Buenaventura Mining Files 20-F/A Amendment

Ticker: BVN · Form: 20-F/A · Filed: Jan 14, 2025 · CIK: 1013131

Sentiment: neutral

Topics: amendment, financial-reporting, auditor-opinion

TL;DR

Buenaventura Mining amended its 2023 20-F filing to fix auditor opinion issues and add missing share count.

AI Summary

Compañía de Minas Buenaventura S.A.A. filed an amendment (20-F/A) on January 14, 2025, to its original Form 20-F filed on May 1, 2024. This amendment corrects the auditor's opinion for its associate, Sociedad Minera Cerro Verde, due to a critical audit matter, includes the number of outstanding shares, and fixes minor typographical errors.

Why It Matters

This filing provides updated and corrected financial reporting information, ensuring greater accuracy and transparency for investors regarding the company's financial health and its associate's audit.

Risk Assessment

Risk Level: low — The amendment primarily addresses administrative corrections and clarifications rather than new material adverse information.

Key Numbers

Key Players & Entities

FAQ

What is the primary reason for filing this Amendment No. 1 on Form 20-F/A?

The amendment is filed to restate the auditor's opinion for Sociedad Minera Cerro Verde, include the number of outstanding shares, and correct minor typographical errors.

When was the original Form 20-F filed?

The Original Form 20-F was filed on May 1, 2024.

What specific issue led to the reissuance of the auditor's opinion for Sociedad Minera Cerro Verde?

The auditor's opinion was reissued to include a critical audit matter.

What information was inadvertently left blank in the Original Form 20-F?

The number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report had been inadvertently left blank.

What is the filing date of this amendment?

This Amendment No. 1 on Form 20-F/A was filed on January 14, 2025.

Filing Stats: 4,379 words · 18 min read · ~15 pages · Grade level 13 · Accepted 2025-01-14 17:14:04

Key Financial Figures

Filing Documents

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No * Not for trading but only in connection with the registration of ADSs pursuant to the requirements of the Securities and Exchange Commission. Table of Contents EXPLANATORY NOTE This Amendment No. 1 on Form 20-F/A (this "Amendment") amends the Annual Report on Form 20-F for the year ended December 31, 2023 of Compaa de Minas Buenaventura S.A.A. (the "Company"), as originally filed with the U.S. Securities and Exchange Commission on May 1, 2024 (the "Original Form 20-F"). The Company is filing this Amendment solely to (i) restate the auditors opinion in connection with the financial statements of the associate Sociedad Minera Cerro Verde, which were reissued to include a critical audit matter, (ii) include the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report, which had been inadvertently left blank at the time of filing the Original Form 20-F and (iii) amend and correct minor typographical errors included in the Original Form 20-F. Other than as expressly set forth above, no changes have been made to the Original Form 20-F, which is re-filed in its entirety. This Amendment does not reflect events that have occurred after the original filing of our Original Form 20-F or update, or purport to update, the disclosures presented therein. Accordingly, this Amendment should be read in conjunction with the Company's reports filed and furnished with the Commission subsequent to the date of the Original Form 20-F. 1 Table of Contents TABLE OF CONTENTS INTRODUCTION 3 PART I 9 ITEM 1. Identity of Directors, Senior Management and Advisers 9 ITEM 2. Offer Statistics and Expected Timetable 9 ITEM 3. Key Information 9 ITEM 4. Information on the Company 28 ITEM 4A. Unresolve

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 180 ITEM 12.

Description of Securities Other Than Equity Securities

Description of Securities Other Than Equity Securities 181 PART II 182 ITEM 13. Defaults, Dividend Arrearages and Delinquencies 182 ITEM 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 182 ITEM 15.

Controls and Procedures

Controls and Procedures 183 ITEM 16A. Audit Committee Financial Expert 185 ITEM 16B. Code of Ethics 185 ITEM 16C. Principal Accountant Fees and Services 185 ITEM 16D. Exemptions from the Listing Standards for Audit Committees 186 ITEM 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 186 ITEM 16F. Change in Registrant's Certifying Accountant 186 ITEM 16G. Corporate Governance 186 ITEM 16H. Mine Safety Disclosure 187 ITEM 16I. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 187 ITEM 16J Insider Trading Policies 187 ITEM 16K Cybersecurity 187 PART III 188 ITEM 17. Consolidated Financial Statements 188 ITEM 18. Consolidated Financial Statements 188 ITEM 19. Exhibits 189 2 Table of Contents INTRODUCTION Presentation of Financial Information As used in this Annual Report on Form 20-F, or "Annual Report," unless the context otherwise requires, references to "we," "us," "our," "Company," "BVN" and "Buenaventura" mean Compaa de Minas Buenaventura S.A.A. and its consolidated subsidiaries. Unless otherwise specified or the context otherwise requires, references to "$," "US$," "Dollars" and "U.S. Dollars" are to United States Dollars and references to "S/.," "Sol" or "Soles" are to Peruvian Soles, the legal currency of the Republic of Peru, or "Peru". We present our consolidated financial statements (the "Consolidated Financial Statements") in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"). Unless otherwise specified, references to a value denominated in "t" or "tonnes" refer to metric tons; the terms "g" or "gr" refer to metric grams; the terms "oz." or "ounces" refer to troy ounces of a fineness of 999.9 parts per 1,000, equal to 31.1035 grams. Pursuant to the rules of the United States Securities and Exchange Commission (the "SEC"), this Annu

Forward-Looking Statements

Forward-Looking Statements This Annual Report contains "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provided for under these sections. Our forward-looking statements are based on management's assumptions and beliefs in light of the information currently available to it and may include, without limitation: Our and Cerro Verde's costs and expenses; estimates of future costs applicable to sales; estimates of future exploration and production results; plans for capital expenditures; expected commencement dates of mining or metal production operations; and estimates regarding potential cost savings and operating performance. The words "anticipate," "may," "can," "plan," "believe," "estimate," "expect," "project," "intend," "likely," "will," "should," "to be" and any similar expressions are intended to identify those assertions as forward-looking statements. In making any forward-looking statements, we believe that the expectations are based on reasonable assumptions. We caution readers that those statements are not guarantees of future performance and our actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that can cause our actual results to differ materially from those anticipated in the forward-looking statements include: The results of explorations at our mines and those of our mines of joint venture partners; the results of our joint ventures and our share of the production of, and the income received from, such joint ventures; 3 Table of Contents commodity prices; production rates; geological and metallurgical assumptions; industry risks; timing of receipt of necessary governmental permits or approvals; regulatory changes; political risks; inaccurate estimates of reserves or mineralized material not in reserve; anti-mining protests or other potential issu

Identity of Directors, Senior Management and Advisers

ITEM 1. Identity of Directors, Senior Management and Advisers Not applicable.

Offer Statistics and Expected Timetable

ITEM 2. Offer Statistics and Expected Timetable Not applicable.

Key Information

ITEM 3. Key Information A. Selected Financial Data This selected financial information should be read in conjunction with, and is qualified in its entirety by reference to, the Consolidated Financial Statements, including the notes thereto appearing elsewhere in this Annual Report. The selected financial information as of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023 is derived from the consolidated statements of financial position, consolidated statements of profit or loss and consolidated statements of other comprehensive income, included in the Consolidated Financial Statements appearing elsewhere in this Annual Report. The statement of financial position data as of December 31, 2021 has been derived from a consolidated statement of financial position which is not included in this Annual Report. The report of Tanaka, Valdivia & Asociados S. Civil de R.L. (a member firm of Ernst & Young Global Limited) on our Consolidated Financial Statements as of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023 appears elsewhere in this Annual Report. The Consolidated Financial Statements are prepared and presented in accordance with IFRS as issued by the IASB, which differs in certain respects from U.S. GAAP. The operating data presented below is derived from our records and has not been subject to audit. The financial information and operating data presented below should be read in conjunction with "Item 5. Operating and Financial Review and Prospects—Buenaventura," the Consolidated Financial Statements and the related Notes thereto and other financial information included in this Annual Report. 9 Table of Contents As of and for the year ended December 31, 2023 2022 2021 (US$ in thousands) (1) Continuing operations Operating income Sales of goods 810,961 801,199 863,470 Sales of services 12,884 22,222 21,052 Royalty income — 1,381

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