Company Announcements

Buenaventura Announces First Quarter 2022 Production and Volume Sold per Metal Results

LIMA, Peru--(BUSINESS WIRE)--Apr. 21, 2022-- 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 1Q22 results for production and volume sold.

1Q22 Production per Metal
 (100% basis) 

1Q22
(Actual)

2022
Guidance (1) (2)

 
Gold (Oz.)      
Orcopampa

19,031

 

57k - 65k

Tambomayo 

13,867

 

45k - 50k

La Zanja

5,900

 

37k - 45k

Coimolache

19,512

 

75k - 80k

El Brocal

4,350

 

10k - 13k

       
Silver (Oz.)    
Uchucchacua 

0

 

0

El Brocal

1,059,666

 

4.2M - 4.8M

Tambomayo

419,396

 

1.8M - 2.4M

Julcani 

661,132

 

2.2M - 2.5M

     
Lead (MT)    
El Brocal

2,497

 

7.0k - 10.0k

Uchucchacua

0

 

0

Tambomayo

2,509

 

4.0k - 6.0k

     
Zinc (MT)      
El Brocal

8,772

 

18.0k - 22.0k

Uchucchacua  

0

 

0

Tambomayo

3,543

 

5.0k - 7.0k 

       
Copper (MT)    
El Brocal

10,159

 

40.0k - 45.0k

1.

2022 outlook projections shown above are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of April 2022.

2.

Please consider that this guidance could potentially be adversely impacted due to further effects related to COVID-19.

1Q22 Comments

Tambomayo:

  • 1Q22 gold production exceeded first quarter 2022 projections due to a.) gold grade which was higher than anticipated and b.) production from a high-grade pillar which was carried forward from the fourth quarter 2021 to the first quarter 2022.
  • 1Q22 silver production was below projections, partially offset by higher zinc and lead production for the quarter.

Orcopampa:

  • 1Q22 gold production was above projections for the quarter due to higher than anticipated tonnage and grade

Coimolache:

  • 1Q22 gold production was above projections for the quarter primarily due to favorable geological reconciliation of both increased tonnage and grade

La Zanja:

  • 1Q22 gold production was below projections for the quarter due to lower than expected haulage fleet performance due to Peru’s rainy season.

Julcani:

  • 1Q22 silver production was above projections for the quarter due to higher than anticipated grade.

Uchucchacua:

  • Exploration tunneling and diamond drilling continues according to plan with an emphasis on the Nora-Geraldine orebody.
  • Yumpag mine development began ramp-up during 1Q22 with a new contractor, also with exploration progressing as planned for the Camila and Tomasa orebodies.

El Brocal:

  • Copper, lead and zinc production was in line with expectations for 1Q22.
  • Silver production was below projections for the quarter due to lower than expected open pit grades.
  • A landslide within the mine’s open pit occurred on March 19, 2022 resulting in the death of 3 workers. The exact cause of the landslide is under further investigation.

1Q22 Payable Volume Sold

 

1Q22 Volume Sold per
Metal (100% basis)

 

1Q22
(Actual)

 
Gold (Oz.)
Orcopampa

19,307

Tambomayo

12,181

La Zanja

5,773

Coimolache

20,586

El Brocal

2,907

 
Silver (Oz.)
Uchucchacua

18,730

El Brocal

852,933

Tambomayo

351,077

Julcani

636,303

 
Lead (MT)

 

El Brocal

2,239

Uchucchacua

0

Tambomayo

2,275

 
Zinc (MT)
El Brocal

7,256

Uchucchacua

0

Tambomayo

2,922

 
Copper (MT)
El Brocal

9,697

 
Realized Metal Prices*
 

1Q22
(Actual)

Gold (Oz)

1,896

Silver (Oz)

24.10

Lead (MT)

2,363

Zinc (MT)

4,105

Copper (MT)

9,950

 
*Buenaventura consolidated figures.

Appendix

1. 1Q22 Production
per Metal

 

 

 

1Q22
(Actual)

 

Silver (Oz.)

Orcopampa

7,856

La Zanja

23,363

Coimolache

77,195

 

Lead (MT)

Julcani

99

 

2. 1Q22 Volume Sold per Metal

 

 

1Q22
(Actual)

 

 

Silver (Oz.)

Orcopampa

6,928

La Zanja

21,818

Coimolache

96,634

 

Lead (MT)

Julcani

76

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.

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

Contacts in Lima:
Daniel Dominguez, Chief Financial Officer
(511) 419 2540

Gabriel Salas, Head of Investor Relations
(511) 419 2591 / Gabriel.salas@buenaventura.pe

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

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