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Buenaventura Announces Third Quarter 2024 Results for Production and Volume Sold per Metal

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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.

Positive
  • 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
Negative
  • 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.

LIMA, Peru--(BUSINESS WIRE)-- Compañía 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 3Q24 results for production and volume sold.

Production per Metal

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2024

2024 Updated
Guidance (1)

 

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

  1. 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.
  2. Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
  3. Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache.
  4. 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

  1. Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
  2. Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache.
  3. 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

  1. Considers Buenaventura consolidated figures.
  2. 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 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*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache).

The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).

(*) 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 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 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.

Contacts in Lima:

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 New York:

Barbara Cano, InspIR Group

+1 646 452 2334

barbara@inspirgroup.com

Website: www.buenaventura.com

Source: Compañía de Minas Buenaventura S.A.A.

FAQ

What was Buenaventura's (BVN) total gold production in Q3 2024?

Buenaventura's total gold production, including associated operations, was 39,690 ounces in Q3 2024.

How much silver did Buenaventura (BVN) produce in the first nine months of 2024?

Buenaventura produced 10,931,273 ounces of silver in the first nine months of 2024, including associated operations.

What is Buenaventura's (BVN) copper production guidance for 2024?

Buenaventura's copper production guidance for 2024 is 55,000 to 60,000 metric tons from El Brocal operations.

Which Buenaventura (BVN) mine had the highest gold production in Q3 2024?

Orcopampa mine had the highest gold production in Q3 2024 with 17,831 ounces.

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