Buenaventura Mining Co Inc Files 20-F for Fiscal Year Ended December 31, 2023

Ticker: BVN · Form: 20-F · Filed: May 1, 2024 · CIK: 1013131

Sentiment: neutral

Topics: mining, financials, SEC filing, Peru, 20-F

TL;DR

<b>Buenaventura Mining Co Inc has submitted its annual 20-F filing for the fiscal year 2023, detailing financial performance and operational aspects.</b>

AI Summary

BUENAVENTURA MINING CO INC (BVN) filed a Foreign Annual Report (20-F) with the SEC on May 1, 2024. Buenaventura Mining Co Inc filed its 20-F report for the fiscal year ending December 31, 2023. The filing includes financial data for the period. Key financial figures such as revenue, net income, and EPS are detailed within the report. The company's business address is listed as Ave Carlos Villaran 790, Lima, Peru. The report covers various property, plant, and equipment categories.

Why It Matters

For investors and stakeholders tracking BUENAVENTURA MINING CO INC, this filing contains several important signals. This 20-F filing provides investors with a comprehensive overview of Buenaventura's financial health and operational status for the 2023 fiscal year, crucial for investment decisions. The detailed financial statements and disclosures within the report are essential for understanding the company's performance in the metal mining sector and its compliance with SEC regulations.

Risk Assessment

Risk Level: medium — BUENAVENTURA MINING CO INC shows moderate risk based on this filing. The company operates in the cyclical and capital-intensive metal mining industry, which is subject to commodity price fluctuations, regulatory changes, and operational risks, as indicated by the detailed financial and risk factor sections of the 20-F filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 20-F filing to assess Buenaventura's performance and potential risks in the upcoming fiscal year.

Key Numbers

Key Players & Entities

FAQ

When did BUENAVENTURA MINING CO INC file this 20-F?

BUENAVENTURA MINING CO INC filed this Foreign Annual Report (20-F) with the SEC on May 1, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by BUENAVENTURA MINING CO INC (BVN).

Where can I read the original 20-F filing from BUENAVENTURA MINING CO INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by BUENAVENTURA MINING CO INC.

What are the key takeaways from BUENAVENTURA MINING CO INC's 20-F?

BUENAVENTURA MINING CO INC filed this 20-F on May 1, 2024. Key takeaways: Buenaventura Mining Co Inc filed its 20-F report for the fiscal year ending December 31, 2023.. The filing includes financial data for the period.. Key financial figures such as revenue, net income, and EPS are detailed within the report..

Is BUENAVENTURA MINING CO INC a risky investment based on this filing?

Based on this 20-F, BUENAVENTURA MINING CO INC presents a moderate-risk profile. The company operates in the cyclical and capital-intensive metal mining industry, which is subject to commodity price fluctuations, regulatory changes, and operational risks, as indicated by the detailed financial and risk factor sections of the 20-F filing.

What should investors do after reading BUENAVENTURA MINING CO INC's 20-F?

Investors should review the detailed financial statements and risk factors in the 20-F filing to assess Buenaventura's performance and potential risks in the upcoming fiscal year. The overall sentiment from this filing is neutral.

Risk Factors

Key Dates

Filing Stats: 4,369 words · 17 min read · ~15 pages · Grade level 12.9 · Accepted 2024-04-30 19:26:56

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 TABLE OF CONTENTS INTRODUCTION 2 PART I 8 ITEM 1. Identity of Directors, Senior Management and Advisers 8 ITEM 2. Offer Statistics and Expected Timetable 8 ITEM 3. Key Information 8 ITEM 4. Information on the Company 27 ITEM 4A. Unresolved Staff Comments 113 ITEM 5. Operating and Financial Review and Prospects 113 ITEM 6. Directors, Senior Management and Employees 150 ITEM 7. [Major Shareholders and Related Party Transactions] 157 ITEM 8. Financial Information 158 ITEM 9. The Offer and Listing 163 ITEM 10. Additional Information 164 ITEM 11.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 179 ITEM 12.

Description of Securities Other Than Equity Securities

Description of Securities Other Than Equity Securities 180 PART II 181 ITEM 13. Defaults, Dividend Arrearages and Delinquencies 181 ITEM 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 181 ITEM 15. [Controls and Procedures] 182 ITEM 16A. Audit Committee Financial Expert 184 ITEM 16B. Code of Ethics 184 ITEM 16C. [Principal Accountant Fees and Services] 184 ITEM 16D. Exemptions from the Listing Standards for Audit Committees 185 ITEM 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 185 ITEM 16F. Change in Registrant's Certifying Accountant 185 ITEM 16G. Corporate Governance 185 ITEM 16H. Mine Safety Disclosure 186 ITEM 16I. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 186 ITEM 16J Insider Trading Policies 186 ITEM 16K Cybersecurity 186 PART III 187 ITEM 17. [Consolidated Financial Statements] 187 ITEM 18. Consolidated Financial Statements 187 ITEM 19. Exhibits 188 1 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;

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; 2 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. 8 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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