Buenaventura Announces Second Quarter 2023 Results for Production and Volume Sold per Metal
| 2Q23 Production per Metal ( |
|||||
| 1Q23 (Actual) |
2Q23 (Actual) |
6M23 (Actual) |
2023 Updated Guidance (1)(2)(3) |
||
| Gold (Oz.) | |||||
| Orcopampa | 19,996 |
19,975 |
39,971 |
|
72k - 80k |
| Tambomayo | 10,600 |
10,896 |
21,496 |
|
35k - 40k |
| Coimolache | 6,536 |
9,632 |
16,168 |
|
60k - 65k |
| El Brocal | 4,421 |
4,377 |
8,798 |
|
24k - 26k |
|
|
|
|
||
| Silver (Oz.) |
|
|
|
|
|
| Uchucchacua | 0 |
0 |
0 |
|
0.7M - 1.0M |
| Yumpag | 0 |
0 |
0 |
|
1.6M - 1.8M |
| El Brocal | 436,678 |
635,530 |
1,072,208 |
|
2.7M - 3.0M |
| Tambomayo | 394,305 |
540,732 |
935,038 |
|
1.9M - 2.2M |
| Julcani | 417,887 |
472,740 |
890,626 |
|
1.9M - 2.1M |
|
|
|
|
||
| Lead (MT) |
|
|
|
|
|
| El Brocal | 0 |
1,275 |
1,275 |
|
7.5k - 8.3k |
| Uchucchacua | 0 |
0 |
0 |
|
1.4k - 1.5k |
| Yumpag | 0 |
0 |
0 |
|
0.3k - 0.4k |
| Tambomayo | 1,324 |
924 |
2,248 |
|
2.9k - 3.2k |
|
|
|
|
||
| Zinc (MT) |
|
|
|
|
|
| El Brocal | 0 |
3,812 |
3,812 |
|
23.0k - 25.0k |
| Uchucchacua | 0 |
0 |
0 |
|
2.0k - 2.2k |
| Tambomayo | 1,552 |
1,150 |
2,702 |
|
4.8k - 5.3k |
|
|
|
|
||
| Copper (MT) |
|
|
|
|
|
| El Brocal | 12,238 |
13,213 |
25,452 |
|
45.0k - 50.0k |
- Above 2023 projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of July 2023.
- 2023 Uchucchacua and Yumpaq Guidance is subject to permit approval to begin production.
- El Brocal stockpiled ore mined from its open pit during the 1Q23. Lead and zinc ore are being treated at the processing plant starting in 2Q23. The underground mine will operate continuously throughout 2023.
2Q23 Comments
Tambomayo:
- Gold, silver, lead and zinc production was in line with 2Q23 expectations. 2023 guidance remains unchanged.
Orcopampa:
- 2Q23 gold production exceeded expectations due to higher gold grades extracted from the Pucará and Ramal 4 vein system. 2023 guidance remains unchanged.
Coimolache:
- 2Q23 gold production was below quarterly projections due to a slower than expected leach pad gold extraction rate with longer than expected percolation time. These are expected to increase in the second half of 2023. 2023 guidance therefore remains unchanged.
Julcani:
- 2Q23 silver production was below projections due to a negative geology reconciliation with decreased treated ore. 2023 guidance has therefore been updated.
Yumpag:
- 4Q23 targeted production initiation remains unchanged and is subject to the final permitting and approval required to operate.
Uchucchacua:
- Exploration and mine development continued during 2Q23 as planned.
- During 3Q23 Buenaventura will focus on ensuring processing plant operational readiness to receive ore from Uchucchacua and Yumpag by the end of 2023.
El Brocal:
- 2Q23 copper production exceeded projections due to underground mine production ramp-up which remains ahead of expectations. Buenaventura expects to reach its targeted 10,000 tpd by 4Q23. 2023 guidance remains unchanged.
- Open pit polymetallic ore processing resumed as planned during 2Q23. Zinc and lead production during the quarter was in line with expectations. 2023 guidance remains unchanged.
2Q23 Payable Volume Sold
| 2Q23 Volume Sold per Metal ( |
|||
| 1Q23 (Actual) |
2Q23 (Actual) |
6M23 (Actual) |
|
| Gold (Oz.) | |||
| Orcopampa | 20,326 |
19,718 |
40,044 |
| Tambomayo | 9,360 |
9,868 |
19,228 |
| Coimolache | 6,854 |
8,170 |
15,024 |
| El Brocal | 2,595 |
2,427 |
5,022 |
|
|
|
|
| Silver (Oz.) |
|
|
|
| Uchucchacua | 130,642 |
150,637 |
281,279 |
| Yumpag | 0 |
0 |
0 |
| El Brocal | 379,158 |
508,257 |
887,415 |
| Tambomayo | 370,299 |
485,593 |
855,892 |
| Julcani | 412,890 |
449,841 |
862,731 |
|
|
|
|
| Lead (MT) |
|
|
|
| El Brocal | 88 |
1,215 |
1,302 |
| Uchucchacua | 0 |
0 |
0 |
| Yumpag | 0 |
0 |
0 |
| Tambomayo | 1,189 |
808 |
1,996 |
|
|
|
|
| Zinc (MT) |
|
|
|
| El Brocal | 38 |
3,094 |
3,132 |
| Uchucchacua | 0 |
0 |
0 |
| Tambomayo | 1,269 |
895 |
2,163 |
|
|
|
|
| Copper (MT) |
|
|
|
| El Brocal | 11,748 |
12,355 |
24,104 |
|
|
|
|
Realized Metal Prices* |
|||
|
|
|
|
1Q23
|
2Q23
|
6M23
|
|
| Gold (Oz) | 1,915 |
1,945 |
1,930 |
| Silver (Oz) | 22.5 |
24.27 |
23.48 |
| Lead (MT) | 2,139 |
1,846 |
1,960 |
| Zinc (MT) | 2,004 |
2,497 |
2,375 |
| Copper (MT) | 8,972 |
8,992 |
8,983 |
| *Buenaventura consolidated figures. | |||
Appendix
1. 2Q23 Production per Metal
|
|||
|
1Q23
|
2Q23
|
6M23
|
|
|
|
|
Gold (Oz.) |
|
|
|
La Zanja |
3,051 |
2,030 |
5,081 |
|
|
|
|
Silver (Oz.) |
|
|
|
Orcopampa |
7,618 |
7,242 |
14,860 |
La Zanja |
6,630 |
5,322 |
11,951 |
Coimolache |
25,485 |
64,084 |
89,570 |
|
|
|
|
Lead (MT) |
|
|
|
Julcani |
106 |
159 |
266 |
|
|
|
|
2. 2Q23 Volume Sold per Metal
|
|||
|
|
|
|
|
1Q23
|
2Q23
|
6M23
|
|
|
|
|
Gold (Oz.) |
|
|
|
La Zanja |
3,211 |
1,892 |
5,103 |
|
|
|
|
Silver (Oz.) |
|
|
|
Orcopampa |
6,699 |
6,023 |
12,722 |
La Zanja |
10,942 |
11,589 |
22,531 |
Coimolache |
24,909 |
57,608 |
82,517 |
|
|
|
|
Lead (MT) |
|
|
|
Julcani |
94 |
138 |
232 |
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
The Company owns
(*) Operations wholly owned by Buenaventura
Note on Forward-Looking Statements
This press release may contain forward-looking information (as defined in the
View source version on businesswire.com: https://www.businesswire.com/news/home/20230713972796/en/
In
Daniel Dominguez, Chief Financial Officer
+51 (511) 419 2540
Gabriel Salas, Head of Investor Relations
+51 (511) 419 2591 / Gabriel.salas@buenaventura.pe
Company Website: www.buenaventura.com.pe/ir
In NY:
Barbara Cano
+1 (646) 452 2334
barbara@inspirgroup.com
Source: Compañia de Minas Buenaventura S.A.A.
