6-K
BUENAVENTURA MINING CO INC (BVN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15b-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 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
Third Quarter and Nine-month 2022 Results
Lima, Peru, October 27, 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 third quarter (3Q22) and nine-month period ended September 30, 2022. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$).
Third Quarter 2022 Highlights:
| ● | 3Q22 EBITDA from direct operations was US$ 22.2 million, compared to US$ 39.5 million reported in 3Q21. |
|---|---|
| ● | 3Q22 Operating Cash Flow reached US$ 16.1 million, compared to US$ -464.3 million in 3Q21. The 3Q21 Operating Cash Flow figures include a US$ 544.2 million payment to SUNAT, the Peruvian tax<br> authority. |
| --- | --- |
| ● | 3Q22 net loss was US$ 19.8 million, compared to a US$ 91.9 million net loss for the same period in 2021. |
| --- | --- |
| ● | 3Q22 exploration at operating units increased to US$ 20.7 million, compared to US$ 17.1 million in 3Q21. This increase was aligned with the Company’s revised strategy to increase its focus<br> on exploration in order to extend LOM. |
| --- | --- |
| ● | Buenaventura’s cash position reached US$ 288.0 million as of September 30, 2022. Net Debt decreased to US$ 448.1 million with an average maturity of 3.6 years. |
| --- | --- |
| ● | 3Q22 capital expenditures were US$ 37.2 million, compared to US$ 23.9 million for the same period in 2021. 3Q22 CAPEX includes US$ 5.2 million related to the San Gabriel Project and US$ 7.3 million related<br> to the Yumpag Project. |
| --- | --- |
| ● | Construction related activities at San Gabriel are gradually and progressively resuming. Buenaventura has therefore updated its CAPEX guidance for San Gabriel and now expects this to reach approximately US$<br> 65.0 million by year end 2022. |
| --- | --- |
Financial Highlights (in millions of US$, except EPS figures):
| 3Q22 | 3Q21 | Var | 9M22 | 9M21 | Var | |
|---|---|---|---|---|---|---|
| Total Revenues | 195.4 | 220.4 | -11% | 578.4 | 647.1 | -11% |
| Operating Income | -20.0 | -13.6 | 47% | -52.0 | -16.6 | 213% |
| EBITDA Direct Operations | 22.2 | 39.5 | -44% | 396.3 | 144.6 | 174% |
| EBITDA Including Affiliates | 78.2 | 171.3 | -54% | 669.8 | 511.9 | 31% |
| Net Income | -19.8 | -91.9 | -78% | 535.1 | -39.3 | N.A. |
| EPS | -0.08 | -0.36 | -78% | 2.11 | -0.15 | N.A. |
(*) As of September 30, 2022, Buenaventura had a weighted average number of shares outstanding of 253,986,867.
| Operating Revenues |
|---|
3Q22 net sales were US$ 195.4 million, as compared to US$ 216.9 million reported in 3Q21; a year on year decrease resulting from lower prices and lower volume sold of lead, zinc and silver.
| Operating Highlights | 3Q22 | 3Q21 | % | 9M22 | 9M21 | % |
|---|---|---|---|---|---|---|
| Net Sales (millions of US$) | 195.4 | 216.9 | -10% | 577.1 | 634.8 | -9% |
| Average Gold Price (US$/oz.) Direct Operations ^(1) (2)^ | 1,678 | 1,764 | -5% | 1,794 | 1,771 | 1% |
| Average Gold Price (US$/oz.) inc Associated ^(2) (3)^ | 1,677 | 1,763 | -5% | 1,794 | 1,772 | 1% |
| Average Silver Price (US$/oz.)^(2)^ | 17.33 | 23.94 | -28% | 21.32 | 25.98 | -18% |
| Average Lead Price (US$/MT)^(2)^ | 1,713 | 2,412 | -29% | 2,093 | 2,249 | -7% |
| Average Zinc Price (US$/MT)^(2)^ | 3,412 | 3,048 | 12% | 3,983 | 3,088 | 29% |
| Average Copper Price (US$/MT)^(2)^ | 7,261 | 9,488 | -23% | 8,685 | 9,553 | -9% |
| Volume Sold | 3Q22 | 3Q21 | % | 9M22 | 9M21 | % |
| --- | --- | --- | --- | --- | --- | --- |
| Gold Oz Direct Operations ^(1)^ | 45,807 | 40,633 | 13% | 123,692 | 100,396 | 23% |
| Gold Oz inc Associated ^(3)^ | 54,399 | 53,020 | 3% | 148,778 | 136,001 | 9% |
| Silver Oz | 1,954,000 | 3,426,079 | -43% | 5,655,367 | 10,107,830 | -44% |
| Lead MT | 4,129 | 5,918 | -30% | 12,530 | 17,435 | -28% |
| Zinc MT | 8,061 | 11,114 | -27% | 24,871 | 34,396 | -28% |
| Copper MT | 11,449 | 8,691 | 32% | 31,512 | 26,207 | 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. | |||||
| --- | --- | |||||
| Production and Operating Costs | ||||||
| --- |
Buenaventura’s 3Q22 equity gold production was 55,837 ounces, compared to 54,595 ounces produced in 3Q21. Silver production decreased by 50% year on year, lead production decreased by 33% year on year and zinc production decreased by 36% year on year, primarily due to the suspension of Uchucchacua’s operations as was previously announced, as well as a change in the mine plan sequence at El Brocal. The Company’s 3Q22 equity copper production was 28,909 MT, compared to 25,665 MT produced in 3Q21.
| Equity Production | 3Q22 | 3Q21 | % | 9M22 | 9M21 | % |
|---|---|---|---|---|---|---|
| Gold Oz Direct Operations^(1)^ | 47,057 | 42,728 | 10% | 128,131 | 104,107 | 23% |
| Gold Oz including Associated^(2)^ Companies | 55,837 | 54,595 | 2% | 152,726 | 138,632 | 10% |
| Silver Oz Direct Operations^(1)^ | 1,664,600 | 3,326,943 | -50% | 5,034,531 | 9,777,688 | -49% |
| Lead MT | 3,738 | 5,614 | -33% | 11,628 | 16,203 | -28% |
| Zinc MT | 6,937 | 10,810 | -36% | 22,336 | 32,136 | -30% |
| Copper MT Direct Operations^(1)^ | 7,438 | 5,618 | 32% | 20,152 | 16,958 | 19% |
| Copper MT including Associated Companies^(3)^ | 28,909 | 25,665 | 13% | 84,065 | 74,581 | 13% |
| Consolidated Production | 3Q22 | 3Q21 | % | 9M22 | 9M21 | % |
| --- | --- | --- | --- | --- | --- | --- |
| Gold Oz^(4)^ | 49,789 | 44,796 | 11% | 134,261 | 109,023 | 23% |
| Silver Oz^(4)^ | 1,906,679 | 3,898,613 | -51% | 5,996,245 | 11,574,925 | -48% |
| Lead MT^(4)^ | 4,340 | 6,676 | -35% | 13,698 | 19,175 | -29% |
| Zinc MT^(4)^ | 9,129 | 14,254 | -36% | 29,511 | 42,839 | -31% |
| Copper MT^(4)^ | 12,108 | 9,146 | 32% | 32,805 | 27,606 | 19% |
| (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 | |||||||
|---|---|---|---|---|---|---|---|
| 3Q22 | 3Q21 | Var % | 9M22 | 9M21 | Var % | ||
| Gold | Oz | 13,755 | 17,837 | -23% | 41,973 | 51,148 | -18% |
| Silver | Oz | 546,256 | 509,836 | 7% | 1,399,472 | 1,227,151 | 14% |
| Zinc | MT | 3,446 | 3,397 | 1% | 10,910 | 8,888 | 23% |
| Lead | MT | 2,639 | 1,978 | 33% | 7,970 | 6,249 | 28% |
| Cost Applicable to Sales | |||||||
| 3Q22 | 3Q21 | Var % | 9M22 | 9M21 | Var % | ||
| Gold | US$/Oz | 982 | 973 | 1% | 978 | 922 | 6% |
3Q22 gold production at Tambomayo decreased 23% year on year, primarily due to production from lower gold grade areas during the third quarter 2022 partially offset by higher lead and zinc grades, which was aligned with the planned mining sequence. Cost Applicable to Sales (CAS) increased to 982 US$/Oz in 3Q22, from 973 US$/Oz in 3Q21. This was primarily due to lower gold grade of ore treated in 3Q22.
Orcopampa (100% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 3Q22 | 3Q21 | Var % | 9M22 | 9M21 | Var % | ||
| Gold | Oz | 20,164 | 15,547 | 30% | 56,944 | 30,663 | 86% |
| Silver | Oz | 8,247 | 4,716 | 75% | 23,437 | 7,539 | 211% |
| Cost Applicable to Sales | |||||||
| 3Q22 | 3Q21 | Var % | 9M22 | 9M21 | Var % | ||
| Gold | US$/Oz | 803 | 1,147 | -30% | 911 | 1,476 | -38% |
Increased 3Q22 gold production at Orcopampa was primarily due to stable production from the asset’s Pucara vein. Cost Applicable to Sales (CAS) decreased to 803 US$/Oz in 3Q22, compared to 1,147 US$/Oz in 3Q21, primarily due to higher gold grade and lower cash cost.
La Zanja (100.00% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 3Q22 | 3Q21 | Var % | 9M22 | 9M21 | Var % | ||
| Gold | Oz | 8,786 | 5,967 | 47% | 19,452 | 14,322 | 36% |
| Silver | Oz | 31,665 | 24,011 | 32% | 85,347 | 71,573 | 19% |
| Cost Applicable to Sales | |||||||
| 3Q22 | 3Q21 | Var % | 9M22 | 9M21 | Var % | ||
| Gold | US$/Oz | 1,892 | 1,763 | 7% | 1,914 | 1,716 | 12% |
3Q21 gold production increased by 47% year on year due to the conclusion of Pampa Verde pit (Phase 4) pre-stripping which enables full access to the ore body. 3Q22 Cost Applicable to Sales (CAS) was 1,892 US$/Oz; a 7% increase compared to 1,763 US$/Oz in 3Q21 mainly due to lower than expected Au extraction from the leach pad.
La Zanja’s mine plan has been updated to reflect an OpEx increase associated with raw materials cost inflation during the 3Q22. Mining operations will therefore only be extended through October 2022 when Phase 4 mining will be completed. Operations will be limited to pad leaching during November 2022 while Buenaventura continues exploration related to the underground Cu/Au-sulfide project.
Coimolache (40.10% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 3Q22 | 3Q21 | Var % | 9M22 | 9M21 | Var % | ||
| Gold | Oz | 21,899 | 29,597 | -26% | 61,341 | 86,107 | -29% |
| Silver | Oz | 76,133 | 159,072 | -52% | 228,832 | 526,393 | -57% |
| Cost Applicable to Sales | |||||||
| 3Q22 | 3Q21 | Var % | 9M22 | 9M21 | Var % | ||
| Gold | US$/Oz | 1,710 | 973 | 76% | 1,288 | 882 | 46% |
3Q22 gold production at Coimolache decreased by 26% year on year, primarily due to lower grades mined as well as decreased tonnage used for leaching due to permit-related leach pad constraints. Cost Applicable to Sales (CAS) increased to 1,710 US$/Oz in 3Q22, from 973 US$/Oz in 3Q21. This was due to a one-time land purchase transaction in the amount of 234 US$/Oz included within 3Q22 CAS of a small tract of land on the site access route enabling more cost effective and efficient site access.
Uchucchacua (100% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 3Q22 | 3Q21 | Var % | 9M22 | 9M21 | Var % | ||
| Silver | Oz | N.A. | 1,220,393 | N.A. | N.A. | 3,732,391 | N.A. |
| Zinc | MT | N.A. | 1,928 | N.A. | N.A. | 6,203 | N.A. |
| Lead | MT | N.A. | 1,830 | N.A. | N.A. | 4,836 | N.A. |
| Cost Applicable to Sales | |||||||
| 3Q22 | 3Q21 | Var % | 9M22 | 9M21 | Var % | ||
| Silver | US$/Oz | N.A. | 25.98 | N.A. | N.A. | 27.84 | N.A. |
Exploration and mine development continues as planned at the Uchucchacua mine. The 2H23 target to resume production remains unchanged.
Yumpag project construction and permitting continue according to schedule. The 1H24 target to begin production remains unchanged.
Julcani (100% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 3Q22 | 3Q21 | Var % | 9M22 | 9M21 | Var % | ||
| Silver | Oz | 692,876 | 657,494 | 5% | 1,994,565 | 1,876,596 | 6% |
| Cost Applicable to Sales | |||||||
| 3Q22 | 3Q21 | Var % | 9M22 | 9M21 | Var % | ||
| Silver | US$/Oz | 13.80 | 16.79 | -18% | 14.55 | 16.89 | -14% |
3Q22 silver production increased 5% year on year primarily due to a higher silver grade. 3Q22 Cost Applicable to Sales (CAS) was 13.80 US$/Oz; compared to 16.79 US$/Oz in 3Q21; an 18% year on year decrease due to a combination of higher grade and lower cash cost (US$/dmt).
El Brocal (61.43% owned by Buenaventura)
| Production | |||||||
|---|---|---|---|---|---|---|---|
| 3Q22 | 3Q21 | Var % | 9M22 | 9M21 | Var % | ||
| Copper | MT | 12,108 | 9,146 | 32% | 32,805 | 27,606 | 19% |
| Zinc | MT | 5,683 | 8,930 | -36% | 18,601 | 27,748 | -33% |
| Silver | Oz | 627,635 | 1,482,163 | -58% | 2,493,424 | 4,659,676 | -46% |
| Cost Applicable to Sales | |||||||
| 3Q22 | 3Q21 | Var % | 9M22 | 9M21 | Var % | ||
| Copper | US$/MT | 6,690 | 6,819 | -2% | 6,676 | 6,304 | 6% |
| Zinc | US$/MT | 2,698 | 1,814 | 49% | 2,931 | 1,760 | 66% |
El Brocal 3Q22 copper production increased by 32% year on year due to increased throughput and Cu grades from the Marcapunta underground mine. Zinc and silver production decreased by 36% and 58%, respectively, year on year as part as the planned transition from polymetallic to copper ore as well as due to the need to revise El Brocal’s mine plan as a result of the landslide which occurred within the mine’s open pit on March 19, 2022.
3Q22 Copper Cost Applicable to Sales (CAS) decreased by 2% year on year, as higher Cu grades were adversely impacted by the high stripping ratio at the open pit which contributes to El Brocal’s consolidated Cu production in the quarter. 3Q22 zinc CAS increased by 49% year on year due to a higher stripping ratio as part of the revised open pit mine plan which implied mining in a higher stripping ratio area.
| General and Administrative Expenses |
|---|
3Q22 General and Administrative expenses were US$ 15.4 million; a 2% decrease as compared to US$ 15.6 million in 3Q21.
| Exploration in Non-Operating Areas |
|---|
3Q22 exploration costs in Non-Operating Areas were US$ 4.2 million, compared with US$ 3.5 million in 3Q21. Increased exploration costs during the quarter are in line with Buenaventura’s strategy to focus on extending LOM.
| Share in Associated Companies |
|---|
Buenaventura’s share in associated companies was US$ 20.4 million in 3Q22, compared with US$ 58.2 million in 3Q21, comprised of:
| Share in the Result of Associates<br><br> <br>(in millions of US$) | 3Q22 | 3Q21 | Var | 9M22 | 9M21 | Var |
|---|---|---|---|---|---|---|
| Cerro Verde | 20.7 | 57.4 | -64% | 120.1 | 158.6 | -24% |
| Coimolache | -0.2 | 0.8 | -127% | 0.3 | 8.6 | -97% |
| Other minor | 0.0 | 0.0 | N.A. | -2.2 | -0.8 | 181% |
| Total | 20.4 | 58.2 | -65% | 118.1 | 166.4 | -29% |
| SAN GABRIEL Project | ||||||
| --- |
Construction related activities at San Gabriel at gradually and progressively resuming. CAPEX guidance for San Gabriel has been updated and is now expected to reach approximately US$ 65.0 million by year end 2022.
Engineering and procurement work offsite activities progressed as planned by a significant 45% and 67%, respectively, relative to total targeted for the project completion. This thereby reduces overall project uncertainty and potentially enabling the recovery of a portion of time lost related to this project relative to its targeted completion.
| CERRO VERDE (19.58% owned by Buenaventura) |
|---|
3Q22 copper production was 109,655 MT, 21,471 MT of which is attributable to Buenaventura; a 7% increase as compared to 102,382 MT produced in 3Q21, 20,046 MT of which was attributable to Buenaventura. This is primarily due to a 6% increase in volumes of ore treated and a 4% increase in copper grade.
Cerro Verde reported 3Q22 net income of US$ 105.5 million, compared to net income of US$ 293.3 million in 3Q21. This is primarily due to:
| i. | An increase in cost due to an inflationary increase in materials and supplies, |
|---|---|
| ii. | A decrease in sales due to lower average realized copper prices. |
| --- | --- |
3Q22 capital expenditures at Cerro Verde were US$ 52.7 million.
| COIMOLACHE (40.10% owned by Buenaventura) |
|---|
Coimolache reported a 3Q22 net loss of US$ 1.0 million, compared to net loss of US$ 0.4 million in 3Q21.
***
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 2021 Form 20-F, please contact the investor relations contacts on page 1 of this report or download the PDF format file from the Company’s web site at www.buenaventura.com.
(*) Operations wholly owned by Buenaventura
| Note on Forward-Looking Statements<br><br> <br>This press release and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company’s ability to manage its business and<br> liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s results of operations, including net revenues, earnings and cash flows, the Company’s ability to reduce costs and capital spending in<br> response to the COVID-19 pandemic if needed, the Company’s balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company’s prospects for financial performance, growth and achievement of its<br> 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, Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates<br> of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the<br> Company’s view with respect to the Company’s, Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed<br> elsewhere in this Press Release. |
|---|
**Tables to follow**
APPENDIX 1
| Equity Participation in<br><br> <br>Subsidiaries and Associates (as of September 30, 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
APPENDIX 2
| Gold Production | 15 | 18 | ||||||
|---|---|---|---|---|---|---|---|---|
| Mining Unit | Operating Results | Unit | 3Q22 | 3Q21 | △% | 9M22 | 9M21 | △ % |
| Underground | ||||||||
| Tambomayo | Ore Milled | DMT | 161,764 | 153,248 | 6% | 468,323 | 415,997 | 13% |
| Ore Grade | Gr/MT | 3.00 | 3.86 | -22% | 3.17 | 4.42 | -28% | |
| Recovery Rate | % | 88.26 | 93.68 | -6% | 87.97 | 86.52 | 2% | |
| Ounces Produced | Oz | 13,755 | 17,837 | -23% | 41,973 | 51,148 | -18% | |
| Orcopampa | Ore Milled | DMT | 63,736 | 78,474 | -19% | 180,342 | 127,133 | 42% |
| Ore Grade | Gr/MT | 10.16 | 6.01 | 69% | 10.00 | 7.61 | 31% | |
| Recovery Rate | % | 96.90 | 102.58 | -6% | 98.17 | 98.62 | 0% | |
| Ounces Produced | Oz | 20,164 | 15,547 | 30% | 56,944 | 30,663 | 86% | |
| Open Pit | ||||||||
| La Zanja | Ounces Produced | Oz | 8,786 | 5,967 | 47% | 19,452 | 14,322 | 36% |
| Coimolache | Ounces Produced | Oz | 21,899 | 29,597 | -26% | 61,341 | 86,107 | -29% |
| Silver Production | ||||||||
| Mining Unit | Operating Results | Unit | 3Q22 | 3Q21 | △% | 9M22 | 9M21 | △ % |
| Underground | ||||||||
| Tambomayo | Ore Milled | DMT | 161,764 | 153,248 | 6% | 468,323 | 415,997 | 13% |
| Ore Grade | Oz/MT | 3.54 | 3.80 | -7% | 3.13 | 3.39 | -8% | |
| Recovery Rate | % | 96.43 | 87.48 | 10% | 95.54 | 87.09 | 10% | |
| Ounces Produced | Oz | 546,256 | 509,836 | 7% | 1,399,472 | 1,227,151 | 14% | |
| Uchucchacua | Ore Milled | DMT | 0 | 274,547 | N.A. | 0 | 757,945 | N.A. |
| Ore Grade | Oz/MT | 0.00 | 6.08 | N.A. | 0.00 | 6.45 | N.A. | |
| Recovery Rate | % | 0.00 | 74.18 | N.A. | 0.00 | 76.35 | N.A. | |
| Ounces Produced | Oz | 0 | 1,220,393 | N.A. | 0 | 3,732,391 | N.A. | |
| Julcani | Ore Milled | DMT | 34,691 | 32,081 | 8% | 98,294 | 94,244 | 4% |
| Ore Grade | Oz/MT | 20.36 | 20.07 | 1% | 20.66 | 19.87 | 4% | |
| Recovery Rate | % | 98.10 | 97.60 | 1% | 98.22 | 97.12 | 1% | |
| Ounces Produced | Oz | 692,876 | 657,494 | 5% | 1,994,565 | 1,876,596 | 6% | |
| Marcapunta | Ore Milled | DMT | 794,447 | 630,907 | 26% | 2,174,456 | 1,773,129 | 23% |
| Ore Grade | Oz/MT | 0.98 | 1.15 | -15% | 0.88 | 0.97 | -10% | |
| Recovery Rate | % | 55.65 | 54.97 | 1% | 53.28 | 52.56 | 1% | |
| Ounces Produced | Oz | 442,811 | 411,542 | 8% | 1,036,547 | 920,295 | 13% | |
| Open Pit | ||||||||
| Tajo Norte<br><br> Cu - Ag | Ore Milled | DMT | 0 | 70,604 | N.A. | 156,342 | 308,000 | -49% |
| Ore Grade | Oz/MT | 0.00 | 4.07 | N.A. | 2.15 | 4.51 | -52% | |
| Recovery Rate | % | 0.00 | 61.96 | N.A. | 53.45 | 56.36 | -5% | |
| Ounces Produced | Oz | 0 | 178,261 | N.A. | 178,769 | 786,388 | -77% | |
| Tajo Norte<br><br> Pb - Zn | Ore Milled | DMT | 425,835 | 623,106 | -32% | 1,486,286 | 1,782,831 | -17% |
| Ore Grade | Oz/MT | 0.84 | 2.17 | -61% | 1.61 | 2.36 | -32% | |
| Recovery Rate | % | 51.04 | 66.00 | -23% | 52.99 | 70.16 | -24% | |
| Ounces Produced | Oz | 184,824 | 892,360 | -79% | 1,278,107 | 2,952,992 | -57% |
| Zinc Production | ||||||||
|---|---|---|---|---|---|---|---|---|
| Mining Unit | Operating Results | Unit | 3Q22 | 3Q21 | △% | 9M22 | 9M21 | △ % |
| Underground | ||||||||
| Tambomayo | Ore Milled | DMT | 161,764 | 153,248 | 6% | 468,323 | 415,997 | 13% |
| Ore Grade | % | 2.44 | 2.29 | 6% | 2.61 | 2.58 | 1% | |
| Recovery Rate | % | 87.43 | 96.76 | -10% | 89.41 | 82.96 | 8% | |
| MT Produced | MT | 3,446 | 3,397 | 1% | 10,910 | 8,888 | 23% | |
| Uchucchacua | Ore Milled | DMT | 0 | 274,547 | N.A. | 0 | 757,945 | N.A. |
| Ore Grade | % | 0.00 | 1.69 | N.A. | 0.00 | 1.61 | N.A. | |
| Recovery Rate | % | 0.00 | 45.80 | N.A. | 0.00 | 50.75 | N.A. | |
| MT Produced | MT | 0 | 1,928 | N.A. | 0 | 6,203 | N.A. | |
| Open Pit | ||||||||
| Tajo Norte<br><br> Pb - Zn | Ore Milled | DMT | 425,835 | 623,106 | -32% | 1,486,286 | 1,782,831 | -17% |
| Ore Grade | % | 2.66 | 2.51 | 6% | 2.44 | 2.60 | -6% | |
| Recovery Rate | % | 50.17 | 57.01 | -12% | 50.47 | 59.83 | -16% | |
| MT Produced | MT | 5,683 | 8,930 | -36% | 18,601 | 27,748 | -33% | |
| Copper Production | ||||||||
| Mining Unit | Operating Results | Unit | 3Q22 | 3Q21 | △% | 9M22 | 9M21 | △ % |
| Underground | ||||||||
| Marcapunta | Ore Milled | DMT | 794,447 | 630,907 | 26% | 2,174,456 | 1,773,129 | 23% |
| Ore Grade | % | 1.78 | 1.71 | 4% | 1.72 | 1.70 | 1% | |
| Recovery Rate | % | 85.60 | 80.17 | 7% | 84.99 | 84.01 | 1% | |
| MT Produced | MT | 12,108 | 8,711 | 39% | 31,709 | 25,411 | 25% | |
| Tajo Norte<br><br> Cu - Ag | Ore Milled | DMT | 0 | 70,604 | N.A. | 156,342 | 308,000 | -49% |
| Ore Grade | % | 0.00 | 0.94 | N.A. | 1.13 | 0.98 | 15% | |
| Recovery Rate | % | 0.00 | 65.78 | N.A. | 61.97 | 63.56 | -3% | |
| MT Produced | MT | 0 | 435 | N.A. | 1,096 | 1,917 | -43% |
APPENDIX 3: Adjusted EBITDA Reconciliation (in thousand US$)
| EBITDA RECONCILIATION (in thousand US) | |||
|---|---|---|---|
| 3Q21 | 9M22 | 9M21 | |
| Net Income | -94,428 | 534,221 | -40,544 |
| Add / Substract: | 133,899 | -137,950 | 185,183 |
| Income from sale of investment in Yanacocha | 0 | 300,000 | 0 |
| Depreciation and Amortization in cost of sales | 44,305 | 131,531 | 140,110 |
| Share in associated companies by the equity method, net | -58,186 | -118,149 | -82,441 |
| Interest expense | 26,667 | 42,092 | 48,560 |
| Impairment (reversal) of inventories | 5,091 | -1,508 | 1,093 |
| Provision of bonuses and compensations | 2,529 | 11,964 | 8,756 |
| Depreciation and amortization in administration expenses | 898 | 1,816 | 2,715 |
| Loss (gain) on currency exchange difference | 31,914 | 3,086 | 40,861 |
| Loss from discontinued operations | 89,152 | -479,869 | 2,384 |
| Provision (credit) for income tax, net | -8,217 | -21,826 | 15,744 |
| Depreciation and amortization in other, net | 26 | 76 | 80 |
| Interest income | -489 | -11,561 | -1,193 |
| Provision (reversal) for contingencies | 145 | 3,805 | -284 |
| Workers participation provision (reversal) | 64 | 271 | 2,035 |
| Write-off of fixed assets | - | 322 | 6,763 |
| EBITDA Buenaventura Direct Operations | 39,471 | 396,271 | 144,639 |
| EBITDA Cerro Verde (19.58%) | 120,926 | 261,100 | 331,501 |
| EBITDA Coimolache (40.095%) | 10,928 | 12,397 | 35,733 |
| EBITDA Buenaventura + All Associates | 171,325 | 669,768 | 511,873 |
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.
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.
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, 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, 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.
Set forth below is a reconciliation of consolidated Cost of sales, excluding depreciation and amortization, to consolidated Cost applicable to sales:
| For the 3 months ended September 30 | For the 9 months ended September 30 | ||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | ||||
| (in thousands of US) | |||||||
| Consolidated Cost of sales excluding depreciation and amortization | 138,702 | 337,503 | 392,990 | ||||
| Add: | |||||||
| Consolidated Exploration in units in operation | 17,058 | 53,629 | 40,901 | ||||
| Consolidated Commercial deductions | 47,865 | 137,887 | 146,626 | ||||
| Consolidated Selling expenses | 4,935 | 15,490 | 14,690 | ||||
| Consolidated Cost applicable to sales | 208,561 | 544,509 | 595,208 |
All values are in US Dollars.
Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization (by mine and mineral) to consolidated Cost of sales:
| For the 3 months ended September 30 | For the 9 months ended September 30 | ||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | ||||
| Cost of sales by mine and mineral | (in thousands of US) | ||||||
| Julcani, Gold | 72 | 12 | 107 | ||||
| Julcani, Silver | 7,398 | 20,965 | 21,847 | ||||
| Julcani, Lead | 115 | 302 | 320 | ||||
| Julcani, Copper | 19 | 211 | 50 | ||||
| Orcopampa, Gold | 14,137 | 41,227 | 37,452 | ||||
| Orcopampa, Silver | 57 | 233 | 143 | ||||
| Orcopampa, Copper | 0 | 0 | 0 | ||||
| Uchucchacua, Gold | 15 | 0 | 18 | ||||
| Uchucchacua, Silver | 19,547 | 0 | 64,218 | ||||
| Uchucchacua, Lead | 3,003 | 0 | 6,689 | ||||
| Uchucchacua, Zinc | 3,426 | 0 | 10,324 | ||||
| Tambomayo, Gold | 11,137 | 25,782 | 32,192 | ||||
| Tambomayo, Silver | 4,234 | 9,584 | 10,756 | ||||
| Tambomayo, Zinc | 1,687 | 14,353 | 7,830 | ||||
| Tambomayo, Lead | 2,788 | 6,034 | 4,851 | ||||
| La Zanja, Gold | 8,916 | 33,201 | 22,788 | ||||
| La Zanja, Silver | 601 | 1,771 | 1,985 | ||||
| El Brocal, Gold | 2,700 | 8,531 | 5,444 | ||||
| El Brocal, Silver | 12,320 | 21,345 | 35,392 | ||||
| El Brocal, Lead | 2,345 | 4,541 | 6,021 | ||||
| El Brocal, Zinc | 8,977 | 27,179 | 25,544 | ||||
| El Brocal, Copper | 33,164 | 119,290 | 88,679 | ||||
| Other Small Units, Gold | |||||||
| Other Small Units, Silver | |||||||
| Other Small Units, Lead | |||||||
| Other Small Units, Zinc | |||||||
| Non Mining Units | 2,043 | 2,942 | 10,338 | ||||
| Consolidated Cost of sales, excluding depreciation and amortization | 138,702 | 337,503 | 392,990 |
All values are in US Dollars.
Set forth below is a reconciliation of Exploration expenses in units in operation (by mine and mineral) to consolidated Exploration expenses in mining units:
| For the 3 months ended September 30 | For the 9 months ended September 30 | ||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | ||||
| Exploration expenses in units in operation by mine and mineral | (in thousands of US) | ||||||
| Julcani, Gold | 14 | 3 | 21 | ||||
| Julcani, Silver | 1,466 | 4,781 | 4,325 | ||||
| Julcani, Lead | 23 | 69 | 63 | ||||
| Julcani, Copper | 4 | 48 | 10 | ||||
| Orcopampa, Gold | 3,574 | 9,499 | 7,817 | ||||
| Orcopampa, Silver | 14 | 54 | 30 | ||||
| Orcopampa, Copper | 0 | 0 | 0 | ||||
| Uchucchacua, Gold | 2 | 0 | 2 | ||||
| Uchucchacua, Silver | 2,598 | 15,531 | 7,543 | ||||
| Uchucchacua, Lead | 399 | -182 | 786 | ||||
| Uchucchacua, Zinc | 455 | 0 | 1,213 | ||||
| Tambomayo, Gold | 1,655 | 3,694 | 4,080 | ||||
| Tambomayo, Silver | 629 | 1,373 | 1,363 | ||||
| Tambomayo, Lead | 251 | 865 | 615 | ||||
| Tambomayo, Zinc | 414 | 2,057 | 992 | ||||
| La Zanja, Gold | 130 | 2,454 | 253 | ||||
| La Zanja, Silver | 9 | 131 | 22 | ||||
| El Brocal, Gold | 246 | 625 | 398 | ||||
| El Brocal, Silver | 1,122 | 1,564 | 2,585 | ||||
| El Brocal, Lead | 214 | 333 | 440 | ||||
| El Brocal, Zinc | 817 | 1,991 | 1,866 | ||||
| El Brocal, Copper | 3,020 | 8,739 | 6,477 | ||||
| Non Mining Units | 0 | 0 | 0 | ||||
| Consolidated Exploration expenses in units in operation | 17,058 | 53,629 | 40,901 |
All values are in US Dollars.
Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral) to consolidated Commercial deductions:
| For the 3 months ended September 30 | For the 9 months ended September 30 | ||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | ||||
| Commercial Deductions in units in operation by mine and mineral | (in thousands of US) | ||||||
| Julcani, Gold | 18 | -6 | 25 | ||||
| Julcani, Silver | 1,190 | 1,496 | 3,342 | ||||
| Julcani, Lead | 18 | 22 | 49 | ||||
| Julcani, Copper | 2 | 13 | 7 | ||||
| Orcopampa, Gold | 127 | 608 | 211 | ||||
| Orcopampa, Silver | 1 | 13 | 4 | ||||
| Orcopampa, Copper | 0 | 0 | 0 | ||||
| Uchucchacua, Gold | 1 | 0 | 2 | ||||
| Uchucchacua, Silver | 5,954 | 1,837 | 19,733 | ||||
| Uchucchacua, Lead | 750 | 7 | 1,616 | ||||
| Uchucchacua, Zinc | 1,889 | 272 | 7,862 | ||||
| Tambomayo, Gold | 1,920 | 4,998 | 5,155 | ||||
| Tambomayo, Silver | 848 | 2,439 | 2,094 | ||||
| Tambomayo, Lead | 280 | 1,128 | 817 | ||||
| Tambomayo, Zinc | 1,260 | 11,282 | 3,658 | ||||
| La Zanja, Gold | 39 | 211 | 96 | ||||
| La Zanja, Silver | 3 | 28 | 14 | ||||
| El Brocal, Gold | 1,815 | 5,561 | 4,150 | ||||
| El Brocal, Silver | 5,756 | 12,325 | 17,383 | ||||
| El Brocal, Lead | 883 | 2,328 | 2,446 | ||||
| El Brocal, Zinc | 3,262 | 16,214 | 11,952 | ||||
| El Brocal, Copper | 21,848 | 77,110 | 66,012 | ||||
| Non Mining Units | 0 | 0 | 0 | ||||
| Consolidated Commercial deductions in units in operation | 47,865 | 137,887 | 146,626 |
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 September 30 | For the 9 months ended September 30 | ||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | ||||
| Selling expenses by mine and mineral | (in thousands of US) | ||||||
| Julcani, Gold | 1 | 0 | 2 | ||||
| Julcani, Silver | 130 | 307 | 364 | ||||
| Julcani, Lead | 2 | 4 | 5 | ||||
| Julcani, Copper | 0 | 3 | 1 | ||||
| Orcopampa, Gold | 112 | 443 | 233 | ||||
| Orcopampa, Silver | 0 | 3 | 1 | ||||
| Orcopampa, Copper | 0 | 0 | 0 | ||||
| Uchucchacua, Gold | 1 | 0 | 1 | ||||
| Uchucchacua, Silver | 663 | 2,472 | 2,132 | ||||
| Uchucchacua, Lead | 102 | -29 | 222 | ||||
| Uchucchacua, Zinc | 116 | 0 | 343 | ||||
| Tambomayo, Gold | 795 | 1,966 | 2,109 | ||||
| Tambomayo, Silver | 302 | 731 | 705 | ||||
| Tambomayo, Lead | 120 | 460 | 318 | ||||
| Tambomayo, Zinc | 199 | 1,095 | 513 | ||||
| La Zanja, Gold | 30 | 126 | 71 | ||||
| La Zanja, Silver | 2 | 7 | 6 | ||||
| El Brocal, Gold | 92 | 339 | 230 | ||||
| El Brocal, Silver | 421 | 849 | 1,493 | ||||
| El Brocal, Lead | 80 | 181 | 254 | ||||
| El Brocal, Zinc | 307 | 1,082 | 1,078 | ||||
| El Brocal, Copper | 1,134 | 4,747 | 3,741 | ||||
| Non Mining Units | 325 | 703 | 869 | ||||
| Consolidated Selling expenses | 4,935 | 15,490 | 14,690 |
All values are in US Dollars.
| JULCANI | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3Q 2022 | 3Q 2021 | |||||||||||
| 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 | 6,843 | 130 | - | 68 | 7,084 | 72 | 7,398 | 115 | - | 19 | 7,605 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 11 | 1,716 | 33 | - | 17 | 1,777 | 14 | 1,466 | 23 | - | 4 | 1,507 |
| Commercial Deductions (US$000) | 2 | 352 | 6 | - | 4 | 364 | 18 | 1,190 | 18 | - | 2 | 1,229 |
| Selling Expenses (US$000) | 0 | 71.48 | 1.36 | - | 1 | 74 | 1 | 130 | 2 | - | 0 | 134 |
| Cost Applicable to Sales (US$000) | 57 | 8,983 | 170 | - | 89 | 9,299 | 106 | 10,185 | 158 | - | 26 | 10,475 |
| Divide: | ||||||||||||
| Volume Sold | 39 | 651,077 | 112 | - | 18 | Not Applicable | 64 | 606,737 | 83 | - | 14 | Not Applicable |
| CAS | 1,457 | 13.80 | 1,521 | - | 5,024 | Not Applicable | 1,665 | 16.79 | 1,914 | - | 1,841 | Not Applicable |
| ORCOPAMPA | ||||||||||||
| 3Q 2022 | 3Q 2021 | |||||||||||
| 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) | 12,207 | 51 | - | - | - | 12,258 | 14,137 | 57 | - | - | - | 14,194 |
| Add: | - | |||||||||||
| Exploration Expenses (US$000) | 3,328 | 14 | - | - | - | 3,342 | 3,574 | 14 | - | - | - | 3,588 |
| Commercial Deductions (US$000) | 217 | 0 | - | - | - | 217 | 127 | 1 | - | - | - | 128 |
| Selling Expenses (US$000) | 150 | 1 | - | - | - | 151 | 112 | 0 | - | - | - | 112 |
| Cost Applicable to Sales (US$000) | 15,903 | 65 | - | - | - | 15,968 | 17,950 | 72 | - | - | - | 18,022 |
| Divide: | ||||||||||||
| Volume Sold | 19,814 | 7,715 | - | - | - | Not Applicable | 15,646 | 4,709 | - | - | - | Not Applicable |
| CAS | 803 | 8.48 | - | - | - | Not Applicable | 1,147 | 15.27 | - | - | - | Not Applicable |
| UCHUCCHACUA | ||||||||||||
| 3Q 2022 | 3Q 2021 | |||||||||||
| 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 | 19,547 | 3,003 | 3,426 | - | 25,991 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | - | 6,536 | - | - | - | 6,536 | 2 | 2,598 | 399 | 455 | - | 3,455 |
| Commercial Deductions (US$000) | - | 1,340 | 12 | - | - | 1,352 | 1 | 5,954 | 750 | 1,889 | - | 8,595 |
| Selling Expenses (US$000) | - | 1,084 | - | - | - | 1,084 | 1 | 663 | 102 | 116 | - | 881 |
| Cost Applicable to Sales (US$000) | - | 8,960 | 12 | - | - | 8,972 | 19 | 28,763 | 4,254 | 5,886 | - | 38,921 |
| Divide: | - | - | ||||||||||
| Volume Sold | 150,426 | - | - | - | Not Applicable | 5 | 1,107,282 | 1,562 | 1,444 | - | Not Applicable | |
| CAS | - | 59.56 | - | - | - | No Applicable | 3,478.35 | 25.98 | 2,723 | 4,077 | - | No Applicable |
| TAMBOMAYO | ||||||||||||
| 3Q 2022 | 3Q 2021 | |||||||||||
| 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) | 8,430 | 3,434 | 1,757 | 4,578 | - | 18,198 | 11,137 | 4,234 | 1,687 | 2,788 | - | 19,847 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 1,424 | 580 | 297 | 774 | - | 3,075 | 1,655 | 629 | 251 | 414 | - | 2,950 |
| Commercial Deductions (US$000) | 1,414 | 738 | 285 | 3,027 | - | 5,464 | 1,920 | 848 | 280 | 1,260 | - | 4,308 |
| Selling Expenses (US$000) | 665 | 271 | 139 | 361 | - | 1,436 | 795 | 302 | 120 | 199 | - | 1,417 |
| Cost Applicable to Sales (US$000) | 11,933 | 5,023 | 2,477 | 8,739 | - | 28,173 | 15,507 | 6,013 | 2,339 | 4,662 | - | 28,521 |
| Divide: | ||||||||||||
| Volume Sold | 12,150 | 468,076 | 2,449 | 2,832 | - | Not Applicable | 15,943 | 445,525 | 1,813 | 2,304 | - | Not Applicable |
| CAS | 982 | 10.73 | 1,012 | 3,086 | - | No Applicable | 973 | 13.50 | 1,291 | 2,024 | - | No Applicable |
| JULCANI | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 9M 2022 | 9M 2021 | |||||||||||
| 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 | 20,965 | 302 | - | 211 | 21,490 | 107 | 21,847 | 320 | - | 50 | 22,324 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 3 | 4,781 | 69 | - | 48 | 4,901 | 21 | 4,325 | 63 | - | 10 | 4,419 |
| Commercial Deductions (US$000) | -6 | 1,496 | 22 | - | 13 | 1,526 | 25 | 3,342 | 49 | - | 7 | 3,422 |
| Selling Expenses (US$000) | 0 | 307 | 4 | - | 3 | 315 | 2 | 364 | 5 | - | 1 | 372 |
| Cost Applicable to Sales (US$000) | 9 | 27,550 | 397 | - | 275 | 28,232 | 155 | 29,877 | 437 | - | 68 | 30,536 |
| Divide: | ||||||||||||
| Volume Sold | 79 | 1,893,014 | 280 | - | 48 | Not Applicable | 119 | 1,768,507 | 286 | - | 46 | No Aplicable |
| CAS | 120 | 14.55 | 1,417 | - | 5,737 | No Applicable | 1,301 | 16.89 | 1,524 | - | 1,461 | No Applicable |
| ORCOPAMPA | ||||||||||||
| 9M 2022 | 9M 2021 | |||||||||||
| 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) | 41,227 | 233 | - | - | - | 41,460 | 37,452 | 143 | - | - | - | 37,596 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 9,499 | 54 | - | - | - | 9,553 | 7,817 | 30 | - | - | - | 7,847 |
| Commercial Deductions (US$000) | 608 | 13 | - | - | - | 621 | 211 | 4 | - | - | - | 215 |
| Selling Expenses (US$000) | 443 | 3 | - | - | - | 446 | 233 | 1 | - | - | - | 234 |
| Cost Applicable to Sales (US$000) | 51,777 | 303 | - | - | - | 52,080 | 45,714 | 178 | - | - | - | 45,892 |
| Divide: | ||||||||||||
| Volume Sold | 56,840 | 27,054 | - | - | - | Not Applicable | 30,962 | 8,105 | - | - | - | Not Applicable |
| CAS | 911 | 11.19 | - | - | - | No Applicable | 1,476 | 21.93 | - | - | - | No Applicable |
| UCHUCCHACUA | ||||||||||||
| 9M 2022 | 9M 2021 | |||||||||||
| 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 | 64,218 | 6,689 | 10,324 | - | 81,249 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | - | 15,531 | -182 | - | - | 15,349 | 2 | 7,543 | 786 | 1,213 | - | 9,544 |
| Commercial Deductions (US$000) | - | 1,837 | 7 | 272 | - | 2,116 | 2 | 19,733 | 1,616 | 7,862 | - | 29,213 |
| Selling Expenses (US$000) | - | 2,472 | -29 | - | - | 2,443 | 1 | 2,132 | 222 | 343 | - | 2,698 |
| Cost Applicable to Sales (US$000) | - | 19,840 | -204 | 272 | - | 19,908 | 23 | 93,627 | 9,314 | 19,741 | - | 122,704 |
| Divide: | ||||||||||||
| Volume Sold | - | 308,844 | 18 | - | - | Not Applicable | 5 | 3,363,154 | 4,025 | 4,667 | - | Not Applicable |
| CAS | - | 64.24 | - | - | - | No Applicable | 4,156 | 27.84 | 2,314 | 4,230 | - | No Applicable |
| TAMBOMAYO | ||||||||||||
| 9M 2022 | 9M 2021 | |||||||||||
| 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) | 25,782 | 9,584 | 6,034 | 14,353 | - | 55,753 | 32,192 | 10,756 | 4,851 | 7,830 | - | 55,630 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 3,694 | 1,373 | 865 | 2,057 | - | 7,989 | 4,080 | 1,363 | 615 | 992 | - | 7,050 |
| Commercial Deductions (US$000) | 4,998 | 2,439 | 1,128 | 11,282 | - | 19,847 | 5,155 | 2,094 | 817 | 3,658 | - | 11,724 |
| Selling Expenses (US$000) | 1,966 | 731 | 460 | 1,095 | - | 4,252 | 2,109 | 705 | 318 | 513 | - | 3,645 |
| Cost Applicable to Sales (US$000) | 36,440 | 14,128 | 8,487 | 28,786 | - | 87,841 | 43,537 | 14,918 | 6,601 | 12,994 | - | 78,049 |
| Divide: | ||||||||||||
| Volume Sold | 37,248 | 1,195,466 | 7,353 | 9,016 | - | Not Applicable | 47,225 | 1,082,844 | 5,827 | 6,754 | - | Not Applicable |
| CAS | 978 | 11.82 | 1,154 | 3,193 | - | No Applicable | 922 | 13.78 | 1,133 | 1,924 | - | Not Applicable |
| LA ZANJA | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3Q 2022 | 3Q 2021 | |||||||||||
| 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) | 14,961 | 647 | - | - | - | 15,608 | 8,916 | 601 | - | - | - | 9,517 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 1,056 | 46 | - | - | - | 1,102 | 130 | 9 | - | - | - | 139 |
| Commercial Deductions (US$000) | 131 | 23 | - | - | - | 154 | 39 | 3 | - | - | - | 42 |
| Selling Expenses (US$000) | 74 | 3 | - | - | - | 77 | 30 | 2 | - | - | - | 32 |
| Cost Applicable to Sales (US$000) | 16,221 | 720 | - | - | - | 16,941 | 9,115 | 615 | - | - | - | 9,730 |
| Divide: | ||||||||||||
| Volume Sold | 8,575 | 34,147 | - | - | - | Not Applicable | 5,169 | 26,683 | - | - | - | Not Applicable |
| CAS | 1,892 | 21.07 | - | - | - | Not Applicable | 1,763 | 23.04 | - | - | - | Not Applicable |
| BROCAL | ||||||||||||
| 3Q 2022 | 3Q 2021 | |||||||||||
| 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) | 5,089 | 6,818 | 1,523 | 9,404 | 47,037 | 69,872 | 2,700 | 12,320 | 2,345 | 8,977 | 33,164 | 59,506 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 355 | 476 | 106 | 656 | 3,282 | 4,876 | 246 | 1,122 | 214 | 817 | 3,020 | 5,419 |
| Commercial Deductions (US$000) | 2,607 | 3,229 | 719 | 3,672 | 24,260 | 34,487 | 1,815 | 5,756 | 883 | 3,262 | 21,848 | 33,564 |
| Selling Expenses (US$000) | 205 | 274 | 61 | 378 | 1,892 | 2,810 | 92 | 421 | 80 | 307 | 1,134 | 2,034 |
| Cost Applicable to Sales (US$000) | 8,256 | 10,797 | 2,409 | 14,111 | 76,472 | 112,045 | 4,853 | 19,619 | 3,522 | 13,363 | 59,166 | 100,523 |
| Divide: | ||||||||||||
| Volume Sold | 5,229 | 642,558 | 1,568 | 5,229 | 11,431 | Not Applicable | 3,806 | 1,235,143 | 2,461 | 7,367 | 8,677 | Not Applicable |
| CAS | 1,579 | 16.80 | 1,536 | 2,698 | 6,690 | Not Applicable | 1,275 | 15.88 | 1,431 | 1,814 | 6,819 | Not Applicable |
| NON MINING COMPANIES | ||||||||||||
| 3Q 2022 | 3Q 2021 | |||||||||||
| 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) | - | - | - | - | - | -4,601 | - | - | - | - | - | 2,043 |
| Add: | ||||||||||||
| Selling Expenses (US$000) | - | - | - | - | - | 222 | - | - | - | - | - | 325 |
| Total (US$000) | - | - | - | - | - | -4,379 | - | - | - | - | - | 2,368 |
| BUENAVENTURA CONSOLIDATED | ||||||||||||
| 3Q 2022 | 3Q 2021 | |||||||||||
| GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
| Cost of Sales (without D&A) (US$000) | 40,730 | 17,793 | 3,410 | 13,982 | 47,105 | 118,419 | 36,978 | 44,157 | 7,150 | 15,191 | 33,184 | 138,702 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 6,175 | 9,368 | 436 | 1,430 | 3,299 | 20,708 | 5,622 | 5,839 | 886 | 1,687 | 3,024 | 17,058 |
| Commercial Deductions (US$000) | 4,372 | 5,683 | 1,023 | 6,699 | 24,264 | 42,039 | 3,920 | 13,752 | 1,932 | 6,410 | 21,851 | 47,865 |
| Selling Expenses (US$000) | 1,094 | 1,704 | 201 | 739 | 1,892 | 5,632 | 1,031 | 1,519 | 304 | 622 | 1,134 | 4,610 |
| Cost Applicable to Sales (US$000) | 52,371 | 34,549 | 5,069 | 22,850 | 76,561 | 191,399 | 47,551 | 65,267 | 10,273 | 23,910 | 59,192 | 206,192 |
| Divide: | ||||||||||||
| Volume Sold | 45,807 | 1,954,000 | 4,129 | 8,061 | 11,449 | Not Applicable | 40,633 | 3,426,079 | 5,918 | 11,114 | 8,691 | Not Applicable |
| CAS | 1,143 | 17.68 | 1,228 | 2,835 | 6,687 | Not Applicable | 1,170 | 19.05 | 1,736 | 2,151 | 6,811 | Not Applicable |
| COIMOLACHE | ||||||||||||
| 3Q 2022 | 3Q 2021 | |||||||||||
| 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) | 33,976 | 1,285 | - | - | - | 35,261 | 27,827.79 | 2,079 | - | - | - | 29,907 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 2,292 | 87 | - | - | - | 2,379 | 1,777.21 | 133 | - | - | - | 1,910 |
| Commercial Deductions (US$000) | 111 | 2 | - | - | - | 113 | 168 | 13 | - | - | - | 181 |
| Selling Expenses (US$000) | 276 | 10 | - | - | - | 286 | 300 | 22 | - | - | - | 322 |
| Cost Applicable to Sales (US$000) | 36,655 | 1,384 | - | - | - | 38,039 | 30,073 | 2,247 | - | - | - | 32,320 |
| Divide: | ||||||||||||
| Volume Sold | 21,431 | 78,028 | - | - | - | Not Applicable | 30,893 | 169,499 | - | - | - | Not Applicable |
| CAS | 1,710 | 17.74 | - | - | - | Not Applicable | 973 | 13.26 | - | - | - | Not Applicable |
| LA ZANJA | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 9M 2022 | 9M 2021 | |||||||||||
| 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) | 33,201 | 1,771 | - | - | - | 34,972 | 22,788 | 1,985 | - | - | - | 24,774 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 2,454 | 131 | - | - | - | 2,585 | 253 | 22 | - | - | - | 275 |
| Commercial Deductions (US$000) | 211 | 28 | - | - | - | 239 | 96 | 14 | - | - | - | 110 |
| Selling Expenses (US$000) | 126 | 7 | - | - | - | 133 | 71 | 6 | - | - | - | 77 |
| Cost Applicable to Sales (US$000) | 35,992 | 1,937 | - | - | - | 37,929 | 23,208 | 2,027 | - | - | - | 25,236 |
| Divide: | ||||||||||||
| Volume Sold | 18,800 | 85,237 | - | - | - | Not Applicable | 13,521 | 80,356 | - | - | - | Not Applicable |
| CAS | 1,914 | 22.72 | - | - | - | No Applicable | 1,716 | 25.23 | - | - | - | Not Applicable |
| BROCAL | ||||||||||||
| 9M 2022 | 9M 2021 | |||||||||||
| 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) | 8,531 | 21,345 | 4,541 | 27,179 | 119,290 | 180,886 | 5,444 | 35,392 | 6,021 | 25,544 | 88,679 | 161,080 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 625 | 1,564 | 333 | 1,991 | 8,739 | 13,252 | 398 | 2,585 | 440 | 1,866 | 6,477.50 | 11,766 |
| Commercial Deductions (US$000) | 5,561 | 12,325 | 2,328 | 16,214 | 77,110 | 113,539 | 4,150 | 17,383 | 2,446 | 11,952 | 66,012 | 101,943 |
| Selling Expenses (US$000) | 339 | 849 | 181 | 1,082 | 4,747 | 7,198 | 230 | 1,493 | 254 | 1,078 | 3,741 | 6,795 |
| Cost Applicable to Sales (US$000) | 15,057 | 36,083 | 7,383 | 46,465 | 209,887 | 314,875 | 10,221 | 56,853 | 9,161 | 40,439 | 164,909 | 281,584 |
| Divide: | ||||||||||||
| Volume Sold | 10,725 | 2,145,751 | 4,878 | 15,855 | 31,439 | Not Applicable | 8,562 | 3,804,864 | 7,297 | 22,975 | 26,161 | Not Applicable |
| CAS | 1,404 | 16.82 | 1,513 | 2,931 | 6,676 | No Applicable | 1,194 | 14.94 | 1,255 | 1,760 | 6,304 | Not Applicable |
| NON MINING COMPANIES | ||||||||||||
| 9M 2022 | 9M 2021 | |||||||||||
| 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) | - | - | - | - | - | 2,942 | - | - | - | - | - | 10,338 |
| Add: | - | - | ||||||||||
| Selling Expenses (US$000) | - | - | - | - | - | 703 | - | - | - | - | - | 869 |
| Total (US$000) | - | - | - | - | - | 3,645 | - | - | - | - | - | 11,207 |
| BUENAVENTURA CONSOLIDATED | ||||||||||||
| 9M 2022 | 9M 2021 | |||||||||||
| 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) | 108,753 | 53,899 | 10,877 | 41,532 | 119,501 | 337,503 | 98,003 | 134,342 | 17,881 | 43,698 | 88,729 | 392,990 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 16,275 | 23,434 | 1,084 | 4,048 | 8,787 | 53,629 | 12,571 | 15,868 | 1,904 | 4,071 | 6,487 | 40,901 |
| Commercial Deductions (US$000) | 11,372 | 18,139 | 3,486 | 27,768 | 77,123 | 137,887 | 9,639 | 42,569 | 4,928 | 23,472 | 66,019 | 146,626 |
| Selling Expenses (US$000) | 2,876 | 4,369 | 616 | 2,176 | 4,750 | 14,787 | 2,645 | 4,701 | 799 | 1,933 | 3,742 | 13,821 |
| Cost Applicable to Sales (US$000) | 139,276 | 99,840 | 16,063 | 75,523 | 210,162 | 540,864 | 122,858 | 197,480 | 25,512 | 73,174 | 164,977 | 584,001 |
| Divide: | ||||||||||||
| Volume Sold | 123,692 | 5,655,367 | 12,530 | 24,871 | 31,487 | Not Applicable | 100,396 | 10,107,830 | 17,435 | 34,396 | 26,207 | Not Applicable |
| CAS | 1,126 | 17.65 | 1,282 | 3,037 | 6,675 | Not Applicable | 1,224 | 19.54 | 1,463 | 2,127 | 6,295 | Not Applicable |
| COIMOLACHE | ||||||||||||
| 9M 2022 | 9M 2021 | |||||||||||
| 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) | 73,723 | 3,529 | - | - | - | 77,252 | 73,598 | 6,831 | - | - | - | 80,429 |
| Add: | ||||||||||||
| Exploration Expenses (US$000) | 5,768 | 276 | - | - | - | 6,044 | 3,230 | 300 | - | - | - | 3,530 |
| Commercial Deductions (US$000) | 436 | 40 | - | - | - | 477 | 675 | 112 | - | - | - | 787 |
| Selling Expenses (US$000) | 684 | 33 | - | - | - | 717 | 792 | 74 | - | - | - | 866 |
| Cost Applicable to Sales (US$000) | 80,611 | 3,879 | - | - | - | 84,490 | 78,296 | 7,316 | - | - | - | 85,612 |
| Divide: | ||||||||||||
| Volume Sold | 62,568 | 259,521 | - | - | - | Not Applicable | 88,802 | 563,876 | - | - | - | Not Applicable |
| CAS | 1,288 | 14.95 | - | - | - | No Applicable | 882 | 12.97 | - | - | - | Not Applicable |
APPENDIX 5: All-in Sustaining Cost
| All-in Sustaining Cost for 3Q22 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Buenaventura1 | La Zanja | Tantahuatay | Attributable2 | |||||
| Au Ounces Sold Net | ||||||||
| 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 | ||||||||
| Exploration in Operating Units | ||||||||
| Royalties | ||||||||
| Comercial Deductions^3^ | ||||||||
| Selling Expenses | ||||||||
| Administrative Expenses | ||||||||
| Other, net | ||||||||
| Sustaining Capex^4^ | ||||||||
| By-product Credit | ||||||||
| All-in Sustaining Cost |
All values are in US Dollars.
*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. |
| Buenaventura | ||||||||
|---|---|---|---|---|---|---|---|---|
| All-in Sustaining Cost for 3Q21 | ||||||||
| Buenaventura1 | La Zanja | Tantahuatay | Attributable2 | |||||
| Au Ounces Sold Net | ||||||||
| US 000' | US 000' | US 000' | ||||||
| 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 | ||||||||
| Exploration in Operating Units | ||||||||
| Royalties | ||||||||
| Comercial Deductions^3^ | ||||||||
| Selling Expenses | ||||||||
| Administrative Expenses | ||||||||
| Other, net | ||||||||
| Sustaining Capex^4^ | ||||||||
| By-product Credit | ||||||||
| All-in Sustaining Cost |
All values are in US Dollars.
*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. |
| All-in Sustaining Cost for 9M22 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Buenaventura1 | La Zanja | Tantahuatay | Attributable2 | |||||
| Au Ounces Sold Net | ||||||||
| 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 | ||||||||
| Exploration in Operating Units | ||||||||
| Royalties | ||||||||
| Comercial Deductions^3^ | ||||||||
| Selling Expenses | ||||||||
| Administrative Expenses | ||||||||
| Other, net | ||||||||
| Sustaining Capex^4^ | ||||||||
| By-product Credit | ||||||||
| All-in Sustaining Cost |
All values are in US Dollars.
*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. |
| All-in Sustaining Cost for 9M21 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Buenaventura1 | La Zanja | Tantahuatay | Attributable2 | |||||
| Au Ounces Sold Net | ||||||||
| 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 | ||||||||
| Exploration in Operating Units | ||||||||
| Royalties | ||||||||
| Comercial Deductions^3^ | ||||||||
| Selling Expenses | ||||||||
| Administrative Expenses | ||||||||
| Other, net | ||||||||
| Sustaining Capex^4^ | ||||||||
| By-product Credit | ||||||||
| All-in Sustaining Cost |
All values are in US Dollars.
*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. |
APPENDIX 6
| Compañía de Minas Buenaventura S.A.A. and Subsidiaries | |||
|---|---|---|---|
| Interim condensed consolidated statements of financial position | |||
| As of September 30, 2022 (unaudited) and December 31, 2021 (audited) | |||
| 2022 | 2021 | ||
| --- | --- | --- | --- |
| US(000) | US(000) | ||
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | |||
| Trade and other receivables | |||
| Inventories | |||
| Income tax credit | |||
| Prepaid expenses | |||
| Hedge derivative financial instruments | |||
| Non-current assets | |||
| Trade and other receivables | |||
| Inventories | |||
| Investments in associates and joint venture | |||
| Property, plant, equipment, and development costs | |||
| Deferred income tax asset | |||
| Prepaid expenses | |||
| Other assets | |||
| Total assets | |||
| Liabilities and equity | |||
| Current liabilities | |||
| Bank loans | |||
| Trade and other payables | |||
| Provisions | |||
| Income tax payable | |||
| Financial obligations | |||
| Hedge derivative financial instruments | |||
| Liabilities included in disposal groups classified as held for sale | |||
| Non-current liabilities | |||
| Trade and other payables | |||
| Provisions | |||
| Financial obligations | |||
| Contingent consideration liability | |||
| Deferred income tax liabilities | |||
| Total liabilities | |||
| Equity | |||
| Capital stock | |||
| Investment shares | |||
| Additional paid-in capital | |||
| Legal reserve | |||
| Other reserves | |||
| Retained earnings | ) | ||
| Other reserves of equity | |||
| Equity attributable to owners of the parent | |||
| Non-controlling interest | |||
| Total equity | |||
| Total liabilities and equity |
All values are in US Dollars.
| Compañía de Minas Buenaventura S.A.A. and Subsidiaries | ||||||||
|---|---|---|---|---|---|---|---|---|
| Interim consolidated statements of profit or loss (unaudited) | ||||||||
| For the three-month and nine-month ended September 30, 2022 and 2021 | ||||||||
| For the three-month periods | For the nine-month periods | |||||||
| ended September 30, | ended September 30, | |||||||
| 2022 | 2021 | 2022 | 2021 | |||||
| US(000) | US(000) | US(000) | US(000) | |||||
| Continuing operations | ||||||||
| Operating income | ||||||||
| Sales of goods | ||||||||
| Sales of services | ||||||||
| Royalty income | ||||||||
| Total operating income | ||||||||
| Cost of sales | ||||||||
| 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 cost of sales | ) | ) | ) | ) | ||||
| Gross profit | ||||||||
| Operating income (expenses) | ||||||||
| Administrative expenses | ) | ) | ) | ) | ||||
| Selling expenses | ) | ) | ) | ) | ||||
| Exploration in non-operating areas | ) | ) | ) | ) | ||||
| Reversal (provision) of contingents | ) | ) | ) | |||||
| Write – off stripping activity asset | ) | |||||||
| Other, net | ) | ) | ||||||
| Total operating income (expenses) | ) | ) | ) | ) | ||||
| Operating loss | ) | ) | ) | ) | ||||
| Share in the results of associates and joint venture | ||||||||
| Financial income | ||||||||
| Financial costs | ) | ) | ) | ) | ||||
| Currency exchange difference | ) | ) | ) | ) | ||||
| Profit (loss) before income tax | ) | ) | ||||||
| Current income tax | ) | ) | ) | |||||
| Deferred income tax | ||||||||
| ) | ||||||||
| Profit (loss) from continuing operations | ) | ) | ||||||
| Discontinued operations | ||||||||
| Profit (loss) from discontinued operations attributable to equity holders of the parent | ) | ) | ||||||
| Net profit (loss) | ) | ) | ) | |||||
| Profit (loss) attributable to: | ||||||||
| Owners of the parent | ) | ) | ) | |||||
| Non-controlling interest | ) | ) | ) | ) | ||||
| ) | ) | ) | ||||||
| Basic and diluted profit (loss) per share, stated in U.S. dollars | ||||||||
| Attributable to owners of parent | ) | ) | ) | |||||
| Attributable to owners of the parent for continuing operations | ) | ) | ||||||
| Attributable to owners of the parent for discontinued operations | ) | ) |
All values are in US Dollars.
| Compañía de Minas Buenaventura S.A.A. and Subsidiaries | ||||||||
|---|---|---|---|---|---|---|---|---|
| Interim condensed consolidated statements of cash flows (unaudited) | ||||||||
| For the three-month and nine-month ended September 30, 2022 and 2021 | ||||||||
| For the three-month periods | For the nine-month periods | |||||||
| ended September 30, | ended September 30, | |||||||
| 2022 | 2021 | 2022 | 2021 | |||||
| US(000) | US(000) | US(000) | US(000) | |||||
| Cash flows from (used in) operating activities | ||||||||
| Proceeds from sales of goods and services | ||||||||
| Dividends received from associates | ||||||||
| Recovery from value added tax | ||||||||
| Royalty received | ||||||||
| Interest received | ||||||||
| Dividends received from investments | ||||||||
| Payments to suppliers, third parties, and others net | ) | ) | ) | ) | ||||
| Payments to employees | ) | ) | ) | ) | ||||
| Income tax and royalties paid to the Peruvian State | ) | ) | ) | ) | ||||
| Interest paid | ) | ) | ) | ) | ||||
| Payment of royalties | ) | ) | ) | ) | ||||
| Payments for tax litigation | ) | ) | ||||||
| Net cash flows from (used in) operating activities | ) | ) | ||||||
| Cash flows from (used in) investing activities | ||||||||
| Gain from sale of investments in Yanacocha | ||||||||
| Income from purchase of shares in La Zanja | ||||||||
| Proceeds from sales of property, plant and equipment | ||||||||
| Income from sale of shares | ||||||||
| Acquisitions of property, plant and equipment | ) | ) | ) | ) | ||||
| Capital increase in associates | ) | |||||||
| Payments for acquisitions of other assets | ) | ) | ) | ) | ||||
| Net cash flows from (used in) investing activities | ) | ) | ) | |||||
| Cash flows from (used in) financing activities | ||||||||
| Increase of restricted time deposits | ) | |||||||
| Payments of financial obligations | ) | ) | ) | ) | ||||
| Payments of bank loans | ) | ) | ) | |||||
| Short-term and low value lease payments | ) | ) | ) | ) | ||||
| Dividends paid to controlling interest | ) | |||||||
| Payments of obligations for leases | ) | ) | ) | ) | ||||
| Dividends paid to non-controlling interest | ) | ) | ) | |||||
| Decrease (increase) of restricted bank accounts | ) | ) | ||||||
| Senior Notes bonds issue | ||||||||
| Proceeds from bank loans | ||||||||
| Net cash flows from (used in) financing activities | ) | ) | ||||||
| Increase (decrease) in cash and cash equivalents during the period, net | ) | ) | ||||||
| Cash and cash equivalents at beginning of period | ||||||||
| Cash and cash equivalents at period-end |
All values are in US Dollars.
| For the three-month period<br> ended September 30, | For the nine-month period<br> ended September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||||
| 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): | ||||||||
| Share in the results of associates and joint venture | ) | ) | ) | ) | ||||
| Deferred income tax (continued operations) | ) | ) | ) | ) | ||||
| Exchange difference | ||||||||
| Recovery (expense) for provision for contingencies | ) | |||||||
| Write –off of stripping activity asset | ||||||||
| Depreciation and amortization in Cost of sales | ||||||||
| Provision for estimated fair value of sales | ) | |||||||
| Workers´ participation provision | ) | |||||||
| Bonus provision - executives & employes | ||||||||
| Deferred income tax in (Discontinued) | ||||||||
| Income from discontinued operation of Yanacocha (Discontinued) | ) | |||||||
| Share in the results of associates (Discontinued) | ||||||||
| Gain from sale of investments in (Discontinued) | ) | |||||||
| 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 | ) | ) | ) | ) | ||||
| Income tax payable | ) | ) | ) | ) | ||||
| Payments for tax litigation | ) | ) | ||||||
| Proceeds from dividends in associates | ||||||||
| 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: October 27, 2022