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Buenaventura Announces Second Quarter 2018 Production and Volume Sold per Metal Results

12.07.2018  |  Business Wire

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 preliminary 2Q18 production and volume sold results as well as full year 2018 operating guidance (100% basis).

2Q18 Production per Metal and 2018
Operating Guidance (100% basis)

1Q18
(Actual)

2Q18
(Actual)

6M18
(Actual)

2018
(Estimated)

Gold (Oz.)
Orcopampa 39,987 35,694 75,681 120k - 140k
Tambomayo 33,693 31,173 64,866 110k - 130k
La Zanja 17,722 15,660 33,382 70k - 80k
Tantahuatay 29,915 39,557 69,473 160k - 180k
Yanacocha 104,233 115,342 219,575 470k - 545k
El Brocal 7,029 5,924 12,953 25k - 30k
Silver (Oz.)
Uchucchacua 4,413,249 4,005,948 8,419,196 17.2M - 18.6M
Julcani 504,155 620,276 1,124,431 2.1M - 2.4M
Mallay 155,000 134,936 289,936 0.4M - 0.5M
Tambomayo 1,019,915 1,106,694 2,126,610 3.0M - 3.5M
El Brocal 739,454 967,763 1,707,217 4.6M - 5.0M
Lead (MT)
Julcani 283 231 514 1.0k - 2.0k
Uchucchacua 4,184 4,762 8,947 18.0k - 20.0k
Mallay 504 447 951 0.5k - 2.5k
Tambomayo 856 814 1,670 2.5k - 4.5k
El Brocal 3,737 4,700 8,438 25.0k - 35.0k
Zinc (MT)
El Brocal 13,797 12,353 26,151 45k - 55k
Uchucchacua 4,575 4,842 9,418 18.0k - 20.0k
Mallay 952 1,187 2,139 3.0k - 3.6k
Tambomayo 2,562 1,998 4,560 7.0k - 8.0k
Copper (MT)
El Brocal 10,482 11,173 21,655 45K - 55K

Production Comments

Gold Operations

  • Orcopampa:

In light of the Company’s strategy to prioritize its De-bottlenecking Program over ore mineral extraction, Buenaventura’s management has made the decision to temporarily reduce annual production guidance for its Orcopampa asset in order to centralize the underground operation. A more detailed explanation will be provided during Buenaventura’s second quarter 2018 results conference call.

  • Tambomayo:

Operating at full capacity. 2018 guidance has been confirmed.

  • La Zanja:

Second quarter production declined due to a change of its mining contractor. The same contractor used at Tantahuatay, San Martín Contratistas Generales S.A, has been hired as the new contractor at La Zanja, leveraging important synergies between the two mines. 2018 guidance therefore remains unchanged.

  • Tantahuatay:

Positive shift in the second quarter production as was previously announced (the first quarter was affected by heavy rains). 2018 guidance has been confirmed.

Silver Operations

  • Uchucchacua:

Silver and Lead guidance remains unchanged. Zinc guidance has been increased due to improved grades in the Cachipampa area.

  • Julcani:

As was announced in previous quarters, the Julcani operation has been centralized, thereby improving operational efficiency. 2018 guidance has been confirmed.

  • Mallay:

Centralizing and stopping the deepening of the mine has achieved positive results. 2018 guidance has been confirmed.

Base Metals Operations

  • El Brocal:

The production mix has been modified within El Brocal´s 2018 mining plan. More production will be derived from the polymetallic open pit mine than was previously announced in early 2018. The plan is to smoothly and efficiently transition the underground operation from 8k TPD to 13k TPD. El Brocal´s 2018 annual EBITDA budget will not be affected.

Volume Sold

2Q18 Volume sold per Metal (100% basis)

1Q18
(Actual)

2Q18
(Actual)

6M18

(Actual)

Gold (Oz.)
Orcopampa 40,015 35,155 75,170
Tambomayo 30,698 30,721 61,419
La Zanja 18,222 17,495 35,717
Tantahuatay 27,957 38,599 66,556
El Brocal 5,102 4,029 9,130
Silver (Oz.)
Uchucchacua 3,853,518 4,125,034 7,978,552
Julcani 352,236 741,469 1,093,705
Mallay 136,838 123,609 260,447
Tambomayo 837,123 1,143,540 1,980,663
El Brocal 536,585 774,576 1,311,161
Lead (MT)
Julcani 169 275 444
Uchucchacua 3,434 4,387 7,821
Mallay 440 434 874
Tambomayo 528 1,025 1,554
El Brocal 3,339 4,490 7,829
Zinc (MT)
El Brocal 11,354 10,383 21,738
Uchucchacua 3,802 3,783 7,585
Mallay 733 986 1,718
Tambomayo 1,672 1,871 3,543
Copper (MT)
El Brocal 9,854 10,517 20,371

Company Description

Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Mallay*, Julcani*, Tambomayo*, El Brocal, La Zanja and Coimolache).

The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corp.), an important precious metal producer and 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer.

For a printed version of the Company’s 2017 Form 20-F, please contact the persons indicated above, or download a PDF format file from the Company’s web site.

(*) Operations wholly owned by Buenaventura

Note on Forward-Looking Statements

This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company’s, Yanacocha’s and Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to the Company’s, Yanacocha’s and Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.



Contact

Compañia de Minas Buenaventura S.A.A.
Lima:
Leandro García, 511-419-2540
Chief Financial Officer
or
Rodrigo Echecopar, 511-419-2591
Investor Relations Coordinator
rodrigo.echecopar@buenaventura.pe
or
NY:
Barbara Cano, 646-452-2334
barbara@inspirgroup.com
or
Company Website: www.buenaventura.com.pe/ir


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