Gold production in 1Q16 increased 14% compared
to 1Q15, due to higher ore grade.
Cost Applicable to Sales (CAS) in 1Q16
decreased 34% (US$ 427/oz of gold in 1Q16 compared to US$ 650/oz in 1Q15) due to lower contractor and reagent costs.
El Brocal
(56.29% owned by Buenaventura)
Production
|
|
|
1Q16
|
1Q15
|
Var %
|
Copper
|
MT
|
11,344
|
3,869
|
193%
|
Zinc
|
MT
|
9,916
|
14,020
|
-29%
|
Silver
|
Oz
|
526,724
|
982,254
|
-46%
|
|
|
|
|
|
Cost Applicable to Sales
|
|
|
1Q16
|
1Q15
|
Var %
|
Copper
|
US$/MT
|
4,823
|
5,536
|
-13%
|
Zinc
|
US$/MT
|
1,474
|
1,506
|
-2%
|
During 1Q16, copper production increased
193% compared to 1Q15, mainly due to higher ore treated. Moreover, in 1Q16 zinc production decreased 29%, due to lower ore treated
and a lower zinc grade.
In 1Q16, zinc Cost Applicable to Sales
(CAS) remained in line with the figure reported during 1Q15. Additionally, copper Cost Applicable to Sales (CAS) in 1Q16 decreased
13% (US$ 4,823/MT of copper in 1Q16 compared to US$ 5,536/MT in 1Q15), mainly explained by lower contractor costs due to better
mining unit prices.
Zinc production guidance for 2016 is 60k
– 70k MT, while copper production guidance for 2016 is 35k – 45k MT.
General and Administrative Expenses
|
|
General and administrative expenses in
1Q16 were US$21.4 million, an increase of 4% compared to the US$20.7 million reported in 1Q15.
Exploration in Non-Operating Areas
|
|
Exploration in non-operating areas during
1Q16 was US$3.5 million compared with the US$10.7 million in 1Q15. During the period, Buenaventura’s main exploration efforts
were focused on the Tambomayo project (US$1.8 million) and Marcapunta (US$0.3 million).
Share in Associated Companies
|
|
During 1Q16, Buenaventura’s share
in associated companies was US$28.4 million, compared to the US$36.3 million reported in 1Q15, comprised by:
Share in the Result of Associates
(in millions of US$)
|
1Q16
|
1Q15
|
Var %
|
Cerro Verde
|
19.0
|
8.0
|
138%
|
Coimolache
|
5.7
|
2.1
|
173%
|
Yanacocha
|
3.7
|
26.2
|
-86%
|
Total
|
28.4
|
36.3
|
-22%
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2016 Results
Page
7
of 22
YANACOCHA
At Yanacocha (43.65% owned by Buenaventura),
during 1Q16, gold production was 180,348 ounces, 27% lower than 1Q15 production (248,055 ounces), due to a lower gold grade.
Gold production guidance at Yanacocha for
2016 is 630k – 660k ounces.
In 1Q16, Yanacocha reported net income
of US$8.5 million compared to the US$37.4 million reported in 1Q15, mainly explained by lower volume sold (179k gold ounces sold
in 1Q16 compared to 246k gold ounces sold in 1Q15). Cost Applicable to Sales (CAS) in 1Q16 was US$734/oz, 53% higher than the US$479/oz
reported in 1Q15, mainly due to: i) a higher inventory write-down (US$28.0 million in 1Q16 compared to US$4.5 million in 1Q15),
and ii) lower volume sold.
Capital expenditures at Yanacocha were
US$13.7 million in 1Q16, while for 1Q15 it was US$15.2 million.
Yanacocha continues to have a strong pipeline
of growth projects, this include: Quecher Main (prefeasibility), Chaquicocha Sulphides and Yanacocha Verde (scoping) and Maqui
Maqui (exploration).
CERRO VERDE
At Cerro Verde (19.58% owned by Buenaventura),
during 1Q16 copper production was 123,414 MT (24,164 MT attributable to Buenaventura), a 154% increase compared to 1Q15 (48,623
MT and 9,520 MT attributable to Buenaventura).
During 1Q16, Cerro Verde reported a net
income of US$96.9 million compared to the US$40.7 million reported in 1Q15. This was mainly due to higher volume sold and a lower
cash cost (US$ 1.2/lb of copper in 1Q16 compared to US$ 1.9/lb in 1Q15).
Capital expenditures at Cerro Verde were
US$72.7 million in 1Q16, 84% lower compared to the US$468.9 million reported in 1Q15.
Cerro Verde’s plant expansion was
completed in-line with schedule and budget (US$4.6 billion), becoming the largest concentration facility in the world. Full capacity
operating rates were achieved during 1Q16. In March 2016, the average daily throughput was 373 TPD, higher than the nominal capacity
of 360K TPD.
Copper production guidance at Cerro Verde
for 2016 is 500k MT – 550k MT.
COIMOLACHE (Tantahuatay operation)
At Coimolache (40.10% owned by Buenaventura),
attributable contribution to the net income in 1Q16 was US$ 5.7 million compared to the US$ 2.1 million reported in 1Q15.
Compañía de Minas Buenaventura S.A.A.
First Quarter 2016 Results
Page
8
of 22
Project Development and Exploration
|
|
The Tambomayo Project (100% ownership)
|
·
|
Production ramp-up is expected to start
in 4Q16
|
|
·
|
Civil works progress is at 52% (expected
to be completed in 2Q16)
|
|
·
|
Mechanical and structural installation
works at 35% progress (expected to be completed in 3Q16)
|
|
·
|
The
mill equipment is already mounted on their bases
|
|
·
|
CAPEX:
US$ 340 M (Total disbursement as of 1Q16 US$192 M)
|
|
o
|
Exploration and mine development US$122
M (disbursement as of 1Q16 US$102 M)
|
|
o
|
Civil works and Equipment US$218 M (disbursement
as of 1Q16 US$90 M)
|
The San Gabriel Project (100% ownership)
|
·
|
The
project has been rescheduled in order to preserve cash flow
|
|
·
|
Geomechanical
studies were completed in 1Q16
|
|
·
|
Environmental
Impact Assessment (EIA) of the project´s construction is expected to be approved
in 4Q16 (the Public Hearing will be held in 2Q16)
|
|
o
|
Continue the construction of a 450
meters exploration ramp
|
|
o
|
Drilling program: 7,000 meters (1,000
as of 1Q16) in order to confirm resources and certainty
|
Buenaventura’s Cash
and Debt Situation
|
|
|
·
|
Currently
Buenaventura is in the process of raising a US$ 275 million long-term loan. The proceeds
are expected to be available in 2Q16.
|
Proceeds from this new debt
will be used for the following:
|
a.
|
Reprofiling of BVN´s current short-term debt.
|
|
b.
|
Partially finance the construction of the Tambomayo Project.
|
|
·
|
Yanacocha distributed a cash dividend
of US$ 300 million
|
BVN received US$ 131 million
in March 2016.
Compañía de Minas Buenaventura S.A.A.
First Quarter 2016 Results
Page
9
of 22
* * *
Company Description
Compañía de Minas Buenaventura
S.A.A. is Peru’s largest, publicly traded, precious metals company and a major holder of mining rights in Peru. The Company
is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines as
well as through its participation in joint exploration projects.
Buenaventura currently operates several
mines in Peru (Orcopampa*, Uchucchacua*, Mallay*, Julcani*, El Brocal, La Zanja and Coimolache and is developing the Tambomayo
and San Gabriel projects.
The Company owns 43.65% of Minera Yanacocha
S.R.L (a partnership with Newmont Mining Corporation), an important precious metal producer; 19.58% of Sociedad Minera Cerro Verde,
an important Peruvian copper producer.
For a printed version of the Company’s
Form 20-F, please contact the investor relations contacts on page 1 of this report, or download the PDF format file from the Company’s
web site at www.buenaventura.com.
(*) 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 the Company’s, Yanacocha’s and 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 the Company’s, Yanacocha’s and 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.
|
**Tables to follow**
APPENDIX 1
Equity Participation in
Subsidiaries and Associates
(as of September 30, 2015)
|
|
BVN
|
Operating
|
|
Equity %
|
Mines / Business
|
El Molle Verde S.A.C*
|
100.00
|
Trapiche project
|
Minera La Zanja S.A*
|
53.06
|
La Zanja
|
Sociedad Minera El Brocal S.A.A*
|
56.29
|
Colquijirca and Marcapunta
|
Compañía Minera Coimolache S.A **
|
40.10
|
Tantahuatay
|
Minera Yanacocha S.R.L **
|
43.65
|
Yanacocha
|
Sociedad Minera Cerro Verde S.A.A **
|
19.58
|
Cerro Verde
|
Processadora Industrial Rio Seco S.A*
|
100.00
|
Rio Seco chemical plant
|
Consorcio Energético de Huancavelica S.A*
|
100.00
|
Energy – Huanza Hydroelectrical plant
|
Buenaventura Ingenieros S.A*
|
100.00
|
Engineering Consultant
|
(*)Consolidates
(**) Equity Accounting
Compañía de Minas Buenaventura S.A.A.
First Quarter 2016 Results
Page
10
of 22
APPENDIX 2
|
|
GOLD PRODUCTION
|
|
|
1Q16
|
1Q15
|
%
|
Mining Unit
|
Operating Results
|
Underground
|
Orcopampa
|
Ore Milled DMT
|
110,588
|
108,415
|
2%
|
|
Ore Grade OZ/MT
|
0.44
|
0.47
|
-6%
|
|
Recovery Rate %
|
96.2%
|
96.5%
|
0%
|
|
Ounces Produced*
|
44,135
|
50,068
|
-12%
|
Mining Unit
|
Operating Results
|
Open Pit
|
La Zanja
|
Ounces Produced
|
34,193
|
30,455
|
12%
|
Tantahuatay
|
Ounces Produced
|
34,562
|
30,207
|
14%
|
* Includes ounces from retreatment of taling dams
|
|
|
|
|
|
|
|
|
|
|
SILVER PRODUCTION
|
|
|
1Q16
|
1Q15
|
%
|
Mining Unit
|
Operating Results
|
Underground
|
Uchucchacua
|
Ore Milled DMT
|
318,381
|
282,573
|
13%
|
|
Ore Grade OZ/MT
|
15.61
|
14.89
|
5%
|
|
Recovery Rate %
|
83.8%
|
83.9%
|
0%
|
|
Ounces Produced
|
4,161,975
|
3,529,174
|
18%
|
Julcani
|
Ore Milled DMT
|
44,983
|
43,681
|
3%
|
|
Ore Grade OZ/MT
|
19.85
|
19.62
|
1%
|
|
Recovery Rate %
|
95.6%
|
95.3%
|
0%
|
|
Ounces Produced
|
853,052
|
816,352
|
4%
|
Mallay
|
Ore Milled DMT
|
48,546
|
36,809
|
32%
|
|
Ore Grade OZ/MT
|
8.99
|
8.75
|
3%
|
|
Recovery Rate %
|
93.7%
|
94.9%
|
-1%
|
|
Ounces Produced
|
408,619
|
307,254
|
33%
|
Mining Unit
|
Operating Results
|
Open Pit
|
Colquijirca
|
Ounces Produced
|
526,724
|
829,503
|
-37%
|
|
|
|
|
|
|
|
ZINC PRODUCTION
|
|
|
1Q16
|
1Q15
|
%
|
Mining Unit
|
Operating Results
|
Underground
|
Uchucchacua
|
Ore Milled DMT
|
318,381
|
282,573
|
13%
|
|
Ore Grade %
|
1.13%
|
1.05%
|
8%
|
|
Recovery Rate %
|
47.72%
|
53.5%
|
-11%
|
|
MT Produced
|
1,725
|
1,586
|
9%
|
Mallay
|
Ore Milled DMT
|
48,546
|
36,809
|
32%
|
|
Ore Grade %
|
6.5%
|
6.4%
|
3%
|
|
Recovery Rate %
|
87.0%
|
92.7%
|
-6%
|
|
MT Produced
|
2,764
|
2,179
|
27%
|
Mining Unit
|
Operating Results
|
Open Pit
|
Colquijirca
|
MT Produced
|
9,916
|
14,020
|
-29%
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2016 Results
Page
11
of 22
APPENDIX 3: EBITDA Reconciliation (in thousand US$)
|
1Q16
|
1Q15
|
Net Income
|
51,248
|
10,248
|
Add / Substract:
|
9,081
|
34,773
|
Provision for income tax, net
|
-6,789
|
10,427
|
Share in associated companies by the equity method, net
|
-28,397
|
-36,274
|
Interest income
|
-2,347
|
-644
|
Interest expense
|
7,980
|
5,875
|
Loss on currency exchange difference
|
-6,379
|
2,317
|
Long Term Compensation provision
|
0
|
102
|
Depreciation and Amortization
|
46,838
|
48,159
|
Workers´ participation provision
|
458
|
472
|
Loss from discontinued operations
|
-2,283
|
4,339
|
EBITDA Buenaventura Direct Operations
|
60,329
|
45,021
|
EBITDA Yanacocha (43.65%)
|
25,405
|
49,729
|
EBITDA Cerro Verde (19.58%)
|
48,233
|
17,705
|
EBITDA Coimolache (40%)
|
11,104
|
7,418
|
Adjusted EBITDA (including Associated companies)
|
145,070
|
119,873
|
Note:
EBITDA (Buenaventura Direct Operations)
consists of earnings before net interest, taxes, depreciation and amortization, share in associated companies, net, loss on currency
exchange difference, other, net, provision for workers’ profit sharing and provision for long-term officers’ compensation.
EBITDA (including associated companies)
consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura’s equity share of EBITDA (Yanacocha) (2) Buenaventura’s
equity share of EBITDA (Cerro Verde), plus (3) Buenaventura’s equity share of EBITDA (Coimolache). All EBITDA mentioned were
similarly calculated using financial information provided to Buenaventura by the associated companies.
Buenaventura presents EBITDA (Buenaventura
Direct Operations) and EBITDA (including affiliates) to provide further information with respect to its operating performance and
the operating performance of its equity investees, the affiliates. EBITDA (Buenaventura Direct Operations) and EBITDA (including
affiliates) are not a measure of financial performance under IFRS, and may not be comparable to similarly titled measures of other
companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) as alternatives to
operating income or net income determined in accordance with IFRS, as an indicator of Buenaventura’s, affiliates operating
performance, or as an alternative to cash flows from operating activities, determined in accordance with IFRS, as an indicator
of cash flows or as a measure of liquidity.
Compañía de Minas Buenaventura S.A.A.
First Quarter 2016 Results
Page
12
of 22
APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION
Reconciliation of Costs Applicable to
Sales and Cost Applicable to Sales per Unit Sold
Cost applicable to sales consists of cost
of sales, excluding depreciation and amortization, plus Selling expenses. Cost applicable to sales per unit sold for each mine
consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced
at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost
figures disclosed in previously furnished earnings releases.
Cost applicable to sales and Cost applicable
to sales per unit of mineral sold are not measures of financial performance under IFRS, and may not be comparable to similarly
titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold
to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals
industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales
or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators
of our operating performance. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without
adjusting for by-product revenue amounts.
The tables below set forth (i) a reconciliation
of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations
of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our
consolidated statements of profit or loss for the three and six months ended June 30, 2014 and 2015, and (iii) reconciliations
of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units. The amounts
set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables
below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and six months
ended June 30, 2014 and 2015 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by
mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to
consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration
in units in operations expenses, respectively, set forth below.
Compañía de Minas Buenaventura S.A.A.
First Quarter 2016 Results
Page
13
of 22
Set forth below is a reconciliation of consolidated Cost of
sales, excluding depreciation and amortization, to consolidated Cost applicable to sales:
|
|
For the 3 months ended Mar 31
|
|
|
2016
|
|
2015
|
|
|
(in thousands of US$)
|
Consolidated
Cost of sales excluding depreciation and
amortization
|
|
117,467
|
|
139,693
|
Add:
|
|
|
|
|
Consolidated
Exploration in units in operation
|
|
19,116
|
|
22,400
|
Consolidated Commercial deductions
|
|
54,341
|
|
36,485
|
Consolidated Selling expenses
|
|
4,773
|
|
4,153
|
Consolidated Cost applicable to sales
|
|
195,697
|
|
202,731
|
Set forth below is a reconciliation of Cost of sales, excluding
depreciation and amortization
(by mine and mineral) to consolidated Cost of sales:
|
|
For the 3 months ended Mar 31
|
|
|
2016
|
|
2015
|
Cost of sales by mine and mineral
|
|
(in thousands of US$)
|
Julcani, Gold
|
|
0
|
|
11
|
Julcani, Silver
|
|
4,005
|
|
4,449
|
Julcani, Lead
|
|
387
|
|
467
|
Julcani, Copper
|
|
30
|
|
62
|
Mallay, Gold
|
|
117
|
|
0
|
Mallay, Silver
|
|
2,088
|
|
2,071
|
Mallay, Lead
|
|
1,301
|
|
1,166
|
Mallay, Zinc
|
|
1,508
|
|
1,652
|
Orcopampa, Gold
|
|
21,769
|
|
33,508
|
Orcopampa, Silver
|
|
1,083
|
|
1,037
|
Orcopampa, Copper
|
|
6
|
|
0
|
Uchucchacua, Gold
|
|
17
|
|
0
|
Uchucchacua, Silver
|
|
22,376
|
|
27,879
|
Uchucchacua, Lead
|
|
1,368
|
|
1,475
|
Uchucchacua, Zinc
|
|
915
|
|
902
|
La Zanja, Gold
|
|
19,679
|
|
24,668
|
La Zanja, Silver
|
|
491
|
|
1,105
|
El Brocal, Gold
|
|
1,978
|
|
435
|
El Brocal, Silver
|
|
2,725
|
|
5,946
|
El Brocal, Lead
|
|
2,150
|
|
4,752
|
El Brocal, Zinc
|
|
7,026
|
|
10,427
|
El Brocal, Copper
|
|
24,339
|
|
8,218
|
Non Mining Units
|
|
2,106
|
|
9,463
|
Consolidated Cost of sales, excluding depreciation and amortization
|
|
117,467
|
|
139,693
|
Set forth below is a reconciliation of Exploration expenses
in units in operation (by mine and mineral) to consolidated Exploration expenses in mining units:
|
|
For the 3 months ended Mar 31
|
|
|
2016
|
|
2015
|
Exploration expenses in units in operation by mine and mineral
|
(in thousands of US$)
|
Julcani, Gold
|
|
0
|
|
5
|
Julcani, Silver
|
|
2,211
|
|
2,175
|
Julcani, Lead
|
|
213
|
|
228
|
Julcani, Copper
|
|
16
|
|
30
|
Mallay, Gold
|
|
41
|
|
0
|
Mallay, Silver
|
|
728
|
|
676
|
Mallay, Lead
|
|
453
|
|
381
|
Mallay, Zinc
|
|
526
|
|
540
|
Orcopampa, Gold
|
|
8,188
|
|
11,518
|
Orcopampa, Silver
|
|
407
|
|
356
|
Orcopampa, Copper
|
|
2
|
|
0
|
Uchucchacua, Gold
|
|
4
|
|
0
|
Uchucchacua, Silver
|
|
5,735
|
|
5,968
|
Uchucchacua, Lead
|
|
351
|
|
316
|
Uchucchacua, Zinc
|
|
235
|
|
193
|
La Zanja, Gold
|
|
4
|
|
13
|
La Zanja, Silver
|
|
0
|
|
1
|
El Brocal, Gold
|
|
0
|
|
0
|
El Brocal, Silver
|
|
0
|
|
0
|
El Brocal, Lead
|
|
0
|
|
0
|
El Brocal, Zinc
|
|
0
|
|
0
|
El Brocal, Copper
|
|
0
|
|
0
|
Non Mining Units
|
|
0
|
|
0
|
Consolidated Exploration expenses in units in operation
|
19,116
|
|
22,400
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2016 Results
Page
14
of 22
Set forth below is a reconciliation of Commercial Deductions
in units in operation (by mine and mineral) to consolidated Commercial deductions:
|
|
For the 3 months ended Mar 31
|
|
|
2016
|
|
2015
|
Commercial Deductions in units in operation by mine and mineral
|
|
(in thousands of US$)
|
Julcani, Gold
|
|
0
|
|
2
|
Julcani, Silver
|
|
1,435
|
|
1,328
|
Julcani, Lead
|
|
135
|
|
127
|
Julcani, Copper
|
|
12
|
|
18
|
Mallay, Gold
|
|
44
|
|
0
|
Mallay, Silver
|
|
1,110
|
|
880
|
Mallay, Lead
|
|
681
|
|
506
|
Mallay, Zinc
|
|
1,369
|
|
858
|
Orcopampa, Gold
|
|
101
|
|
56
|
Orcopampa, Silver
|
|
16
|
|
0
|
Orcopampa, Copper
|
|
1
|
|
0
|
Uchucchacua, Gold
|
|
6
|
|
0
|
Uchucchacua, Silver
|
|
9,256
|
|
7,963
|
Uchucchacua, Lead
|
|
568
|
|
426
|
Uchucchacua, Zinc
|
|
1,312
|
|
890
|
La Zanja, Gold
|
|
58
|
|
24
|
La Zanja, Silver
|
|
1
|
|
0
|
El Brocal, Gold
|
|
2,194
|
|
537
|
El Brocal, Silver
|
|
2,027
|
|
3,585
|
El Brocal, Lead
|
|
1,055
|
|
2,193
|
El Brocal, Zinc
|
|
5,355
|
|
5,805
|
El Brocal, Copper
|
|
27,605
|
|
11,287
|
Non Mining Units
|
|
0
|
|
0
|
Consolidated Commercial deductions in units in operation
|
|
54,341
|
|
36,485
|
Set forth below is a reconciliation of Selling expenses (by
mine and mineral) to consolidated
Selling expenses:
|
|
For the 3 months ended Mar 31
|
|
|
2016
|
|
2015
|
Selling expenses by mine and mineral
|
|
(in thousands of US$)
|
Julcani, Gold
|
|
0
|
|
1
|
Julcani, Silver
|
|
178
|
|
239
|
Julcani, Lead
|
|
17
|
|
25
|
Julcani, Copper
|
|
1
|
|
3
|
Mallay, Gold
|
|
9
|
|
0
|
Mallay, Silver
|
|
161
|
|
139
|
Mallay, Lead
|
|
100
|
|
78
|
Mallay, Zinc
|
|
116
|
|
111
|
Orcopampa, Gold
|
|
159
|
|
250
|
Orcopampa, Silver
|
|
8
|
|
8
|
Orcopampa, Copper
|
|
0
|
|
0
|
Uchucchacua, Gold
|
|
1
|
|
0
|
Uchucchacua, Silver
|
|
809
|
|
814
|
Uchucchacua, Lead
|
|
49
|
|
43
|
Uchucchacua, Zinc
|
|
33
|
|
26
|
La Zanja, Gold
|
|
217
|
|
302
|
La Zanja, Silver
|
|
5
|
|
14
|
El Brocal, Gold
|
|
120
|
|
26
|
El Brocal, Silver
|
|
165
|
|
351
|
El Brocal, Lead
|
|
130
|
|
280
|
El Brocal, Zinc
|
|
425
|
|
615
|
El Brocal, Copper
|
|
1,472
|
|
485
|
Non Mining Units
|
|
598
|
|
345
|
Consolidated Selling expenses
|
|
4,773
|
|
4,153
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2016 Results
Page
15
of 22
|
JULCANI
|
|
1Q
2016
|
1Q
2015
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
Cost
of Sales (without D&A) (US$000)
|
-0
|
4,005
|
387
|
-
|
30
|
4,421
|
11
|
4,449
|
467
|
-
|
62
|
4,989
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
-0
|
2,211
|
213
|
-
|
16
|
2,440
|
5
|
2,175
|
228
|
-
|
30
|
2,439
|
Commercial
Deductions (US$000)
|
-0
|
1,435
|
135
|
-
|
12
|
1,581
|
2
|
1,328
|
127
|
-
|
18
|
1,475
|
Selling
Expenses (US$000)
|
-0
|
178
|
17
|
-
|
1
|
197
|
1
|
239
|
25
|
-
|
3
|
268
|
Cost
Applicable to Sales (US$000)
|
-1
|
7,829
|
753
|
-
|
59
|
8,640
|
19
|
8,191
|
847
|
-
|
114
|
9,171
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
-1
|
734,224
|
578
|
-
|
19
|
Not
Applicable
|
15
|
618,774
|
473
|
-
|
19
|
Not
Applicable
|
CAS
|
-
|
10.66
|
1,301
|
-
|
3,154
|
Not
Applicable
|
1,256
|
13.24
|
1,791
|
-
|
6,011
|
Not
Applicable
|
|
MALLAY
|
|
1Q
2016
|
1Q
2015
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
Cost
of Sales (without D&A) (US$000)
|
117
|
2,088
|
1,301
|
1,508
|
-
|
5,015
|
-
|
2,071
|
1,166
|
1,652
|
-
|
4,889
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
41
|
728
|
453
|
526
|
-
|
1,748
|
-
|
676
|
381
|
540
|
-
|
1,597
|
Commercial
Deductions (US$000)
|
44
|
1,110
|
681
|
1,369
|
-
|
3,205
|
-
|
880
|
506
|
858
|
-
|
2,244
|
Selling
Expenses (US$000)
|
9
|
161
|
100
|
116
|
-
|
386
|
-
|
139
|
78
|
111
|
-
|
328
|
Cost
Applicable to Sales (US$000)
|
212
|
4,087
|
2,536
|
3,520
|
-
|
10,354
|
-
|
3,766
|
2,131
|
3,161
|
-
|
9,058
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
240
|
342,590
|
1,799
|
2,295
|
-
|
Not
Applicable
|
-
|
261,818
|
1,457
|
1,636
|
-
|
Not
Applicable
|
CAS
|
883
|
11.93
|
1,409
|
1,534
|
-
|
Not
Applicable
|
-
|
14.39
|
1,463
|
1,932
|
-
|
Not
Applicable
|
|
ORCOPAMPA
|
|
1Q
2016
|
1Q
2015
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
Cost
of Sales (without D&A) (US$000)
|
21,769
|
1,083
|
-
|
-
|
6
|
22,858
|
33,508
|
1,037
|
-
|
-
|
-
|
34,545
|
Add:
|
|
|
|
|
-
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
8,188
|
407
|
-
|
-
|
2
|
8,598
|
11,518
|
356
|
-
|
-
|
-
|
11,874
|
Commercial
Deductions (US$000)
|
101
|
16
|
-
|
-
|
1
|
118
|
56
|
0
|
-
|
-
|
-
|
56
|
Selling
Expenses (US$000)
|
159
|
8
|
-
|
-
|
0
|
167
|
250
|
8
|
-
|
-
|
-
|
258
|
Cost
Applicable to Sales (US$000)
|
30,217
|
1,515
|
-
|
-
|
10
|
31,742
|
45,332
|
1,401
|
-
|
-
|
-
|
46,733
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
43,951
|
186,208
|
-
|
-
|
3
|
Not
Applicable
|
60,910
|
145,389
|
-
|
-
|
-
|
Not
Applicable
|
CAS
|
688
|
8.13
|
-
|
-
|
3,102
|
Not
Applicable
|
744
|
9.64
|
-
|
-
|
-
|
Not
Applicable
|
|
UCHUCCHACUA
|
|
1Q
2016
|
1Q
2015
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
Cost
of Sales (without D&A) (US$000)
|
17
|
22,376
|
1,368
|
915
|
-
|
24,676
|
-
|
27,879
|
1,475
|
902
|
-
|
30,256
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
4
|
5,735
|
351
|
235
|
-
|
6,325
|
-
|
5,968
|
316
|
193
|
-
|
6,476
|
Commercial
Deductions (US$000)
|
6
|
9,256
|
568
|
1,312
|
-
|
11,142
|
-
|
7,963
|
426
|
890
|
-
|
9,279
|
Selling
Expenses (US$000)
|
1
|
809
|
49
|
33
|
-
|
892
|
-
|
814
|
43
|
26
|
-
|
883
|
Cost
Applicable to Sales (US$000)
|
28
|
38,176
|
2,336
|
2,495
|
-
|
43,035
|
-
|
42,623
|
2,259
|
2,012
|
-
|
46,895
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
34
|
3,608,021
|
1,791
|
1,361
|
-
|
Not
Applicable
|
-
|
2,754,699
|
1,463
|
714
|
-
|
Not
Applicable
|
CAS
|
826
|
10.58
|
1,304
|
1,834
|
-
|
No
Applicable
|
-
|
15.47
|
1,544
|
2,819
|
-
|
No
Applicable
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2016 Results
Page
16
of 22
|
LA
ZANJA
|
|
1Q
2016
|
1Q
2015
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
Cost
of Sales (without D&A) (US$000)
|
19,679
|
491
|
-
|
-
|
-
|
20,171
|
24,668
|
1,105
|
-
|
-
|
-
|
25,773
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
4
|
0
|
-
|
-
|
-
|
4
|
13
|
1
|
-
|
-
|
-
|
13
|
Commercial
Deductions (US$000)
|
58
|
1
|
-
|
-
|
-
|
58
|
24
|
-
|
-
|
-
|
-
|
24
|
Selling
Expenses (US$000)
|
217
|
5
|
-
|
-
|
-
|
222
|
302
|
14
|
-
|
-
|
-
|
315
|
Cost
Applicable to Sales (US$000)
|
19,958
|
498
|
-
|
-
|
-
|
20,456
|
25,006
|
1,119
|
-
|
-
|
-
|
26,126
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
33,432
|
68,787
|
-
|
-
|
-
|
Not
Applicable
|
32,081
|
107,924
|
-
|
-
|
-
|
Not
Applicable
|
CAS
|
597
|
7.23
|
-
|
-
|
-
|
Not
Applicable
|
779
|
10.37
|
-
|
-
|
-
|
Not
Applicable
|
|
BROCAL
|
|
1Q
2016
|
1Q
2015
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
Cost
of Sales (without D&A) (US$000)
|
1,978
|
2,725
|
2,150
|
7,026
|
24,339
|
38,219
|
435
|
5,946
|
4,752
|
10,427
|
8,218
|
29,778
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Commercial
Deductions (US$000)
|
2,194
|
2,027
|
1,055
|
5,355
|
27,605
|
38,237
|
537
|
3,585
|
2,193
|
5,805
|
11,287
|
23,408
|
Selling
Expenses (US$000)
|
120
|
165
|
130
|
425
|
1,472
|
2,311
|
26
|
351
|
280
|
615
|
485
|
1,756
|
Cost
Applicable to Sales (US$000)
|
4,292
|
4,918
|
3,335
|
12,806
|
53,416
|
78,767
|
998
|
9,882
|
7,225
|
16,847
|
19,990
|
54,942
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
3,333
|
374,950
|
2,398
|
8,687
|
11,076
|
Not
Applicable
|
832
|
826,034
|
5,976
|
11,185
|
3,611
|
Not
Applicable
|
CAS
|
1,288
|
13.12
|
1,391
|
1,474
|
4,823
|
Not
Applicable
|
1,200
|
11.96
|
1,209
|
1,506
|
5,536
|
Not
Applicable
|
|
NON
MINING COMPANIES
|
|
1Q
2016
|
1Q
2015
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
Cost
of Sales (without D&A) (US$000)
|
-
|
-
|
-
|
-
|
-
|
2,106
|
-
|
-
|
-
|
-
|
-
|
9,463
|
Add:
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
Selling
Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
598
|
-
|
-
|
-
|
-
|
-
|
345
|
Total
(US$000)
|
-
|
-
|
-
|
-
|
-
|
2,704
|
-
|
-
|
-
|
-
|
-
|
9,808
|
|
BUENAVENTURA
CONSOLIDATED
|
|
1Q
2016
|
1Q
2015
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
Cost
of Sales (without D&A) (US$000)
|
43,560
|
32,769
|
5,206
|
9,450
|
24,375
|
117,467
|
58,622
|
42,488
|
7,859
|
12,981
|
8,280
|
139,693
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
8,238
|
9,081
|
1,018
|
760
|
19
|
19,116
|
11,536
|
9,176
|
925
|
733
|
30
|
22,400
|
Commercial
Deductions (US$000)
|
2,403
|
13,845
|
2,439
|
8,035
|
27,618
|
54,341
|
619
|
13,756
|
3,252
|
7,553
|
11,306
|
36,485
|
Selling
Expenses (US$000)
|
505
|
1,326
|
297
|
574
|
1,473
|
4,773
|
578
|
1,563
|
427
|
752
|
488
|
4,153
|
Cost
Applicable to Sales (US$000)
|
54,707
|
57,022
|
8,960
|
18,820
|
53,485
|
195,697
|
71,355
|
66,983
|
12,462
|
22,019
|
20,104
|
202,731
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
80,989
|
5,314,779
|
6,567
|
12,342
|
11,098
|
Not
Applicable
|
93,838
|
4,714,638
|
9,368
|
13,535
|
3,630
|
Not
Applicable
|
CAS
|
675
|
10.73
|
1,364
|
1,525
|
4,819
|
Not
Applicable
|
760
|
14.21
|
1,330
|
1,627
|
5,538
|
Not
Applicable
|
|
COIMOLACHE
|
|
1Q
2016
|
1Q
2015
|
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
GOLD
(OZ)
|
SILVER
(OZ)
|
LEAD
(MT)
|
ZINC
(MT)
|
COPPER
(MT)
|
TOTAL
|
Cost
of Sales (without D&A) (US$000)
|
12,418
|
1,112
|
-
|
-
|
-
|
13,529
|
12,477
|
949
|
-
|
-
|
-
|
13,426
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000)
|
1,205
|
108
|
-
|
-
|
-
|
1,313
|
7,098
|
540
|
-
|
-
|
-
|
7,637
|
Commercial
Deductions (US$000)
|
130
|
16
|
-
|
-
|
-
|
146
|
161
|
13
|
-
|
-
|
-
|
173
|
Selling
Expenses (US$000)
|
242
|
22
|
-
|
-
|
-
|
264
|
226
|
17
|
-
|
-
|
-
|
243
|
Cost
Applicable to Sales (US$000)
|
13,995
|
1,257
|
-
|
-
|
-
|
15,252
|
19,961
|
1,519
|
-
|
-
|
-
|
21,479
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold
|
32,808
|
238,191
|
-
|
-
|
-
|
Not
Applicable
|
30,722
|
169,400
|
-
|
-
|
-
|
Not
Applicable
|
CAS
|
427
|
5.28
|
-
|
-
|
-
|
Not
Applicable
|
650
|
8.97
|
-
|
-
|
-
|
Not
Applicable
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2016 Results
Page
17
of 22
APPENDIX 5: ALL-IN SUSTAINING COST
|
|
Buenaventura
1
|
|
|
La Zanja
|
|
|
Tantahuatay
|
|
|
Attributable Production
2
|
|
|
|
1Q16
|
|
|
1Q16
|
|
|
1Q16
|
|
|
1Q16
|
|
Au Ounces Sold BVN
|
|
|
77,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces bought from La Zanja
|
|
|
-33,324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces Sold Net
|
|
|
44,224
|
|
|
|
34,728
|
|
|
|
32,808
|
|
|
|
75,805
|
|
|
|
1Q16
|
|
|
1Q16
|
|
|
1Q16
|
|
|
1Q16
|
|
Income Statement & Cash
Flow
|
|
US$
000'
|
|
|
US$/Oz
Au
|
|
|
US$
000'
|
|
|
US$/Oz
Au
|
|
|
US$
000'
|
|
|
US$/Oz
Au
|
|
|
US$
000'
|
|
|
US$/Oz
Au
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of Sales
3
|
|
|
58,411
|
|
|
|
1,321
|
|
|
|
17,006
|
|
|
|
490
|
|
|
|
13,529
|
|
|
|
412
|
|
|
|
72,859
|
|
|
|
961
|
|
Exploration in Operating Units
|
|
|
19,112
|
|
|
|
432
|
|
|
|
594
|
|
|
|
17
|
|
|
|
1,313
|
|
|
|
40
|
|
|
|
19,954
|
|
|
|
263
|
|
Royalties
|
|
|
4,674
|
|
|
|
106
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
4,674
|
|
|
|
62
|
|
Comercial Deductions
4
|
|
|
16,046
|
|
|
|
363
|
|
|
|
860
|
|
|
|
25
|
|
|
|
146
|
|
|
|
4
|
|
|
|
16,561
|
|
|
|
218
|
|
Selling Expenses
|
|
|
1,641
|
|
|
|
37
|
|
|
|
222
|
|
|
|
6
|
|
|
|
264
|
|
|
|
8
|
|
|
|
1,865
|
|
|
|
25
|
|
Administrative Expenses
5
|
|
|
12,738
|
|
|
|
288
|
|
|
|
492
|
|
|
|
14
|
|
|
|
555
|
|
|
|
17
|
|
|
|
13,222
|
|
|
|
174
|
|
Other Expenses
|
|
|
0
|
|
|
|
0
|
|
|
|
1,890
|
|
|
|
54
|
|
|
|
806
|
|
|
|
25
|
|
|
|
1,326
|
|
|
|
17
|
|
Other Incomes
|
|
|
-761
|
|
|
|
-17
|
|
|
|
-3,803
|
|
|
|
-109
|
|
|
|
-1,111
|
|
|
|
-34
|
|
|
|
-3,224
|
|
|
|
-43
|
|
Administrative charges
|
|
|
0
|
|
|
|
0
|
|
|
|
584
|
|
|
|
17
|
|
|
|
321
|
|
|
|
10
|
|
|
|
438
|
|
|
|
6
|
|
Sustaining Capex
6
|
|
|
10,941
|
|
|
|
247
|
|
|
|
271
|
|
|
|
8
|
|
|
|
3,806
|
|
|
|
116
|
|
|
|
12,611
|
|
|
|
166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By-product Credit
|
|
|
-83,195
|
|
|
|
-1,881
|
|
|
|
-898
|
|
|
|
-26
|
|
|
|
-3,564
|
|
|
|
-109
|
|
|
|
-85,100
|
|
|
|
-1,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All-in Sustaining Cost
|
|
|
39,607
|
|
|
|
896
|
|
|
|
17,218
|
|
|
|
496
|
|
|
|
16,067
|
|
|
|
490
|
|
|
|
55,185
|
|
|
|
728
|
|
*All-in Sustaining Cost does not include: Depreciation and Amortization,
Stoppage of mining units, Exploration in non-operating areas.
Notes:
1. Non-consolidated financial statements for Compañia
De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura
S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate
from La Zanja.
4. For all metals produced.
5. For Buenaventura, does not consider management services charged
to subsidiaries.
6. Sustaining Capex + Growth Capex equals Acquisitions of mining
concessions, development costs, property, plant and equipment.
Compañía de Minas Buenaventura S.A.A.
First Quarter 2016 Results
Page
18
of 22
|
|
Buenaventura
1
|
|
|
La Zanja
|
|
|
Tantahuatay
|
|
|
Attributable Production
2
|
|
|
|
1Q15
|
|
|
1Q15
|
|
|
1Q15
|
|
|
1Q15
|
|
Au Ounces Sold BVN
|
|
|
100,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces bought from La Zanja
|
|
|
-32,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Au Ounces Sold Net
|
|
|
68,320
|
|
|
|
27,977
|
|
|
|
30,722
|
|
|
|
95,482
|
|
|
|
1Q15
|
|
|
1Q15
|
|
|
1Q15
|
|
|
1Q15
|
|
Income Statement & Cash
Flow
|
|
US$
000'
|
|
|
US$/Oz
Au
|
|
|
US$
000'
|
|
|
US$/Oz
Au
|
|
|
US$
000'
|
|
|
US$/Oz
Au
|
|
|
US$
000'
|
|
|
US$/Oz
Au
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of Sales
3
|
|
|
84,353
|
|
|
|
1,235
|
|
|
|
23,390
|
|
|
|
836
|
|
|
|
13,426
|
|
|
|
437
|
|
|
|
102,147
|
|
|
|
1,070
|
|
Exploration in Operating Units
|
|
|
22,457
|
|
|
|
329
|
|
|
|
5,710
|
|
|
|
204
|
|
|
|
3,900
|
|
|
|
127
|
|
|
|
27,050
|
|
|
|
283
|
|
Royalties
|
|
|
8,176
|
|
|
|
120
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
8,176
|
|
|
|
86
|
|
Comercial Deductions
4
|
|
|
13,095
|
|
|
|
192
|
|
|
|
694
|
|
|
|
25
|
|
|
|
173
|
|
|
|
6
|
|
|
|
13,533
|
|
|
|
142
|
|
Selling Expenses
|
|
|
1,744
|
|
|
|
26
|
|
|
|
315
|
|
|
|
11
|
|
|
|
243
|
|
|
|
8
|
|
|
|
2,009
|
|
|
|
21
|
|
Administrative Expenses
5
|
|
|
13,429
|
|
|
|
197
|
|
|
|
375
|
|
|
|
13
|
|
|
|
533
|
|
|
|
17
|
|
|
|
13,842
|
|
|
|
145
|
|
Other Expenses
|
|
|
0
|
|
|
|
0
|
|
|
|
2,112
|
|
|
|
75
|
|
|
|
4,624
|
|
|
|
151
|
|
|
|
2,975
|
|
|
|
31
|
|
Other Incomes
|
|
|
0
|
|
|
|
0
|
|
|
|
-3,786
|
|
|
|
-135
|
|
|
|
-1,444
|
|
|
|
-47
|
|
|
|
-2,588
|
|
|
|
-27
|
|
Administrative charges
|
|
|
0
|
|
|
|
0
|
|
|
|
1,584
|
|
|
|
57
|
|
|
|
445
|
|
|
|
15
|
|
|
|
1,019
|
|
|
|
11
|
|
Sustaining Capex
6
|
|
|
5,411
|
|
|
|
79
|
|
|
|
4,130
|
|
|
|
148
|
|
|
|
6,373
|
|
|
|
207
|
|
|
|
10,157
|
|
|
|
106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By-product Credit
|
|
|
-68,922
|
|
|
|
-1,009
|
|
|
|
-1,387
|
|
|
|
-50
|
|
|
|
-2,889
|
|
|
|
-94
|
|
|
|
-70,816
|
|
|
|
-742
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All-in Sustaining Cost
|
|
|
79,743
|
|
|
|
1,167
|
|
|
|
33,137
|
|
|
|
1,184
|
|
|
|
25,385
|
|
|
|
826
|
|
|
|
107,503
|
|
|
|
1,126
|
|
*All-in Sustaining Cost does not include: Depreciation and Amortization,
Stoppage of mining units, Exploration in non-operating areas.
Notes:
1. Non-consolidated financial statements for Compañia
De Minas Buenaventura S.A.A.
2. Considers 100% from Compañia De Minas Buenaventura
S.A.A., 53.06% from La Zanja and 40.095% from Tantahuatay.
3. For Buenaventura does not consider purchase of concentrate
from La Zanja.
4. For all metals produced.
5. For Buenaventura, does not consider management services charged
to subsidiaries.
6. Sustaining Capex + Growth Capex equals Acquisitions of mining
concessions, development costs, property, plant and equipment.
Compañía de Minas Buenaventura S.A.A.
First Quarter 2016 Results
Page
19
of 22
APPENDIX 6
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Financial Position
As of March 31, 2016 and December 31, 2015
|
|
2016
|
|
|
2015
|
|
|
|
US$(000)
|
|
|
US$(000)
|
|
Assets
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
180,868
|
|
|
|
78,519
|
|
Trade and other accounts receivable, net
|
|
|
220,709
|
|
|
|
219,862
|
|
Inventory, net
|
|
|
103,492
|
|
|
|
101,473
|
|
Income tax credit
|
|
|
37,975
|
|
|
|
45,919
|
|
Prepaid expenses
|
|
|
12,742
|
|
|
|
8,231
|
|
Embedded derivatives for concentrate sales, net
|
|
|
1,757
|
|
|
|
-
|
|
Hedge derivative financial instruments
|
|
|
71
|
|
|
|
-
|
|
Total current assets
|
|
|
557,614
|
|
|
|
454,004
|
|
Assets classified as held for sale
|
|
|
12,611
|
|
|
|
15,592
|
|
|
|
|
570,225
|
|
|
|
469,596
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
Trade and other accounts receivable, net
|
|
|
171,095
|
|
|
|
162,567
|
|
Inventory, net
|
|
|
25,096
|
|
|
|
26,029
|
|
Investment in associates
|
|
|
1,938,341
|
|
|
|
2,043,983
|
|
Mining concessions, development costs, property, plant and equipment, net
|
|
|
1,752,816
|
|
|
|
1,747,624
|
|
Investment properties, net
|
|
|
10,462
|
|
|
|
10,719
|
|
Deferred income tax asset, net
|
|
|
49,591
|
|
|
|
41,574
|
|
Prepaid expenses
|
|
|
31,090
|
|
|
|
29,235
|
|
Other assets, net
|
|
|
13,843
|
|
|
|
15,854
|
|
Total non-current assets
|
|
|
3,992,334
|
|
|
|
4,077,585
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
4,562,559
|
|
|
|
4,547,181
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Bank loans
|
|
|
296,975
|
|
|
|
285,302
|
|
Trade and other accounts payable
|
|
|
220,946
|
|
|
|
247,114
|
|
Provisions
|
|
|
61,010
|
|
|
|
49,829
|
|
Income tax payable
|
|
|
1,887
|
|
|
|
2,444
|
|
Embedded derivatives for concentrate sales, net
|
|
|
-
|
|
|
|
1,694
|
|
Hedge derivative financial instruments
|
|
|
-
|
|
|
|
10,643
|
|
Financial obligations
|
|
|
28,753
|
|
|
|
33,394
|
|
Total current liabilities
|
|
|
609,571
|
|
|
|
630,420
|
|
|
|
|
|
|
|
|
|
|
Liabilities directly associated with assets classified as held for sale
|
|
|
15,582
|
|
|
|
20,611
|
|
|
|
|
625,153
|
|
|
|
651,031
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
Trade and other accounts payable
|
|
|
16,691
|
|
|
|
15,057
|
|
Provisions
|
|
|
144,279
|
|
|
|
141,885
|
|
Financial obligations
|
|
|
317,558
|
|
|
|
320,316
|
|
Contingent consideration liability
|
|
|
16,994
|
|
|
|
16,994
|
|
Deferred income tax liability, net
|
|
|
9,572
|
|
|
|
12,662
|
|
Total non-current liabilities
|
|
|
505,094
|
|
|
|
506,914
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
1,130,247
|
|
|
|
1,157,945
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity
|
|
|
|
|
|
|
|
|
Capital stock
|
|
|
750,497
|
|
|
|
750,497
|
|
Investment shares
|
|
|
1,396
|
|
|
|
1,396
|
|
Additional paid-in capital
|
|
|
219,055
|
|
|
|
219,055
|
|
Legal reserve
|
|
|
162,714
|
|
|
|
162,714
|
|
Other reserves
|
|
|
269
|
|
|
|
269
|
|
Retained earnings
|
|
|
2,076,457
|
|
|
|
2,024,895
|
|
Other reserves of equity
|
|
|
(3,657
|
)
|
|
|
2,240
|
|
Shareholders’ equity, net attributable to owners of the parent
|
|
|
3,206,731
|
|
|
|
3,161,066
|
|
Non-controlling interest
|
|
|
225,581
|
|
|
|
228,170
|
|
Total shareholders’ equity
|
|
|
3,432,312
|
|
|
|
3,389,236
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity
|
|
|
4,562,559
|
|
|
|
4,547,181
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2016 Results
Page
20
of 22
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of profit or loss
For the three-month periods ended March 31, 2016 and 2015
|
|
2016
|
|
|
2015
|
|
|
|
US$(000)
|
|
|
US$(000)
|
|
Continuing operations
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
|
|
|
|
Net sales of goods
|
|
|
215,080
|
|
|
|
220,600
|
|
Net sales of services
|
|
|
5,568
|
|
|
|
9,791
|
|
Royalty income
|
|
|
6,685
|
|
|
|
9,090
|
|
Total operating income
|
|
|
227,333
|
|
|
|
239,481
|
|
|
|
|
|
|
|
|
|
|
Operating costs
|
|
|
|
|
|
|
|
|
Cost of sales of goods, excluding depreciation and amortization
|
|
|
(109,214
|
)
|
|
|
(126,083
|
)
|
Cost of services, excluding depreciation and amortization
|
|
|
(8,253
|
)
|
|
|
(13,610
|
)
|
Depreciation and amortization
|
|
|
(46,838
|
)
|
|
|
(48,159
|
)
|
Exploration in operating units
|
|
|
(19,116
|
)
|
|
|
(22,400
|
)
|
Mining royalties
|
|
|
(6,168
|
)
|
|
|
(8,425
|
)
|
Total operating costs
|
|
|
(189,589
|
)
|
|
|
(218,677
|
)
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
37,744
|
|
|
|
20,804
|
|
|
|
|
|
|
|
|
|
|
Operating expenses, net
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
|
(21,411
|
)
|
|
|
(20,669
|
)
|
Exploration in non-operating areas
|
|
|
(3,514
|
)
|
|
|
(10,697
|
)
|
Provision for contingencies
|
|
|
(885
|
)
|
|
|
250
|
|
Selling expenses
|
|
|
(4,773
|
)
|
|
|
(4,153
|
)
|
Other, net
|
|
|
5,872
|
|
|
|
10,753
|
|
Total operating expenses, net
|
|
|
(24,711
|
)
|
|
|
(24,516
|
)
|
|
|
|
|
|
|
|
|
|
Operating profit (loss)
|
|
|
13,033
|
|
|
|
(3,712
|
)
|
|
|
|
|
|
|
|
|
|
Other income (expense), net
|
|
|
|
|
|
|
|
|
Share in results of associates under equity method
|
|
|
28,397
|
|
|
|
36,274
|
|
Financial costs
|
|
|
(7,980
|
)
|
|
|
(5,875
|
)
|
Net gain (loss) from currency exchange difference
|
|
|
6,379
|
|
|
|
(2,317
|
)
|
Financial income
|
|
|
2,347
|
|
|
|
644
|
|
Total other income, net
|
|
|
29,143
|
|
|
|
28,726
|
|
|
|
|
|
|
|
|
|
|
Profit before income tax
|
|
|
42,176
|
|
|
|
25,014
|
|
Current income tax
|
|
|
(7,003
|
)
|
|
|
(5,377
|
)
|
Deferred income tax
|
|
|
13,792
|
|
|
|
(5,050
|
)
|
|
|
|
|
|
|
|
|
|
Profit from continuing operations
|
|
|
48,965
|
|
|
|
14,587
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations
|
|
|
|
|
|
|
|
|
Profit (loss) from discontinued operations
|
|
|
2,283
|
|
|
|
(4,339
|
)
|
Net profit
|
|
|
51,248
|
|
|
|
10,248
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
Owners of the parent
|
|
|
51,562
|
|
|
|
17,319
|
|
Non-controlling interest
|
|
|
(314
|
)
|
|
|
(7,071
|
)
|
|
|
|
51,248
|
|
|
|
10,248
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted profit per share attributable to equity holders
|
|
|
|
|
|
|
|
|
of the parent, stated in U.S. dollars
|
|
|
0.20
|
|
|
|
0.07
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding
(common and investment), in units
|
|
|
254,186,867
|
|
|
|
254,186,867
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2016 Results
Page
21
of 22
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statements of cash Flows
For the three-month periods ended March 31, 2016 and 2015
|
|
2016
|
|
|
2015
|
|
|
|
US$(000)
|
|
|
US$(000)
|
|
Operating activities
|
|
|
|
|
|
|
|
|
Proceeds from sales
|
|
|
181,821
|
|
|
|
231,779
|
|
Dividends received
|
|
|
134,015
|
|
|
|
2,057
|
|
Value Added Tax recovered
|
|
|
53,093
|
|
|
|
33,367
|
|
Royalties received
|
|
|
7,557
|
|
|
|
13,444
|
|
Interest received
|
|
|
1,654
|
|
|
|
942
|
|
Payments to suppliers and third-parties
|
|
|
(168,056
|
)
|
|
|
(176,835
|
)
|
Payments to employees
|
|
|
(35,765
|
)
|
|
|
(45,328
|
)
|
Payments of mining royalties
|
|
|
(4,469
|
)
|
|
|
(6,198
|
)
|
Payments of interest
|
|
|
(3,790
|
)
|
|
|
(5,470
|
)
|
Payment of income taxes
|
|
|
(2,157
|
)
|
|
|
(4,141
|
)
|
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents provided by operating activities
|
|
|
163,903
|
|
|
|
43,617
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
Proceeds from sales of mining concessions, property, plant and equipment
|
|
|
110
|
|
|
|
134
|
|
Acquisitions of mining concessions, development costs, property, plant and equipment
|
|
|
(52,028
|
)
|
|
|
(37,118
|
)
|
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents used in investing activities
|
|
|
(51,918
|
)
|
|
|
(36,984
|
)
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
Increase of bank loans
|
|
|
160,000
|
|
|
|
88,081
|
|
Payment of bank loans
|
|
|
(160,000
|
)
|
|
|
(40,000
|
)
|
Increase of financial obligations
|
|
|
1,186
|
|
|
|
10,000
|
|
Payment of financial obligations
|
|
|
(8,584
|
)
|
|
|
(5,018
|
)
|
Acquisition of non-controlling interest
|
|
|
(158
|
)
|
|
|
-
|
|
Dividends paid to non-controlling interest
|
|
|
(2,080
|
)
|
|
|
(3,268
|
)
|
Increase of restricted current accounts
|
|
|
(4,452
|
)
|
|
|
(2,953
|
)
|
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents provided by (used in) financing activities
|
|
|
(14,088
|
)
|
|
|
46,842
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents during the period
|
|
|
97,897
|
|
|
|
53,475
|
|
Cash and cash equivalents at the beginning of the period
|
|
|
76,588
|
|
|
|
76,581
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at period-end
|
|
|
174,485
|
|
|
|
130,056
|
|
Compañía de Minas Buenaventura S.A.A.
First Quarter 2016 Results
Page
22
of 22
|
|
2016
|
|
|
2015
|
|
|
|
US$(000)
|
|
|
US$(000)
|
|
Reconciliation of net profit to cash and cash equivalents provided by operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit attributable to owners of the parent
|
|
|
51,562
|
|
|
|
17,319
|
|
|
|
|
|
|
|
|
|
|
Plus (less):
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
50,899
|
|
|
|
54,619
|
|
Provision for employee bonus
|
|
|
5,658
|
|
|
|
8,175
|
|
Accretion expense of provision for closure of mining units and exploration projects
|
|
|
738
|
|
|
|
275
|
|
Net share in results of associates under equity method
|
|
|
(28,397
|
)
|
|
|
(36,274
|
)
|
Provision for estimated fair value of embedded derivatives related to concentrate sales and adjustments on open liquidations
|
|
|
(13,021
|
)
|
|
|
(6,656
|
)
|
Deferred income tax expense (income)
|
|
|
(13,792
|
)
|
|
|
5,050
|
|
Net loss (gain) from currency exchange difference
|
|
|
(6,379
|
)
|
|
|
2,317
|
|
Provision return for impairment of inventories
|
|
|
(1,782
|
)
|
|
|
(1,252
|
)
|
Net loss attributable to non-controlling interest
|
|
|
(314
|
)
|
|
|
(7,071
|
)
|
Net loss (gain) on sales of mining concessions, property, plant and equipment
|
|
|
(110
|
)
|
|
|
1,314
|
|
Other net
|
|
|
88
|
|
|
|
(4,616
|
)
|
|
|
|
|
|
|
|
|
|
Net changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Decrease (increase) in operating assets -
|
|
|
|
|
|
|
|
|
Trade and other accounts receivable
|
|
|
1,537
|
|
|
|
18,637
|
|
Inventories
|
|
|
9,799
|
|
|
|
27,801
|
|
Income tax credit
|
|
|
7,944
|
|
|
|
1,699
|
|
Prepaid expenses
|
|
|
(6,366
|
)
|
|
|
1,160
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in operating liabilities -
|
|
|
|
|
|
|
|
|
Trade and other accounts payable
|
|
|
(30,658
|
)
|
|
|
(34,645
|
)
|
Provisions
|
|
|
3,039
|
|
|
|
(8,653
|
)
|
Income tax payable
|
|
|
(557
|
)
|
|
|
2,361
|
|
|
|
|
|
|
|
|
|
|
Proceeds from dividends
|
|
|
134,015
|
|
|
|
2,057
|
|
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents provided by operating activities
|
|
|
163,903
|
|
|
|
43,617
|
|
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.
/s/ CARLOS E. GALVEZ PINILLOS
Carlos E. Gálvez Pinillos
Chief Financial Officer
Date: April 29, 2016
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