233 0 Kommentare Buenaventura Announces Second Quarter and Six-month 2023 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 results for the second quarter (2Q23) and six-month period ended June 30, 2023 (6M23). All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$). Buenaventura has provided accumulated six-month results to reflect the provisional pricing effect on the first six months of 2023.

Second Quarter and Six-Month 2023 Highlights:

2Q23 EBITDA from direct operations was US$ 17.1 million, compared to US$ -12.9 million reported in 2Q22. 6M23 EBITDA from direct operations reached US$ 68.7 million, compared to US$ 74.0 million reported in 6M22. 2022 EBITDA does not include US$ 300 million resulting from the sale of Buenaventura's stake in Yanacocha.
2Q23 net loss reached US$ 5.4 million, compared to a US$ 44.6 million net loss for the same period in 2022. 6M23 net income was US$ 67.5 million, compared to US$ 570.1 million net income for the 6M22. The 6M22 result includes a US$ 480 million net income from discontinued operations, primarily due to the reclassification of Buenaventura's interest in Yanacocha.
The Company recorded a US$ 9.8 million provisional price adjustment for the accumulated first six months of 2023. This is comprised of US$ -13.7 million in fair value of accounts receivables and US$ +3.9 million in adjustments to prior period liquidations. This compares to a US$ 35.1 million loss for the accumulated first six months of 2022.
Buenaventura's 6M23 consolidated copper production increased 23% YoY. Zinc production decreased by 68% YoY, lead decreased by 60% YoY, silver decreased by 28% YoY, and gold decreased by 11% YoY.
El Brocal's underground mine production increased to 9,300 tpd during 2Q23, compared to 8,150 tpd in 2Q22. The El Brocal ramp-up remains on target to reach 10,000 tpd by year-end 2023.
Buenaventura's cash position reached US$ 202.4 million and net debt decreased to US$ 520.9 million with an average maturity of 2.9 years by quarter’s end, June 30, 2023.
2Q23 capital expenditures were US$ 49.7 million, compared to US$ 36.1 million for the same period in 2022. 6M23 capital expenditures reached US$ 85.9 million, compared to US$ 56.0 million in 6M22, and includes US$ 24.0 million related to the San Gabriel Project and US$ 19.2 million related to the Yumpag Project.
Buenaventura looks forward to permitting approval of Uchucchacua, Yumpag, El Brocal and Coimolache. The company continues to work with the Peruvian environmental authority (SENACE) on its final review. We expect permits for Uchucchacua and Yumpag to be approved during 3Q23.
Cerro Verde paid a total dividend of US$ 250 million on April 28, 2023. Buenaventura received US$ 49.0 million relative to its stake in Cerro Verde. Cerro Verde will pay a second dividend on August 3, 2023, from which Buenaventura will receive an additional US$ 49.0 million.