Buenaventura Announces Second Quarter and Six-month 2024 Results
Second Quarter and Six-Month 2024 Highlights:
-
2Q24 EBITDA from direct operations was
US$ 106.9 million , compared toUS$ 22.1 million reported in 2Q23. 6M24 EBITDA from direct operations reachedUS$ 201.3 million , compared toUS$ 68.7 million reported in 6M23. -
2Q24 net income reached
US$ 74.4 million , compared to aUS$ 5.4 million net loss for the same period in 2023. 6M24 net income wasUS$ 141.4 million , compared toUS$ 67.5 million in net income for the 6M23. -
Buenaventura's cash position reached
US$ 171.5 million by quarter’s end,June 30, 2024 , while net debt amounted toUS$ 520.5 million , resulting in a Leverage Ratio of 1.40x. -
El Brocal's processing plant facility was voluntarily temporarily suspended for 16 days, as was announced by the Company on
May 22, 2024 , and resumed operations at midnight onJune 7, 2024 . El Brocal had accumulated approximately 220,000 tonnes of copper ore upon the plant’s reinitiation, and the processing of this stockpiled inventory, combined with ongoing mine production, is expected to enable El Brocal to meet its nine-month 2024 copper production target bySeptember 2024 . - Buenaventura's 2Q24 consolidated silver production increased by 2.4M Oz, zinc production increased by 28% YoY, and lead increased by 86% YoY, primarily due to production initiation at Uchucchacua and Yumpag. Copper production decreased by 22% YoY due to the temporary suspension of El Brocal’s processing plant facility, as well as a 9% YoY decrease in gold due to lower production from the southern mines.
-
2Q24 CAPEX related to San Gabriel was
US$ 69.7 million , primarily directed towards the completion of waste dumps and the main substation platform. -
Cerro Verde paid a total dividend ofUS$ 150 million onApril 26, 2024 , of which Buenaventura receivedUS$ 29.4 million relative to its stake inCerro Verde . OnJuly 24, 2024 ,Cerro Verde announced a second total dividend ofUS$ 300 million to be paid onAugust 29, 2024 , of which Buenaventura will receive an additionalUS$ 58.7 million .
Financial Highlights (in millions of US$, excluding EPS):
2Q24 |
2Q23 |
Var |
6M24 |
6M23 |
Var |
|
Total Revenues |
277.1 |
173.3 |
60% |
523.9 |
358.8 |
46% |
Operating Income |
66.6 |
-22.0 |
N.A. |
113.4 |
-9.5 |
N.A. |
EBITDA Direct Operations |
106.9 |
22.1 |
N.A. |
201.3 |
68.7 |
193% |
EBITDA Including Affiliates |
236.9 |
92.4 |
156% |
422.3 |
265.7 |
59% |
Net Income (1) |
70.7 |
-6.7 |
N.A. |
132.1 |
57.7 |
129% |
EPS (2) |
0.28 |
-0.03 |
N.A. |
0.52 |
0.23 |
129% |
|
For a full version of Compañía de Minas Buenaventura Second Quarter 2024 Earnings Release, please visit: https://www.buenaventura.com/en/inversionistas/reportes-trimestrales/2024
CONFERENCE CALL INFORMATION:
Compañia de
To participate in the conference call, please dial:
Toll-Free US:
+1 844 481 2914
+1 412 317 0697
Passcode:
Ask to be joined into the Compañía de Minas Buenaventura’s call.
Webcast:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=C3gM4Lqs
If you would prefer to receive a call rather than dial in, please register via the following link. Please use this option 10-15 minutes prior to the conference call start time:
Call Me Link:
https://hd.choruscall.com/?callme=true&passcode=&info=company-email&r=true&b=16
Passcode: 9476300
Participants who do not wish to be interrupted to have their information gathered may have Chorus Call dial out to them by clicking on the above link, filling in the information, and pressing the green phone button at the bottom. The phone number provided will be automatically called and connected to the conference without any interruption to the participant. (Please note: Participants will be joined directly to the conference and will hear hold music until the call begins. No confirmation message will be played when joined.)
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/20240725358542/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