Buenaventura Announces Third Quarter 2019 Production and Volume Sold per Metal Results

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 preliminary 3Q19 production and volume sold.

3Q19 Production per Metal and 2019 Operating Guidance (100% basis)
	1Q19 (Actual)

2Q19
(Actual)

3Q19
(Actual)

9M19
(Actual)

Estimated
2019
(Updated)

 

Estimated 2019
(Previous)

  Gold (Oz.) Orcopampa

5,949

10,764

10,721

27,434

37k - 45k

 

37k - 45k

Tambomayo

24,034

24,610

21,740

70,384

90k - 110k

 

90k - 110k

La Zanja

13,616

5,443

6,224

25,283

30k - 35k

 

25k - 35k

Tantahuatay

26,273

34,766

49,683

110,722

150k - 170k

 

150k - 170k

Yanacocha

144,423

139,077

142,654

426,154

510k*

 

510k*

El Brocal

3,417

3,704

5,672

12,793

18k - 20k

 

25k - 30k

 

 

 

 

 

 

 

Silver (Oz.)

 

 

 

 

 

 

 

Uchucchacua

1,996,439

3,083,290

2,684,854

7,764,583

11.5M - 12.5M

 

11.5M - 12.5M

El Brocal

764,388

1,449,278

993,883

3,207,550

4.0M - 4.5M

 

4.5M - 5.5M

Tambomayo

515,242

558,034

641,247

1,714,523

2.5M - 3.0M

 

2.5M - 3.0M

Julcani

658,715

642,182

658,883

1,959,780

2.2M - 2.5M

 

2.2M - 2.5M

 

 

 

 

 

 

 

Lead (MT)

 

 

 

 

 

 

 

El Brocal

5,031

8,349

4,393

17,774

22.0k - 26.0k

 

22.0k - 26.0k

Uchucchacua

2,959

5,795

4,708

13,461

20.0k - 21.0k

 

22.0k - 26.0k

Tambomayo

1,946

1,883

1,497

5,325

6.5k -7.5k

 

4.0k - 5.0k

Julcani

241

217

281

739

0.9k - 1.0k

 

0.9k - 1.0k

 

 

 

 

 

 

 

Zinc (MT)

 

 

 

 

 

 

 

El Brocal

10,467

12,476

8,968

31,911

50k - 53k

 

57k - 65k

Uchucchacua

3,904

6,093

5,101

15,099

20k - 25k

 

20k - 25k

Tambomayo

2,506

2,333

2,478

7,316

8k - 9k

 

6k - 8k

 

 

 

 

 

 

 

Copper (MT)

 

 

 

 

 

 

 

El Brocal

8,856

9,671

12,707

31,234

47K - 52K

 

47K - 52K

  * As announced by Newmont

3Q19 Production Comments

Gold Operations

• Orcopampa:
  
  No change to 2019 revised guidance as announced in the second quarter 2019.

• Tambomayo:
  
  No change to 2019 gold guidance as announced at the beginning of the year.
  
  2019 guidance for Tambomayo’s lead and zinc production has increased due to Buenaventura’s mine plan approach which enables access to areas with higher grades and profitability.

• La Zanja:
  
  2019 guidance has increased due to higher gold extraction rates.

• Coimolache:
  
  No change to 2019 guidance as announced at the beginning of the year.

Silver Operations

• Uchucchacua:
  
  No change to revised 2019 silver guidance as announced in the second quarter 2019.
  
  2019 lead guidance has decreased due to lower than expected grades.
  
  The Company expects to increase silver production during the fourth quarter 2019 due to access to areas with higher silver grades.

• Julcani:
  
  No change to 2019 guidance as announced at the beginning of the year.

Base Metals Operations

• El Brocal:
  
  No change to 2019 copper guidance as announced at the beginning of the year.
  
  2019 guidance for zinc production has been decreased due to prioritizing slope stability in the interest of safety during the third quarter 2019. This area will be fully exploited during 2020.

3Q19 Volume sold per Metal (100% basis)
	1Q19 (Actual)	2Q19 (Actual)	3Q19 (Actual)	9M19 (Actual)
Gold (Oz.)
Orcopampa	4,427	10,391	11,283	26,102
Tambomayo	16,360	27,468	26,568	70,396
La Zanja	12,621	5,521	6,335	24,477
Tantahuatay	26,191	34,455	49,095	109,741
El Brocal	2,178	2,457	3,817	8,452
Silver (Oz.)
Uchucchacua	1,834,669	2,923,280	2,415,985	7,173,934
El Brocal	592,139	1,228,153	804,700	2,624,992
Tambomayo	399,251	589,667	705,669	1,694,588
Julcani	633,567	585,840	649,276	1,868,683
Lead (MT)
El Brocal	5,159	7,850	4,176	17,185
Uchucchacua	2,456	5,349	4,072	11,877
Tambomayo	1,551	1,794	2,084	5,429
Julcani	211	178	256	645
Zinc (MT)
El Brocal	9,387	10,211	7,499	27,097
Uchucchacua	3,402	4,860	3,843	12,104
Tambomayo	1,979	2,000	2,070	6,050
Copper (MT)
El Brocal	8,313	9,186	11,995	29,493
Realized Metal Prices
	1Q19 (Actual)	2Q19 (Actual)	3Q19 (Actual)	9M19 (Actual)
Gold (Oz)	1,301	1,303	1,493	1,373
Silver (Oz)	15.45	14.91	17.69	16.00
Lead (MT)	2,055	1,851	1,947	1,934
Zinc (MT)	2,813	2,875	1,961	2,584
Copper (MT)	6,122	6,077	5,584	5,889

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20191009005764/en/