Buenaventura Mining Files February 2024 6-K Report

TL;DR

Buenaventura Mining (BVN) filed its monthly 6-K report for Feb 2024, standard foreign issuer disclosure.

AI Summary

Compañía de Minas Buenaventura S.A.A. filed a Form 6-K on March 1, 2024, for the month of February 2024. The filing is a report of a foreign issuer pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934. Buenaventura is incorporated in the Republic of Peru and its principal executive offices are located in Lima.

Why It Matters

This filing provides routine disclosure for foreign issuers, informing investors about the company's ongoing reporting obligations and corporate status.

Risk Assessment

Risk Level: low — This is a routine filing for a foreign issuer and does not contain specific financial or operational news that would indicate a change in risk.

Key Players & Entities

• Compañía de Minas Buenaventura S.A.A. (company) — Registrant
• BUENAVENTURA MINING COMPANY INC. (company) — Translation of registrant's name
• Republic of Peru (company) — Jurisdiction of incorporation
• LIMA (company) — Location of principal executive offices

FAQ

Key Financial Figures

• $33.7 million — ed the sale of Contacto to Howden for US$33.7 million. · Production from Yumpag&acut
• $49.0 million — ember 14, 2023, Buenaventura received US$49.0 million in dividends related to its stake in Ce
• $146.9 million — erde. The Company received a total of US$146.9 million in dividends for FY23. · Buena
• $ — Financial Highlights (in millions of US$, except EPS figures) : 4Q23 4Q22 Va
• $3.82 — ower average realized copper price of US$3.82 per pound in the 4Q23, compared to US$4
• $4.04 — 82 per pound in the 4Q23, compared to US$4.04 per pound in the 4Q22. Further, decreas

Filing Documents

• tm247716d1_6k.htm (6-K) — 1879KB
• 0001104659-24-029627.txt ( ) — 1880KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15b-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of February 2024 Commission File Number 001-14370 COMPANIA DE MINAS BUENAVENTURA S.A.A. (Exact name of registrant as specified in its charter) BUENAVENTURA MINING COMPANY INC. (Translation of registrant’s name into English) Republic of Peru (Jurisdiction of incorporation or organization) CARLOS VILLARAN 790 SANTA CATALINA, LIMA 13, PERU ( Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ____ X ___ Form 40-F _______ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ] Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ] Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes _______ No ___ X ____ If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable. Buenaventura Announces Fourth Quarter and Full year 2023 Results Lima, Peru, February 29, 2024 – 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 fourth quarter (4Q23) and full year (FY23) ended December 31, 2023. 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$). Fourth Quarter and Full Year 2023 Highlights: · 4Q23 EBITDA from direct operations was US$ 116.4 million, compared to US$ 76.9 million reported in 4Q22. FY23 EBITDA from direct operations reached US$ 238.3 million, compared to US$ 173.1 million reported in FY22. · 4Q23 net loss from continuing operations reached US$ 3.0 million, compared to a US$ 56.7 million net income for the same period in 2022. FY23 net income from continuing operations was US$ 39.5 million, compared to US$ 124.4 million net income for the FY22. · Buenaventura's cash position reached US$ 219.8 million and net debt decreased to US$ 486.8 million with an average maturity of 2.5 years by quarter’s end, December 31, 2023. · As planned within its non-core asset divestment strategy, BVN executed the sale of Contacto to Howden for US$33.7 million. · Production from Yumpag´s pilot stope began in November 2023 producing 2.3 million ounces of silver by quarter’s end. Yumpag continued processing pilot stope ore through January 2024, after which mineral processing was suspended until definitive operating permits have been obtained, expected by the end of 1Q24. Yumpag is therefore expected to initiate mineral processing in 2Q24. · A US$ 113.2 million provision was made in 4Q23 due to an adverse ruling by the Peruvian Supreme Court regarding tax loss carryforwards from 2009 and 2010. This provision negatively affected Buenaventura’s 4Q23 net income. However, it does not imply a cash outflow as it has already been paid. · On December 14, 2023, Buenaventura received US$49.0 million in dividends related to its stake in Cerro Verde. The Company received a total of US$146.9 million in dividends for FY23. · Buenaventura’s Board of Directors has proposed a dividend payment of US$ 0.0726 per share/ADS, aligned with the Company’s commitment to shareholder value. Financial Highlights (in millions of US$, except EPS figures) : 4Q23 4Q22 Var % FY23 FY22 Var % Total Revenues 253.8 246.4 3% 823.8 824.8 0% Operating Income 59.9 13.0 N.A. 20.9 -39.0 N.A. EBITDA Direct Operations (1) 116.4 76.9 51% 238.3 173.1 38% EBITDA Including Affiliates (1) 202.2 196.4 3% 620.7 866.2 -28% Net Income (2) -9.8 54.1 -118% 19.9 602.6 -97% EPS (3) -0.04 0.21 -118% 0.08 2.37 -97% (1) Does not include US$ 300 million from the sale of Buenaventura’s stake in Yanacocha. (2) Net Income attributable to owners of the parent (3) As of December 31, 2023, Buenaventura had a weighted average number of shares outstanding of 253,986,867. 1 CAPEX 4Q23 capital expenditures were US$ 93.0 million, compared to US$ 58.8 million for the same period in 2022. FY23 capital expenditures reached US$ 238.7 million, compared to US$ 152.0 million in FY22, and includes US$ 94.2 million related to the San Gabriel Project and US$ 49.5 million related to the Yumpag Pro

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