Buenaventura Announces Third Quarter 2024 Results for Production and Volume Sold per Metal
Buenaventura (NYSE: BVN), Peru's largest publicly-traded precious metals mining company, has released its production and volume sold results for Q3 2024. The report includes data for gold, silver, lead, zinc, and copper production across various mining operations.
Key highlights include:
- Total gold production including associated operations: 39,690 ounces in Q3, 118,095 ounces year-to-date
- Total silver production including associated operations: 4,243,769 ounces in Q3, 10,931,273 ounces year-to-date
- Lead production from direct operations: 4,953 metric tons in Q3, 14,523 metric tons year-to-date
- Zinc production from direct operations: 7,374 metric tons in Q3, 22,540 metric tons year-to-date
- Copper production from direct operations: 16,769 metric tons in Q3, 42,334 metric tons year-to-date
The report also includes updated guidance for 2024 production targets across all metals and operations.
Buenaventura (NYSE: BVN), la più grande compagnia mineraria di metalli preziosi quotata in borsa in Perù, ha pubblicato i risultati relativi alla produzione e al volume venduto per il terzo trimestre 2024. Il rapporto include dati sulla produzione di oro, argento, piombo, zinco e rame provenienti da diverse operazioni minerarie.
Le principali evidenze includono:
- Produzione totale d'oro, comprese le operazioni associate: 39.690 once nel Q3, 118.095 once dall'inizio dell'anno
- Produzione totale d'argento, comprese le operazioni associate: 4.243.769 once nel Q3, 10.931.273 once dall'inizio dell'anno
- Produzione di piombo dalle operazioni dirette: 4.953 tonnellate metriche nel Q3, 14.523 tonnellate metriche dall'inizio dell'anno
- Produzione di zinco dalle operazioni dirette: 7.374 tonnellate metriche nel Q3, 22.540 tonnellate metriche dall'inizio dell'anno
- Produzione di rame dalle operazioni dirette: 16.769 tonnellate metriche nel Q3, 42.334 tonnellate metriche dall'inizio dell'anno
Il rapporto include anche indicazioni aggiornate per gli obiettivi di produzione del 2024 per tutti i metalli e le operazioni.
Buenaventura (NYSE: BVN), la mayor compañía minera de metales preciosos que cotiza en bolsa en Perú, ha publicado sus resultados de producción y volumen vendido para el tercer trimestre de 2024. El informe incluye datos sobre la producción de oro, plata, plomo, zinc y cobre de varias operaciones mineras.
Los aspectos más destacados incluyen:
- Producción total de oro, incluidas las operaciones asociadas: 39,690 onzas en el tercer trimestre, 118,095 onzas en lo que va del año
- Producción total de plata, incluidas las operaciones asociadas: 4,243,769 onzas en el tercer trimestre, 10,931,273 onzas en lo que va del año
- Producción de plomo de operaciones directas: 4,953 toneladas métricas en el tercer trimestre, 14,523 toneladas métricas en lo que va del año
- Producción de zinc de operaciones directas: 7,374 toneladas métricas en el tercer trimestre, 22,540 toneladas métricas en lo que va del año
- Producción de cobre de operaciones directas: 16,769 toneladas métricas en el tercer trimestre, 42,334 toneladas métricas en lo que va del año
El informe también incluye una guía actualizada para los objetivos de producción de 2024 en todos los metales y operaciones.
Buenaventura (NYSE: BVN), 페루에서 가장 큰 상장 보석 금속 광산 회사가 2024년 3분기 생산량 및 판매량 결과를 발표했습니다. 이 보고서에는 다양한 광산 운영에서의 금, 은, 납, 아연 및 구리 생산 데이터가 포함되어 있습니다.
주요 요점은 다음과 같습니다:
- 연관 운영을 포함한 총 금 생산량: 3분기에 39,690 온스, 연간 118,095 온스
- 연관 운영을 포함한 총 은 생산량: 3분기에 4,243,769 온스, 연간 10,931,273 온스
- 직접 운영에서의 납 생산량: 3분기에 4,953 메트릭 톤, 연간 14,523 메트릭 톤
- 직접 운영에서의 아연 생산량: 3분기에 7,374 메트릭 톤, 연간 22,540 메트릭 톤
- 직접 운영에서의 구리 생산량: 3분기에 16,769 메트릭 톤, 연간 42,334 메트릭 톤
보고서에는 모든 금속과 운영에 대한 2024년 생산 목표에 대한 업데이트된 가이드도 포함되어 있습니다.
Buenaventura (NYSE: BVN), la plus grande entreprise minière de métaux précieux cotée en bourse au Pérou, a publié ses résultats de production et de volumes vendus pour le troisième trimestre 2024. Le rapport comprend des données sur la production de l'or, l'argent, le plomb, le zinc et le cuivre provenant de diverses opérations minières.
Les points saillants incluent :
- Production totale d'or, y compris les opérations associées : 39 690 onces au T3, 118 095 onces depuis le début de l'année
- Production totale d'argent, y compris les opérations associées : 4 243 769 onces au T3, 10 931 273 onces depuis le début de l'année
- Production de plomb provenant des opérations directes : 4 953 tonnes métriques au T3, 14 523 tonnes métriques depuis le début de l'année
- Production de zinc provenant des opérations directes : 7 374 tonnes métriques au T3, 22 540 tonnes métriques depuis le début de l'année
- Production de cuivre provenant des opérations directes : 16 769 tonnes métriques au T3, 42 334 tonnes métriques depuis le début de l'année
Le rapport inclut également des orientations mises à jour pour les objectifs de production 2024 pour tous les métaux et opérations.
Buenaventura (NYSE: BVN), Perus größte börsennotierte Bergbaugesellschaft für Edelmetalle, hat ihre Produktions- und Verkaufszahlen für das 3. Quartal 2024 veröffentlicht. Der Bericht enthält Daten zur Produktion von Gold, Silber, Blei, Zink und Kupfer aus verschiedenen Bergbauoperationen.
Wichtige Punkte sind:
- Gesamte Goldproduktion einschließlich verbundenen Betrieben: 39.690 Unzen im 3. Quartal, 118.095 Unzen seit Jahresbeginn
- Gesamte Silberproduktion einschließlich verbundenen Betrieben: 4.243.769 Unzen im 3. Quartal, 10.931.273 Unzen seit Jahresbeginn
- Bleiproduktion aus direkten Betrieben: 4.953 metrische Tonnen im 3. Quartal, 14.523 metrische Tonnen seit Jahresbeginn
- Zinkproduktion aus direkten Betrieben: 7.374 metrische Tonnen im 3. Quartal, 22.540 metrische Tonnen seit Jahresbeginn
- Kupferproduktion aus direkten Betrieben: 16.769 metrische Tonnen im 3. Quartal, 42.334 metrische Tonnen seit Jahresbeginn
Der Bericht enthält auch aktualisierte Prognosen für die Produktionsziele 2024 für alle Metalle und Betriebe.
- Yumpag silver production reached 2,591,227 ounces in Q3, contributing significantly to total silver output
- El Brocal copper production of 16,769 metric tons in Q3 is on track to meet 2024 guidance of 55,000-60,000 metric tons
- Gold production from Orcopampa mine shows strong performance with 17,831 ounces in Q3
- El Brocal zinc production dropped to 0 metric tons in Q3, compared to 1,985 metric tons year-to-date
- Some operations like La Zanja show lower production figures compared to their year-to-date totals, indicating potential slowdowns
Insights
Buenaventura's Q3 2024 production report shows mixed results across its portfolio of metals. Gold production from direct operations reached 38,909 ounces, putting the company on track to meet its updated 2024 guidance of 130,500-145,000 ounces. However, some individual mines like Orcopampa may fall short of their targets.
Silver production was strong at 4.43 million ounces for the quarter, largely driven by Yumpag's 2.59 million ounces. This puts Buenaventura in a good position to achieve its 14.7-16.1 million ounce guidance for the year. The base metals segment saw copper production of 16,769 metric tons, which needs to accelerate in Q4 to meet the 55,000-60,000 ton annual target.
While production volumes are crucial, investors should note that metal prices will significantly impact revenue and profitability. The company's ability to control costs and optimize operations across its diverse portfolio will be key to financial performance. The ramp-up of Yumpag and performance of core assets like El Brocal and Orcopampa warrant close monitoring in the coming quarters.
Buenaventura's Q3 production results reflect the challenges and opportunities in Peru's mining sector. The diversified portfolio approach helps mitigate risks, with strong silver performance offsetting potential shortfalls in gold and copper.
The Yumpag project is emerging as a game-changer for silver production, contributing over 50% of the company's silver output this quarter. This rapid ramp-up is impressive and could position Buenaventura as a more significant player in the global silver market.
However, the underperformance of some gold assets like La Zanja and the slower-than-expected copper production at El Brocal highlight operational challenges. The company may need to reassess its strategies for these mines to ensure they meet annual targets. The zinc production cessation at El Brocal is also notable, potentially indicating a shift in focus or operational issues that investors should monitor.
Overall, Buenaventura's ability to adapt to changing market conditions and optimize its diverse asset base will be important for long-term success in the competitive Peruvian mining landscape.
Production per Metal
Three Months Ended September 30, 2024 |
Nine Months Ended September 30, 2024 |
2024 Updated
|
||||
Gold ounces produced |
|
|
|
|
|
|
El Brocal |
6,673 |
|
17,329 |
|
19.0k - 22.0k |
|
Orcopampa |
17,831 |
|
54,426 |
|
70.0k - 75.0k |
|
Tambomayo |
8,015 |
|
26,072 |
|
28.0k - 32.0k |
|
Julcani |
1,428 |
|
2,839 |
|
3.5k - 4.0k |
|
La Zanja |
4,963 |
|
8,655 |
|
10.0k - 12.0k |
|
Total Direct Operations (2) |
38,909 |
|
109,321 |
|
130.5k - 145.0k |
|
Coimolache |
8,368 |
|
38,554 |
|
41.0k - 46.0k |
|
Total incl. Associated (3) |
39,690 |
|
118,095 |
|
139.6k - 155.0k |
|
|
|
|
|
|
||
Silver ounces produced |
|
|
|
|
|
|
El Brocal |
516,480 |
|
1,701,940 |
|
1.8M - 2.0M |
|
Uchucchacua |
608,412 |
|
1,524,944 |
|
2.2M - 2.5M |
|
Yumpag (4) |
2,591,227 |
|
6,017,839 |
|
7.5M - 8.0M |
|
Orcopampa |
6,891 |
|
22,857 |
|
- |
|
Tambomayo |
434,054 |
|
1,143,490 |
|
1.7M - 1.9M |
|
Julcani |
261,492 |
|
1,090,232 |
|
1.5M - 1.7M |
|
La Zanja |
8,901 |
|
14,904 |
|
- |
|
Total Direct Operations (2) |
4,427,457 |
|
11,516,207 |
|
14.7M - 16.1M |
|
Coimolache |
38,705 |
|
178,341 |
|
0.1M - 0.2M |
|
Total incl. Associated (3) |
4,243,769 |
|
10,931,273 |
|
14.0M - 15.4M |
|
|
|
|
|
|
||
Lead metric tons produced |
|
|
|
|
|
|
Uchucchacua |
3,865 |
|
10,812 |
|
13.0k - 15.0k |
|
Tambomayo |
979 |
|
3,093 |
|
3.5k - 4.0k |
|
Julcani |
108 |
|
619 |
|
0.9k - 1.0k |
|
Total Direct Operations (2) |
4,953 |
|
14,523 |
|
17.4k - 20.0k |
|
|
|
|
|
|
||
Zinc metric tons produced |
|
|
|
|
|
|
El Brocal |
0 |
|
1,985 |
|
1.9k - 2.0k |
|
Uchucchacua |
6,153 |
|
16,521 |
|
19.0k - 22.0k |
|
Tambomayo |
1,222 |
|
4,034 |
|
5.4k - 5.8k |
|
Total Direct Operations (2) |
7,374 |
|
22,540 |
|
26.3k - 29.8k |
|
|
|
|
|
|
||
Copper metric tons produced |
|
|
|
|
|
|
El Brocal |
16,769 |
|
42,334 |
|
55.0k - 60.0k |
|
Total Direct Operations (2) |
16,769 |
|
42,334 |
|
55.0k - 60.0k |
- 2024 projections are considered to be forward-looking statements and represent management’s good faith estimates or expectations of future production results as of October 2024.
-
Considers
100% of Buenaventura’s operating units,100% of La Zanja and100% of El Brocal. -
Considers
100% of Buenaventura’s operating units,100% of La Zanja,61.43% of El Brocal and40.094% of Coimolache. - Considers ore from the pilot stope approved within Yumpag EIA-sd.
Volume Sold per Metal
Three Months Ended September 30, 2024 |
Nine Months Ended September 30, 2024 |
|||
Gold ounces sold |
|
|
|
|
El Brocal |
3,912 |
|
10,676 |
|
Orcopampa |
18,027 |
|
54,223 |
|
Tambomayo |
7,438 |
|
24,199 |
|
Julcani |
1,293 |
|
2,527 |
|
La Zanja |
4,676 |
|
8,525 |
|
Total Direct Operations (1) |
35,345 |
|
100,151 |
|
Coimolache |
8,450 |
|
38,526 |
|
Total incl. Associated (2) |
37,225 |
|
111,480 |
|
|
|
|
||
Silver ounces sold |
|
|
|
|
El Brocal |
413,407 |
|
1,403,306 |
|
Uchucchacua |
555,012 |
|
1,345,729 |
|
Yumpag (3) |
2,229,149 |
|
5,785,760 |
|
Orcopampa |
10,031 |
|
22,174 |
|
Tambomayo |
402,631 |
|
1,035,689 |
|
Julcani |
248,442 |
|
1,052,051 |
|
La Zanja |
16,450 |
|
32,140 |
|
Total Direct Operations (1) |
3,875,123 |
|
10,676,849 |
|
Coimolache |
38,748 |
|
177,393 |
|
Total incl. Associated (2) |
3,731,208 |
|
10,206,718 |
|
|
|
|
||
Lead metric tons sold |
|
|
|
|
El Brocal |
0 |
|
72 |
|
Uchucchacua |
3,489 |
|
9,752 |
|
Yumpag (3) |
21 |
|
55 |
|
Tambomayo |
849 |
|
2,692 |
|
Julcani |
96 |
|
557 |
|
Total Direct Operations (1) |
4,455 |
|
13,129 |
|
|
|
|
||
Zinc metric tons sold |
|
|
|
|
El Brocal |
0 |
|
1,592 |
|
Uchucchacua |
5,026 |
|
13,593 |
|
Tambomayo |
969 |
|
3,231 |
|
Total Direct Operations (1) |
5,995 |
|
18,417 |
|
|
|
|
||
Copper metric tons sold |
|
|
|
|
El Brocal |
15,571 |
|
39,709 |
|
Tambomayo |
32 |
|
95 |
|
Julcani |
20 |
|
79 |
|
Total Direct Operations (1) |
15,622 |
|
39,883 |
-
Considers
100% of Buenaventura’s operating units,100% of La Zanja and100% of El Brocal. -
Considers
100% of Buenaventura’s operating units,100% of La Zanja,61.43% of El Brocal and40.094% of Coimolache. - Considers ore from the pilot stope approved within Yumpag EIA-sd.
Average realized prices(1)(2)
Three Months Ended September 30, 2024 |
Nine Months Ended September 30, 2024 |
Year Ended December 31, 2023 |
||||
Gold (US$/Oz) |
|
2,514 |
|
2,323 |
|
1,954 |
Silver (US$/Oz) |
29.92 |
|
28.14 |
|
23.98 |
|
Lead (US$/MT) |
|
2,082 |
|
2,078 |
|
2,093 |
Zinc (US$/MT) |
2,883 |
|
2,618 |
|
2,315 |
|
Copper (US$/MT) |
|
9,391 |
|
9,124 |
|
8,418 |
- Considers Buenaventura consolidated figures.
- Realized prices include both provisional sales and final adjustments for price changes.
Commentary on Operations
Tambomayo:
- Gold, lead and zinc production was in line with expectations. 2024 guidance remains unchanged.
- Silver production was below 3Q24 projections due to delays related to mine development and in the preparation of high silver grade ore stopes. 2024 remains unchanged.
Orcopampa:
- 3Q24 gold and silver production was in line with expectations. 2024 guidance remains unchanged.
Coimolache:
- Gold production exceeded 3Q24 projections due to an accelerated percolation rate at the leach pad. 2024 guidance has therefore been updated.
- During the 3Q24, Buenaventura filed for a leach pad expansion construction permit at Coimolache, which is currently pending with the Ministry of Energy and Mines. Approval is expected by the end of 1Q25, enabling the Company to begin construction in 2Q25 and to resume leaching fresh ore in 3Q25.
Julcani:
- Gold and copper production at the Julcani mine is gradually increasing as the operation transitions to zones richer in these metals, successfully offsetting lower production from the Achilla zone which has historically produced lead and silver.
- 2024 guidance has therefore been revised to reflect increased gold production with lower silver grades.
Uchucchacua:
- Silver and lead production was in line with expectations for 3Q24. 2024 guidance remains unchanged.
- Zinc production exceeded expectations due to higher grades than was previously projected. 2024 guidance has therefore been updated.
- Uchucchacua achieved 1,500 TPD average daily throughput in 3Q24, aligned with the Company’s targeted 1,500 TPD by year end 2024.
Yumpag:
- Silver production was in line with expectations for 3Q24. 2024 guidance remains unchanged.
El Brocal:
- Copper production was in line with expectations for 3Q24. 2024 guidance remains unchanged.
- Gold and silver production exceeded expectations for 3Q24 due to increased volume processed during the quarter. 2024 guidance has therefore been updated.
- All ore stockpiled in 2Q24 was processed during the 3Q24, enabling El Brocal to meet its targeted production for the first nine months of 2024. The average mining rate during 3Q24 was 12,000 tons per day, and the average mining rate for the first nine months of the year was 11,000 tons per day, aligned with the Company’s target for full year production to exceed 11,000 tons per day.
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/20241016331347/en/
Contacts in
Daniel Dominguez, Chief Financial Officer
+51 1 419 2540
Gabriel Salas, Head of Investor Relations
+51 1 419 2591
gabriel.salas@buenaventura.pe
Contact in
Barbara Cano, InspIR Group
+1 646 452 2334
barbara@inspirgroup.com
Website: www.buenaventura.com
Source: Compañía de Minas Buenaventura S.A.A.
FAQ
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