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

Compa±ia de Minas Buenaventura S.A.A. (Buenaventura or the Company) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Perus largest publicly-traded precious metals mining company, today announced preliminary 1Q19 production and volume sold.

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

1Q19 (Actual)

 

FY 2019 (Estimated)

     

1Q19 (Actual)

 

FY 2019 (Estimated)

   
Gold (Oz.)         Silver (Oz.)        
Orcopampa   5,949   75k – 90k Uchucchacua   1,996,439   13.0M – 14.0M
Tambomayo   24,034   90k – 110k El Brocal   764,388   4.5M – 5.5M
La Zanja   13,616   25k – 35k Tambomayo   515,242   2.5M – 3.0M
Tantahuatay   26,273   150k – 170k Julcani   658,715   2.2M – 2.5M
Yanacocha   144,423   510k*
El Brocal   3,417   25k – 30k
Zinc (MT)        
Lead (MT)         El Brocal   10,467   57k – 65k
El Brocal   5,031   22.0k – 26.0k Uchucchacua   3,904   20k – 25k
Uchucchacua   2,959   22.0k – 26.0k Tambomayo   2,506   6k – 8k
Tambomayo   1,946   4.0k – 5.0k
Julcani   241   0.9k – 1.0k
 
Copper (MT)        
El Brocal   8,856   47K – 52K
 

* As announced by Newmont

1Q19 Production Comments

Gold Operations

  • Orcopampa: 1Q19 gold production was in line with budget. The 2019 guidance announced at the beginning of the year has not changed.
  • Tambomayo: 1Q19 gold, silver, zinc and lead production was in line with budget. The 2019 guidance announced at the beginning of the year has not changed.
  • La Zanja: 1Q19 gold production was in line with budget. The 2019 guidance announced at the beginning of the year has not changed.
  • Tantahuatay: 1Q19 gold production was in line with budget. The 2019 guidance announced at the beginning of the year has not changed.

Silver Operations

  • Uchucchacua: 1Q19 silver, lead and zinc production was below budget mainly due to the strike that lasted 21 days in January and the effect of the heavy rainy season during the first quarter. Silver and zinc production guidance has been reduced, however the mining plan has been adjusted (focus on areas with higher margins) in order to maintain its profitability.
  • Julcani: 1Q19 silver and lead production was in line with budget. The 2019 guidance announced at the beginning of the year has not changed.

Base Metals Operations

  • El Brocal: 1Q19 gold, silver, copper, lead and zinc production was below budget mainly due to the effect of the heavy rainy season during the first quarter. Production is expected to be recovered during the coming quarters. The 2019 guidance announced at the beginning of the year has not changed.
 

1Q19 Volume sold per Metal (100% basis)

 

1Q19 (Actual)

Gold (Oz.)    
Orcopampa   2,367
Tambomayo   16,360
La Zanja   12,621
Tantahuatay   26,191
El Brocal   2,178
 
Silver (Oz.)    
Uchucchacua   1,834,669
El Brocal   592,139
Tambomayo   399,251
Julcani   633,567
 
Lead (MT)    
El Brocal   5,159
Uchucchacua   2,456
Tambomayo   1,551
Julcani   211
 
Zinc (MT)    
El Brocal   9,387
Uchucchacua   3,402
Tambomayo   1,979
 
Copper (MT)    
El Brocal   8,313
 
Realized Metal Prices
     
Gold (Oz)   1,301
Silver (Oz)   15.45
Lead (MT)   2,055
Zinc (MT)   2,813
Copper (MT)   6,122

 

Company Description

Compa±­a de Minas Buenaventura S.A.A. is Perus 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*, Mallay*, 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 Companys 2017 Form 20-F, please contact the persons indicated above, or download a PDF format file from the Companys 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 Companys, Yanacochas and Cerro Verdes 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 Companys view with respect to the Companys, Yanacochas and Cerro Verdes 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:
Leandro GarcĂ­a, Chief Financial Officer
(511)
419 2540

Rodrigo Echecopar, Head of Investor Relations
(511) 419
2591 /
[email protected]

Contacts in NY:
Barbara Cano
(646) 452 2334
[email protected]

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