Buenaventura Mining Reports Q2 & Six-Month 2024 Results

TL;DR

Buenaventura dropped its Q2 and H1 2024 earnings report on July 25th. Check the filing for the numbers.

AI Summary

Compañía de Minas Buenaventura S.A.A. (Buenaventura) announced its second quarter and six-month 2024 results on July 25, 2024. The report details financial performance for the period ending June 30, 2024. Specific financial figures for the quarter and year-to-date are provided within the filing.

Why It Matters

This filing provides investors with the latest financial performance data for Buenaventura, crucial for assessing the company's operational health and investment potential.

Risk Assessment

Risk Level: low — This is a routine financial results announcement, not indicating new or significant risks.

Key Players & Entities

• Compañía de Minas Buenaventura S.A.A. (company) — Filer of the report
• Buenaventura (company) — Commonly referred name for the company
• July 25, 2024 (date) — Date of the announcement
• 2024 (date) — Reporting period

FAQ

Key Financial Figures

• $ — Financial Highlights (in millions of US$, excluding EPS) : 2Q24 2Q23 Var 6M
• $4.74 — gher average realized copper price of US$4.74 per pound, compared to US$3.52 per poun
• $3.52 — ice of US$4.74 per pound, compared to US$3.52 per pound in 2Q23, partially offset by

Filing Documents

• tm2420239d1_6k.htm (6-K) — 1404KB
• 0001104659-24-082782.txt ( ) — 1405KB

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 July 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 Second Quarter and Six-month 2024 Results Lima, Peru, July 25, 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 second quarter (2Q24) and six-month period ended June 30, 2024 (6M24). 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$). Second Quarter and Six-Month 2024 Highlights: · 2Q24 EBITDA from direct operations was US$ 106.9 million, compared to US$ 22.1 million reported in 2Q23. 6M24 EBITDA from direct operations reached US$ 201.3 million, compared to US$ 68.7 million reported in 6M23. · 2Q24 net income reached US$ 74.4 million, compared to a US$ 5.4 million net loss for the same period in 2023. 6M24 net income was US$ 141.4 million, compared to US$ 67.5 million in net income for the 6M23. · Buenaventura's cash position reached US$ 171.5 million by quarter’s end, June 30, 2024, while net debt amounted to US$ 520.5 million, resulting in a Leverage Ratio of 1.40x. · El Brocal's processing plant facility was voluntarily temporarily suspended for 16 days, as was announced by the Company on May 22, 2024, and resumed operations at midnight on June 7, 2024. El Brocal had accumulated approximately 220,000 tonnes of copper ore upon the plant’s reinitiation, and the processing of this stockpiled inventory, combined with ongoing mine production, is expected to enable El Brocal to meet its nine-month 2024 copper production target by September 2024. · Buenaventura's 2Q24 consolidated silver production increased by 2.4M Oz, zinc production increased by 28% YoY, and lead increased by 86% YoY, primarily due to production initiation at Uchucchacua and Yumpag. Copper production decreased by 22% YoY due to the temporary suspension of El Brocal’s processing plant facility, as well as a 9% YoY decrease in gold due to lower production from the southern mines. · 2Q24 CAPEX related to San Gabriel was US$ 69.7 million, primarily directed towards the completion of waste dumps and the main substation platform. · Cerro Verde paid a total dividend of US$ 150 million on April 26, 2024, of which Buenaventura received US$ 29.4 million relative to its stake in Cerro Verde. On July 24, 2024, Cerro Verde announced a second total dividend of US$ 300 million to be paid on August 29, 2024, of which Buenaventura will receive an additional US$ 58.7 million. Financial Highlights (in millions of US$, excluding EPS) : 2Q24 2Q23 Var 6M24 6M23 Var Total Revenues 277.1 173.3 60% 523.9 358.8 46% Operating Income 66.6 -22.0 N.A. 113.4 -9.5 N.A. EBITDA Direct Operations 106.9 22.1 N.A. 201.3 68.7 193% EBITDA Including Affiliates 236.9 92.4 156% 422.3 265.7 59% Net Income (1) 70.7 -6.7 N.A. 132.1 57.7 129% EPS (2) 0.28 -0.03 N.A. 0.52 0.23 129% (1) Net Income attributable to owners of the parent. (2) As of June 30, 2024, Buenaventura had a weighted average number of shares outstanding of 253,986,867. 1 CAPEX 2Q24 capital expenditures were US$ 84.2 million, compared to US$ 49.7 million for the same period in 2023. The 2Q24 capex includes US$ 69.7 million for the San Gabriel Project, US$ 5.1 million for the Trapiche Project, US$ 3.6 million for Yumpag, and US$ 6.0 million in sustaining capex. 6M24 capital expenditures reached US$ 142.2 million, compared to US$ 85.9 million in 6M23. Operating Revenues 2Q24 net sales were US$ 277.1 million, compared to US$ 173.3 million in 2Q23. Increased net sales were due to increased volume of silver, lead and zinc sold, resulting from the reinitiation of the Uchucchacua and Yumpag mines, as well as higher prices during the quarter. The Company recorded a positive US$ 4.0 million p

View Full Filing

View this 6-K filing on SEC EDGAR