Buenaventura Takes Pre-Emptive Measures Related to Peru’s Current State of Emergency

Rhea-AI Summary

Compañia de Minas Buenaventura S.A.A. (NYSE: BVN; Lima Stock Exchange: BUE.LM) reports that ongoing political protests in Peru have led to a nationwide state of emergency, impacting supply routes to its mines. While there has been no damage to Buenaventura's properties, the Julcani and Orcopampa operations have been temporarily halted due to blockades. The company reassures that on-site operations are functioning normally and maintains adequate supply coverage. Management is continuously monitoring the situation and will keep the financial community informed of developments.

Positive

• No damage to Buenaventura's properties reported.
• On-site operations are functioning normally despite delays in off-site logistics.

Negative

• Political protests have led to supply route disruptions.
• Julcani and Orcopampa operations are temporarily halted due to blockades.

LIMA, Peru--(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, advises that political protests throughout Peru, precipitating a nationwide state of emergency announced yesterday, has adversely affected supply routes to mines throughout the country.

There has been no damage to Buenaventura’s property or assets, and all other Buenaventura mining assets are operating under normal conditions. It’s important to note that the Company maintains a coverage in critical supplies.

To date, Buenaventura’s on-site operations have been operating normally, while off-site logistics have encountered some delays. However, Buenaventura has recently received confirmation that the entrance to its Julcani and Orcopampa operations has been blocked. The Company is therefore taking pre-emptive precautionary measures and has initiated a temporary stoppage of its Julcani and Orcopampa mining operations. Buenaventura will maintain minimum personnel present at the mine, as is required for essential activities only.

Management continues to actively evaluate developments related to all activities related to its mines, including the effects of blockades as these develop. The Company will ensure the financial community remains apprised as developments, and related decisions, unfold.

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).

For a printed version of the Company’s 2019 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221215006104/en/

Contacts in Lima:

Daniel Dominguez, Chief Financial Officer

(511) 419 2540

Gabriel Salas, Head of Investor Relations

(511) 419 2591 / gabriel.salas@buenaventura.pe

Contact in NY:

Barbara Cano

(646) 452-2334 / barbara@inspirgroup.com

Company Website: www.buenaventura.com

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

FAQ

What is the impact of recent protests on Buenaventura's operations?

Protests have disrupted supply routes, leading to temporary halts at Julcani and Orcopampa operations.

Is Buenaventura's mining production affected by the state of emergency in Peru?

While onsite operations are normal, logistics have experienced delays due to the state of emergency.

How is Buenaventura addressing supply chain challenges?

The company maintains coverage in critical supplies and is evaluating ongoing developments.