Buenaventura Credit Rating Upgraded to B1 by Moody's

TL;DR

Moody's just upgraded Buenaventura to B1 with a positive outlook. Big win for the miners.

AI Summary

Compañía de Minas Buenaventura S.A.A. (Buenaventura) announced on September 3, 2024, that Moody's has upgraded its credit rating to B1 with a positive outlook. This upgrade reflects improvements in the company's financial performance and operational stability.

Why It Matters

A credit rating upgrade can lead to lower borrowing costs for Buenaventura and signal increased investor confidence in the company's financial health.

Risk Assessment

Risk Level: low — The filing is a routine announcement of a credit rating upgrade, which is generally positive news.

Key Numbers

• B1 — Credit Rating (Moody's upgraded Buenaventura's credit rating to B1.)

Key Players & Entities

• Compañía de Minas Buenaventura S.A.A. (company) — The company receiving the credit rating upgrade.
• Buenaventura (company) — Abbreviated name for Compañía de Minas Buenaventura S.A.A.
• Moody's (company) — The credit rating agency that upgraded Buenaventura.
• B1 (credit_rating) — The new credit rating assigned by Moody's.
• September 3, 2024 (date) — The date of the announcement and the rating change.

FAQ

Filing Documents

• tm2423233d1_6k.htm (6-K) — 17KB
• tm2423233d1_6kimg002.jpg (GRAPHIC) — 24KB
• tm2423233d1_6kimg001.jpg (GRAPHIC) — 170KB
• 0001104659-24-096078.txt ( ) — 285KB

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 September 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 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): Yes ¨ No x 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 x Buenaventura Receives Credit Rating Upgrade by Moody’s to B1 with positive outlook Lima, Peru, September 3, 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, is pleased to announce that Moody’s Ratings (“Moodys”) has upgraded its credit rating to B1 with a positive outlook. This upgrade reflects Buenaventura’s operational improvements driven by increased production from its El Brocal, Yumpag and Uchucchacua mines. Additionally, Moody’s highlights the efficiency in cost reduction, cash flow generation, and conservative liquidity management as key factors justifying the rating upgrade. Moody’s also notes that Buenaventura’s consolidated EBITDA will significantly strengthen once the San Gabriel project begins production in the second half of 2025. This upgrade reaffirms Buenaventura’s commitment to enhancing shareholder returns. Buenaventura’s efforts are focused on mitigating risks associated with the construction of San Gabriel, adhering to the established schedule and CAPEX, and continuing to optimize cost reduction in our operations to increase profitability and maintain a strong financial position. Company Description Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru: Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache. The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation). For a printed version of the Company’s 2023 Form 20-F, please contact the persons indicated above, or download a PDF format file from the Company’s web site. (*) Operations wholly owned by Buenaventura Note on Forward-Looking Statements This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. COMPAÑÍA DE MINAS BUENAVENTURA S.A.A. Date: September 3, 2024 By: /s/ DANIEL DOMÍNGUEZ VERA Name: Daniel Domínguez Vera Title: Market Relations Officer

View Full Filing

View this 6-K filing on SEC EDGAR