Company Announcements

Buenaventura Announces Second Quarter 2021 Production and Volume Sold Per Metal Results

LIMA, Peru--(BUSINESS WIRE)--Jul. 27, 2021-- 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, today announced 2Q21 production and volume sold.

  2Q21 Production per Metal and 2021 Guidance
 (100% basis) 
 
    1Q21
(Actual)
2Q21
 (Actual)
6M21
 (Actual)
  Updated 2021
Guidance (1) (2)
             
  Gold (Oz.)          
  Orcopampa

5,986

9,130

15,116

 

40k - 45k

  Tambomayo 

15,347

17,964

33,311

 

69k - 75k

  La Zanja

3,908

4,447

8,355

 

12k - 15k

  Coimolache

26,133

30,378

56,510

 

99k - 106k

  Yanacocha

62,125

66,563

128,688

 

315k (3)

  El Brocal

3,067

4,317

7,384

 

20k - 25k

             
  Silver (Oz.)        
  Uchucchacua 

1,243,916

1,268,082

2,511,997

 

6.0M - 7.0M

  El Brocal

1,574,305

1,603,208

3,177,513

 

5.4M - 6.0M

  Tambomayo

284,677

432,638

717,315

 

1.2M - 1.4M 

  Julcani 

648,854

570,248

1,219,102

 

2.1M - 2.4M

           
  Lead (MT)        
  El Brocal

2,140

2,812

4,952

 

10.0k - 12.0k

  Uchucchacua

1,292

1,715

3,006

 

5.0k - 7.0k

  Tambomayo

1,504

2,767

4,271

 

5.9k - 6.5k 

           
  Zinc (MT)          
  El Brocal

10,207

8,612

18,819

 

40.0k - 45.0k

  Uchucchacua  

1,246

3,029

4,275

 

7.0k - 10.0k

  Tambomayo

1,821

3,671

5,491

 

6.9k - 7.5k

   

 

 

 

 

 

  Copper (MT)

 

 

 

 

 

  El Brocal

7,965

10,494

18,460

 

37.0k - 42.0k

1. Above 2021 projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of July 2021.

2. Updated guidance could potentially be adversely impacted due to further effects related to COVID-19.

3. As announced by Newmont on February 18, 2021.

 

Additional Comments
  • Tambomayo:

    2Q21 gold production was aligned with expected mine ramp-up for 2021 and was favorably impacted by more stable operations at Tambomayo’s processing plant. 2021 gold production guidance remains unchanged.

    2Q21 silver production was in line with expectations. 2021 silver production guidance remains unchanged.
  • Orcopampa:

    2Q21 gold production progressed slightly below the planned ramp-up due to less ore treated during the quarter resulting from Covid-19 related personnel restrictions. Additional staff and resources have been re-allocated to expedite Orcopampa mine development and production for the balance of the year. 2021 guidance remains unchanged.
  • Coimolache:

    2Q21 gold production was in line with expectations. 2021 guidance remains unchanged.
  • La Zanja:

    2Q21 gold production was in line with expectations. 2021 guidance remains unchanged.
  • Julcani:

    2Q21 silver production was in line with expectations. 2021 guidance remains unchanged.
  • Uchucchacua:

    2Q21 silver, lead and zinc production was below expectations due to lower production from high grade Ag areas resulting from Covid-19 restriction-related delays in mine development, a slower than anticipated transition to narrow vein mining and a negative reconciliation. This was partially offset by increased production from polymetallic stopes and 4 Oz Ag/t tailings reprocessed during the quarter. Therefore, guidance has been updated to 6.0 – 7.0 M Oz Ag for 2021 with more conservative development and mining rate projections due to Covid-19 related restrictions. The mining plan is still under review.
  • El Brocal:

    Marcapunta’s 2Q21 copper production was in line with expectations. 2021 copper production guidance remains unchanged.

    Tajo Norte’s zinc production was below expectations due to stripping delays with a negative reconciliation. 2021 zinc production guidance was updated to 40.0-45.0k mt.

2Q21 Payable Volume Sold

  2Q21 Volume sold per Metal (100% basis)
   
 

1Q21

(Actual)

2Q21

(Actual)

6M21

(Actual)

   
  Gold (Oz.)
  Orcopampa

5,698

9,618

15,316

  Tambomayo

14,631

16,652

31,283

  La Zanja

3,897

4,455

8,352

  Coimolache

28,094

29,815

57,909

  El Brocal

1,951

2,805

4,756

 

 

 

 

  Silver (Oz.)

 

 

 

  Uchucchacua

1,029,816

1,226,055

2,255,872

  El Brocal

1,244,168

1,325,553

2,569,720

  Tambomayo

257,290

380,029

637,319

 

 

 

 

  Lead (MT)

 

 

 

  El Brocal

2,239

2,597

4,836

  Uchucchacua

1,014

1,450

2,463

  Tambomayo

1,440

2,575

4,015

  Julcani

113

91

204

 

 

 

 

  Zinc (MT)

 

 

 

  El Brocal

8,491

7,117

15,608

  Uchucchacua

914

2,309

3,223

  Tambomayo

1,401

3,049

4,451

 

 

 

 

  Copper (MT)

 

 

 

  El Brocal

7,536

9,948

17,485

   
  Realized Metal Prices*
   
 

1Q21

(Actual)

2Q21

(Actual)

6M21

(Actual)

  Gold (Oz)

1,726

1,815

1,776

  Silver (Oz)

26.98

27.06

27.02

  Lead (MT)

2,129

2,192

2,166

  Zinc (MT)

3,220

3,010

3,108

  Copper (MT)

8,994

10,033

9,585

   
  *Buenaventura consolidated figures.
Appendix

 

1. 2Q21 Production per Metal

 

 

 

 

 

 

 

 

 

1Q21
(Actual)

2Q21
(Actual)

6M21
(Actual)

 

 

 

 

 

 

 

 

Gold (Oz.)

 

 

 

 

 

Julcani

13

48

61

 

 

 

 

 

 

 

 

Silver (Oz.)

 

 

 

 

 

Orcopampa

1,043

1,781

2,823

 

 

La Zanja

27,042

20,519

47,561

 

 

Coimolache

200,993

166,327

367,320

 

 

Yanacocha

187,057

33,338

220,395

 

 

 

 

 

 

 

 

Lead (MT)

 

 

 

 

 

Julcani

146

123

269

 

 

 

 

 

 

 

 

2. 2Q21 Volume Sold per Metal

 

 

 

 

 

1Q21
(Actual)

2Q21
(Actual)

6M21
(Actual)

 

 

 

 

 

 

 

 

Gold (Oz.)

 

 

 

 

 

Julcani

10

46

56

 

 

 

 

 

 

 

 

Silver (Oz.)

 

 

 

 

 

Orcopampa

1,878

1,518

3,396

 

 

La Zanja

28,964

24,710

53,673

 

 

Coimolache

215,648

178,729

394,377

 

 

 

 

 

 

 

 

Lead (MT)

 

 

 

 

 

Julcani

113

91

204

 

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*, El Brocal, La Zanja and Coimolache).

The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation & Sumitomo Corporation), an important precious metal producer and 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc., Sumitomo Corporation & Sumitomo Metals).

For a printed version of the Company’s 2018 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 the Company’s, Yanacocha’s and 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 the Company’s, Yanacocha’s and 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
(511) 419 2540

Rodrigo Echecopar, Head of Investor Relations
(511) 419 2591 / rodrigo.echecopar@buenaventura.pe

Company Website: www.buenaventura.com.pe/ir

Contact in NY:
Barbara Cano
(646) 452 2334
barbara@inspirgroup.com

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

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