Buenaventura Mining Q1 2024 Results Announced

TL;DR

BVN dropped Q1 earnings report, check the numbers.

AI Summary

Compañía de Minas Buenaventura S.A.A. (Buenaventura) announced its first quarter 2024 results on April 29, 2024. The company, listed on the NYSE under the ticker BVN, is headquartered in Lima, Peru. This filing is a report of a foreign issuer.

Why It Matters

This report provides investors with the latest financial performance data for Buenaventura, a significant player in the metal mining industry, allowing for informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine earnings report filing, not indicating any immediate operational or financial distress.

Key Players & Entities

• Compañía de Minas Buenaventura S.A.A. (company) — Filer and subject of the report
• Buenaventura Mining Company Inc. (company) — English translation of the registrant's name
• Buenaventura (company) — Abbreviated name used in the report
• NYSE (company) — Stock exchange where Buenaventura is listed
• BVN (company) — Ticker symbol for Buenaventura
• Lima, Peru (location) — Principal executive office location
• April 29, 2024 (date) — Date of the earnings announcement
• 2024 (date) — Reporting period

FAQ

Key Financial Figures

• $29.4 million — April 26, 2024, Buenaventura received US$29.4 million in dividends related to its stake in Ce
• $ — Financial Highlights (in millions of US$, excluding EPS) : 1Q24 1Q23 Var %
• $3.97 — ower average realized copper price of US$3.97 per pound in the 1Q24, compared to US$4
• $4.42 — 97 per pound in the 1Q24, compared to US$4.42 per pound in the 1Q23, as well as a 7%

Filing Documents

• tm2413061d1_6k.htm (6-K) — 1014KB
• 0001104659-24-054540.txt ( ) — 1015KB

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of April 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) CARLOS VILLARAN 790 SANTA CATALINA, LIMA 13, PERU (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F 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): Yes No 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): Yes No Buenaventura Announces First Quarter 2024 Results Lima, Peru, April 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 first quarter (1Q24) ended March 31, 2024. 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$). First Quarter 2024 Highlights: · 1Q24 EBITDA from direct operations was US$ 94.4 million, compared to US$ 51.6 million reported in 1Q23. · 1Q24 net income was US$ 67.1 million, compared to US$ 72.8 million net income in 1Q23. · Buenaventura's cash position reached US$ 174.0 million, while net debt amounted to US$ 525.3 million, resulting in a Leverage Ratio of 1.87x by quarter's end, March 31, 2024. · On March 18, 2024, the Peruvian Ministry of Energy and Mines granted Buenaventura its final operating permit to begin production at its Yumpag mine. This milestone marks the initiation of 1,000 ton per day uninterrupted mining at Yumpag, enabling Buenaventura to achieve its 2024 production guidance of 6.5 - 7.2 million silver ounces. · On April 26, 2024, Buenaventura received US$29.4 million in dividends related to its stake in Cerro Verde. · 1Q24 CAPEX related to San Gabriel was US$ 38.4 million, primarily for the comprehensive installation and operation of the concrete plant, camp construction completion, underground mine rehabilitation, and civil works at the plant. Financial Highlights (in millions of US$, excluding EPS) : 1Q24 1Q23 Var % Total Revenues 246.8 185.5 33% Operating Income 46.9 12.6 N.A. EBITDA Direct Operations 94.4 51.6 83% EBITDA Including Affiliates 185.4 178.4 4% Net Income (1) 61.4 64.4 -5% EPS (2) 0.24 0.25 -5% (1) Net Income attributable to owners of the parent (2) As of March 31, 2024, Buenaventura had a weighted average number of shares outstanding of 253,986,867 CAPEX 1Q24 capital expenditures reached US$ 58.0 million, compared to US$ 36.2 million in 1Q23. 1Q24 CAPEX includes US$ 38.4 million related to the San Gabriel Project and US$ 12.0 million related to the Yumpag Project. Operating Revenues 1Q24 net sales were US$ 246.8 million, compared to US$ 185.5 million in 1Q23. Increased net sales were due to increased volume of copper and silver sold, driven by El Brocal's 11,000 tpd underground mine exploitation rate initiative and the restart of the Uchucchacua and Yumpag mines, as well as higher gold, silver and zinc prices. 1 The Company recorded a positive US$ 3.2 million provisional price adjustment for 1Q24. This is comprised of a US$ 4.0 million increase in fair value of accounts receivables and a US$ 0.7 million decrease in adjustments to prior period liquidations in 1Q24. This compares to a positive US$ 7.9 million adjustment for the 1Q23. Operating Highlights 1Q24 1Q23 Var % Net Sales (millions of US$) 246.8 185.5 33% Average Gold Price (US$/oz.) Direct Operations (1) (2) 2,111 1,915 10% Average Gold Price (US$/oz.) incl. Associated (2) (3) 2,108 1,916 10% Average Silver Price (US$/oz.) (2) 23.44 22.52 4% Average Lead Price (US$/MT) (2) 2,012 2,139 -6% Average Zinc Price (US$/MT) (2) 2,336 2,004 17% Average Copper Price (US$/MT) (2) 8,258 8,972 -8% Volume Sold 1Q24 1Q23 Var % Gold Oz Direct Operations (1) 33,585 35,518 -5% Gold Oz incl. Associated (3) 42,286 38,266 11% Silver Oz 2,968,025 1,310,630 N.A. Lead MT 4,707 1,370 N.A. Zinc MT 7,194 1,307 N.A. Copper MT 14,588 11,765 24% (1) Buenaventura Consolidated figure includes 100% of Buenaventura's operating units, 100% of La Zanja and 100% of El Brocal. (2) Realized prices include both provisional sales and final adjustments for price changes. (3) Considers 100% of Buenaventura's operating units, 100% of La Zanja, 100% of El Broc

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View this 6-K filing on SEC EDGAR