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Buenaventura Announces Fourth Quarter 2018 Production, Volume Sold per Metal Results and 2019 Guidance

14.01.2019  |  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 4Q18 production and volume sold. The Company also announced full year 2019 operating guidance (100% basis), 2019 EBITDA guidance from direct operations, 2019 De-Bottlenecking Program guidance and 2019 CAPEX guidance.

4Q18 Production per Metal and 2019 Operating Guidance (100% basis)

4Q18
(Actual)

12M18
(Actual)

2018
(Last Guidance)

2019
(Estimated)

Gold (Oz.)
Orcopampa 13,372 115,887 120k - 140k 75k - 90k
Tambomayo 31,026 129,172 125k - 135k 90k - 110k
La Zanja 20,101 71,630 70k - 80k 25k - 35k
Tantahuatay 49,708 173,192 160k - 180k 150k - 170k
Yanacocha 141,465 514,563 470k - 545k 510k*
El Brocal 4,111 21,429 20k - 25k 25k - 30k
Silver (Oz.)
Uchucchacua 3,256,870 15,420,102 15.0M - 17.0M 14.5M - 15.5M
Julcani 666,259 2,482,907 2.3M - 2.5M 2.2M - 2.5M
Mallay 97,670 514,081 0.4M - 0.5M 0
Tambomayo 873,249 3,929,808 3.5M - 4.5M 2.5M - 3.0M
El Brocal 934,642 3,901,869 4.6M - 5.0M 4.5M - 5.5M
Lead (MT)
Julcani 264 1,048 1.0k - 2.0k 0.9k - 1.0k
Uchucchacua 4,961 19,122 18.0k - 20.0k 22.0k - 26.0k
Mallay 401 1,768 0.5k - 2.5k 0
Tambomayo 1,522 4,220 3.0k - 4.5k 4.0k - 5.0k
El Brocal 5,361 20,582 20.0k - 30.0k 22.0k - 26.0k
Zinc (MT)
El Brocal 9,702 45,593 45k - 55k 57k - 65k
Uchucchacua 5,867 21,840 20.0k - 22.0k 27k - 32k
Mallay 1,107 4,151 3.0k - 3.6k 0
Tambomayo 2,080 8,685 7.5k - 8.5k 6k - 8k
Copper (MT)
El Brocal 12,093 46,231 45k - 55k 47k - 52k

*As announced by Newmont.

2018 Production Comments

Gold Operations

  • Orcopampa:

    As was previously announced on December 12, Orcopampa’s 2018 production was below the Company’s most recently released production guidance due to management’s strategic decision to temporarily cease production in order to focus on centralizing the operation, prioritizing the De-Bottlenecking Program over ore extraction.
  • Tambomayo:

    2018 gold, silver and lead production was in line with the most recent guidance released. 2018 zinc production was slightly above the guidance provided.
  • La Zanja:

    2018 gold production was in line with the most recent guidance released.
  • Tantahuatay:

    2018 gold production was in line with the most recent guidance released.

Silver Operations

  • Uchucchacua:

    2018 silver, lead and zinc production was in line with the most recent guidance released.
  • Julcani:

    2018 silver and lead production was in line with the most recent guidance released.
  • Mallay:

    2018 silver and zinc production was slightly above the most recent guidance released. 2018 lead production was in line with the most recent guidance released.

Base Metals Operations

  • El Brocal:

    2018 gold, copper, lead and zinc production was in line with the most recent guidance released.

    Silver production was below the Company’s most recently released guidance , mainly due to changes in the mining sequence which resulted in lower silver grades. Silver grades are expected to improve in 1Q19.

2018 Volume Sold

4Q18 Volume sold per Metal (100% basis)
4Q18 (Actual) 12M18 (Actual)
Gold (Oz.)
Orcopampa 13,405 116,719
Tambomayo 25,691 119,211
La Zanja 20,234 74,370
Tantahuatay 51,355 171,770
El Brocal 2,482 14,297
Silver (Oz.)
Uchucchacua 2,949,234 14,443,456
Julcani 635,338 2,368,497
Mallay 97,106 458,671
Tambomayo 662,978 3,570,382
El Brocal 773,051 3,058,987
Lead (MT)
Julcani 237 915
Uchucchacua 4,553 17,071
Mallay 387 1,633
Tambomayo 709 3,268
El Brocal 5,248 18,713
Zinc (MT)
El Brocal 8,020 37,470
Uchucchacua 4,328 16,811
Mallay 931 3,369
Tambomayo 1,769 7,143
Copper (MT)
El Brocal 11,523 43,710
Realized Metal Prices
4Q18 12M18
Gold 1,223 1,268
Silver 13.51 15.09
Lead 1,792 2,141
Zinc 2,338 2,686
Copper 5,801 6,277

2019 Guidance

1. EBITDA Direct Operations

The company expects an EBITDA of $310-380 million during 2019.

Regarding Buenaventura’s guidance for 2019, the Company expects 2019E EBITDA to be in line with that which was announced for 2018, despite an anticipated decrease in production which is expected to be offset by decreased Opex resulting from the continued success of Buenaventura’s De-Bottlenecking Program.

*2019 prices: Au: 1,250 US$/Oz; Ag: $16.00 US$/Oz; Cu: 6,000 US$/MT; Zn: 2,500 US$/MT & Pb: 2,100 US$/MT

2. 2019 De-Bottlenecking Program*

Name Stage Annual EBITDA
TAMBOMAYO 1 Mine Design Optimization Increase of efficiency of the ratio of mining preparations per tone + Haulage Fleet reduction $4.0 -5.0M
2 Improvement of the Metallurgical Process Change in the process: Cyanidation ? Flotation to Flotation ? Cyanidation of concentrate $11.0 – 12.0M
3 Cost Optimization in Support Areas Synergies between Orcopampa and Tambomayo $1.0 – 2.0M
ORCOPAMPA 1 Mine Centralization Reduction of equipment $2.0 – 2.5M
2 Improvement of efficiency in exploration Reduction of exploration galleries and emphasis in diamond drilling $2.0 – 2.5M
3 Cost Optimization in Support Areas Synergies between Orcopampa and Tambomayo $1.0 – 2.0M
UCHUCCHACUA 1 Optimization of the ore transport system Reduction of equipment and haulage distances $1.0 – 1.5M
2 Improvement of efficiency in exploration Emphasis in zones close to the exploitation areas (centralization) $3.5 – 4.5M
3 Cost Optimization in Support Areas Optimization of services and process $1.5 – 2.5M
EL BROCAL 1 Mine Design Optimization Stope design optimization to reduce galleries per ton mined $5.0 – 6.0M
2 Renegotiation cost rates with contractors Optimization of the use of the equipment fleet $1.5 – 2.5M
3 Increase in production due to operational improvements Second stage in the optimization of metallurgical processes: Availability and Performance $6.0 – 7.0M
TOTAL : $40.0 - 50.0M

*In the coming conference call, the company will present a breakdown of the De-Bottlenecking Program by quarter.

3. Total Capex**

The company expects a total CAPEX of $80-120 million during 2019.

**In the coming conference call, the company will present a breakdown of total capex by objectives (sustaining and growth).

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

Contacts in Lima:
Leandro García, Chief Financial Officer
(511) 419 2540

Rodrigo Echecopar, Investor Relations Coordinator
(511) 419 2591 / rodrigo.echecopar@buenaventura.pe

Company Website: www.buenaventura.com.pe/ir

Contacts in NY:
Barbara Cano
(646) 452 2334
barbara@inspirgroup.com


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