Buenaventura Reports Q3 & Nine-Month 2024 Results

TL;DR

BVN dropped Q3/9-month 2024 results, check the numbers.

AI Summary

Compañía de Minas Buenaventura S.A.A. (Buenaventura) announced its third quarter and nine-month 2024 results on October 30, 2024. The company, listed on the NYSE under the ticker BVN, is headquartered in Lima, Peru. This report is filed as a Form 6-K with the SEC.

Why It Matters

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

Risk Assessment

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

Key Players & Entities

• Compañía de Minas Buenaventura S.A.A. (company) — Registrant
• Buenaventura (company) — Shortened name for Registrant
• Buenaventura Mining Company Inc. (company) — English translation of Registrant's name
• NYSE (company) — Stock Exchange
• BVN (company) — Ticker Symbol
• October 30, 2024 (date) — Date of announcement
• 2024 (date) — Reporting period
• 001-14370 (other) — SEC File Number

FAQ

Key Financial Figures

• $ — Financial Highlights (in millions of US$, excluding EPS) : 3Q24 3Q23 Var %
• $4.23 — gher average realized copper price of US$4.23 per pound, compared to US$3.77 per poun
• $3.77 — ice of US$4.23 per pound, compared to US$3.77 per pound in 3Q23, partially offset by

Filing Documents

• tm2427166d1_6k.htm (6-K) — 1768KB
• 0001104659-24-112708.txt ( ) — 1769KB

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 October 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 Announces Third Quarter and Nine-month 2024 Results Lima, Peru, October 30, 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 third quarter (3Q24) and nine-month period ended September 30, 2024 (9M24). 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$). Third Quarter and Nine-Month 2024 Highlights: · 3Q24 EBITDA from direct operations excluding the sale of Chaupiloma Royalty Company was US$ 132.4 million, compared to US$ 53.3 million reported in 3Q23. 9M24 EBITDA from direct operations excluding the sale of Chaupiloma Royalty Company reached US$ 333.8 million, compared to US$ 121.9 million reported in 9M23. · 3Q24 net income including the sale of Chaupiloma Royalty Company reached US$ 236.9 million, compared to a US$ 28.0 million net loss for the same period in 2023. 9M24 net income including the sale of Chaupiloma Royalty Company was US$ 369.1 million, compared to US$ 29.6 million in net income for the 9M23. · Buenaventura's cash position reached US$ 457.9 million by quarter’s end, September 30, 2024, while net debt amounted to US$ 224.7 million, resulting in a Leverage Ratio of 0.50x. · Buenaventura's 3Q24 consolidated silver production increased by 2.5M Oz, zinc production increased by 96% YoY, and lead production increased by 206% YoY, primarily driven by increased production at Uchucchacua and Yumpag. Gold production increased by 7% YoY due to increased output at Julcani and La Zanja. However, copper production decreased by 9% YoY. In 3Q23, copper production at El Brocal had increased due to higher than estimated copper content mined from the open pit transitional ore. · 100% of the ore stockpiled during 2Q24 due to Buenaventura’s voluntary temporary suspension of El Brocal’s processing plant facilities was processed during the 3Q24. The underground mine reached a record ~12 KTPD average throughput and Uchucchacua reached an average 1,500 TPD throughput during 3Q24, which was achieved earlier than had previously been forecast. Yumpag maintained steady 1,000 TPD production during 3Q24. · Buenaventura completed the sale of its Chaupiloma Royalty Company to Franco-Nevada for US$ 210 million during 3Q24, as was announced on August 13, 2024. · 3Q24 CAPEX related to San Gabriel was US$ 76.8 million, primarily allocated to the mine’s water dam and to power line construction. · Buenaventura’s credit rating was upgraded by Moody’s to B1 with a positive outlook. Moody’s cited Buenaventura's operational improvements driven by increased production from its El Brocal, Yumpag and Uchucchacua mines as well as efficiency in cost reduction, cash flow generation, and conservative liquidity management as key factors. Financial Highlights (in millions of US$, excluding EPS) : 3Q24 3Q23 Var % 9M24 9M23 Var % Total Revenues 331.1 211.3 57% 855.0 570.0 50% Operating Income 286.4 -29.5 N.A. 399.9 -39.0 N.A. EBITDA Direct Operations (1) 132.4 53.3 149% 333.8 121.9 174% EBITDA Including Affiliates (1) 238.0 152.7 56% 660.3 418.5 58% Net Income (2) 236.9 -28.0 N.A. 369.1 29.6 1,146% EPS (3) 0.93 -0.11 N.A. 1.45 0.12 1,146% (1) Does not include US$ 208.9 million from the sale of Chaupiloma Royalty Company. (2) Net Income attributable to owners of the parent. (3) As of September 30, 2024, Buenaventura had a weighted average number of shares outstanding of 253,986,867. 1 CAPEX 3Q24 capital expenditures were US$ 98.0 million, compared to US$ 59.8 million for the same period in 2023. The 3Q24 capex includes US$ 76.8 million for the San Gabriel Project, US$ 8.3 million f

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View this 6-K filing on SEC EDGAR