Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

News

Buenaventura Announces First Quarter 2019 Results

gbafNews28

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 results for the first quarter (1Q19) period ended March 31, 2019. 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$).

First Quarter 2019 Highlights:

  • During 1Q19, Buenaventura generated US$ 8.0 million in additional EBITDA due to continued success of the Companys De-Bottlenecking Program.
  • 1Q19 EBITDA from direct operations was US$ 24.7 million, compared to US$ 99.1 million reported in 1Q18, primarily due to lower metal prices and a reduction in volume sold at the Companys Orcopampa, Tambomayo and Uchucchacua mines. The decrease in 1Q 2019 EBITDA was also due to increased concentrate inventories generated at Tambomayo.
  • 1Q19 Adjusted EBITDA including associated companies reached US$ 155.2 million, compared to US$ 175.2 million in 1Q18.
  • 1Q19 Net Income was US$ 27.3 million, compared to a net income of US$ 28.4 for the same period in 2018.
  • 1Q19 CAPEX was US$ 8.5 million, compared to US$ 21.2 for the same period in 2018.
  • Subsequent to a detailed internal analysis, Buenaventura confirms annual profitability guidance (i.e. EBITDA and FCF) per the Companys annual production guidance press release dated April 15, 2019.
  • At Cerro Verde, a dividend of US$ 150 million (US$ 29.4 million attributable to Buenaventura) was declared on March 29, 2019 and was paid on April 30, 2019.
  • At the Yanococha Sulfides Project, the Environmental Impact Assessment study was approved in March 2019.

Financial Highlights (in millions of US$, except EPS figures):

        1Q19       1Q18       Var%
Total Revenues       186.2       316.9       -41%
Operating Profit       -29.1       41.3       N.A
EBITDA Direct Operations       24.7       99.1       -75%
Adjusted EBITDA (Inc Associates)       155.2       175.2       -11%
Net Income       27.3       28.4       -4%
EPS*       0.107       0.112       -4%
                 
(*) as of March 31, 2019 Buenaventura had a weighted average number of shares outstanding of 253,986,190.

For a full version of Compa±­a de Minas Buenaventura First Quarter 2019 Earnings Release, please visit: https://www.buenaventura.com/en/inversionistas

CONFERENCE CALL INFORMATION:

Compa±ia de Minas Buenaventura will host a conference call on Wednesday, May 1, 2019, to discuss these results at 11:00 a.m. Eastern Time / 10:00 a.m. Peru Time

To access the call, please dial: +1 (877) 407-8033 (From within the U.S.) +1 (201) 689-8033 (From outside the U.S.)

There will also be a live Audio Webcast of the event at: https://www.investornetwork.com/event/presentation/46018

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 Companys IR team, 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 García, Chief Financial Officer
(511)
419 2540

Rodrigo Echecopar, Investor Relations Coordinator
(511)
419 2591/ rodrigo.echecopar@buenaventura.pe

Contact
in NY:

Barbara Cano
(646) 452-2334 / barbara@inspirgroup.com
Company
Website: https://www.buenaventura.com/en/inversionistas

Advertisement
Editorial & Advertiser disclosure

Call for Entries

Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Newsletters with Secrets & Analysis. Subscribe Now

Recommended

Global Banking & Finance Review® is a leading financial portal and Print Magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management. Copyright © 2010-2021 GBAF Publications Ltd - All Rights Reserved.