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
PURSUANT TO RULE 13a-16 OR 15b-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2019
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)
(Translation of registrant’s name into English)
Republic of Peru
(Jurisdiction of incorporation or organization)
(Jurisdiction of incorporation or organization)
CARLOS VILLARAN 790
SANTA CATALINA, LIMA 13, PERU
(Address of principal executive offices)
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 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 2019 Results
Lima, Peru, July 25, 2019 – 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 (2Q19) and six-month (6M19) period ended June 30, 2019. 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$).
Second Quarter 2019 Highlights:
● | During 2Q19, Buenaventura generated US$ 11.2 million in additional EBITDA through the Company´s De-Bottlenecking Program, in-line with the budget target as reported at the beginning of the year (please see page 6 for more details). Through this program, BVN is increasing the efficiency of its Tambomayo, Uchucchacua, Orcopampa and El Brocal mines. |
● | 2Q19 EBITDA from direct operations was US$ 45.7 million, compared to US$ 87.4 million reported in 2Q18, primarily due to a reduction in volume sold at the Company’s Orcopampa and La Zanja mines. This represents a positive sequential quarterly trend. 2Q19 Adjusted EBITDA including associated companies reached US$ 128.4 million, compared to US$ 190.1 million in 2Q18. |
● | 2Q19 capital expenditures were US$ 28.8 million, compared to US$ 31.2 million for the same period in 2018. This is in-line with the budget target as reported at the beginning of the year considering the heavy rains during the 1Q19. |
● | 2Q19 net income was US$ 9.7 million, compared to a net income of US$ 41.3 for the same period in 2018. |
● | The portfolio of greenfield projects continued to advance well during the quarter. Buenaventura expects to declare San Gabriel (Au), Yumpaq (Ag) and Trapiche (Cu) ore reserves during 6M20. |
● | At Cerro Verde, the concentrator facilities continued to perform well during 2Q19, with an average throughput rate of 407,700 metric ore tons per day in the second quarter. Cerro Verde maintained a robust cash position during 6M19. |
● | At Yanacocha, performance during the quarter was above expectations, with less transitional ore sent to the leaching PAD. Also, maintaining a significant cash position. |
Financial Highlights (in millions of US$, except EPS figures):
2Q19 | 2Q18 | Var% | 6M19 | 6M18 | Var% | |
Total Revenues | 216.1 | 317.5 | -32% | 402.2 | 629.7 | -36% |
Operating Profit | -15.3 | 20.2 | N.A. | -42.4 | 61.5 | N.A. |
EBITDA Direct Operations | 45.7 | 87.4 | -48% | 72.5 | 185.9 | -61% |
Adjusted EBITDA (Inc Associates) | 128.4 | 190.1 | -32% | 285.6 | 364.2 | -22% |
Net Income | 9.7 | 41.3 | -77% | 37.0 | 69.7 | -47% |
EPS* | 0.04 | 0.16 | -77% | 0.15 | 0.27 | -47% |
(*) As of June 30, 2019 Buenaventura had a weighted average number of shares outstanding of 253,986,190.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 2 of 25
Operating Revenues |
2Q19 net sales were US$ 210.8 million, compared to US$ 312.8 million reported in 2Q18. This was primarily due to a 48% YoY decrease in volumes sold of gold and a 25% YoY decrease in silver. Further, this was also due to lower prices of silver (9%), lead (21%), zinc (5%) and copper (9%).
Royalty income increased 14% in the 2Q19; to US$ 5.4 million in 2Q19 from US$ 4.7 million in 2Q18. This was due to a 12% increase in revenues at Yanacocha.
Operating Highlights | 2Q19 | 2Q18 | Var% | 6M19 | 6M18 | Var% |
Net Sales (in millions of US$) | 210.8 | 312.8 | -33% | 391.4 | 620.5 | -37% |
Average Realized Gold Price (US$/oz) (1) (2) | 1,303 | 1,294 | 1% | 1,302 | 1,320 | -1% |
Average Realized Gold Price (US$/oz) Inc. Affiliates (2)(3) | 1,308 | 1,298 | 1% | 1,306 | 1,320 | -1% |
Average Realized Silver Price (US$/oz) (1) (2) | 14.91 | 16.37 | -9% | 15.12 | 16.29 | -7% |
Average Realized Lead Price (US$/MT) (1) (2) | 1,851 | 2,353 | -21% | 1,929 | 2,487 | -22% |
Average Realized Zinc Price (US$/MT) (1) (2) | 2,875 | 3,018 | -5% | 2,847 | 3,238 | -12% |
Average Realized Copper Price (US$/MT) (1) (2) | 6,077 | 6,656 | -9% | 6,098 | 6,757 | -10% |
Volume Sold | 2Q19 | 2Q18 | Var% | 6M19 | 6M18 | Var% |
Consolidated Gold Oz (1) | 45,854 | 87,488 | -48% | 81,441 | 181,608 | -55% |
Gold Oz Inc. Associated Companies (3) | 118,686 | 152,004 | -22% | 224,910 | 304,242 | -26% |
Consolidated Silver Oz (1) | 5,342,779 | 7,103,081 | -25% | 8,844,458 | 12,974,769 | -32% |
Consolidated Lead MT (1) | 15,171 | 10,611 | 43% | 24,549 | 18,522 | 33% |
Consolidated Zinc MT (1) | 17,070 | 17,024 | 0% | 31,839 | 34,585 | -8% |
Consolidated Copper MT (1) | 9,189 | 10,534 | -13% | 17,507 | 20,417 | -14% |
(1) | Buenaventura Consolidated 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, 40.095% of Coimolache and 43.65% of Yanacocha |
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 3 of 25
Production and Operating Costs |
Buenaventura’s 2Q19 equity gold production was 40,598 ounces, compared to 78,858 reported in 2Q18, primarily due a 70% YoY decrease in production at Orcopampa (due to De-Bottlenecking prioritization) and a 65% YoY decrease in production at La Zanja (as budgeted). Silver equity production decreased by 22% compared to 2Q18, primarily due to a 50% decrease in production at the Tambomayo mine and a 23% decrease at the Uchucchacua mine; both due to lower grades. Lead equity production increased by 43% compared to 2Q18, primarily due to a 78% increase in production at the El Brocal mine and a 22% increase at the Uchucchacua mine.
Buenaventura´s 6M19 equity gold production was 79,935 ounces, compared to 166,475 reported in 6M18. This was primarily due to a 78% YoY decrease in production at Orcopampa and a 43% YoY decrease in production at La Zanja. Silver equity production decreased by 22% compared to 6M18, primarily due to a 50% decrease in production at the Tambomayo mine and a 23% decrease at the Uchucchacua mine. Lead equity production increased by 23% compared to 6M18, primarily due to a 59% increase in production at the El Brocal mine.
Equity Production | 2Q19 | 2Q18 | Var% | 6M19 | 6M18 | Var% |
Gold Oz Direct Operations(1) | 40,598 | 78,858 | -49% | 79,935 | 166,475 | -52% |
Gold Oz including Associated(2) Companies | 115,245 | 147,718 | -22% | 228,157 | 295,225 | -23% |
Silver Oz Direct Operations(1) | 5,187,170 | 6,627,550 | -22% | 8,856,414 | 13,294,295 | -33% |
Silver Oz including Associated Companies | 5,516,353 | 7,030,266 | -22% | 9,511,204 | 14,261,589 | -33% |
Lead MT | 13,023 | 9,142 | 42% | 21,259 | 17,266 | 23% |
Zinc MT | 16,090 | 15,616 | 3% | 28,930 | 32,181 | -10% |
Copper MT Direct Operations(1) | 5,989 | 6,905 | -13% | 11,473 | 13,382 | -14% |
Copper MT including Associated Companies | 27,167 | 30,099 | -10% | 55,840 | 58,213 | -4% |
Consolidated Production | 2Q19 | 2Q18 | Var% | 6M19 | 6M18 | Var% |
Gold Oz(3) | 44,582 | 88,494 | -50% | 91,629 | 187,141 | -51% |
Silver Oz(3) | 5,751,519 | 7,023,637 | -18% | 9,738,672 | 14,005,824 | -30% |
Lead MT(3) | 16,244 | 10,955 | 48% | 26,420 | 20,520 | 29% |
Zinc MT(3) | 20,902 | 20,381 | 3% | 37,779 | 42,267 | -11% |
Copper MT(3) | 9,719 | 11,215 | -13% | 18,618 | 21,735 | -14% |
(1) | Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 53.06% of La Zanja and 61.43% of El Brocal. |
(2) | Based on 100% of Buenaventura´s operating units, 53.06% of La Zanja, 61.43% of el Brocal, 40.095% of Coimolache and 43.65% of Yanacocha. |
(3) | Based on 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal. |
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 4 of 25
Tambomayo (100% owned by Buenaventura)
Julcani (100% owned by Buenaventura)
2Q19 General and Administrative expenses were US$ 18.0 million; a 18% decrease as compared to the US$ 20.0 million in 2Q18, mainly due to a decrease in compensation provisions as well as headcount reduction.
2Q19 exploration costs in Non-Operating Areas were US$ 3.4 million, compared with US$ 8.3 million in 2Q18. During the period, Buenaventura primarily focused its exploration efforts on the Marcapunta Norte (US$ 1.0 million), Emperatriz (US$ 0.4 million) and Yumpaq projects (US$ 0.3 million).
During 2Q19, Buenaventura’s share in associated companies was negative US$ 22.7 million, compared to US$ 34.2 million reported in 2Q18, comprised of:
COIMOLACHE (Tantahuatay operation)
***
*All-in Cost does not include: Income tax, M&A activity, working capital, impairments and financial charges.
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., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
4. For all metals produced.
5. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
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., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
4. For all metals produced.
5. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
SignatureProduction | |||||||
2Q19 | 2Q18 | Var % | 6M19 | 6M18 | Var % | ||
Gold | Oz | 24,610 | 31,173 | -21% | 48,643 | 64,866 | -25% |
Silver | Oz | 558,034 | 1,106,694 | -50% | 1,073,277 | 2,126,610 | -50% |
Cost Applicable to Sales | |||||||
2Q19 | 2Q18 | Var % | 6M19 | 6M18 | Var % | ||
Gold | US$/Oz | 558 | 547 | 2% | 617 | 536 | 15% |
2Q19 year on year gold production at Tambomayo decreased 21%, mainly due to lower ore grades and reduced recovery rates. Cost Applicable to Sales (CAS) in 2Q19 was in-line with 2Q18.
Second quarter 2019 gold inventory generated exceeded expectations. The Company expects to sell this inventory during the third quarter 2019.
Gold production guidance for 2019 is 90k – 110k ounces and silver production guidance is 2.5M – 3.0M ounces.
Orcopampa (100% owned by Buenaventura)
Production | |||||||
2Q19 | 2Q18 | Var % | 6M19 | 6M18 | Var % | ||
Gold | Oz | 10,764 | 35,694 | -70% | 16,713 | 75,681 | -78% |
Silver | Oz | 7,312 | 139,404 | -95% | 10,499 | 225,406 | -95% |
Cost Applicable to Sales | |||||||
2Q19 | 2Q18 | Var % | 6M19 | 6M18 | Var % | ||
Gold | US$/Oz | 1,563 | 910 | 72% | 1,834 | 886 | 107% |
The decrease in 2Q19 gold production at Orcopampa was primarily due to prioritizing the De-Bottlenecking Program over ore extraction. Cost Applicable to Sales (CAS) increased to 1,563 US$/Oz in 2Q19, compared to 910 US$/Oz in 2Q18, primarily due to a decrease in volume sold.
Gold production guidance for 2019 is 37k – 45k ounces.
La Zanja (53.06% owned by Buenaventura)
Production | |||||||
2Q19 | 2Q18 | Var % | 6M19 | 6M18 | Var % | ||
Gold | Oz | 5,443 | 15,660 | -65% | 19,060 | 33,382 | -43% |
Silver | Oz | 11,422 | 48,616 | -77% | 60,604 | 113,029 | -46% |
Cost Applicable to Sales | |||||||
2Q19 | 2Q18 | Var % | 6M19 | 6M18 | Var % | ||
Gold | US$/Oz | 1,471 | 941 | 56% | 1,115 | 979 | 14% |
2Q19 gold production decreased by 65% year on year, in-line with the Company’s guidance released at the beginning of 2019. 2Q19 Cost Applicable to Sales (CAS) was 1,471 US$/Oz; a 56% increase compared to 941 US$/Oz in 2Q18, mainly due to lower volume sold (68%).
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 5 of 25
Gold production guidance for 2019 is 25k – 35k ounces.
Coimolache (40.10% owned by Buenaventura)
Production | |||||||
2Q19 | 2Q18 | Var % | 6M19 | 6M18 | Var % | ||
Gold | Oz | 34,766 | 39,557 | -12% | 61,039 | 69,473 | -12% |
Silver | Oz | 145,567 | 182,731 | -20% | 221,927 | 362,637 | -39% |
Cost Applicable to Sales | |||||||
2Q19 | 2Q18 | Var % | 6M19 | 6M18 | Var % | ||
Gold | US$/Oz | 716 | 715 | 0% | 721 | 691 | 4% |
2Q19 gold production at Coimolache decreased by 12% year on year, in-line with the mine production plan. Cost Applicable to Sales (CAS) in 2Q19 was in-line with 2Q18.
Gold production guidance for 2019 is 150k – 170k ounces.
Uchucchacua (100% owned by Buenaventura)
Production | |||||||
2Q19 | 2Q18 | Var % | 6M19 | 6M18 | Var % | ||
Silver | Oz | 3,083,290 | 4,005,948 | -23% | 5,079,729 | 8,419,196 | -40% |
Zinc | MT | 6,093 | 4,842 | 26% | 9,998 | 9,418 | 6% |
Lead | MT | 5,795 | 4,762 | 22% | 8,754 | 8,947 | -2% |
Cost Applicable to Sales | |||||||
2Q19 | 2Q18 | Var % | 6M19 | 6M18 | Var % | ||
Silver | US$/Oz | 10.37 | 9.99 | 4% | 10.91 | 9.86 | 11% |
2Q19 silver production at Uchucchacua decreased, primarily due to reduced ore grades. Cost Applicable to Sales (CAS) in 2Q19 was in-line with 2Q18.
Silver production guidance for 2019 is 11.5 million – 12.5 million ounces.
Production | |||||||
2Q19 | 2Q18 | Var % | 6M19 | 6M18 | Var % | ||
Silver | Oz | 642,182 | 620,276 | 4% | 1,300,897 | 1,124,431 | 16% |
Cost Applicable to Sales | |||||||
2Q19 | 2Q18 | Var % | 6M19 | 6M18 | Var % | ||
Silver | US$/Oz | 13.47 | 15.26 | -12% | 13.77 | 15.74 | -12% |
2Q19 silver production was in-line with that which was reported in 2Q18. 2Q19 Cost Applicable to Sales (CAS) of 13.47 US$/Oz was 12% lower than 15.26 US$/Oz in 2Q18, mainly due to the Company’s success in centralizing the operation.
Silver production guidance for 2019 is 2.2 million – 2.5 million ounces.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 6 of 25
El Brocal (61.43% owned by Buenaventura)
Production | |||||||||||||
2Q19 | 2Q18 | Var % | 6M19 | 6M18 | Var % | ||||||||
Copper | MT | 9,671 | 11,173 | -13% | 18,527 | 21,655 | -14% | ||||||
Zinc | MT | 12,476 | 12,353 | 1% | 22,943 | 26,151 | -12% | ||||||
Silver | Oz | 1,449,278 | 967,763 | 50% | 2,213,667 | 1,707,217 | 30% | ||||||
Cost Applicable to Sales | |||||||||||||
2Q19 | 2Q18 | Var % | 6M19 | 6M18 | Var % | ||||||||
Copper | US$/MT | 5,504 | 5,434 | 1% | 5,680 | 5,215 | 9% | ||||||
Zinc | US$/MT | 2,099 | 1,639 | 28% | 2,149 | 1,697 | 27% |
Copper production in 2Q19 decreased 13% compared to 2Q18, mainly due to a 13% decrease in ore treated. 2Q19 zinc production was in-line with 2Q18.
In 2Q19, zinc Cost Applicable to Sales (CAS) increased by 28% compared to 1,639 US$/MT, primarily due to an increase in commercial deductions. Copper CAS in 2Q19 was in-line with 2Q18.
Zinc production guidance for 2019 is 57k – 65k MT, while copper production guidance for 2019 is 47k – 52k MT.
De-Bottlenecking Program – 2Q19 Update |
Buenaventura’s De-Bottlenecking Program continues to progress with positive results, generating additional EBITDA as follows:
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 7 of 25
General and Administrative Expenses |
Exploration in Non-Operating Areas |
Share in Associated Companies |
Share in the Result of Associates (in millions of US$) | 2Q19 | 2Q18 | Var % | 6M19 | 6M18 | Var % |
Cerro Verde | 10.4 | 37.0 | -72% | 49.6 | 64.1 | -23% |
Coimolache | 11.2 | -4.5 | N.A. | 20.9 | -19.4 | N.A. |
Yanacocha | 1.1 | 1.8 | -39% | 1.7 | 4.3 | -60% |
Others | 0.0 | 0.0 | N.A. | 0.0 | 0.0 | N.A. |
Total | 22.7 | 34.2 | -34% | 72.2 | 49.0 | 47% |
YANACOCHA
At Yanacocha, which is 43.65% owned by Buenaventura, 2Q19 gold production was 139,077 ounces; 60,707 ounces of which were attributable to Buenaventura. This represents a 21% increase as compared to the 115,342 ounces produced in 2Q18; 50,347 ounces of which were attributable to Buenaventura. For 6M19, gold production was 283,500; 123,748 ounces of which were attributable to Buenaventura, a 29% increase as compared to 219,575 ounces in 6M18; 95,844 ounces of which were attributable to Buenaventura.
Gold production guidance at Yanacocha for 2019 is 510k ounces.
In 2Q19, Yanacocha reported a net income of US$ 25.7 million, compared to a net loss of US$ 12.1 million reported in 2Q18.
CAS in 2Q19 was US$ 753/oz; a 10% decrease as compared to the US$ 833/oz reported in 2Q18 mainly due to a 10% YoY increase in volume sold and due to a reduced amount of deep transitional material processed during the quarter.
Capital expenditures at Yanacocha were US$ 42.9 million in 2Q19.
The Quecher Main project, an oxide deposit, is currently in its Execution Phase. Commercial production is expected to be reached in the fourth quarter of 2019. The Quecher Main project extends the life of the Yanacocha operation until 2027, with average annual gold production of 200,000 ounces per year expected between 2020 and 2025. Cost applicable to sales (CAS) is expected to be between US$ 750 and US$ 850 per ounce and AISC between US$ 900 and US$ 1,000. Total CAPEX for the project is expected to be between US$ 250 and US$ 300 million with US$ 95 to US$ 105 million allocated in 2019. The project IRR is expected to be greater than 10 percent.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 8 of 25
The Yanacocha Sulfides project is currently in its Definitive Feasibility Stage. The Environmental Impact Assessment study was approved in March, 2019.
CERRO VERDE
At Cerro Verde (19.58% owned by Buenaventura), 2Q19 copper production was 108,160 MT, 21,178 MT of which is attributable to Buenaventura; a 9% decrease from 118,458 MT produced in 2Q18, 23,194 MT of which was attributable to Buenaventura. The decrease in production is primarily related to lower head grades and recovery rates. 6M19 copper production was 226,596 MT; 44,367 MT of which was attributable to Buenaventura. 6M18 copper production was in-line with 228,964 MT reported in 6M19; 44,831 MT of which was attributable to Buenaventura.
Cerro Verde reported a 2Q19 net income of US$ 53.3 million compared to net income of US$ 188.9 million in 2Q18. This was primarily due to a decrease in net sales of US$193.1 million, mainly attributed to a lower average realized copper price (US$2.48 per pound in the 2Q19 compared to US$3.10 per pound in the 2Q18) and lower volume sold (239.9 million pounds of copper in the 2Q19 2019 compared with 260.2 million pounds in the 2Q18).
Capital expenditures at Cerro Verde were US$ 54.8 million in 2Q19.
At Coimolache (40.10% owned by Buenaventura), 2Q19 attributable contribution to net income was US$ 1.1 million, as compared to US$ 1.8 million in 2Q18.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 9 of 25
***
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 (Orcopampa*, Uchucchacua*, Mallay*, Julcani*, El Brocal, La Zanja and Coimolache and is developing the Tambomayo project.
The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation), an important precious metal producer; 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer.
For a printed version of the Company’s 2018 Form 20-F, please contact the investor relations contacts on page 1 of this report, or download the PDF format file from the Company’s web site at www.buenaventura.com.
(*) Operations wholly owned by Buenaventura
Note on Forward-Looking Statements This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company’s, Yanacocha’s and Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to the Company’s, Yanacocha’s and Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release. |
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 10 of 25
**Tables to follow**
APPENDIX 1
Equity Participation in Subsidiaries and Associates (as of June 30, 2019) | |||
BVN | Operating | ||
Equity % | Mines / Business | ||
El Molle Verde S.A.C* | 100.00 | Trapiche Project | |
Minera La Zanja S.A* | 53.06 | La Zanja | |
Sociedad Minera El Brocal S.A.A* | 61.43 | Colquijirca and Marcapunta | |
Compañía Minera Coimolache S.A. ** | 40.10 | Tantahuatay | |
Minera Yanacocha S.R.L. ** | 43.65 | Yanacocha | |
Sociedad Minera Cerro Verde S.A.A ** | 19.58 | Cerro Verde | |
Processadora Industrial Rio Seco S.A* | 100.00 | Rio Seco chemical plant | |
Consorcio Energético de Huancavelica S.A* | 100.00 | Energy – Huanza Hydroelectrical plant |
(*)Consolidated
(**) Equity Accounting
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 11 of 25
APPENDIX 2
2Q19 |
Gold Production
Mining Unit | Operating Results | Unit | 2Q19 | 2Q18 | △% | 6M19 | 6M18 | △ % |
Underground | ||||||||
Tambomayo | Ore Milled | DMT | 158,937 | 136,517 | 16% | 304,094 | 272,179 | 12% |
Ore Grade | Oz/MT | 0.18 | 0.25 | -25% | 0.19 | 0.25 | -25% | |
Recovery Rate | % | 84.06 | 92.04 | -9% | 83.95 | 92.01 | -9% | |
Ounces Produced* | Oz | 24,610 | 31,173 | -21% | 48,643 | 64,866 | -25% | |
Orcopampa | Ore Milled | DMT | 37,305 | 115,314 | -68% | 62,392 | 237,628 | -74% |
Ore Grade | Oz/MT | 0.30 | 0.31 | -4% | 0.28 | 0.32 | -13% | |
Recovery Rate | % | 96.68 | 97.20 | -1% | 96.52 | 97.29 | -1% | |
Ounces Produced* | Oz | 10,764 | 35,694 | -70% | 16,713 | 75,681 | -78% | |
Open Pit | ||||||||
La Zanja | Ounces Produced | Oz | 5,443 | 15,660 | -65% | 19,060 | 33,382 | -43% |
Tantahuatay | Ounces Produced | Oz | 34,766 | 39,557 | -12% | 61,039 | 69,473 | -12% |
(*) Includes ounces from retreatment of tailing dams | ||||||||
Silver Production | ||||||||
Mining Unit | Operating Results | Unit | 2Q19 | 2Q18 | △% | 6M19 | 6M18 | △ % |
Underground | ||||||||
Tambomayo | Ore Milled | DMT | 158,937 | 136,517 | 16% | 304,094 | 272,179 | 12% |
Ore Grade | Oz/MT | 3.93 | 9.41 | -58% | 3.98 | 9.13 | -56% | |
Recovery Rate | % | 89.39 | 85.20 | 5% | 88.69 | 84.31 | 5% | |
Ounces Produced | Oz | 558,034 | 1,106,694 | -50% | 1,073,277 | 2,126,610 | -50% | |
Uchucchacua | Ore Milled | DMT | 349,686 | 339,959 | 3% | 599,033 | 672,775 | -11% |
Ore Grade | Oz/MT | 9.78 | 13.32 | -27% | 9.57 | 14.22 | -33% | |
Recovery Rate | % | 90.18 | 87.68 | 3% | 88.58 | 85.20 | 4% | |
Ounces Produced | Oz | 3,083,290 | 4,005,948 | -23% | 5,079,729 | 8,419,196 | -40% | |
Julcani | Ore Milled | DMT | 31,414 | 26,998 | 16% | 61,042 | 51,085 | 19% |
Ore Grade | Oz/MT | 21.39 | 23.57 | -9% | 22.15 | 22.59 | -2% | |
Recovery Rate | % | 95.57 | 97.46 | -2% | 96.21 | 97.19 | -1% | |
Ounces Produced | Oz | 642,182 | 620,276 | 4% | 1,300,897 | 1,124,431 | 16% | |
Marcapunta | Ore Milled | DMT | 668,296 | 755,316 | -12% | 1,349,255 | 1,403,933 | -4% |
Ore Grade | Oz/MT | 0.77 | 0.85 | -10% | 0.74 | 0.73 | 0% | |
Recovery Rate | % | 70.79 | 64.59 | 10% | 62.08 | 62.96 | -1% | |
Ounces Produced | Oz | 365,559 | 416,735 | -12% | 616,257 | 647,659 | -5% | |
Open Pit | ||||||||
Tajo Norte | Ore Milled | DMT | 1,073,607 | 904,069 | 19% | 1,954,364 | 1,741,692 | 12% |
Ore Grade | Oz/MT | 1.56 | 0.92 | 69% | 1.27 | 0.96 | 32% | |
Recovery Rate | % | 64.59 | 66.02 | -2% | 64.37 | 63.13 | 2% | |
Ounces Produced | Oz | 1,083,720 | 551,028 | 97% | 1,597,410 | 1,059,558 | 51% | |
Zinc Production | ||||||||
Mining Unit | Operating Results | Unit | 2Q19 | 2Q18 | △% | 6M19 | 6M18 | △ % |
Underground | ||||||||
Tambomayo | Ore Milled | DMT | 158,937 | 136,517 | 16% | 304,094 | 272,179 | 12% |
Ore Grade | % | 1.95 | 2.05 | -5% | 2.06 | 2.21 | -7% | |
Recovery Rate | % | 75.29 | 71.36 | 5% | 77.11 | 74.22 | 4% | |
MT Produced | MT | 2,333 | 1,998 | 17% | 4,838 | 4,560 | 6% | |
Uchucchacua | Ore Milled | DMT | 349,686 | 339,959 | 3% | 599,033 | 672,775 | -11% |
Ore Grade | % | 2.55 | 2.08 | 23% | 2.52 | 2.11 | 19% | |
Recovery Rate | % | 68.27 | 68.57 | 0% | 66.17 | 65.84 | 1% | |
MT Produced | MT | 6,093 | 4,842 | 26% | 9,998 | 9,418 | 6% | |
Open Pit | ||||||||
Tajo Norte | Ore Milled | DMT | 1,073,607 | 904,069 | 19% | 1,954,364 | 1,741,692 | 12% |
Ore Grade | % | 2.06 | 2.25 | -9% | 2.13 | 2.50 | -15% | |
Recovery Rate | % | 56.44 | 60.71 | -7% | 55.21 | 60.04 | -8% | |
MT Produced | MT | 12,476 | 12,353 | 1% | 22,943 | 26,151 | -12% | |
Copper Production | ||||||||
Mining Unit | Operating Results | Unit | 2Q19 | 2Q18 | △% | 6M19 | 6M18 | △ % |
Underground | ||||||||
Marcapunta | Ore Milled | DMT | 668,296 | 755,316 | -12% | 1,349,255 | 1,403,933 | -4% |
Ore Grade | % | 1.68 | 1.62 | 3% | 1.57 | 1.68 | -7% | |
Recovery Rate | % | 86.26 | 91.14 | -5% | 87.51 | 91.78 | -5% | |
MT Produced | MT | 9,671 | 11,173 | -13% | 18,527 | 21,655 | -14% |
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 12 of 25
APPENDIX 3: Adjusted EBITDA Reconciliation (in thousand US$)
EBITDA RECONCILIATION (in thousand US$) | ||||
2Q19 | 2Q18 | 6M19 | 6M18 | |
Net Income | 5,667 | 39,037 | 29,678 | 69,863 |
Add / Substract: | 40,054 | 48,369 | 42,836 | 116,083 |
Depreciation and Amortization | 58,774 | 60,470 | 108,518 | 113,735 |
Interest expense | 10,156 | 9,625 | 21,685 | 18,293 |
Provision of bonuses and compensations | 5,112 | 4,917 | 9,782 | 8,556 |
Profit from discontinued operations | 2,124 | 507 | 4,514 | 1,491 |
Impairment of inventories | -3,052 | 505 | -2,122 | 347 |
Loss on currency exchange difference | 238 | 217 | 217 | -442 |
Workers´ participation provision | -8 | 116 | 18 | 2,070 |
Share in associated companies by the equity method, net | -22,705 | -34,219 | -72,217 | -49,022 |
Provision for income tax, net | -9,001 | 6,073 | -22,252 | 23,502 |
Interest income | -1,825 | -1,047 | -4,045 | -2,177 |
Provision for contingencies | 241 | 1,205 | -1,262 | -270 |
EBITDA Buenaventura Direct Operations | 45,721 | 87,406 | 72,514 | 185,946 |
EBITDA Yanacocha (43.65%) | 32,948 | 13,981 | 69,730 | 17,348 |
EBITDA Cerro Verde (19.58%) | 41,065 | 79,464 | 129,005 | 143,852 |
EBITDA Coimolache (40.095%) | 8,624 | 9,287 | 14,391 | 17,028 |
EBITDA Buenaventura + All Associates | 128,359 | 190,137 | 285,640 | 364,173 |
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 (Yanacocha) (2) Buenaventura’s equity share of EBITDA (Cerro Verde), plus (3) 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, determined in accordance with IFRS, as an indicator of cash flows or as a measure of liquidity.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 13 of 25
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.
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 nine months ended September 30, 2015 and 2016, 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 nine months ended September 30, 2015 and 2016 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 14 of 25
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 | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
(in thousands of US$) | ||||||||||||||||
Consolidated Cost of sales excluding depreciation and amortization | 129,528 | 158,911 | 243,824 | 306,121 | ||||||||||||
Add: | ||||||||||||||||
Consolidated Exploration in units in operation | 13,246 | 24,462 | 24,710 | 46,958 | ||||||||||||
Consolidated Commercial deductions | 55,984 | 47,466 | 101,531 | 96,431 | ||||||||||||
Consolidated Selling expenses | 6,373 | 6,636 | 10,291 | 12,498 | ||||||||||||
Consolidated Cost applicable to sales | 205,131 | 237,475 | 380,356 | 462,008 | ||||||||||||
Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization | ||||||||||||||||
(by mine and mineral) to consolidated Cost of sales: |
For the 3 months ended June 30 | For the 6 months ended June 30 | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Cost of sales by mine and mineral | (in thousands of US$) | |||||||||||||||
Julcani, Gold | 18 | 2 | 18 | 17 | ||||||||||||
Julcani, Silver | 5,746 | 7,331 | 12,284 | 11,175 | ||||||||||||
Julcani, Lead | 211 | 386 | 492 | 722 | ||||||||||||
Julcani, Copper | 15 | 20 | 32 | 30 | ||||||||||||
Mallay, Gold | ||||||||||||||||
Mallay, Silver | ||||||||||||||||
Mallay, Lead | ||||||||||||||||
Mallay, Zinc | ||||||||||||||||
Orcopampa, Gold | 12,538 | 23,345 | 20,963 | 48,580 | ||||||||||||
Orcopampa, Silver | 57 | 1,056 | 109 | 1,808 | ||||||||||||
Orcopampa, Copper | 0 | -19 | 0 | 73 | ||||||||||||
Uchucchacua, Gold | 0 | 15 | -13 | 42 | ||||||||||||
Uchucchacua, Silver | 20,794 | 27,078 | 35,636 | 51,022 | ||||||||||||
Uchucchacua, Lead | 4,831 | 4,132 | 7,445 | 7,551 | ||||||||||||
Uchucchacua, Zinc | 6,789 | 4,391 | 11,742 | 9,554 | ||||||||||||
Tambomayo, Gold | 11,544 | 13,716 | 19,556 | 26,638 | ||||||||||||
Tambomayo, Silver | 2,952 | 6,565 | 5,225 | 10,841 | ||||||||||||
Tambomayo, Zinc | 1,022 | 867 | 4,097 | 3,741 | ||||||||||||
Tambomayo, Lead | 1,910 | 1,961 | 2,190 | 1,265 | ||||||||||||
La Zanja, Gold | 7,974 | 16,074 | 19,979 | 34,344 | ||||||||||||
La Zanja, Silver | 188 | 796 | 670 | 1,496 | ||||||||||||
El Brocal, Gold | 1,411 | 2,071 | 2,766 | 4,396 | ||||||||||||
El Brocal, Silver | 8,052 | 4,877 | 12,844 | 7,527 | ||||||||||||
El Brocal, Lead | 6,362 | 4,073 | 11,653 | 7,135 | ||||||||||||
El Brocal, Zinc | 12,690 | 12,294 | 25,364 | 25,518 | ||||||||||||
El Brocal, Copper | 24,252 | 27,119 | 48,924 | 49,739 | ||||||||||||
Other Small Units, Gold | ||||||||||||||||
Other Small Units, Silver | ||||||||||||||||
Other Small Units, Lead | ||||||||||||||||
Other Small Units, Zinc | ||||||||||||||||
Non Mining Units | 171 | 759 | 1,848 | 2,906 | ||||||||||||
Consolidated Cost of sales, excluding depreciation and amortization | 129,528 | 158,911 | 243,824 | 306,121 | ||||||||||||
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 | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Exploration expenses in units in operation by mine and mineral | (in thousands of US$) | |||||||||||||||
Julcani, Gold | 4 | 1 | 4 | 6 | ||||||||||||
Julcani, Silver | 1,332 | 2,837 | 2,849 | 4,266 | ||||||||||||
Julcani, Lead | 49 | 149 | 114 | 276 | ||||||||||||
Julcani, Copper | 4 | 8 | 7 | 12 | ||||||||||||
Mallay, Gold | ||||||||||||||||
Mallay, Silver | ||||||||||||||||
Mallay, Lead | ||||||||||||||||
Mallay, Zinc | ||||||||||||||||
Orcopampa, Gold | 3,575 | 8,168 | 6,097 | 16,986 | ||||||||||||
Orcopampa, Silver | 16 | 369 | 32 | 632 | ||||||||||||
Orcopampa, Copper | 0 | -7 | 0 | 25 | ||||||||||||
Uchucchacua, Gold | 0 | 2 | -1 | 7 | ||||||||||||
Uchucchacua, Silver | 1,968 | 3,964 | 3,395 | 8,302 | ||||||||||||
Uchucchacua, Lead | 457 | 605 | 709 | 1,229 | ||||||||||||
Uchucchacua, Zinc | 642 | 643 | 1,119 | 1,555 | ||||||||||||
Tambomayo, Gold | 2,139 | 2,702 | 4,075 | 5,324 | ||||||||||||
Tambomayo, Silver | 547 | 1,293 | 1,089 | 2,167 | ||||||||||||
Tambomayo, Lead | 189 | 171 | 456 | 253 | ||||||||||||
Tambomayo, Zinc | 354 | 386 | 854 | 748 | ||||||||||||
La Zanja, Gold | 0 | 58 | 1 | 64 | ||||||||||||
La Zanja, Silver | 0 | 3 | 0 | 3 | ||||||||||||
El Brocal, Gold | 53 | 128 | 106 | 238 | ||||||||||||
El Brocal, Silver | 300 | 301 | 494 | 407 | ||||||||||||
El Brocal, Lead | 237 | 251 | 449 | 386 | ||||||||||||
El Brocal, Zinc | 474 | 758 | 976 | 1,381 | ||||||||||||
El Brocal, Copper | 905 | 1,672 | 1,883 | 2,692 | ||||||||||||
Other Small Units, Gold | ||||||||||||||||
Other Small Units, Silver | ||||||||||||||||
Other Small Units, Lead | ||||||||||||||||
Other Small Units, Zinc | ||||||||||||||||
Non Mining Units | 0 | 0 | 0 | 0 | ||||||||||||
Consolidated Exploration expenses in units in operation | 13,246 | 24,462 | 24,710 | 46,958 |
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 15 of 25
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 | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Commercial Deductions in units in operation by mine and mineral | (in thousands of US$) | |||||||||||||||
Julcani, Gold | 2 | 0 | 2 | 2 | ||||||||||||
Julcani, Silver | 724 | 1,093 | 1,495 | 1,661 | ||||||||||||
Julcani, Lead | 26 | 56 | 60 | 105 | ||||||||||||
Julcani, Copper | 2 | 3 | 5 | 4 | ||||||||||||
Mallay, Gold | 0 | |||||||||||||||
Mallay, Silver | 0 | 0 | 0 | 0 | ||||||||||||
Mallay, Lead | 0 | 0 | 0 | 0 | ||||||||||||
Mallay, Zinc | 0 | 0 | 0 | 0 | ||||||||||||
Orcopampa, Gold | 59 | 294 | 30 | 599 | ||||||||||||
Orcopampa, Silver | 1 | 57 | -1 | 91 | ||||||||||||
Orcopampa, Copper | 0 | 0 | ||||||||||||||
Uchucchacua, Gold | 0 | 2 | ||||||||||||||
Uchucchacua, Silver | 6,657 | 8,796 | 11,446 | 16,790 | ||||||||||||
Uchucchacua, Lead | 843 | 819 | 1,234 | 1,851 | ||||||||||||
Uchucchacua, Zinc | 4,921 | 1,166 | 6,241 | 4,627 | ||||||||||||
Tambomayo, Gold | 919 | 140 | 2,510 | 238 | ||||||||||||
Tambomayo, Silver | 863 | 443 | 1,615 | 591 | ||||||||||||
Tambomayo, Lead | 327 | 197 | 726 | 250 | ||||||||||||
Tambomayo, Zinc | 1,719 | 513 | 3,277 | 962 | ||||||||||||
La Zanja, Gold | 21 | 108 | 67 | 202 | ||||||||||||
La Zanja, Silver | 1 | 8 | 2 | 11 | ||||||||||||
El Brocal, Gold | 1,386 | 2,061 | 2,585 | 4,488 | ||||||||||||
El Brocal, Silver | 4,106 | 2,200 | 6,486 | 3,943 | ||||||||||||
El Brocal, Lead | 1,791 | -188 | 2,968 | 1,104 | ||||||||||||
El Brocal, Zinc | 7,565 | 3,150 | 14,550 | 8,323 | ||||||||||||
El Brocal, Copper | 24,050 | 26,547 | 46,234 | 50,562 | ||||||||||||
Non Mining Units | 0 | 0 | 0 | 0 | ||||||||||||
Consolidated Commercial deductions in units in operation | 55,984 | 47,466 | 101,531 | 96,431 | ||||||||||||
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 | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Selling expenses by mine and mineral | (in thousands of US$) | |||||||||||||||
Julcani, Gold | 0 | 0 | 0 | 0 | ||||||||||||
Julcani, Silver | 90 | 53 | 169 | 110 | ||||||||||||
Julcani, Lead | 3 | 3 | 7 | 7 | ||||||||||||
Julcani, Copper | 0 | 0 | 0 | 0 | ||||||||||||
Mallay, Gold | ||||||||||||||||
Mallay, Silver | ||||||||||||||||
Mallay, Lead | ||||||||||||||||
Mallay, Zinc | ||||||||||||||||
Orcopampa, Gold | 72 | 194 | 87 | 437 | ||||||||||||
Orcopampa, Silver | 0 | 9 | 0 | 16 | ||||||||||||
Orcopampa, Copper | 0 | 0 | 0 | |||||||||||||
Uchucchacua, Gold | 0 | 1 | -1 | |||||||||||||
Uchucchacua, Silver | 905 | 1,391 | 1,430 | 2,572 | ||||||||||||
Uchucchacua, Lead | 210 | 212 | 299 | 381 | ||||||||||||
Uchucchacua, Zinc | 295 | 226 | 471 | 482 | ||||||||||||
Tambomayo, Gold | 714 | 253 | 908 | 708 | ||||||||||||
Tambomayo, Silver | 183 | 121 | 243 | 288 | ||||||||||||
Tambomayo, Lead | 63 | 16 | 102 | 34 | ||||||||||||
Tambomayo, Zinc | 118 | 36 | 190 | 99 | ||||||||||||
La Zanja, Gold | 124 | 224 | 178 | 364 | ||||||||||||
La Zanja, Silver | 3 | 11 | 6 | 16 | ||||||||||||
El Brocal, Gold | 79 | 139 | 133 | 285 | ||||||||||||
El Brocal, Silver | 450 | 326 | 616 | 489 | ||||||||||||
El Brocal, Lead | 355 | 273 | 558 | 463 | ||||||||||||
El Brocal, Zinc | 709 | 823 | 1,216 | 1,657 | ||||||||||||
El Brocal, Copper | 1,355 | 1,815 | 2,345 | 3,230 | ||||||||||||
Non Mining Units | 644 | 511 | 1,334 | 855 | ||||||||||||
Consolidated Selling expenses | 6,373 | 6,636 | 10,291 | 12,498 |
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 16 of 25
JULCANI | ||||||||||||
2Q 2019 | 2Q 2018 | |||||||||||
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 | 5,746 | 211 | - | 15 | 5,990 | 2 | 7,331 | 386 | - | 20 | 7,740 |
Add: | ||||||||||||
Exploration Expenses (US$000) | 4 | 1,332 | 49 | - | 4 | 1,389 | 1 | 2,837 | 149 | - | 8 | 2,995 |
Commercial Deductions (US$000) | 2 | 724 | 26 | - | 2 | 755 | 0 | 1,093 | 56 | - | 3 | 1,152 |
Selling Expenses (US$000) | 0 | 90.17 | 3.31 | - | 0 | 94 | 0 | 53 | 3 | - | 0 | 56 |
Cost Applicable to Sales (US$000) | 24 | 7,893 | 290 | - | 21 | 8,228 | 3 | 11,314 | 594 | - | 31 | 11,943 |
Divide: | ||||||||||||
Volume Sold | 17 | 585,840 | 178 | - | 4 | Not Applicable | 1 | 741,469 | 275 | - | 5 | Not Applicable |
CAS | 1,435 | 13.47 | 1,625 | - | 5,931 | Not Applicable | 2,590 | 15.26 | 2,162 | - | 6,978 | Not Applicable |
ORCOPAMPA | ||||||||||||
2Q 2019 | 2Q 2018 | |||||||||||
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) | 12,538 | 57 | - | - | - | 12,595 | 23,345 | 1,056 | - | - | -19 | 24,381 |
Add: | - | |||||||||||
Exploration Expenses (US$000) | 3,575 | 16 | - | - | - | 3,591 | 8,168 | 369 | - | - | -7 | 8,531 |
Commercial Deductions (US$000) | 59 | 1 | - | - | - | 60 | 294 | 57 | - | - | -0 | 351 |
Selling Expenses (US$000) | 72 | 0 | - | - | - | 72 | 194 | 9 | - | - | -0 | 203 |
Cost Applicable to Sales (US$000) | 16,244 | 74 | - | - | - | 16,318 | 32,001 | 1,491 | - | - | -27 | 33,466 |
Divide: | ||||||||||||
Volume Sold | 10,391 | 4,289 | - | - | - | Not Applicable | 35,155 | 127,048 | - | - | 13 | Not Applicable |
CAS | 1,563 | 17.33 | - | - | - | Not Applicable | 910 | 11.74 | - | - | - | Not Applicable |
UCHUCCHACUA | ||||||||||||
2Q 2019 | 2Q 2018 | |||||||||||
GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
Cost of Sales (without D&A) (US$000) | - | 20,794 | 4,831 | 6,789 | - | 32,414 | 15 | 27,078 | 4,132 | 4,391 | - | 35,617 |
Add: | ||||||||||||
Exploration Expenses (US$000) | - | 1,968 | 457 | 642 | - | 3,067 | 2 | 3,964 | 605 | 643 | - | 5,214 |
Commercial Deductions (US$000) | -0 | 6,657 | 843 | 4,921 | - | 12,420 | 2 | 8,796 | 819 | 1,166 | - | 10,783 |
Selling Expenses (US$000) | - | 905 | 210 | 295 | - | 1,410 | 1 | 1,391 | 212 | 226 | - | 1,830 |
Cost Applicable to Sales (US$000) | -0 | 30,323 | 6,341 | 12,648 | - | 49,311 | 20 | 41,230 | 5,768 | 6,426 | - | 53,444 |
Divide: | ||||||||||||
Volume Sold | - | 2,923,280 | 5,349 | 4,860 | - | Not Applicable | 87 | 4,125,034 | 4,387 | 3,783 | - | Not Applicable |
CAS | - | 10.37 | 1,185 | 2,603 | - | No Applicable | 226 | 9.99 | 1,315 | 1,699 | - | No Applicable |
TAMBOMAYO | ||||||||||||
2Q 2019 | 2Q 2018 | |||||||||||
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) | 11,544 | 2,952 | 1,022 | 1,910 | - | 17,428 | 13,716 | 6,565 | 867 | 1,961 | - | 23,109 |
Add: | ||||||||||||
Exploration Expenses (US$000) | 2,139 | 547 | 189 | 354 | - | 3,230 | 2,702 | 1,293 | 171 | 386 | - | 4,552 |
Commercial Deductions (US$000) | 919 | 863 | 327 | 1,719 | - | 3,829 | 140 | 443 | 197 | 513 | - | 1,294 |
Selling Expenses (US$000) | 714 | 183 | 63 | �� 118 | - | 1,078 | 253 | 121 | 16 | 36 | - | 426 |
Cost Applicable to Sales (US$000) | 15,316 | 4,546 | 1,602 | 4,102 | - | 25,565 | 16,811 | 8,422 | 1,251 | 2,897 | - | 29,381 |
Divide: | ||||||||||||
Volume Sold | 27,468 | 589,667 | 1,794 | 2,000 | - | Not Applicable | 30,721 | 1,143,540 | 1,025 | 1,871 | - | Not Applicable |
CAS | 558 | 7.71 | 893 | 2,051 | - | No Applicable | 547 | 7.36 | 1,220 | 1,548 | - | No Applicable |
LA ZANJA | ||||||||||||
2Q 2019 | 2Q 2018 | |||||||||||
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) | 7,974 | 188 | - | - | - | 8,162 | 16,074 | 796 | - | - | - | 16,870 |
Add: | ||||||||||||
Exploration Expenses (US$000) | - | - | - | - | - | - | 58 | 3 | - | - | - | 61 |
Commercial Deductions (US$000) | 21 | 1 | - | - | - | 22 | 108 | 8 | - | - | - | 117 |
Selling Expenses (US$000) | 124 | 3 | - | - | - | 127 | 224 | 11 | - | - | - | 235 |
Cost Applicable to Sales (US$000) | 8,120 | 191 | - | - | - | 8,311 | 16,464 | 819 | - | - | - | 17,283 |
Divide: | ||||||||||||
Volume Sold | 5,521 | 11,548 | - | - | - | Not Applicable | 17,495 | 67,804 | - | - | - | Not Applicable |
CAS | 1,471 | 16.58 | - | - | - | Not Applicable | 941 | 12.08 | - | - | - | Not Applicable |
BROCAL | ||||||||||||
2Q 2019 | 2Q 2018 | |||||||||||
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) | 1,411 | 8,052 | 6,362 | 12,690 | 24,252 | 52,768 | 2,071 | 4,877 | 4,073 | 12,294 | 27,119 | 50,435 |
Add: | ||||||||||||
Exploration Expenses (US$000) | 53 | 300 | 237 | 474 | 905 | 1,969 | 128 | 301 | 251 | 758 | 1,672 | 3,109 |
Commercial Deductions (US$000) | 1,386 | 4,106 | 1,791 | 7,565 | 24,050 | 38,898 | 2,061 | 2,200 | -188 | 3,150 | 26,547 | 33,769 |
Selling Expenses (US$000) | 79 | 450 | 355 | 709 | 1,355 | 2,948 | 139 | 326 | 273 | 823 | 1,815 | 3,375 |
Cost Applicable to Sales (US$000) | 2,928 | 12,909 | 8,747 | 21,437 | 50,562 | 96,583 | �� 4,398 | 7,704 | 4,409 | 17,024 | 57,153 | 90,688 |
Divide: | ||||||||||||
Volume Sold | 2,457 | 1,228,153 | 7,850 | 10,211 | 9,186 | Not Applicable | 4,029 | 774,576 | 4,490 | 10,383 | 10,517 | Not Applicable |
CAS | 1,192 | 10.51 | 1,114 | 2,099 | 5,504 | Not Applicable | 1,092 | 9.95 | 982 | 1,639 | 5,434 | Not Applicable |
NON MINING COMPANIES | ||||||||||||
2Q 2019 | 2Q 2018 | |||||||||||
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) | - | - | - | - | - | 171 | - | - | - | - | - | 759 |
Add: | - | - | ||||||||||
Selling Expenses (US$000) | - | - | - | - | - | 644 | - | - | - | - | - | 511 |
Total (US$000) | - | - | - | - | - | 815 | - | - | - | - | - | 2,829 |
BUENAVENTURA CONSOLIDATED | ||||||||||||
2Q 2019 | 2Q 2018 | |||||||||||
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) | 33,485 | 37,790 | 12,426 | 21,389 | 24,267 | 129,528 | 55,222 | 47,704 | 9,458 | 18,647 | 27,120 | 158,911 |
Add: | ||||||||||||
Exploration Expenses (US$000) | 5,771 | 4,164 | 933 | 1,470 | 908 | 13,246 | 11,059 | 8,767 | 1,176 | 1,787 | 1,673 | 24,462 |
Commercial Deductions (US$000) | 2,387 | 12,352 | 2,987 | 14,205 | 24,053 | 55,984 | 2,606 | 12,597 | 885 | 4,829 | 26,549 | 47,466 |
Selling Expenses (US$000) | 989 | 1,630 | 632 | 1,122 | 1,355 | 6,373 | 811 | 1,912 | 504 | 1,084 | 1,815 | 6,636 |
Cost Applicable to Sales (US$000) | 42,631 | 55,936 | 16,979 | 38,186 | 50,584 | 205,131 | 69,698 | 70,980 | 12,023 | 26,347 | 57,157 | 237,475 |
Divide: | ||||||||||||
Volume Sold | 45,854 | 5,342,779 | 15,171 | 17,070 | 9,189 | Not Applicable | 87,488 | 6,979,472 | 10,177 | 16,038 | 10,534 | Not Applicable |
CAS | 930 | 10.47 | 1,119 | 2,237 | 5,505 | Not Applicable | 797 | 10.17 | 1,181 | 1,643 | 5,426 | Not Applicable |
COIMOLACHE | ||||||||||||
2Q 2019 | 2Q 2018 | |||||||||||
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) | 23,135 | 1,020 | - | - | - | 24,155 | 21,731 | 1,355 | - | - | - | 23,086 |
Add: | ||||||||||||
Exploration Expenses (US$000) | �� 1,251 | 55 | - | - | - | 1,306 | 5,444 | 339 | - | - | - | 5,783 |
Commercial Deductions (US$000) | 89 | 3 | - | - | - | 92 | 76 | 5 | - | - | - | 81 |
Selling Expenses (US$000) | 195 | 9 | - | - | - | 204 | 354 | 22 | - | - | - | 376 |
Cost Applicable to Sales (US$000) | 24,670 | 1,087 | - | - | - | 25,757 | 27,604 | 1,721 | - | - | - | 29,326 |
Divide: | ||||||||||||
Volume Sold | 34,455 | 134,856 | - | - | - | Not Applicable | 38,599 | 190,130 | - | - | - | Not Applicable |
CAS | 716 | 8.06 | - | - | - | Not Applicable | 715 | 9.05 | - | - | - | Not Applicable |
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 17 of 25
JULCANI | ||||||||||||
6M 2019 | 6M 2018 | |||||||||||
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 | 12,284 | 492 | - | 32 | 12,827 | 17 | 11,175 | 722 | - | 30 | 11,945 |
Add: | ||||||||||||
Exploration Expenses (US$000) | 4 | 2,849 | 114 | - | 7 | 2,975 | 6 | 4,266 | 276 | - | 12 | 4,560 |
Commercial Deductions (US$000) | 2 | 1,495 | 60 | - | 5 | 1,562 | 2 | 1,661 | 105 | - | 4 | 1,774 |
Selling Expenses (US$000) | 0 | 169 | 7 | - | 0 | 176 | 0 | 110 | 7 | - | 0 | 118 |
Cost Applicable to Sales (US$000) | 25 | 16,797 | 673 | - | 45 | 17,540 | 26 | 17,214 | 1,110 | - | 47 | 18,397 |
Divide: | ||||||||||||
Volume Sold | 17 | 1,219,407 | 389 | - | 8 | Not Applicable | 11 | 1,093,705 | 444 | - | 7 | No Aplicable |
CAS | 1,466 | 13.77 | 1,727 | - | 5,569 | No Applicable | 2,315 | 15.74 | 2,502 | - | 7,127 | No Applicable |
ORCOPAMPA | ||||||||||||
6M 2019 | 6M 2018 | |||||||||||
GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
Cost of Sales (without D&A) (US$000) | 20,963 | 109 | - | - | - | 21,072 | 48,580 | 1,808 | - | - | 73 | 50,460 |
Add: | ||||||||||||
Exploration Expenses (US$000) | 6,097 | 32 | - | - | - | 6,129 | 16,986 | 632 | - | - | 25 | 17,643 |
Commercial Deductions (US$000) | 30 | -1 | - | - | - | 29 | 599 | 91 | - | - | 15 | 706 |
Selling Expenses (US$000) | 87 | 0 | - | - | - | 87 | 437 | 16 | - | - | 1 | 454 |
Cost Applicable to Sales (US$000) | 27,177 | 141 | - | - | - | 27,317 | 66,602 | 2,547 | - | - | 114 | 69,263 |
Divide: | ||||||||||||
Volume Sold | 14,818 | 6,656 | - | - | - | Not Applicable | 75,170 | 226,621 | - | - | 40 | Not Applicable |
CAS | 1,834 | 21.13 | - | - | - | No Applicable | 886 | 11.24 | - | - | 2,846 | No Applicable |
UCHUCCHACUA | ||||||||||||
6M 2019 | 6M 2018 | |||||||||||
GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | GOLD (OZ) | SILVER (OZ) | LEAD (MT) | ZINC (MT) | COPPER (MT) | TOTAL | |
Cost of Sales (without D&A) (US$000) | -13 | 35,636 | 7,445 | 11,742 | - | 54,810 | 42 | 51,022 | 7,551 | 9,554 | - | 68,170 |
Add: | ||||||||||||
Exploration Expenses (US$000) | -1 | 3,395 | 709 | 1,119 | - | 5,222 | 7 | 8,302 | 1,229 | 1,555 | - | 11,092 |
Commercial Deductions (US$000) | -3 | 11,446 | 1,234 | 6,241 | - | 18,919 | 9 | 16,790 | 1,851 | 4,627 | - | 23,277 |
Selling Expenses (US$000) | -1 | 1,430 | 299 | 471 | - | 2,200 | 2 | 2,572 | 381 | 482 | - | 3,437 |
Cost Applicable to Sales (US$000) | -17 | 51,908 | 9,687 | 19,573 | - | 81,151 | 60 | 78,686 | 11,012 | 16,218 | - | 105,976 |
Divide: | ||||||||||||
Volume Sold | 0 | 4,757,949 | 7,805 | 8,261 | - | Not Applicable | 157 | 7,978,552 | 7,821 | 7,585 | - | Not Applicable |
CAS | - | 10.91 | 1,241 | 2,369 | - | No Applicable | 382 | 9.86 | 1,408 | 2,138 | - | No Applicable |
TAMBOMAYO | ||||||||||||
6M 2019 | 6M 2018 | |||||||||||
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) | 19,556 | 5,225 | 2,190 | 4,097 | - | 31,069 | 26,638 | 10,841 | 1,265 | 3,741 | - | 42,485 |
Add: | ||||||||||||
Exploration Expenses (US$000) | 4,075 | 1,089 | 456 | 854 | - | 6,474 | 5,324 | 2,167 | 253 | 748 | - | 8,491 |
Commercial Deductions (US$000) | 2,510 | 1,615 | 726 | 3,277 | - | 8,128 | 238 | 591 | 250 | 962 | - | 2,041 |
Selling Expenses (US$000) | 908 | 243 | 102 | 190 | - | 1,443 | 708 | 288 | 34 | 99 | - | 1,129 |
Cost Applicable to Sales (US$000) | 27,050 | 8,172 | 3,475 | 8,418 | - | 47,114 | 32,908 | 13,887 | 1,801 | 5,549 | - | 54,146 |
Divide: | ||||||||||||
Volume Sold | 43,828 | 988,919 | 3,345 | 3,979 | - | Not Applicable | 61,419 | 1,980,663 | 1,554 | 3,543 | - | Not Applicable |
CAS | 617 | 8.26 | 1,039 | 2,115 | - | No Applicable | 536 | 7.01 | 1,159 | 1,566 | - | Not Applicable |
LA ZANJA | ||||||||||||
6M 2019 | 6M 2018 | |||||||||||
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) | 19,979 | 670 | - | - | - | 20,649 | 34,344 | 1,496 | - | - | - | 35,840 |
Add: | ||||||||||||
Exploration Expenses (US$000) | 1 | 0 | - | - | - | 1 | 64 | 3 | - | - | - | 67 |
Commercial Deductions (US$000) | 67 | 2 | - | - | - | 69 | 202 | 11 | - | - | - | 213 |
Selling Expenses (US$000) | 178 | 6 | - | - | - | 184 | 364 | 16 | - | - | - | 380 |
Cost Applicable to Sales (US$000) | 20,225 | 677 | - | - | - | 20,903 | 34,975 | 1,526 | - | - | - | 36,500 |
Divide: | ||||||||||||
Volume Sold | 18,142 | 51,234 | - | - | - | Not Applicable | 35,717 | 123,619 | - | - | - | Not Applicable |
CAS | 1,115 | 13.22 | - | - | - | No Applicable | 979 | 12.34 | - | - | - | Not Applicable |
BROCAL | ||||||||||||
6M 2019 | 6M 2018 | |||||||||||
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) | 2,766 | 12,844 | 11,653 | 25,364 | 48,924 | 101,550 | 4,396 | 7,527 | 7,135 | 25,518 | 49,739 | 94,315 |
Add: | ||||||||||||
Exploration Expenses (US$000) | 106 | 494 | 449 | 976 | 1,883 | 3,909 | 238 | 407 | 386 | 1,381 | 2,692.24 | 5,105 |
Commercial Deductions (US$000) | 2,585 | 6,486 | 2,968 | 14,550 | 46,234 | 72,824 | 4,488 | 3,943 | 1,104 | 8,323 | 50,562 | 68,420 |
Selling Expenses (US$000) | 133 | 616 | 558 | 1,216 | 2,345 | 4,867 | 285 | 489 | 463 | 1,657 | 3,230 | 6,125 |
Cost Applicable to Sales (US$000) | 5,590 | 20,440 | 15,628 | 42,106 | 99,386 | 183,150 | 9,407 | 12,366 | 9,089 | 36,880 | 106,223 | 173,965 |
Divide: | ||||||||||||
Volume Sold | 4,635 | 1,820,292 | 13,009 | 19,598 | 17,498 | Not Applicable | 9,130 | 1,311,161 | �� 7,829 | 21,738 | 20,371 | Not Applicable |
CAS | 1,206 | 11.23 | 1,201 | 2,149 | 5,680 | No Applicable | 1,030 | 9.43 | 1,161 | 1,697 | 5,215 | Not Applicable |
NON MINING COMPANIES | ||||||||||||
6M 2019 | 6M 2018 | |||||||||||
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) | - | - | - | - | - | 1,848 | - | - | - | - | - | 2,906 |
Add: | - | - | ||||||||||
Selling Expenses (US$000) | - | - | - | - | - | 1,334 | - | - | - | - | - | 855 |
Total (US$000) | - | - | - | - | - | 3,182 | - | - | - | - | - | 6,401 |
BUENAVENTURA CONSOLIDATED | ||||||||||||
6M 2019 | 6M 2018 | |||||||||||
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) | 63,270 | 66,768 | 21,780 | 41,202 | 48,956 | 243,824 | 114,016 | 83,870 | 16,673 | 38,813 | 49,842 | 306,121 |
Add: | ||||||||||||
Exploration Expenses (US$000) | 10,283 | 7,859 | 1,728 | 2,949 | 1,891 | 24,710 | 22,625 | 15,777 | 2,143 | 3,683 | 2,729 | 46,958 |
Commercial Deductions (US$000) | 5,191 | 21,044 | 4,988 | 24,068 | 46,239 | 101,531 | 5,540 | 23,087 | 3,310 | 13,912 | 50,581 | 96,431 |
Selling Expenses (US$000) | 1,305 | 2,464 | 966 | 1,877 | 2,345 | 10,291 | 1,797 | 3,492 | 885 | 2,238 | 3,231 | 12,498 |
Cost Applicable to Sales (US$000) | 80,049 | 98,135 | 29,463 | 70,096 | 99,431 | 380,356 | 143,978 | 126,226 | 23,012 | 58,647 | 106,384 | 462,008 |
Divide: | ||||||||||||
Volume Sold | 81,441 | 8,844,458 | 24,549 | 31,839 | 17,507 | Not Applicable | 181,604 | 12,714,322 | 17,648 | 32,866 | 20,417 | Not Applicable |
CAS | 983 | 11.10 | 1,200 | 2,202 | 5,680 | Not Applicable | 793 | 9.93 | 1,304 | 1,784 | 5,210 | Not Applicable |
COIMOLACHE | ||||||||||||
6M 2019 | 6M 2018 | |||||||||||
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) | 40,708 | 1,647 | - | - | - | 42,355 | 38,071 | 2,543 | - | - | - | 40,614 |
Add: | ||||||||||||
Exploration Expenses (US$000) | 2,513 | 102 | - | - | - | 2,615 | 7,228 | 483 | - | - | - | 7,711 |
Commercial Deductions (US$000) | 172 | 7 | - | - | - | 178 | 230 | 17 | - | - | - | 247 |
Selling Expenses (US$000) | 309 | 13 | - | - | - | 322 | 465 | 31 | - | - | - | 496 |
Cost Applicable to Sales (US$000) | 43,702 | 1,769 | - | - | - | 45,470 | 45,995 | 3,073 | - | - | - | 49,068 |
Divide: | ||||||||||||
Volume Sold | 60,646 | 210,626 | - | - | - | Not Applicable | 66,556 | 354,227 | - | - | - | Not Applicable |
CAS | 721 | 8.40 | - | - | - | No Applicable | 691 | 8.68 | - | - | - | Not Applicable |
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 18 of 25
APPENDIX 5: ALL-IN SUSTAINING COST
Buenaventura | ||||||||||||||||||||||||||||||||
All-in Sustaining Cost for 2Q19 | ||||||||||||||||||||||||||||||||
Buenaventura1 | La Zanja | Tantahuatay | Attributable 2 | |||||||||||||||||||||||||||||
2Q19 | 2Q19 | 2Q19 | 2Q19 | |||||||||||||||||||||||||||||
Au Ounces Sold BVN | 37,876 | |||||||||||||||||||||||||||||||
Au Ounces bought from La Zanja | 0 | |||||||||||||||||||||||||||||||
Au Ounces Sold Net | 37,876 | 5,521 | 34,455 | 54,620 | ||||||||||||||||||||||||||||
2Q19 | 2Q19 | 2Q19 | 2Q19 | |||||||||||||||||||||||||||||
Income Statement & Cash Flow | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | ||||||||||||||||||||||||
Cost of Sales3 | 73,698 | 1,946 | 8,317 | 1,506 | 24,154 | 701 | 87,796 | 1,607 | ||||||||||||||||||||||||
Exploration in Operating Units | 11,277 | 298 | 0 | 0 | 1,306 | 38 | 11,801 | 216 | ||||||||||||||||||||||||
Royalties | 1,117 | 29 | 0 | 0 | 0 | 0 | 1,117 | 20 | ||||||||||||||||||||||||
Comercial Deductions4 | 17,064 | 451 | 22 | 4 | 92 | 3 | 17,113 | 313 | ||||||||||||||||||||||||
Selling Expenses | 2,824 | 75 | 127 | 23 | 204 | 6 | 2,973 | 54 | ||||||||||||||||||||||||
Administrative Expenses | 11,423 | 302 | 749 | 136 | 1,177 | 34 | 12,292 | 225 | ||||||||||||||||||||||||
Other, net | -2,961 | -78 | 172 | 31 | -65 | -2 | -2,896 | -53 | ||||||||||||||||||||||||
Sustaining Capex5 | 5,775 | 152 | 1,143 | 207 | 4,433 | 129 | 8,158 | 149 | ||||||||||||||||||||||||
By-product Credit | -94,319 | -2,490 | -169 | -31 | -1,995 | -58 | -95,209 | -1,743 | ||||||||||||||||||||||||
All-in Sustaining Cost | 25,898 | 684 | 10,361 | 1,877 | 29,306 | 851 | 43,145 | 790 | ||||||||||||||||||||||||
*All-in Cost does not include: Income tax, M&A activity, working capital, impairments and financial charges. |
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., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zan
4. For all metals produced.
5. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zan
4. For all metals produced.
5. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 19 of 25
Buenaventura | ||||||||||||||||||||||||||||||||
All-in Sustaining Cost for 2Q18 | ||||||||||||||||||||||||||||||||
Buenaventura1 | La Zanja | Tantahuatay | Attributable 2 | |||||||||||||||||||||||||||||
2Q18 | 2Q18 | 2Q18 | 2Q18 | |||||||||||||||||||||||||||||
Au Ounces Sold BVN | 65,965 | |||||||||||||||||||||||||||||||
Au Ounces bought from La Zanja | 0 | |||||||||||||||||||||||||||||||
Au Ounces Sold Net | 65,965 | 17,495 | 38,599 | 90,724 | ||||||||||||||||||||||||||||
2Q18 | 2Q18 | 2Q18 | 2Q18 | |||||||||||||||||||||||||||||
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 Sales3 | 101,055 | 1,532 | 17,177 | 982 | 23,690 | 614 | 119,668 | 1,319 | ||||||||||||||||||||||||
Exploration in Operating Units | 21,506 | 326 | 61 | 3 | 5,783 | 150 | 23,857 | 263 | ||||||||||||||||||||||||
Royalties | 3,938 | 60 | 0 | 0 | 0 | 0 | 3,938 | 43 | ||||||||||||||||||||||||
Comercial Deductions4 | 14,413 | 218 | 117 | 7 | 81 | 2 | 14,507 | 160 | ||||||||||||||||||||||||
Selling Expenses | 2,782 | 42 | 235 | 13 | 375 | 10 | 3,057 | 34 | ||||||||||||||||||||||||
Administrative Expenses | 16,949 | 257 | 495 | 28 | 684 | 18 | 17,486 | 193 | ||||||||||||||||||||||||
Other, net | 5,951 | 90 | 1,006 | 58 | 267 | 7 | 6,592 | 73 | ||||||||||||||||||||||||
Sustaining Capex5 | 7,927 | 120 | 4,120 | 236 | 6,096 | 158 | 12,558 | 138 | ||||||||||||||||||||||||
By-product Credit | -136,582 | -2,071 | -1,117 | -64 | -3,110 | -81 | -1,839 | -20 | ||||||||||||||||||||||||
All-in Sustaining Cost | 37,940 | 575 | 22,094 | 1,263 | 33,866 | 877 | 63,242 | 697 | ||||||||||||||||||||||||
*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., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
4. For all metals produced.
5. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
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., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
4. For all metals produced.
5. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 20 of 25
Buenaventura | ||||||||||||||||||||||||||||||||
All-in Sustaining Cost for 1S19 | ||||||||||||||||||||||||||||||||
Buenaventura1 | La Zanja | Tantahuatay | Attributable 2 | |||||||||||||||||||||||||||||
1S19 | 1S19 | 1S19 | 1S19 | |||||||||||||||||||||||||||||
Au Ounces Sold BVN | 58,664 | |||||||||||||||||||||||||||||||
Au Ounces bought from La Zanja | 0 | |||||||||||||||||||||||||||||||
Au Ounces Sold Net | 58,664 | 18,142 | 60,646 | 92,606 | ||||||||||||||||||||||||||||
1S19 | 1S19 | 1S19 | 1S19 | |||||||||||||||||||||||||||||
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 Sales3 | 131,152 | 2,236 | 21,249 | 1,171 | 42,354 | 698 | 159,409 | 1,721 | ||||||||||||||||||||||||
Exploration in Operating Units | 20,800 | 355 | 1 | 0 | 2,615 | 43 | 21,849 | 236 | ||||||||||||||||||||||||
Royalties | 1,557 | 27 | 0 | 0 | 0 | 0 | 1,557 | 17 | ||||||||||||||||||||||||
Comercial Deductions4 | 28,691 | 489 | 69 | 4 | 178 | 3 | 28,799 | 311 | ||||||||||||||||||||||||
Selling Expenses | 4,243 | 72 | 184 | 10 | 322 | 5 | 4,470 | 48 | ||||||||||||||||||||||||
Administrative Expenses | 23,422 | 399 | 1,558 | 86 | 2,381 | 39 | 25,203 | 272 | ||||||||||||||||||||||||
Other, net | 5,425 | 92 | 820 | 45 | 151 | 2 | 5,921 | 64 | ||||||||||||||||||||||||
Sustaining Capex5 | 8,389 | 143 | 1,209 | 67 | 8,443 | 139 | 12,415 | 134 | ||||||||||||||||||||||||
By-product Credit | -162,234 | -2,765 | -799 | -44 | -3,220 | -53 | -163,949 | -1,770 | ||||||||||||||||||||||||
All-in Sustaining Cost | 61,445 | 1,047 | 24,291 | 1,339 | 53,224 | 878 | 95,673 | 1,033 | ||||||||||||||||||||||||
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. |
*All-in Cost does not include: Income tax, M&A activity, working capital, impairments and financial charges.
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., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
4. For all metals produced.
5. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 21 of 25
Buenaventura | ||||||||||||||||||||||||||||||||
All-in Sustaining Cost for 1S18 | ||||||||||||||||||||||||||||||||
Buenaventura1 | La Zanja | Tantahuatay | Attributable 2 | |||||||||||||||||||||||||||||
1S18 | 1S18 | 1S18 | 1S18 | |||||||||||||||||||||||||||||
Au Ounces Sold BVN | 136,760 | |||||||||||||||||||||||||||||||
Au Ounces bought from La Zanja | 0 | |||||||||||||||||||||||||||||||
Au Ounces Sold Net | 136,760 | 35,717 | 66,556 | 182,397 | ||||||||||||||||||||||||||||
1S18 | 1S18 | 1S18 | 1S18 | |||||||||||||||||||||||||||||
Income Statement & Cash Flow | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | US$ 000' | US$/Oz Au | ||||||||||||||||||||||||
Cost of Sales3 | 192,885 | 1,410 | 36,460 | 1,021 | 41,218 | 619 | 228,757 | 1,254 | ||||||||||||||||||||||||
Exploration in Operating Units | 42,273 | 309 | 67 | 2 | 7,711 | 116 | 45,400 | 249 | ||||||||||||||||||||||||
Royalties | 8,281 | 61 | 0 | 0 | 0 | 0 | 8,281 | 45 | ||||||||||||||||||||||||
Comercial Deductions4 | 29,559 | 216 | 213 | 6 | 247 | 4 | 29,771 | 163 | ||||||||||||||||||||||||
Selling Expenses | 5,671 | 41 | 380 | 11 | 495 | 7 | 6,071 | 33 | ||||||||||||||||||||||||
Administrative Expenses | 36,575 | 267 | 1,125 | 31 | 1,927 | 29 | 37,945 | 208 | ||||||||||||||||||||||||
Other, net | 9,411 | 69 | 1,179 | 33 | 520 | 8 | 10,245 | 56 | ||||||||||||||||||||||||
Sustaining Capex5 | 18,559 | 136 | 6,884 | 193 | 9,622 | 145 | 26,069 | 143 | ||||||||||||||||||||||||
By-product Credit | -256,325 | -1,874 | -2,049 | -57 | -5,879 | -88 | -3,444 | -19 | ||||||||||||||||||||||||
All-in Sustaining Cost | 86,888 | 635 | 44,259 | 1,239 | 55,862 | 839 | 132,770 | 728 | ||||||||||||||||||||||||
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas. |
Notes:
1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
4. For all metals produced.
5. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 22 of 25
APPENDIX 6
Compañía de Minas Buenaventura S.A.A. and Subsidiaries | ||||||||
Consolidated Statement of Financial Position | ||||||||
As of June 30, 2019 and December 31, 2018 | ||||||||
2019 | 2018 | |||||||
Assets | US$(000) | US$(000) | ||||||
Current assets | ||||||||
Cash and cash equivalents | 284,034 | 369,200 | ||||||
Trade and other accounts receivable, net | 209,403 | 211,715 | ||||||
Inventory, net | 126,732 | 135,919 | ||||||
Income tax credit | 25,622 | 24,396 | ||||||
Prepaid expenses | 17,280 | 17,145 | ||||||
Hedge derivative financial instruments | 895 | 2,759 | ||||||
663,966 | 761,134 | |||||||
Non-current assets | ||||||||
Trade and other receivables, net | 35,280 | 40,593 | ||||||
Inventories, net | 3,759 | 3,812 | ||||||
Income tax credit | - | 319 | ||||||
Investment in associates | 1,515,648 | 1,473,382 | ||||||
Mining concessions, development costs, property, plant and equipment, net | 1,779,785 | 1,847,615 | ||||||
Investment properties, net | 212 | 222 | ||||||
Deferred income tax asset, net | 58,947 | 38,305 | ||||||
Prepaid expenses | 26,135 | 26,578 | ||||||
Other assets | 29,260 | 25,261 | ||||||
3,449,026 | 3,456,087 | |||||||
Total assets | 4,112,992 | 4,217,221 | ||||||
Liabilities and shareholders’ equity, net | ||||||||
Current liabilities | ||||||||
Bank loans | 55,000 | 95,000 | ||||||
Trade and other payables | 137,076 | 188,084 | ||||||
Provisions and contingent liabilities | 68,114 | 68,172 | ||||||
Income tax payable | 1,537 | 1,760 | ||||||
Financial obligations | 112,493 | 46,166 | ||||||
374,220 | 399,182 | |||||||
Non-current liabilities | ||||||||
Trade and other payables | 657 | 639 | ||||||
Provisions and contingent liabilities | 192,514 | 199,762 | ||||||
Financial obligations | 467,398 | 540,896 | ||||||
Contingent consideration liability | 15,755 | 15,755 | ||||||
Deferred income tax liabilities | 25,269 | 31,422 | ||||||
701,593 | 788,474 | |||||||
Total liabilities | 1,075,813 | 1,187,656 | ||||||
Shareholders’ equity, net | ||||||||
Capital stock | 750,497 | 750,497 | ||||||
Investment shares | 791 | 791 | ||||||
Additional paid-in capital | 218,450 | 218,450 | ||||||
Legal reserve | 163,116 | 163,115 | ||||||
Other reserves | 269 | 269 | ||||||
Retained earnings | 1,695,504 | 1,675,909 | ||||||
Other reserves of equity | (894 | ) | (703 | ) | ||||
Shareholders’ equity, net attributable to owners of the parent | 2,827,733 | 2,808,328 | ||||||
Non-controlling interest | 209,446 | 221,237 | ||||||
Total shareholders’ equity, net | 3,037,179 | 3,029,565 | ||||||
Total liabilities and shareholders’ equity, net | 4,112,992 | 4,217,221 |
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 23 of 25
Compañía de Minas Buenaventura S.A.A. and Subsidiaries | ||||||||||||||||
Consolidated Statement of Income | ||||||||||||||||
For the three-month and six-month periods ended June 30, 2019 and 2018 | ||||||||||||||||
For the three-month period ended June 30, | For the six-month period ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Continuing operations | US$(000) | US$(000) | US$(000) | US$(000) | ||||||||||||
Operating income | ||||||||||||||||
Net sales of goods | 206,503 | 309,020 | 383,635 | 610,953 | ||||||||||||
Net sales of services | 4,267 | 3,784 | 7,737 | 9,547 | ||||||||||||
Royalty income | 5,375 | 4,731 | 10,835 | 9,150 | ||||||||||||
Total operating income | 216,145 | 317,535 | 402,207 | 629,650 | ||||||||||||
Operating costs | ||||||||||||||||
Cost of sales of goods, without considering depreciation and amortization | (129,390 | ) | (158,433 | ) | (242,341 | ) | (303,633 | ) | ||||||||
Cost of sales of services, without considering depreciation and amortization | (138 | ) | (478 | ) | (1,483 | ) | (2,488 | ) | ||||||||
Depreciation and amortization | (58,774 | ) | (60,470 | ) | (108,518 | ) | (113,735 | ) | ||||||||
Exploration in operating units | (13,246 | ) | (24,462 | ) | (24,710 | ) | (46,958 | ) | ||||||||
Mining royalties | (3,310 | ) | (6,509 | ) | (5,404 | ) | (12,873 | ) | ||||||||
Total operating costs | (204,858 | ) | (250,352 | ) | (382,456 | ) | (479,687 | ) | ||||||||
Gross profit | 11,287 | 67,183 | 19,751 | 149,963 | ||||||||||||
Operating expenses, net | ||||||||||||||||
Administrative expenses | (17,988 | ) | (19,970 | ) | (37,404 | ) | (44,582 | ) | ||||||||
Selling expenses | (6,373 | ) | (6,636 | ) | (10,291 | ) | (12,498 | ) | ||||||||
Exploration in non-operating areas | (3,358 | ) | (8,321 | ) | (6,768 | ) | (15,088 | ) | ||||||||
Reversal (provision) for contingencies and others | (241 | ) | (1,205 | ) | 1,262 | 270 | ||||||||||
Other, net | 1,327 | (10,858 | ) | (8,970 | ) | (16,557 | ) | |||||||||
Total operating expenses, net | (26,633 | ) | (46,990 | ) | (62,171 | ) | (88,455 | ) | ||||||||
Operating profit (loss) | (15,346 | ) | 20,193 | (42,420 | ) | 61,508 | ||||||||||
Other income (expense), net | ||||||||||||||||
Share in the results of associates | 22,705 | 34,219 | 72,217 | 49,022 | ||||||||||||
Financial income | 1,825 | 1,047 | 4,045 | 2,177 | ||||||||||||
Financial costs | (10,156 | ) | (9,625 | ) | (21,685 | ) | (18,293 | ) | ||||||||
Net gain (loss) from currency exchange difference | (238 | ) | (217 | ) | (217 | ) | 442 | |||||||||
Total other income, net | 14,136 | 25,424 | 54,360 | 33,348 | ||||||||||||
Profit (loss) before income tax | (1,210 | ) | 45,617 | 11,940 | 94,856 | |||||||||||
Current income tax | (1,746 | ) | (3,489 | ) | (3,743 | ) | (13,684 | ) | ||||||||
Deferred income tax | 10,747 | (2,584 | ) | 25,995 | (9,818 | ) | ||||||||||
Profit (loss) from continuing operations | 7,791 | 39,544 | 34,192 | 71,354 | ||||||||||||
Discontinued operations | ||||||||||||||||
Profit (loss) from discontinued operations | (2,124 | ) | (507 | ) | (4,514 | ) | (1,491 | ) | ||||||||
Net profit (loss) | 5,667 | 39,037 | 29,678 | 69,863 | ||||||||||||
Attributable to: | ||||||||||||||||
Owners of the parent | 9,700 | 41,277 | 36,964 | 69,695 | ||||||||||||
Non-controlling interest | (4,033 | ) | (2,240 | ) | (7,286 | ) | 168 | |||||||||
5,667 | 39,037 | 29,678 | 69,863 | |||||||||||||
Basic and diluted profit (loss) per share attributable to | ||||||||||||||||
equity holders of the parent, stated in U.S. dollars | 0.04 | 0.16 | 0.15 | 0.27 | ||||||||||||
Weighted average number of shares outstanding (common and investment). in units | 253,986,867 | 253,986,867 | 253,986,867 | 253,986,867 |
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 24 of 25
Compañía de Minas Buenaventura S.A.A. and Subsidiaries | ||||||||||||||||
Consolidated Statement of Cash Flows | ||||||||||||||||
For the three and six-month periods ended June 30, 2019 and 2018 | ||||||||||||||||
For the three-month period ended June 30, | For the six-month period ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
US$(000) | US$(000) | US$(000) | US$(000) | |||||||||||||
Operating activities | ||||||||||||||||
Proceeds from sales | 209,222 | 370,705 | 391,994 | 700,548 | ||||||||||||
Proceeds from dividends | 28,440 | 40,374 | 29,376 | 43,805 | ||||||||||||
Value Added Tax recovered | 12,902 | 13,150 | 22,285 | 50,820 | ||||||||||||
Royalty received | 5,475 | 4,362 | 10,935 | 9,638 | ||||||||||||
Interest received | - | 24 | 523 | 155 | ||||||||||||
Payments to suppliers and third-parties | (147,770 | ) | (214,549 | ) | (321,895 | ) | (445,337 | ) | ||||||||
Payments to employees | (31,566 | ) | (38,039 | ) | (73,176 | ) | (88,046 | ) | ||||||||
Payments of interest | (8,054 | ) | (7,659 | ) | (14,579 | ) | (13,658 | ) | ||||||||
Payment of income taxes | (4,325 | ) | (13,099 | ) | (10,050 | ) | (20,430 | ) | ||||||||
Payments of mining royalties | (1,136 | ) | (3,938 | ) | (1,577 | ) | (8,281 | ) | ||||||||
Net cash and cash equivalents provided by operating activities | 63,188 | 151,331 | 33,836 | 229,214 | ||||||||||||
Investing activities | ||||||||||||||||
Proceeds from sales of mining concessions, property, plant and equipment | 275 | 14 | 422 | 60 | ||||||||||||
Acquisitions of mining concessions, development costs, property, plant and equipment | (27,768 | ) | (30,405 | ) | (36,284 | ) | (51,593 | ) | ||||||||
Payments to other assets | (986 | ) | (804 | ) | (1,428 | ) | (1,466 | ) | ||||||||
Net cash and cash equivalents used in investing activities | (28,479 | ) | (31,195 | ) | (37,290 | ) | (52,999 | ) | ||||||||
Financing activities | ||||||||||||||||
Payments of financial obligations | (12,881 | ) | (12,532 | ) | (23,228 | ) | (22,528 | ) | ||||||||
Proceeds of bank loans | - | - | 5,000 | 80,000 | ||||||||||||
Payments of bank loans | - | 1,215 | (45,000 | ) | (80,000 | ) | ||||||||||
Dividends paid to controlling interest | (15,240 | ) | (7,554 | ) | (15,240 | ) | (7,554 | ) | ||||||||
Dividends paid to non-controlling interest | (1,500 | ) | (307 | ) | (3,100 | ) | (1,747 | ) | ||||||||
Decrease (increase) of restricted bank accounts | (448 | ) | (244 | ) | (144 | ) | 4 | |||||||||
Net cash and cash equivalents used in financing activities | (30,069 | ) | (19,422 | ) | (81,712 | ) | (31,825 | ) | ||||||||
Net increase (decrease) in cash and cash equivalents during the period | 4,640 | 100,714 | (85,166 | ) | 144,390 | |||||||||||
Cash and cash equivalents at the beginning of the period | 279,394 | 258,227 | 369,200 | 214,551 | ||||||||||||
Cash and cash equivalents at period-end | 284,034 | 358,941 | 284,034 | 358,941 |
Compañía de Minas Buenaventura S.A.A.
Second Quarter 2019 Results
Page 25 of 25
For the three-month period ended June 30, | For the six-month period ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
US$(000) | US$(000) | US$(000) | US$(000) | |||||||||||||
Reconciliation of net profit to cash and cash equivalents provided | ||||||||||||||||
by operating activities | ||||||||||||||||
Net profit | 5,667 | 39,037 | 29,678 | 69,863 | ||||||||||||
Plus (less): | ||||||||||||||||
Depreciation and amortization | 58,774 | 60,470 | 108,518 | 113,735 | ||||||||||||
Hedge derivative instruments | (536 | ) | 7,208 | (3,022 | ) | 15,743 | ||||||||||
Deferred income tax expense (income) | (10,747 | ) | 2,584 | (25,995 | ) | 9,818 | ||||||||||
Provision for estimated fair value of sales | 10,721 | 8,154 | 4,687 | 15,104 | ||||||||||||
Income attributable to non-controlling interest | 4,033 | 2,240 | 7,286 | (168 | ) | |||||||||||
Accretion expense of provision for closure of mining units and exploration projects | 2,136 | 1,227 | 5,800 | 2,260 | ||||||||||||
Net share in results of associates | (22,705 | ) | (34,219 | ) | (72,217 | ) | (49,022 | ) | ||||||||
Recovery (expense) for provision for contingencies | 241 | 1,205 | (1,262 | ) | (270 | ) | ||||||||||
Net loss (gain) from currency exchange difference | 238 | 217 | 217 | (442 | ) | |||||||||||
Reversal (provision) for impairment loss of inventories | (3,052 | ) | (189 | ) | (2,123 | ) | (347 | ) | ||||||||
Bonus provision - executives & employes | 5,112 | 4,917 | 9,782 | 8,556 | ||||||||||||
Other net | (12,301 | ) | (2,534 | ) | (4,990 | ) | (14,019 | ) | ||||||||
Net changes in operating assets and liabilities: | ||||||||||||||||
Decrease (increase) in operating assets - | ||||||||||||||||
Trade and other accounts receivable | 23,817 | 52,754 | 10,176 | 72,597 | ||||||||||||
Inventories | 13,168 | 9,800 | 11,363 | (6,129 | ) | |||||||||||
Income tax credit | (4,435 | ) | (472 | ) | (907 | ) | 9,712 | |||||||||
Prepaid expenses | 961 | (623 | ) | 308 | 2,865 | |||||||||||
Increase (decrease) in operating liabilities - | ||||||||||||||||
Trade and other accounts payable | (26,604 | ) | (36,344 | ) | (50,990 | ) | (65,901 | ) | ||||||||
Provisions | (9,594 | ) | (4,150 | ) | (21,626 | ) | 2,121 | |||||||||
Income tax payable | (146 | ) | (325 | ) | (223 | ) | (667 | ) | ||||||||
Proceeds from dividends | 28,440 | 40,374 | 29,376 | 43,805 | ||||||||||||
Net cash and cash equivalents provided by operating activities | 63,188 | 151,331 | 33,836 | 229,214 |
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/ LEANDRO GARCÍA RAGGIO
Name: Leandro García Raggio
Title: Chief Financial Officer
Date: July 25, 2019