11% | 60,168 | 55,157 | 9% |
| Consolidated Production | 2Q23 | 2Q22 | % | 6M23 | 6M22 | % |
| --- | --- | --- | --- | --- | --- | --- |
| Gold Oz^(4)^ | 37,278 | 41,324 | -10% | 75,346 | 84,471 | -11% |
| Silver Oz^(4)^ | 1,661,565 | 1,918,152 | -13% | 2,924,683 | 4,089,566 | -28% |
| Lead MT^(4)^ | 2,358 | 4,253 | -45% | 3,788 | 9,357 | -60% |
| Zinc MT^(4)^ | 4,962 | 8,066 | -38% | 6,513 | 20,382 | -68% |
| Copper MT^(4)^ | 13,213 | 10,537 | 25% | 25,452 | 20,696 | 23% |
| (1) | Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 100% of La Zanja and 61.43% of El Brocal. | |||||
| --- | --- | |||||
| (2) | Based on 100% of Buenaventura´s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.095% of Coimolache. | |||||
| --- | --- | |||||
| (3) | Based on 100% of Buenaventura´s operating units, 61.43% of El Brocal and 19.58% of Cerro Verde. | |||||
| --- | --- | |||||
| (4) | Based on 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal | |||||
| --- | --- |
Tambomayo (100% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 2Q23 | 2Q22 | Var % | 6M23 | 6M22 | Var % | ||
| Gold | Oz | 10,896 | 14,351 | -24% | 21,496 | 28,218 | -24% |
| Silver | Oz | 540,732 | 433,820 | 25% | 935,038 | 853,216 | 10% |
| Cost Applicable to Sales | |||||||
| 2Q23 | 2Q22 | Var % | 6M23 | 6M22 | Var % | ||
| Gold | US$/Oz | 1,175 | 944 | 24% | 1,172 | 977 | 20% |
Tambomayo 2Q23 gold production decreased 24% year on year due to lower gold grade and narrower veins mined; in line with the 2023 planned mining sequence. Cost Applicable to Sales (CAS) increased to 1,175 US$/Oz in 2Q23 from 944 US$/Oz in 2Q22. This increase was primarily due to the decreased volume sold in 2Q23.
3
Orcopampa (100% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 2Q23 | 2Q22 | Var % | 6M23 | 6M22 | Var % | ||
| Gold | Oz | 19,975 | 17,749 | 13% | 39,971 | 36,780 | 9% |
| Silver | Oz | 7,242 | 7,334 | -1% | 14,860 | 15,190 | -2% |
| Cost Applicable to Sales | |||||||
| 2Q23 | 2Q22 | Var % | 6M23 | 6M22 | Var % | ||
| Gold | US$/Oz | 1,002 | 1,079 | -7% | 974 | 969 | 1% |
2Q23 results reflect increased gold production at Orcopampa due to higher gold grades extracted from the Pucará and Ramal 4 vein system. Cost Applicable to Sales (CAS) decreased to 1,002 US$/Oz in 2Q23, compared to 1,079 US$/Oz in 2Q22, primarily due higher volume sold in 2Q23.
La Zanja (100.00% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 2Q23 | 2Q22 | Var % | 6M23 | 6M22 | Var % | ||
| Gold | Oz | 2,030 | 4,767 | -57% | 5,081 | 10,667 | -52% |
| Silver | Oz | 5,322 | 30,318 | -82% | 11,951 | 53,682 | -78% |
| Cost Applicable to Sales | |||||||
| 2Q23 | 2Q22 | Var % | 6M23 | 6M22 | Var % | ||
| Gold | US$/Oz | 1,938 | 1,650 | 17% | 1,867 | 1,935 | -3% |
2Q23 gold production decreased by 57% year on year, in line with the 2023 estimates, as mining and ore stockpiling was suspended in 4Q22. 2Q23 Cost Applicable to Sales (CAS) was 1,938 US$/Oz, an increase from 1,650 US$/Oz gold production in 2Q22 due to suspended mining activity.
Coimolache (40.10% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 2Q23 | 2Q22 | Var % | 6M23 | 6M22 | Var % | ||
| Gold | Oz | 9,632 | 19,930 | -52% | 16,168 | 39,442 | -59% |
| Silver | Oz | 64,084 | 75,504 | -15% | 89,570 | 152,699 | -41% |
| Cost Applicable to Sales | |||||||
| 2Q23 | 2Q22 | Var % | 6M23 | 6M22 | Var % | ||
| Gold | US$/Oz | 1,732 | 867 | 100% | 2,585 | 1,072 | 141% |
Coimolache 2Q23 gold production decreased by 52% year on year, primarily due to a slower than expected leach pad gold extraction rate with longer than expected percolation time, in line with 2023 estimates. These are expected to increase in the second half of 2023; 2023 guidance therefore remains unchanged. Cost Applicable to Sales (CAS) increased to 1,732 US$/Oz in 2Q23, from 867 US$/Oz in 2Q22 due to decreased volume sold.
4
Uchucchacua (100% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 2Q23 | 2Q22 | Var % | 6M23 | 6M22 | Var % | ||
| Silver | Oz | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. |
| Zinc | MT | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. |
| Lead | MT | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. |
| Cost Applicable to Sales | |||||||
| 2Q23 | 2Q22 | Var % | 6M23 | 6M22 | Var % | ||
| Silver | US$/Oz | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. |
Exploration and mine development continues as planned at the Uchucchacua mine. The 2H23 target to resume ore beneficiation at Uchucchacua´s processing plant remains unchanged.
Yumpag 4Q23 targeted production initiation remains unchanged and is subject to the final permitting and approval required to operate, which is expected to be granted in the 2H23 to then begin ore production and haulage to Uchucchacua´s processing plant. Buenaventura will focus on ensuring processing plant operational readiness during 3Q23 to receive ore from Uchucchacua and Yumpag by the end of 2023. Once adequate ore stockpiles have been reached, processing is expected to begin between 4Q23 and 1Q24.
Julcani (100% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 2Q23 | 2Q22 | Var % | 6M23 | 6M22 | Var % | ||
| Silver | Oz | 472,740 | 640,557 | -26% | 890,626 | 1,301,689 | -32% |
| Cost Applicable to Sales | |||||||
| 2Q23 | 2Q22 | Var % | 6M23 | 6M22 | Var % | ||
| Silver | US$/Oz | 21.87 | 14.71 | 49% | 20.74 | 14.91 | 39% |
2Q23 silver production decreased 26% year on year primarily due to a negative geology reconciliation with decreased treated ore. 2Q23 Cost Applicable to Sales (CAS) was 21.87 US$/Oz, compared to 14.71 US$/Oz in 2Q22; a 49% year on year increase due to decreased volume sold.
El Brocal (61.43% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 2Q23 | 2Q22 | Var % | 6M23 | 6M22 | Var % | ||
| Copper | MT | 13,213 | 10,537 | 25% | 25,452 | 20,696 | 23% |
| Zinc | MT | 3,812 | 4,146 | -8% | 3,812 | 12,918 | -70% |
| Silver | Oz | 635,530 | 806,123 | -21% | 1,072,208 | 1,865,789 | -43% |
| Cost Applicable to Sales | |||||||
| 2Q23 | 2Q22 | Var % | 6M23 | 6M22 | Var % | ||
| Copper | US$/MT | 6,225 | 6,788 | -8% | 6,473 | 6,685 | -3% |
| Zinc | US$/MT | 1,886 | 3,938 | -52% | 1,812 | 3,008 | -40% |
El Brocal 2Q23 copper production increased by 25% year on year due to increased ore treated at the Marcapunta underground mine. The El Brocal underground mine processed nearly 9,300 tpd during 2Q23 as part of its mine ramp-up phase and is expected to reach 10,000 tpd by 4Q23.
5
Silver and zinc production, primarily from the open pit, decreased by 21% and 8% year on year, respectively, as part as the planned transition to copper from polymetallic ore. Mining will continue through 3Q23 until the lead/zinc pit has been fully depleted. Buenaventura has therefore modified its prior mining plan and expects to now process 100% of the El Brocal lead and zinc inventories by year end 2023 with the remaining open pit copper inventories expected in 1Q24.
2Q23 Copper Cost Applicable to Sales (CAS) decreased by 8% year on year due to increased volume sold.
| General and Administrative Expenses |
|---|
2Q23 General and Administrative expenses were US$ 19.0 million; a 15% increase as compared to US$ 16.6 million in 2Q22.
| Share in Associated Companies |
|---|
Buenaventura’s share in associated companies was US$ 7.6 million in 2Q23, compared with US$ 22.3 million in 2Q22, comprised of:
| Share in the Result of Associates<br><br> <br>(in millions of US$) | 2Q23 | 2Q22 | Var | 6M23 | 6M22 | Var |
|---|---|---|---|---|---|---|
| Cerro Verde | 11.3 | 25.0 | -55% | 77.9 | 99.4 | -22% |
| Coimolache | -3.4 | -0.6 | N.A. | -10.2 | 0.5 | N.A. |
| Other minor | -0.3 | -2.2 | -87% | -0.7 | -2.2 | -67% |
| Total | 7.6 | 22.3 | -66% | 67.0 | 97.7 | -31% |
| CERRO VERDE (19.58% owned by Buenaventura) | ||||||
| --- |
2Q23 copper production was 116,431 MT, 22,797 MT of which is attributable to Buenaventura; a 6% increase as compared to 109,432 MT produced in 2Q22, 21,427 MT of which was attributable to Buenaventura.
Cerro Verde reported US$ 59.5 million net income in 2Q23, compared to US$ 127.8 million net income in 2Q22 due to an unfavorable result in a tax dispute and an adverse effect of provisional price adjustment.
2Q23 Cerro Verde capital expenditures were US$ 68.8 million.
| COIMOLACHE (40.10% owned by Buenaventura) |
|---|
Coimolache reported a 2Q23 US$ 8.1 million net loss, compared to US$ 1.9 million net loss in 2Q22.
6
| SAN GABRIEL Project |
|---|
Capital expenditures for 2Q23 and 6M23 was US$ 14.3 million and US$ 24.0 million, respectively, primarily related to earthworks and construction-related water dam excavation. Transmission line permitting continues as planned, four out of five workshops have been completed by the end of 2Q23 and a final public hearing has been scheduled in 3Q23. Power line critical equipment purchases were also completed by the end of 2Q23.
San Gabriel 2023 capital expenditure guidance has been revised to US$ 140 million – US$ 160 million due to slower than expected construction ramp-up. Buenaventura is increasing related earthmoving work to mitigate these delays, also with an additional second earthmoving work front. This revision does not affect project total CAPEX nor targeted production start in the 2H25.
| Item | Description | Progress as of June 30, 2023 |
|---|---|---|
| 1 | Engineering | 81% |
| 2 | Procurement | 85% |
| 3 | Construction | 7% |
| 4 | Commissioning | 0% |
| Total | 23% |
***
Company Description
Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache).
The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).
For a printed version of the Company’s 2022 Form 20-F, please contact the investor relations contacts on page 1 of this report or download the PDF format file from the Company’s web site at www.buenaventura.com.
(*) Operations wholly owned by Buenaventura
| Note on Forward-Looking Statements<br><br> <br>This press release and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company’s ability to manage<br> its business and liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s results of operations, including net revenues, earnings and cash flows, the Company’s ability to reduce costs and<br> capital spending in response to the COVID-19 pandemic if needed, the Company’s balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company’s prospects for financial performance, growth<br> and achievement of its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases.<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<br> those concerning the Company’s, Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint<br> ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking<br> statements reflect the Company’s view with respect to the Company’s, 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<br> factors discussed elsewhere in this Press Release. |
|---|
**Tables to follow**
7
APPENDIX 1
| Equity Participation in<br><br> <br>Subsidiaries and Associates (as of December 31, 2022) | ||
|---|---|---|
| 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
8
APPENDIX 2
| Gold Production | 14 | 17 | ||||||
|---|---|---|---|---|---|---|---|---|
| Mining Unit | Operating Results | Unit | 2Q23 | 2Q22 | △% | 6M23 | 6M22 | △ % |
| Underground | ||||||||
| Tambomayo | Ore Milled | DMT | 151,439 | 164,266 | -8% | 291,634 | 306,559 | -5% |
| Ore Grade | Gr/MT | 2.71 | 3.08 | -12% | 2.75 | 3.27 | -16% | |
| Recovery Rate | % | 82.61 | 88.22 | -6% | 83.43 | 87.82 | -5% | |
| Ounces Produced | Oz | 10,896 | 14,351 | -24% | 21,496 | 28,218 | -24% | |
| Orcopampa | Ore Milled | DMT | 70,277 | 57,309 | 23% | 139,448 | 116,606 | 20% |
| Ore Grade | Gr/MT | 9.23 | 9.80 | -6% | 9.31 | 9.91 | -6% | |
| Recovery Rate | % | 95.79 | 98.07 | -2% | 95.76 | 98.87 | -3% | |
| Ounces Produced* | Oz | 19,975 | 17,749 | 13% | 39,971 | 36,780 | 9% | |
| Marcapunta | Ore Milled | DMT | 847,346 | 742,030 | 14% | 1,689,009 | 1,380,010 | 22% |
| Ore Grade | Gr/MT | 0.54 | 0.59 | -9% | 0.53 | 0.62 | -15% | |
| Recovery Rate | % | 28.02 | 31.29 | -10% | 29.58 | 31.31 | -6% | |
| Ounces Produced* | Oz | 4,137 | 4,418 | -6% | 8,539 | 8,626 | -1% | |
| Open Pit | ||||||||
| La Zanja | Ounces Produced | Oz | 2,030 | 4,767 | -57% | 5,081 | 10,667 | -52% |
| Tajo Norte<br><br> Cu - Ag | Ounces Produced | Oz | 240 | 39 | 521% | 259 | 181 | 43% |
| Coimolache | Ounces Produced | Oz | 9,632 | 19,930 | -52% | 16,168 | 39,442 | -59% |
| Silver Production | ||||||||
| Mining Unit | Operating Results | Unit | 2Q23 | 2Q22 | △% | 6M23 | 6M22 | △ % |
| Underground | ||||||||
| Tambomayo | Ore Milled | DMT | 151,439 | 164,266 | -8% | 291,634 | 306,559 | -5% |
| Ore Grade | Oz/MT | 4.09 | 2.69 | 52% | 3.65 | 2.92 | 25% | |
| Recovery Rate | % | 87.03 | 97.25 | -11% | 87.71 | 95.06 | -8% | |
| Ounces Produced | Oz | 540,732 | 433,820 | 25% | 935,038 | 853,216 | 10% | |
| Orcopampa | Ore Milled | DMT | 70,277 | 57,309 | 23% | 139,448 | 116,606 | 20% |
| Ore Grade | Oz/MT | 0.14 | 0.16 | -12% | 0.15 | 0.18 | -21% | |
| Recovery Rate | % | 72.73 | 79.59 | -9% | 73.46 | 71.99 | 2% | |
| Ounces Produced | Oz | 7,242 | 7,334 | -1% | 14,860 | 15,190 | -2% | |
| Uchucchacua | Ore Milled | DMT | - | - | N.A. | - | - | N.A. |
| Ore Grade | Oz/MT | - | - | N.A. | - | - | N.A. | |
| Recovery Rate | % | - | - | N.A. | - | - | N.A. | |
| Ounces Produced | Oz | - | - | N.A. | - | - | N.A. | |
| Julcani | Ore Milled | DMT | 30,963 | 32,112 | -4% | 56,395 | 63,603 | -11% |
| Ore Grade | Oz/MT | 15.95 | 20.33 | -22% | 16.39 | 20.82 | -21% | |
| Recovery Rate | % | 95.47 | 98.13 | -3% | 96.17 | 98.29 | -2% | |
| Ounces Produced | Oz | 472,740 | 640,557 | -26% | 890,626 | 1,301,689 | -32% | |
| Marcapunta | Ore Milled | DMT | 847,346 | 742,030 | 14% | 1,689,009 | 1,380,010 | 22% |
| Ore Grade | Oz/MT | 0.90 | 0.78 | 16% | 0.90 | 0.82 | 9% | |
| Recovery Rate | % | 53.27 | 50.37 | 6% | 54.98 | 51.91 | 6% | |
| Ounces Produced | Oz | 407,503 | 291,328 | 40% | 831,606 | 593,736 | 40% | |
| Open Pit | ||||||||
| Tajo Norte<br><br> Cu - Ag | Ore Milled | DMT | 108,605 | 57,405 | 89% | 123,461 | 156,342 | -21% |
| Ore Grade | Oz/MT | 1.22 | 1.88 | -35% | 1.26 | 2.15 | -42% | |
| Recovery Rate | % | 51.61 | 54.79 | -6% | 52.05 | 53.45 | -3% | |
| Ounces Produced | Oz | 68,242 | 59,130 | 15% | 80,818 | 178,769 | -55% | |
| Tajo Norte<br><br> Pb - Zn | Ore Milled | DMT | 204,331 | 468,339 | -56% | 204,331 | 1,060,451 | -81% |
| Ore Grade | Oz/MT | 1.23 | 1.97 | -37% | 1.23 | 1.92 | -36% | |
| Recovery Rate | % | 64.46 | 49.63 | 30% | 64.46 | 53.77 | 20% | |
| Ounces Produced | Oz | 159,784 | 455,665 | -65% | 159,784 | 1,093,284 | -85% | |
| La Zanja | Ounces Produced | Oz | 5,322 | 30,318 | -82% | 11,951 | 53,682 | -78% |
| Coimolache | Ounces Produced | Oz | 64,084 | 75,504 | -15% | 89,570 | 152,699 | -41% |
9
| Lead Production | ||||||||
|---|---|---|---|---|---|---|---|---|
| Mining Unit | Operating Results | Unit | 2Q23 | 2Q22 | △% | 6M23 | 6M22 | △ % |
| Underground | ||||||||
| Tambomayo | Ore Milled | DMT | 151,439 | 164,266 | -8% | 291,634 | 306,559 | -5% |
| Ore Grade | % | 0.72 | 1.85 | -61% | 0.88 | 1.90 | -54% | |
| Recovery Rate | % | 84.91 | 91.80 | -8% | 87.53 | 91.13 | -4% | |
| MT Produced | MT | 924 | 2,823 | -67% | 2,248 | 5,331 | -58% | |
| Uchucchacua | Ore Milled | DMT | - | - | N.A. | - | - | N.A. |
| Ore Grade | % | - | - | N.A. | - | - | N.A. | |
| Recovery Rate | % | - | - | N.A. | - | - | N.A. | |
| MT Produced | MT | - | - | N.A. | - | - | N.A. | |
| Julcani | Ore Milled | DMT | 30,963 | 32,112 | -4% | 56,395 | 63,603 | -11% |
| Ore Grade | % | 0.58 | 0.42 | 37% | 0.53 | 0.38 | 38% | |
| Recovery Rate | % | 88.66 | 91.70 | -3% | 89.04 | 91.69 | -3% | |
| Ounces Produced* | MT | 159 | 124 | 28% | 266 | 224 | 19% | |
| Open Pit | ||||||||
| Tajo Norte<br><br> Pb - Zn | Ore Milled | DMT | 204,331 | 468,339 | -56% | 204,331 | 1,060,451 | -81% |
| Ore Grade | % | 1.39 | 0.94 | 47% | 1.39 | 0.93 | 49% | |
| Recovery Rate | % | 45.10 | 30.24 | 49% | 45.10 | 38.67 | 17% | |
| MT Produced | MT | 1,275 | 1,306 | -2% | 1,275 | 3,803 | -66% | |
| Zinc Production | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Mining Unit | Operating Results | Unit | 2Q23 | 2Q22 | △% | 6M23 | 6M22 | △ % |
| Underground | ||||||||
| Tambomayo | Ore Milled | DMT | 151,439 | 164,266 | -8% | 291,634 | 306,559 | -5% |
| Ore Grade | % | 0.96 | 2.43 | -60% | 1.15 | 2.70 | -57% | |
| Recovery Rate | % | 78.70 | 97.62 | -19% | 80.22 | 90.46 | -11% | |
| MT Produced | MT | 1,150 | 3,920 | -71% | 2,702 | 7,464 | -64% | |
| Uchucchacua | Ore Milled | DMT | - | - | N.A. | - | - | N.A. |
| Ore Grade | % | - | - | N.A. | - | - | N.A. | |
| Recovery Rate | % | - | - | N.A. | - | - | N.A. | |
| MT Produced | MT | - | - | N.A. | - | - | N.A. | |
| Open Pit | ||||||||
| Tajo Norte<br><br> Pb - Zn | Ore Milled | DMT | 204,331 | 468,339 | -56% | 204,331 | 1,060,451 | -81% |
| Ore Grade | % | 3.22 | 2.15 | 50% | 3.22 | 2.35 | 37% | |
| Recovery Rate | % | 58.94 | 40.31 | 46% | 58.94 | 50.59 | 17% | |
| MT Produced | MT | 3,812 | 4,146 | -8% | 3,812 | 12,918 | -70% | |
| Copper Production | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Mining Unit | Operating Results | Unit | 2Q23 | 2Q22 | △% | 6M23 | 6M22 | △ % |
| Underground | ||||||||
| Marcapunta | Ore Milled | DMT | 847,346 | 742,030 | 14% | 1,689,009 | 1,380,010 | 22% |
| Ore Grade | % | 1.72 | 1.61 | 7% | 1.68 | 1.68 | 0% | |
| Recovery Rate | % | 84.17 | 85.29 | -1% | 85.97 | 84.65 | 2% | |
| MT Produced | MT | 12,227 | 10,192 | 20% | 24,390 | 19,600 | 24% | |
| Tajo Norte<br><br> Cu - Ag | Ore Milled | DMT | 108,605 | 57,405 | 89% | 123,461 | 156,342 | -21% |
| Ore Grade | % | 1.51 | 0.93 | 63% | 1.43 | 1.13 | 27% | |
| Recovery Rate | % | 60.55 | 64.93 | -7% | 60.40 | 61.97 | -3% | |
| MT Produced | MT | 987 | 345 | 186% | 1,062 | 1,096 | -3% |
10
APPENDIX 3: Adjusted EBITDA Reconciliation (in thousand US$)
| 2Q23 | 2Q22 | 6M23 | 6M22 | |
|---|---|---|---|---|
| Net Income | -5,361 | -44,587 | 67,451 | 570,080 |
| Add / Substract: | 22,421 | 31,680 | 1,203 | -196,055 |
| Income from sale of investment in Yanacocha | 0 | 0 | 0 | 300,000 |
| Depreciation and Amortization in cost of sales | 39,114 | 44,333 | 70,552 | 90,054 |
| Provision (credit) for income tax, net | 2,149 | -32,696 | -806 | -18,902 |
| Interest expense | 16,190 | 12,880 | 30,074 | 29,451 |
| Loss (gain) on currency exchange difference | -25,219 | 22,935 | -34,626 | -24,875 |
| Provision of bonuses and compensations | 782 | 766 | 5,944 | 4,704 |
| Loss (gain) from discontinued operations | -24 | 190 | -606 | -479,807 |
| Workers' participation provision | 385 | -2,254 | 1,792 | 2,937 |
| Depreciation and amortization in administration expenses | 646 | 298 | 1,292 | 1,216 |
| Depreciation and Amortization in other, net | 25 | 26 | 49 | 51 |
| Provision (reversal) for contingencies | 1,744 | 2,591 | -5,294 | 1,845 |
| Share in associated companies by the equity method, net | -7,630 | -22,287 | -66,993 | -97,707 |
| Write-off of fixed assets | 238 | 318 | 238 | 318 |
| Impairment (reversal) of inventories | -3,852 | 5,231 | 3,538 | 4,884 |
| Interest income | -2,127 | -651 | -3,951 | -10,224 |
| EBITDA Buenaventura Direct Operations | 17,060 | -12,907 | 68,654 | 374,025 |
| EBITDA Cerro Verde (19.58%) | 71,602 | 66,804 | 200,613 | 208,778 |
| EBITDA Coimolache (40.095%) | -1,282 | 3,908 | -3,531 | 8,725 |
| EBITDA Buenaventura + All Associates | 87,380 | 57,805 | 265,736 | 591,528 |
*Cerro Verde’s EBITDA accounts for D&A related to the capitalization of the stripping.
Note:
EBITDA (Buenaventura Direct Operations) consists of earnings before net interest, taxes, depreciation and amortization, share in associated companies, net, loss on currency exchange difference, other, net, provision for workers’ profit sharing and provision for long-term officers’ compensation.
EBITDA (including associated companies) consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura’s equity share of EBITDA (Cerro Verde), plus (2) Buenaventura’s equity share of EBITDA (Coimolache). All EBITDA mentioned were similarly calculated using financial information provided to Buenaventura by the associated companies.
Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) to provide further information with respect to its operating performance and the operating performance of its equity investees, the affiliates. EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) are not a measure of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) as alternatives to operating income or net income determined in accordance with IFRS, as an indicator of Buenaventura’s, affiliates operating performance, or as an alternative to cash flows from operating activities.
11
APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION
Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold
Cost applicable to sales consists of cost of sales, excluding depreciation and amortization, plus selling expenses. Cost applicable to sales per unit sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases.
Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of our operating performance. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without adjusting for by-product revenue amounts.
Operations’ Cost applicable to sales does not include operating cost for those months during which Buenaventura’s operations were suspended due to COVID-19, as these have been classified as “Unabsorbed costs due to production stoppage” within the financial statements.
The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2022 and 2021 and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units. The amounts set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2021 and 2022 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below.
12
| Set forth below is a reconciliation of consolidated Cost of sales, excluding depreciation and amortization, to consolidated Cost applicable to sales: | |||
|---|---|---|---|
| For the 3 months ended June 30 | For the 6 months ended June 30 | ||
| 2023 | 2023 | 2022 | |
| (in thousands of US) | |||
| Consolidated Cost of sales excluding depreciation and amortization | 105,828 | 205,976 | 219,084 |
| Add: | |||
| Consolidated Exploration in units in operation | 14,100 | 26,633 | 32,921 |
| Consolidated Commercial deductions | 42,922 | 83,391 | 95,848 |
| Consolidated Selling expenses | 5,040 | 8,468 | 9,636 |
| Consolidated Cost applicable to sales | 167,890 | 324,468 | 357,489 |
| Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization (by mine and mineral) to consolidated Cost of sales: | |||
| For the 3 months ended June 30 | For the 6 months ended June 30 | ||
| 2023 | 2023 | 2022 | |
| Cost of sales by mine and mineral | (in thousands of US) | ||
| Julcani, Gold | 19 | 52 | 0 |
| Julcani, Silver | 7,600 | 13,909 | 14,085 |
| Julcani, Lead | 203 | 332 | 179 |
| Julcani, Copper | 103 | 197 | 142 |
| Orcopampa, Gold | 17,745 | 34,833 | 29,017 |
| Orcopampa, Silver | 66 | 125 | 185 |
| Orcopampa, Copper | 0 | 0 | 0 |
| Uchucchacua, Gold | 0 | 0 | 0 |
| Uchucchacua, Silver | 0 | 0 | 0 |
| Uchucchacua, Lead | 0 | 0 | 0 |
| Uchucchacua, Zinc | 0 | 0 | 0 |
| Tambomayo, Gold | 9,132 | 18,109 | 17,352 |
| Tambomayo, Silver | 5,359 | 9,671 | 6,179 |
| Tambomayo, Zinc | 589 | 2,611 | 9,765 |
| Tambomayo, Lead | 1,022 | 1,925 | 4,258 |
| La Zanja, Gold | 3,518 | 9,101 | 18,252 |
| La Zanja, Silver | 258 | 484 | 1,112 |
| El Brocal, Gold | 1,985 | 4,123 | 4,027 |
| El Brocal, Silver | 4,951 | 8,378 | 14,063 |
| El Brocal, Lead | 944 | 1,029 | 2,943 |
| El Brocal, Zinc | 2,999 | 2,948 | 17,418 |
| El Brocal, Copper | 42,630 | 86,915 | 72,564 |
| Non Mining Units | 6,704 | 11,233 | 7,543 |
| Consolidated Cost of sales, excluding depreciation and amortization | 105,828 | 205,976 | 219,084 |
| 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 June 30 | For the 6 months ended June 30 | ||
| 2023 | 2023 | 2022 | |
| Exploration expenses in units in operation by mine and mineral | (in thousands of US) | ||
| Julcani, Gold | 4 | 12 | 0 |
| Julcani, Silver | 1,781 | 3,144 | 3,054 |
| Julcani, Lead | 48 | 75 | 39 |
| Julcani, Copper | 24 | 44 | 31 |
| Orcopampa, Gold | 1,610 | 3,262 | 6,172 |
| Orcopampa, Silver | 6 | 12 | 39 |
| Orcopampa, Copper | 0 | 0 | 0 |
| Uchucchacua, Gold | 0 | 0 | 0 |
| Uchucchacua, Silver | 7,413 | 13,931 | 8,813 |
| Uchucchacua, Lead | 0 | 0 | 0 |
| Uchucchacua, Zinc | 0 | 0 | 0 |
| Tambomayo, Gold | 523 | 854 | 2,271 |
| Tambomayo, Silver | 307 | 456 | 809 |
| Tambomayo, Lead | 34 | 91 | 557 |
| Tambomayo, Zinc | 59 | 123 | 1,278 |
| La Zanja, Gold | 124 | 312 | 1,398 |
| La Zanja, Silver | 9 | 17 | 85 |
| El Brocal, Gold | 80 | 171 | 304 |
| El Brocal, Silver | 200 | 348 | 1,061 |
| El Brocal, Lead | 38 | 43 | 222 |
| El Brocal, Zinc | 121 | 123 | 1,314 |
| El Brocal, Copper | 1,719 | 3,615 | 5,475 |
| Non Mining Units | 0 | 0 | 0 |
| Consolidated Exploration expenses in units in operation | 14,100 | 26,633 | 32,921 |
All values are in US Dollars.
13
| Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral) to consolidated Commercial deductions: | |||
|---|---|---|---|
| For the 3 months ended June 30 | For the 6 months ended June 30 | ||
| 2023 | 2023 | 2022 | |
| Commercial Deductions in units in operation by mine and mineral | (in thousands of US) | ||
| Julcani, Gold | 1 | 3 | -8 |
| Julcani, Silver | 404 | 725 | 1,145 |
| Julcani, Lead | 11 | 17 | 14 |
| Julcani, Copper | 5 | 10 | 10 |
| Orcopampa, Gold | 265 | 610 | 390 |
| Orcopampa, Silver | 0 | 0 | 13 |
| Orcopampa, Copper | 0 | 0 | 0 |
| Uchucchacua, Gold | 0 | 0 | 0 |
| Uchucchacua, Silver | 1,248 | 2,546 | 497 |
| Uchucchacua, Lead | 0 | 0 | -5 |
| Uchucchacua, Zinc | 0 | 0 | 272 |
| Tambomayo, Gold | 1,435 | 2,797 | 3,584 |
| Tambomayo, Silver | 928 | 1,670 | 1,701 |
| Tambomayo, Lead | 67 | 280 | 843 |
| Tambomayo, Zinc | 525 | 1,455 | 8,255 |
| La Zanja, Gold | 15 | 81 | 81 |
| La Zanja, Silver | 1 | 6 | 4 |
| El Brocal, Gold | 1,408 | 2,910 | 2,953 |
| El Brocal, Silver | 3,309 | 5,745 | 9,097 |
| El Brocal, Lead | 397 | 415 | 1,610 |
| El Brocal, Zinc | 2,560 | 2,472 | 12,542 |
| El Brocal, Copper | 30,344 | 61,648 | 52,850 |
| Non Mining Units | 0 | 0 | 0 |
| Consolidated Commercial deductions in units in operation | 42,922 | 83,391 | 95,848 |
All values are in US Dollars.
| Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated Selling expenses: | |||
|---|---|---|---|
| For the 3 months ended June 30 | For the 6 months ended June 30 | ||
| 2023 | 2023 | 2022 | |
| Selling expenses by mine and mineral | (in thousands of US) | ||
| Julcani, Gold | 0 | 0 | 0 |
| Julcani, Silver | 53 | 113 | 236 |
| Julcani, Lead | 1 | 3 | 3 |
| Julcani, Copper | 1 | 2 | 2 |
| Orcopampa, Gold | 145 | 310 | 293 |
| Orcopampa, Silver | 1 | 1 | 2 |
| Orcopampa, Copper | 0 | 0 | 0 |
| Uchucchacua, Gold | 0 | 0 | 0 |
| Uchucchacua, Silver | 950 | 1,603 | 1,359 |
| Uchucchacua, Lead | 0 | 0 | 0 |
| Uchucchacua, Zinc | 0 | 0 | 0 |
| Tambomayo, Gold | 501 | 782 | 1,301 |
| Tambomayo, Silver | 294 | 417 | 463 |
| Tambomayo, Lead | 32 | 83 | 319 |
| Tambomayo, Zinc | 56 | 113 | 732 |
| La Zanja, Gold | 9 | 35 | 53 |
| La Zanja, Silver | 1 | 2 | 3 |
| El Brocal, Gold | 103 | 183 | 159 |
| El Brocal, Silver | 258 | 372 | 556 |
| El Brocal, Lead | 49 | 46 | 116 |
| El Brocal, Zinc | 156 | 131 | 688 |
| El Brocal, Copper | 2,220 | 3,857 | 2,868 |
| Non Mining Units | 210 | 416 | 481 |
| Consolidated Selling expenses | 5,040 | 8,468 | 9,636 |
All values are in US Dollars.
14
| JULCANI | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2Q 2023 | 2Q 2022 | |||||||||||
| 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) | 19 | 7,600 | 203 | - | 103 | 7,925 | 37 | 6,782 | 97 | - | 89 | 7,004 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 4 | 1,781 | 48 | - | 24 | 1,857 | 9 | 1,602 | 23 | - | 21 | 1,655 |
| Commercial Deductions (US$000) | 1 | 404 | 11 | - | 5 | 421 | 2 | 442 | 6 | - | 6 | 456 |
| Selling Expenses (US$000) | 0 | 52.74 | 1.41 | - | 1 | 55 | 0 | 81 | 1 | - | 1 | 84 |
| Cost Applicable to Sales (US$000) | 25 | 9,837 | 262 | - | 133 | 10,258 | 48 | 8,907 | 127 | - | 116 | 9,199 |
| Divide: | ||||||||||||
| Volume Sold | 14 | 449,841 | 138 | - | 18 | Not Applicable | 40 | 605,641 | 93 | - | 19 | Not Applicable |
| CAS | 1,808 | 21.87 | 1,904 | - | 7,617 | Not Applicable | 1,214 | 14.71 | 1,369 | - | 6,137 | Not Applicable |
| ORCOPAMPA | ||||||||||||
| 2Q 2023 | 2Q 2022 | |||||||||||
| 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) | 17,745 | 66 | - | - | - | 17,811 | 15,182 | 130 | - | - | - | 15,312 |
| Add: | - | |||||||||||
| Exploration Expenses (US$000) | 1,610 | 6 | - | - | - | 1,616 | 3,495 | 30 | - | - | - | 3,525 |
| Commercial Deductions (US$000) | 265 | 0 | - | - | - | 265 | 309 | 12 | - | - | - | 322 |
| Selling Expenses (US$000) | 145 | 1 | - | - | - | 146 | 140 | 1 | - | - | - | 141 |
| Cost Applicable to Sales (US$000) | 19,765 | 73 | - | - | - | 19,838 | 19,127 | 173 | - | - | - | 19,300 |
| Divide: | ||||||||||||
| Volume Sold | 19,718 | 6,023 | - | - | - | Not Applicable | 17,719 | 12,411 | - | - | - | Not Applicable |
| CAS | 1,002 | 12.09 | - | - | - | Not Applicable | 1,079 | 13.93 | - | - | - | Not Applicable |
| UCHUCCHACUA | ||||||||||||
| 2Q 2023 | 2Q 2022 | |||||||||||
| 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) | - | - | - | - | - | - | - | - | - | - | - | - |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | - | 7,413 | - | - | - | 7,413 | - | 5,883 | 78 | - | - | 5,961 |
| Commercial Deductions (US$000) | - | 1,248 | - | - | - | 1,248 | - | 524 | 11 | - | - | 534 |
| Selling Expenses (US$000) | - | 950 | - | - | - | 950 | - | 1,033 | 14 | - | - | 1,047 |
| Cost Applicable to Sales (US$000) | - | 9,611 | - | - | - | 9,611 | - | 7,440 | 102 | - | - | 7,542 |
| Divide: | ||||||||||||
| Volume Sold | - | 150,637 | - | - | - | Not Applicable | - | 139,688 | 18 | - | - | Not Applicable |
| CAS | - | 63.81 | - | - | - | Not Applicable | - | 53.26 | 5,558 | - | - | Not Applicable |
| TAMBOMAYO | ||||||||||||
| 2Q 2023 | 2Q 2022 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 9,132 | 5,359 | 589 | 1,022 | - | 16,103 | 8,824 | 3,108 | 2,216 | 5,206 | - | 19,355 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 523 | 307 | 34 | 59 | - | 923 | 1,180 | 416 | 296 | 696 | - | 2,588 |
| Commercial Deductions (US$000) | 1,435 | 928 | 67 | 525 | - | 2,954 | 1,539 | 701 | 400 | 3,196 | - | 5,837 |
| Selling Expenses (US$000) | 501 | 294 | 32 | 56 | - | 883 | 645 | 227 | 162 | 381 | - | 1,415 |
| Cost Applicable to Sales (US$000) | 11,591 | 6,888 | 722 | 1,662 | - | 20,863 | 12,188 | 4,453 | 3,075 | 9,479 | - | 29,195 |
| Divide: | ||||||||||||
| Volume Sold | 9,868 | 485,593 | 808 | 895 | - | Not Applicable | 12,917 | 376,313 | 2,629 | 3,262 | - | Not Applicable |
| CAS | 1,175 | 14.18 | 895 | 1,857 | - | Not Applicable | 944 | 11.83 | 1,170 | 2,906 | - | Not Applicable |
| JULCANI | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 6M 2023 | 6M 2022 | |||||||||||
| 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) | 52 | 13,909 | 332 | - | 197 | 14,490 | - | 14,085 | 179 | - | 142 | 14,406 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 12 | 3,144 | 75 | - | 44 | 3,275 | - | 3,054 | 39 | - | 31 | 3,124 |
| Commercial Deductions (US$000) | 3 | 725 | 17 | - | 10 | 754 | -8 | 1,145 | 14 | - | 10 | 1,162 |
| Selling Expenses (US$000) | 0 | 113 | 3 | - | 2 | 118 | - | 236 | 3 | - | 2 | 241 |
| Cost Applicable to Sales (US$000) | 67 | 17,890 | 427 | - | 253 | 18,637 | -8 | 18,520 | 235 | - | 185 | 18,933 |
| Divide: | ||||||||||||
| Volume Sold | 39 | 862,731 | 232 | - | 34 | Not Applicable | 40 | 1,241,952 | 168 | - | 30 | Not Aplicable |
| CAS | 1,730 | 20.74 | 1,844 | - | 7,453 | Not Applicable | - | 14.91 | 1,399 | - | 6,118 | Not Applicable |
| ORCOPAMPA | ||||||||||||
| 6M 2023 | 6M 2022 | |||||||||||
| 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) | 34,833 | 125 | - | - | - | 34,958 | 29,017 | 185 | - | - | - | 29,202 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 3,262 | 12 | - | - | - | 3,274 | 6,172 | 39 | - | - | - | 6,211 |
| Commercial Deductions (US$000) | 610 | -0 | - | - | - | 610 | 390 | 13 | - | - | - | 403 |
| Selling Expenses (US$000) | 310 | 1 | - | - | - | 311 | 293 | 2 | - | - | - | 295 |
| Cost Applicable to Sales (US$000) | 39,015 | 138 | - | - | - | 39,153 | 35,872 | 239 | - | - | - | 36,111 |
| Divide: | ||||||||||||
| Volume Sold | 40,044 | 12,722 | - | - | - | Not Applicable | 37,026 | 19,339 | - | - | - | Not Applicable |
| CAS | 974 | 10.83 | - | - | - | Not Applicable | 969 | 12.37 | - | - | - | Not Applicable |
| UCHUCCHACUA | ||||||||||||
| 6M 2023 | 6M 2022 | |||||||||||
| 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) | - | - | - | - | - | - | - | - | - | - | - | - |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | - | 13,931 | - | - | - | 13,931 | - | 8,813 | - | - | - | 8,813 |
| Commercial Deductions (US$000) | - | 2,546 | - | - | - | 2,546 | - | 497 | -5 | 272 | - | 763 |
| Selling Expenses (US$000) | - | 1,603 | - | - | - | 1,603 | - | 1,359 | - | - | - | 1,359 |
| Cost Applicable to Sales (US$000) | - | 18,080 | - | - | - | 18,080 | - | 10,669 | -5 | 272 | - | 10,935 |
| Divide: | ||||||||||||
| Volume Sold | - | 281,279 | - | - | - | Not Applicable | - | 158,418 | 18 | - | - | Not Applicable |
| CAS | - | 64.28 | - | - | - | Not Applicable | - | 67.35 | - | - | - | Not Applicable |
| TAMBOMAYO | ||||||||||||
| 6M 2023 | 6M 2022 | |||||||||||
| 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) | 18,109 | 9,671 | 1,925 | 2,611 | - | 32,316 | 17,352 | 6,179 | 4,258 | 9,765 | - | 37,555 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 854 | 456 | 91 | 123 | - | 1,524 | 2,271 | 809 | 557 | 1,278 | - | 4,914 |
| Commercial Deductions (US$000) | 2,797 | 1,670 | 280 | 1,455 | - | 6,203 | 3,584 | 1,701 | 843 | 8,255 | - | 14,383 |
| Selling Expenses (US$000) | 782 | 417 | 83 | 113 | - | 1,395 | 1,301 | 463 | 319 | 732 | - | 2,816 |
| Cost Applicable to Sales (US$000) | 22,542 | 12,214 | 2,379 | 4,302 | - | 41,438 | 24,508 | 9,152 | 5,978 | 20,030 | - | 59,668 |
| Divide: | ||||||||||||
| Volume Sold | 19,228 | 855,892 | 1,996 | 2,163 | - | Not Applicable | 25,098 | 727,390 | 4,904 | 6,184 | - | Not Applicable |
| CAS | 1,172 | 14.27 | 1,192 | 1,989 | - | Not Applicable | 977 | 12.58 | 1,219 | 3,239 | - | Not Applicable |
15
| LA ZANJA | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2Q 2023 | 2Q 2022 | |||||||||||
| 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) | 3,518 | 258 | - | - | - | 3,776 | 6,580 | 517 | - | - | - | 7,097 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 124 | 9 | - | - | - | 133 | 708 | 56 | - | - | - | 764 |
| Commercial Deductions (US$000) | 15 | 1 | - | - | - | 15 | 37 | 2 | - | - | - | 39 |
| Selling Expenses (US$000) | 9 | 1 | - | - | - | 10 | 20 | 2 | - | - | - | 22 |
| Cost Applicable to Sales (US$000) | 3,665 | 269 | - | - | - | 3,934 | 7,346 | 576 | - | - | - | 7,922 |
| Divide: | ||||||||||||
| Volume Sold | 1,892 | 11,589 | - | - | - | Not Applicable | 4,452 | 29,273 | - | - | - | Not Applicable |
| CAS | 1,938 | 23.20 | - | - | - | Not Applicable | 1,650 | 19.67 | - | - | - | Not Applicable |
| BROCAL | ||||||||||||
| 2Q 2023 | 2Q 2022 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 1,985 | 4,951 | 944 | 2,999 | 42,630 | 53,509 | 2,089 | 6,420 | 952 | 6,762 | 39,165 | 55,389 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 80 | 200 | 38 | 121 | 1,719 | 2,158 | 166 | 511 | 76 | 539 | 3,119 | 4,411 |
| Commercial Deductions (US$000) | 1,408 | 3,309 | 397 | 2,560 | 30,344 | 38,019 | 1,409 | 3,991 | 430 | 5,715 | 26,231 | 37,775 |
| Selling Expenses (US$000) | 103 | 258 | 49 | 156 | 2,220 | 2,786 | 79 | 242 | 36 | 255 | 1,479 | 2,092 |
| Cost Applicable to Sales (US$000) | 3,577 | 8,718 | 1,428 | 5,836 | 76,913 | 96,472 | 3,743 | 11,165 | 1,494 | 13,271 | 69,994 | 99,667 |
| Divide: | ||||||||||||
| Volume Sold | 2,427 | 508,257 | 1,215 | 3,094 | 12,355 | Not Applicable | 2,590 | 650,260 | 1,071 | 3,370 | 10,311 | Not Applicable |
| CAS | 1,474 | 17.15 | 1,176 | 1,886 | 6,225 | Not Applicable | 1,446 | 17.17 | 1,395 | 3,938 | 6,788 | Not Applicable |
| NON MINING COMPANIES | ||||||||||||
| 2Q 2023 | 2Q 2022 | |||||||||||
| 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) | - | - | - | - | - | 6,704 | - | - | - | - | - | 6,959 |
| Add: | ||||||||||||
| Selling Expenses (US$000) | - | - | - | - | - | 210 | - | - | - | - | - | 243 |
| Total (US$000) | - | - | - | - | - | 6,914 | - | - | - | - | - | 7,202 |
| BUENAVENTURA CONSOLIDATED | ||||||||||||
| 2Q 2023 | 2Q 2022 | |||||||||||
| 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) | 32,399 | 18,235 | 1,736 | 4,021 | 42,733 | 105,828 | 32,713 | 16,956 | 3,265 | 11,968 | 39,254 | 111,116 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 2,342 | 9,716 | 119 | 180 | 1,743 | 14,100 | 5,559 | 8,498 | 473 | 1,235 | 3,140 | 18,904 |
| Commercial Deductions (US$000) | 3,124 | 5,890 | 474 | 3,085 | 30,350 | 42,922 | 3,297 | 5,672 | 848 | 8,911 | 26,236 | 44,963 |
| Selling Expenses (US$000) | 759 | 1,556 | 83 | 212 | 2,220 | 4,830 | 885 | 1,587 | 213 | 636 | 1,480 | 5,044 |
| Cost Applicable to Sales (US$000) | 38,623 | 35,396 | 2,413 | 7,497 | 77,046 | 160,976 | 42,453 | 32,714 | 4,799 | 22,749 | 70,111 | 180,027 |
| Divide: | ||||||||||||
| Volume Sold | 33,918 | 1,611,940 | 2,160 | 3,989 | 12,373 | Not Applicable | 37,718 | 1,813,586 | 3,811 | 6,632 | 10,330 | Not Applicable |
| CAS | 1,139 | 21.96 | 1,117 | 1,880 | 6,227 | Not Applicable | 1,126 | 18.04 | 1,259 | 3,430 | 6,787 | Not Applicable |
| COIMOLACHE | ||||||||||||
| 2Q 2023 | 2Q 2022 | |||||||||||
| 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) | 12,348 | 1,040 | - | - | - | 13,388 | 16,124 | 824 | - | - | - | 16,948 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 1,615 | 136 | - | - | - | 1,751 | 1,466 | 75 | - | - | - | 1,541 |
| Commercial Deductions (US$000) | 73 | 5 | - | - | - | 78 | 71 | 9 | - | - | - | 80 |
| Selling Expenses (US$000) | 116 | 10 | - | - | - | 126 | 166 | 9 | - | - | - | 175 |
| Cost Applicable to Sales (US$000) | 14,152 | 1,192 | - | - | - | 15,343 | 17,828 | 916 | - | - | - | 18,744 |
| Divide: | ||||||||||||
| Volume Sold | 8,170 | 57,608 | - | - | - | Not Applicable | 20,551 | 84,859 | - | - | - | Not Applicable |
| CAS | 1,732 | 20.68 | - | - | - | Not Applicable | 867 | 10.80 | - | - | - | Not Applicable |
| LA ZANJA | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 6M 2023 | 6M 2022 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 9,101 | 484 | - | - | - | 9,585 | 18,252 | 1,112 | - | - | - | 19,364 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 312 | 17 | - | - | - | 329 | 1,398 | 85 | - | - | - | 1,483 |
| Commercial Deductions (US$000) | 81 | 6 | - | - | - | 87 | 81 | 4 | - | - | - | 85 |
| Selling Expenses (US$000) | 35 | 2 | - | - | - | 37 | 53 | 3 | - | - | - | 56 |
| Cost Applicable to Sales (US$000) | 9,530 | 509 | - | - | - | 10,038 | 19,783 | 1,205 | - | - | - | 20,988 |
| Divide: | ||||||||||||
| Volume Sold | 5,103 | 22,531 | - | - | - | Not Applicable | 10,225 | 51,090 | - | - | - | Not Applicable |
| CAS | 1,867 | 22.57 | - | - | - | Not Applicable | 1,935 | 23.58 | - | - | - | Not Applicable |
| BROCAL | ||||||||||||
| 6M 2023 | 6M 2022 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 4,123 | 8,378 | 1,029 | 2,948 | 86,915 | 103,394 | 4,027 | 14,063 | 2,943 | 17,418 | 72,564 | 111,014 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 171 | 348 | 43 | 123 | 3,615 | 4,300 | 304 | 1,061 | 222 | 1,314 | 5,475 | 8,376 |
| Commercial Deductions (US$000) | 2,910 | 5,745 | 415 | 2,472 | 61,648 | 73,190 | 2,953 | 9,097 | 1,610 | 12,542 | 52,850 | 79,052 |
| Selling Expenses (US$000) | 183 | 372 | 46 | 131 | 3,857 | 4,588 | 159 | 556 | 116 | 688 | 2,868 | 4,388 |
| Cost Applicable to Sales (US$000) | 7,388 | 14,844 | 1,533 | 5,674 | 156,034 | 185,472 | 7,443 | 24,776 | 4,891 | 31,962 | 133,757 | 202,830 |
| Divide: | ||||||||||||
| Volume Sold | 5,022 | 887,415 | 1,302 | 3,132 | 24,104 | Not Applicable | 5,496 | 1,503,193 | 3,310 | 10,626 | 20,008 | Not Applicable |
| CAS | 1,471 | 16.73 | 1,177 | 1,812 | 6,473 | Not Applicable | 1,354 | 16.48 | 1,478 | 3,008 | 6,685 | Not Applicable |
| NON MINING COMPANIES | ||||||||||||
| 6M 2023 | 6M 2022 | |||||||||||
| 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) | - | - | - | - | - | 11,233 | - | - | - | - | - | 7,543 |
| Add: | ||||||||||||
| Selling Expenses (US$000) | - | - | - | - | - | 416 | - | - | - | - | - | 481 |
| Total (US$000) | - | - | - | - | - | 11,649 | - | - | - | - | - | 8,024 |
| BUENAVENTURA CONSOLIDATED | ||||||||||||
| 6M 2023 | 6M 2022 | |||||||||||
| 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) | 66,218 | 32,567 | 3,286 | 5,559 | 87,112 | 205,976 | 68,649 | 35,624 | 7,380 | 27,183 | 72,706 | 219,084 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 4,612 | 17,908 | 209 | 246 | 3,659 | 26,633 | 10,144 | 13,861 | 818 | 2,592 | 5,506 | 32,921 |
| Commercial Deductions (US$000) | 6,401 | 10,692 | 712 | 3,928 | 61,657 | 83,391 | 7,001 | 12,457 | 2,462 | 21,069 | 52,860 | 95,848 |
| Selling Expenses (US$000) | 1,310 | 2,509 | 131 | 244 | 3,858 | 8,052 | 1,806 | 2,619 | 439 | 1,421 | 2,871 | 9,636 |
| Cost Applicable to Sales (US$000) | 78,542 | 63,675 | 4,339 | 9,976 | 156,287 | 312,819 | 87,599 | 64,561 | 11,098 | 52,264 | 133,943 | 357,489 |
| Divide: | ||||||||||||
| Volume Sold | 69,436 | 2,922,570 | 3,530 | 5,295 | 24,138 | Not Applicable | 77,885 | 3,701,382 | 8,401 | 16,810 | 20,038 | Not Applicable |
| CAS | 1,131 | 21.79 | 1,229 | 1,884 | 6,475 | Not Applicable | 1,125 | 17.44 | 1,321 | 3,109 | 6,684 | Not Applicable |
| COIMOLACHE | ||||||||||||
| 6M 2023 | 6M 2022 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 33,554 | 2,222 | - | - | - | 35,776 | 39,894 | 2,097 | - | - | - | 41,991 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 4,938 | 327 | - | - | - | 5,265 | 3,482 | 183 | - | - | - | 3,665 |
| Commercial Deductions (US$000) | 112 | 8 | - | - | - | 120 | 325 | 39 | - | - | - | 364 |
| Selling Expenses (US$000) | 234 | 15 | - | - | - | 249 | 409 | 22 | - | - | - | 431 |
| Cost Applicable to Sales (US$000) | 38,837 | 2,573 | - | - | - | 41,410 | 44,111 | 2,340 | - | - | - | 46,451 |
| Divide: | ||||||||||||
| Volume Sold | 15,024 | 82,517 | - | - | - | Not Applicable | 41,137 | 181,494 | - | - | - | Not Applicable |
| CAS | 2,585 | 31.18 | - | - | - | Not Applicable | 1,072 | 12.89 | - | - | - | Not Applicable |
16
APPENDIX 5: All-in Sustaining Cost
| All-in Sustaining Cost for 2Q23 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Buenaventura^1^ | La Zanja | Tantahuatay | Attributable ^2^ | |||||
| 2Q23 | 2Q23 | 2Q23 | 2Q23 | |||||
| Au Ounces Sold Net | 29,599 | 1,892 | 8,170 | 34,767 | ||||
| 2Q23 | 2Q23 | 2Q23 | 2Q23 | |||||
| Income Statement & Cash Flow | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au |
| Cost of Sales | 42,885 | 1,449 | 9,454 | 4,998 | 13,388 | 695 | 57,707 | 1,660 |
| Exploration in Operating Units | 11,809 | 399 | 132 | 70 | 1,752 | 50 | 12,643 | 364 |
| Royalties | 3,173 | 107 | 0 | 0 | 0 | 0 | 3,173 | 91 |
| Comercial Deductions^3^ | 4,888 | 165 | 15 | 8 | 78 | 3 | 4,935 | 142 |
| Selling Expenses | 2,034 | 69 | 10 | 5 | 127 | 5 | 2,095 | 60 |
| Administrative Expenses | 10,928 | 369 | 799 | 422 | 1,026 | 46 | 12,138 | 349 |
| Other, net | -1,162 | -39 | 137 | 72 | -487 | 8 | -1,220 | -35 |
| Sustaining Capex^4^ | 1,976 | 67 | 278 | 147 | 741 | 153 | 2,551 | 73 |
| By-product Credit | -29,757 | -1,005 | -269 | -142 | -1,335 | -47 | -30,562 | -879 |
| All-in Sustaining Cost | 46,774 | 1,580 | 10,555 | 5,580 | 15,290 | 1,872 | 63,460 | 1,825 |
| *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. | ||||||||
| Notes: | ||||||||
| 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. | ||||||||
| 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. | ||||||||
| 3. For all metals produced. | ||||||||
| 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. |
17
| All-in Sustaining Cost for 2Q22 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Buenaventura^1^ | La Zanja | Tantahuatay | Attributable ^2^ | |||||
| 2Q22 | 2Q22 | 2Q22 | 2Q22 | |||||
| Au Ounces Sold Net | 30,676 | 4,452 | 20,551 | 43,368 | ||||
| 2Q22 | 2Q22 | 2Q22 | 2Q22 | |||||
| Income Statement & Cash Flow | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au |
| Cost of Sales | 43,543 | 1,419 | 14,424 | 3,240 | 25,538 | 695 | 68,206 | 1,573 |
| Exploration in Operating Units | 13,730 | 448 | 764 | 172 | 1,926 | 50 | 15,266 | 352 |
| Royalties | 2,732 | 89 | 0 | 0 | 0 | 0 | 2,732 | 63 |
| Comercial Deductions^3^ | 7,149 | 233 | 39 | 9 | 80 | 3 | 7,220 | 166 |
| Selling Expenses | 2,818 | 92 | 22 | 5 | 244 | 5 | 2,938 | 68 |
| Administrative Expenses | 10,173 | 332 | 635 | 143 | 859 | 46 | 11,152 | 257 |
| Other, net | 2,526 | 82 | -72 | -16 | 1,029 | 8 | 2,867 | 66 |
| Sustaining Capex^4^ | 1,441 | 47 | 266 | 60 | 4,872 | 153 | 3,660 | 84 |
| By-product Credit | -45,065 | -1,469 | -647 | -145 | -1,943 | -47 | -46,491 | -1,072 |
| All-in Sustaining Cost | 39,047 | 1,273 | 15,431 | 3,466 | 32,604 | 1,586 | 67,551 | 1,558 |
| *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. | ||||||||
| Notes: | ||||||||
| 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. | ||||||||
| 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. | ||||||||
| 3. For all metals produced. | ||||||||
| 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. |
18
| All-in Sustaining Cost for 1H23 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Buenaventura^1^ | La Zanja | Tantahuatay | Attributable ^2^ | |||||
| 1H23 | 1H23 | 1H23 | 1H23 | |||||
| Au Ounces Sold Net | 59,311 | 5,103 | 15,024 | 70,438 | ||||
| 1H23 | 1H23 | 1H23 | 1H23 | |||||
| Income Statement & Cash Flow | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au |
| Cost of Sales | 84,581 | 1,426 | 18,605 | 3,646 | 35,776 | 2,381 | 117,530 | 1,669 |
| Exploration in Operating Units | 22,004 | 371 | 329 | 64 | 5,265 | 350 | 24,444 | 347 |
| Royalties | 6,211 | 105 | 0 | 0 | 0 | 0 | 6,211 | 88 |
| Comercial Deductions^3^ | 10,113 | 171 | 87 | 17 | 120 | 8 | 10,249 | 145 |
| Selling Expenses | 3,427 | 58 | 37 | 7 | 249 | 17 | 3,564 | 51 |
| Administrative Expenses | 22,025 | 371 | 1,394 | 273 | 2,051 | 137 | 24,241 | 344 |
| Other, net | 68 | 1 | 266 | 52 | -641 | -43 | 77 | 1 |
| Sustaining Capex^4^ | 2,558 | 43 | 317 | 62 | 3,250 | 216 | 4,179 | 59 |
| By-product Credit | -57,107 | -963 | -534 | -105 | -1,925 | -128 | -58,413 | -829 |
| All-in Sustaining Cost | 93,880 | 1,583 | 20,502 | 4,018 | 44,145 | 2,938 | 132,082 | 1,875 |
| *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. | ||||||||
| Notes: | ||||||||
| 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. | ||||||||
| 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. | ||||||||
| 3. For all metals produced. | ||||||||
| 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. |
19
| All-in Sustaining Cost for 1H22 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Buenaventura^1^ | La Zanja | Tantahuatay | Attributable ^2^ | |||||
| 1H22 | 1H22 | 1H22 | 1H22 | |||||
| Au Ounces Sold Net | 62,164 | 10,225 | 41,137 | 88,883 | ||||
| 1H22 | 1H22 | 1H22 | 1H22 | |||||
| Income Statement & Cash Flow | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au |
| Cost of Sales | 84,904 | 1,366 | 25,906 | 2,534 | 50,581 | 1,230 | 131,090 | 1,475 |
| Exploration in Operating Units | 23,063 | 371 | 1,483 | 145 | 4,050 | 98 | 26,170 | 294 |
| Royalties | 5,666 | 91 | 0 | 0 | 0 | 0 | 5,666 | 64 |
| Comercial Deductions^3^ | 16,711 | 269 | 85 | 8 | 364 | 9 | 16,942 | 191 |
| Selling Expenses | 4,975 | 80 | 56 | 5 | 500 | 12 | 5,231 | 59 |
| Administrative Expenses | 22,248 | 358 | 1,319 | 129 | 1,764 | 43 | 24,274 | 273 |
| Other, net | 1,695 | 27 | -180 | -18 | 657 | 16 | 1,778 | 20 |
| Sustaining Capex^4^ | 2,901 | 47 | 300 | 29 | 9,274 | 225 | 6,919 | 78 |
| By-product Credit | -86,785 | -1,396 | -1,165 | -114 | -4,021 | -98 | -89,562 | -1,008 |
| All-in Sustaining Cost | 75,378 | 1,213 | 27,804 | 2,719 | 63,170 | 1,536 | 128,510 | 1,446 |
| *All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. | ||||||||
| Notes: | ||||||||
| 1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A. | ||||||||
| 2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay. | ||||||||
| 3. For all metals produced. | ||||||||
| 4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment. |
20
APPENDIX 6
| Compañía de Minas Buenaventura S.A.A. and Subsidiaries | ||
|---|---|---|
| Interim condensed consolidated statements of financial position | ||
| As of June 30, 2023 (unaudited) and December 31, 2022 (audited) | ||
| 2023 | 2022 | |
| Assets | US$(000) | US$(000) |
| Current assets | ||
| Cash and cash equivalents | 202,360 | 253,918 |
| Trade and other receivables | 190,619 | 221,899 |
| Inventories | 83,096 | 88,345 |
| Income tax credit | 12,363 | 28,046 |
| Prepaid expenses | 18,597 | 19,333 |
| Hedge derivative financial instruments | - | 8,839 |
| 507,035 | 620,380 | |
| Non-current assets | ||
| Trade and other receivables | 709,759 | 673,627 |
| Investments in associates and joint venture | 1,538,554 | 1,520,977 |
| Property, plant, equipment and development cost | 1,567,640 | 1,535,195 |
| Deferred income tax asset | 118,014 | 106,170 |
| Prepaid expenses | 22,591 | 23,033 |
| Other non-financial assets | 23,656 | 23,845 |
| 3,980,214 | 3,882,847 | |
| Total assets | 4,487,249 | 4,503,227 |
| Liabilities and equity | ||
| Current liabilities | ||
| Trade and other payables | 205,575 | 247,989 |
| Provisions | 105,899 | 94,171 |
| Income tax payable | 913 | 2,366 |
| Financial obligations | 34,734 | 35,071 |
| 347,121 | 379,597 | |
| Non-current liabilities | ||
| Trade and other payables | 2,297 | 3,553 |
| Provisions | 193,761 | 204,347 |
| Financial obligations | 688,483 | 703,463 |
| Contingent consideration liability | 19,389 | 16,905 |
| Deferred income tax liabilities | 30,529 | 32,421 |
| 934,459 | 960,689 | |
| Total liabilities | 1,281,580 | 1,340,286 |
| Equity | ||
| Capital stock | 750,497 | 750,497 |
| Investment shares | 791 | 791 |
| Additional paid-in capital | 218,450 | 218,450 |
| Legal reserve | 163,372 | 163,270 |
| Other reserves | 31,897 | 31,897 |
| Other reserves of equity | (102) | 2,184 |
| Retained earnings | 1,879,438 | 1,841,761 |
| Shareholders’ equity attributable to owners of the parent | 3,044,343 | 3,008,850 |
| Non-controlling interest | 161,326 | 154,091 |
| Total equity | 3,205,669 | 3,162,941 |
| Total liabilities and equity | 4,487,249 | 4,503,227 |
21
| Compañía de Minas Buenaventura S.A.A. and Subsidiaries | ||||
|---|---|---|---|---|
| Interim condensed consolidated statements of profit or loss (unaudited) | ||||
| For the three-month and six-month ended June 30, 2023 and 2022 | ||||
| For the three-month period<br><br> <br>ended June 30, | For the six-month period<br><br> <br>ended June 30, | |||
| 2023 | 2022 | 2023 | 2022 | |
| Continuing operations | US$(000) | US$(000) | US$(000) | US$(000) |
| Operating income | ||||
| Sales of goods | 169,661 | 146,592 | 351,784 | 374,447 |
| Sales of services | 3,592 | 3,513 | 6,967 | 7,196 |
| Royalty income | - | - | - | 1,381 |
| Total operating income | 173,253 | 150,105 | 358,751 | 383,024 |
| Cost of sales | ||||
| Cost of sales of goods, excluding depreciation and amortization | (104,661) | (110,283) | (203,832) | (217,701) |
| Unabsorbed cost due to production stoppage | (5,534) | (4,890) | (10,535) | (10,969) |
| Cost of sales of services, excluding depreciation and amortization | (1,167) | (833) | (2,144) | (1,383) |
| Depreciation and amortization | (39,114) | (44,333) | (70,552) | (90,054) |
| Exploration in operating units | (14,100) | (18,904) | (26,633) | (32,921) |
| Mining royalties | (4,722) | (4,450) | (8,942) | (8,859) |
| Total costs of sales | (169,298) | (183,693) | (322,638) | (361,887) |
| Gross profit (loss) | 3,955 | (33,588) | 36,113 | 21,137 |
| Operating income (expenses), net | ||||
| Administrative expenses | (19,030) | (16,583) | (37,120) | (35,077) |
| Selling expenses | (5,040) | (5,044) | (8,468) | (9,636) |
| Exploration in non-operating areas | (2,347) | (4,786) | (4,162) | (6,830) |
| Reversal (provision) of contingencies | (1,744) | (2,591) | 5,294 | (1,845) |
| Other, net | 2,184 | (1,624) | (1,114) | 267 |
| Total operating income (expenses), net | (25,977) | (30,628) | (45,570) | (53,121) |
| Operating loss | (22,022) | (64,216) | (9,457) | (31,984) |
| Share in the results of associates and joint venture | 7,630 | 22,287 | 66,993 | 97,707 |
| Foreign currency exchange difference | 25,219 | (22,935) | 34,626 | 24,875 |
| Finance income | 2,127 | 651 | 3,951 | 10,224 |
| Finance costs | (16,190) | (12,880) | (30,074) | (29,451) |
| Profit (loss) before income tax | (3,236) | (77,093) | 66,039 | 71,371 |
| Current income tax | (3,237) | 6,038 | (10,303) | (16,292) |
| Deferred income tax | 1,088 | 26,658 | 11,109 | 35,194 |
| (2,149) | 32,696 | 806 | 18,902 | |
| Profit (loss) from continuing operations | (5,385) | (44,397) | 66,845 | 90,273 |
| Discontinued operations | ||||
| Profit (loss) from discontinued operations | 24 | (190) | 606 | 479,807 |
| Net profit (loss) | (5,361) | (44,587) | 67,451 | 570,080 |
| Profit (loss) attributable to: | ||||
| Owners of the parent | (6,745) | (36,284) | 57,659 | 568,240 |
| Non-controlling interest | 1,384 | (8,303) | 9,792 | 1,840 |
| (5,361) | (44,587) | 67,451 | 570,080 | |
| Basic and diluted profit (loss) per share, stated in U.S. dollars | (0.03) | (0.14) | 0.23 | 2.24 |
22
| For the three-month and six-month ended June 30, 2023 and 2022 | ||||
|---|---|---|---|---|
| For the three-month period<br><br> <br>ended June 30, | For the six-month period<br><br> <br>ended June 30, | |||
| 2023 | 2022 | 2023 | 2022 | |
| US$(000) | US$(000) | US$(000) | US$(000) | |
| Cash flows from (used in) of operating activities | ||||
| Proceeds from sales of goods and services | 198,193 | 211,509 | 381,665 | 446,808 |
| Dividends received from associates | 48,961 | 29,377 | 49,362 | 29,377 |
| Recovery from value added tax | 24,979 | 13,826 | 33,340 | 21,853 |
| Interest received | 1,204 | 548 | 2,675 | 811 |
| Dividends received from investments | - | - | 150 | - |
| Royalty received | - | - | - | 5,183 |
| Payments to suppliers and third-parties, and other net | (109,027) | (137,398) | (274,555) | (326,693) |
| Payments to employees | (34,915) | (31,101) | (67,007) | (64,680) |
| Interest paid | (4,002) | (1,548) | (21,509) | (21,600) |
| Short-term and low value lease payments | (9,816) | (11,606) | (18,275) | (19,200) |
| Income tax and royalties paid to the Peruvian State | (7,606) | (9,741) | (12,100) | (67,238) |
| Payment of royalties | (3,173) | (2,732) | (6,211) | (5,666) |
| Payments for tax litigation | (238) | - | (238) | - |
| Net cash flows from (used in) operating activities | 104,560 | 61,134 | 67,297 | (1,045) |
| Cash flows from (used in) of investing activities | ||||
| Proceeds from sale of property, plant and equipment | 1,891 | 8,741 | 4,030 | 8,783 |
| Payments for acquisition of property, plant and equipment | (49,688) | (30,442) | (85,873) | (49,443) |
| Payments for acquisitions of other assets | (472) | (25) | (720) | (119) |
| Collection for sale of participation in Yanacocha | - | - | - | 300,000 |
| Collection for purchase of La Zanja shares | - | - | - | 45,000 |
| Income from sale of shares | - | 1,577 | - | 1,577 |
| Capital increase in associates | - | (1,677) | - | (1,677) |
| Net cash flows from (used in) investing activities | (48,269) | (21,826) | (82,563) | 304,121 |
| Cash flows from (used in) financing activities | ||||
| Increase of bank loans | 49,000 | - | 49,000 | - |
| Decrease (increase) of bank accounts in trust | 4 | (755) | 17 | (749) |
| Payments of bank loans | (49,000) | - | (49,000) | (50,000) |
| Dividends paid to controlling interest | (18,542) | (18,542) | (18,542) | (18,542) |
| Payments of financial obligations | (7,759) | (28,493) | (15,518) | (308,889) |
| Lease payments | (1,127) | (1,039) | (2,249) | (2,049) |
| Increase of restricted time deposits | - | - | - | 29,117 |
| Dividends paid to non-controlling interest | - | (1,573) | - | (2,647) |
| Net cash and cash equivalents used in financing activities | (27,424) | (50,402) | (36,292) | (353,759) |
| Increase (decrease) in cash and cash equivalents during the period, net | 28,867 | (11,094) | (51,558) | (50,683) |
| Cash and cash equivalents at beginning of period | 173,493 | 337,410 | 253,918 | 376,999 |
| Cash and cash equivalents at the end of the period | 202,360 | 326,316 | 202,360 | 326,316 |
23
| For the three-month period ended June 30, | For the six-month period ended June 30, | |||
|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |
| US$(000) | US$(000) | US$(000) | US$(000) | |
| Reconciliation of net profit to cash and cash equivalents provided by operating activities | ||||
| Net profit (loss) | (5,361) | (44,587) | 67,451 | 570,080 |
| Plus (less): | ||||
| Share in the results of associates and joint venture | (7,630) | (22,287) | (66,993) | (97,707) |
| Deferred income tax (continuing operations) | (1,088) | (26,658) | (11,109) | (35,194) |
| Exchange difference | (25,219) | 22,935 | (34,626) | (24,875) |
| Reversal (provision) of contingencies | 1,744 | 2,591 | (5,294) | 1,845 |
| Depreciation and amortization in cost of sales | 39,114 | 44,333 | 70,552 | 90,054 |
| Non - cash discontinued operations | (165) | 35 | (1,588) | (524,809) |
| Provision for estimated fair value of sales | 11,549 | 39,879 | 13,728 | 34,471 |
| Workers´ participation provision | 385 | (2,254) | 1,792 | 2,937 |
| Bonus provision - executives & employes | 782 | 766 | 5,944 | 4,704 |
| Other minor | 8,661 | (3,400) | 10,296 | (7,836) |
| Net changes in operating assets and liabilities: | ||||
| Decrease (increase) in operating assets - | ||||
| Trade and other accounts receivable | 19,415 | 22,691 | 39,637 | 55,196 |
| Inventories | 9,020 | 840 | 1,711 | (10,428) |
| Income tax credit | 7,648 | 6,153 | 9,178 | 6,153 |
| Prepaid expenses | 2,317 | 4,221 | 1,178 | 6,540 |
| Increase (decrease) in operating liabilities - | ||||
| Trade and other accounts payable | 13,898 | 19,044 | (64,066) | (76,508) |
| Provisions | (6,646) | (6,248) | (7,518) | (8,328) |
| Income tax payable | (12,587) | (26,297) | (12,100) | (16,717) |
| Payments for tax litigation | (238) | - | (238) | - |
| Proceeds from dividends in associates | 48,961 | 29,377 | 49,362 | 29,377 |
| Net cash and cash equivalents used in operating activities | 104,560 | 61,134 | 67,297 | (1,045) |
24
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: July 26, 2023