Buenaventura Announces First Quarter 2024 Results
First Quarter 2024 Highlights:
-
1Q24 EBITDA from direct operations was
US$ 94.4 million , compared toUS$ 51.6 million reported in 1Q23. -
1Q24 net income was
US$ 67.1 million , compared toUS$ 72.8 million net income in 1Q23. -
Buenaventura's cash position reached
US$ 174.0 million , while net debt amounted toUS$ 525.3 million , resulting in a Leverage Ratio of 1.87x by quarter’s end,March 31, 2024 . -
On
March 18, 2024 , thePeruvian Ministry of Energy and Mines granted Buenaventura its final operating permit to begin production at its Yumpag mine. This milestone marks the initiation of 1,000 ton per day uninterrupted mining at Yumpag, enabling Buenaventura to achieve its 2024 production guidance of 6.5 - 7.2 million silver ounces. -
On
April 26, 2024 , Buenaventura receivedUS$29.4 million in dividends related to its stake inCerro Verde . -
1Q24 CAPEX related to San Gabriel was
US$ 38.4 million , primarily for the comprehensive installation and operation of the concrete plant, camp construction completion, underground mine rehabilitation, and civil works at the plant.
Financial Highlights (in millions of US$, excluding EPS):
|
1Q24 |
1Q23 |
Var % |
Total Revenues |
246.8 |
185.5 |
33% |
Operating Income |
46.9 |
12.6 |
N.A. |
EBITDA Direct Operations |
94.4 |
51.6 |
83% |
EBITDA Including Affiliates |
185.4 |
178.4 |
4% |
Net Income (1) |
61.4 |
64.4 |
-5% |
EPS (2) |
0.24 |
0.25 |
-5% |
(1) |
Net Income attributable to owners of the parent |
|||
(2) |
As of |
For a full version of Compañía de Minas Buenaventura First Quarter 2024 Earnings Release, please visit: https://www.buenaventura.com/en/inversionistas/reportes-trimestrales/2024
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Company Description
Compañía de
The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with
For a printed version of the Company’s 2023 Form 20-F, please contact the investor relations contacts on page 1 of this report or download the PDF format file from the Company’s web site at www.buenaventura.com.
(*) Operations wholly owned by Buenaventura
Note on Forward-Looking Statements
This press release and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company’s ability to manage its business and liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s results of operations, including net revenues, earnings and cash flows, the Company’s ability to reduce costs and capital spending in response to the COVID-19 pandemic if needed, the Company’s balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company’s prospects for financial performance, growth and achievement of its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases.
This press release may also contain forward-looking information (as defined in the
View source version on businesswire.com: https://www.businesswire.com/news/home/20240429231791/en/
Contacts in
+51 1 419 2540
+51 1 419 2591
gabriel.salas@buenaventura.pe
Contact in
+1 646 452 2334
barbara@inspirgroup.com
Website: www.buenaventura.com
Source: Compañia de