Buenaventura Announces Third Quarter and Nine-month 2024 Results
Third Quarter and Nine-Month 2024 Highlights:
-
3Q24 EBITDA from direct operations excluding the sale of
Chaupiloma Royalty Company wasUS$ 132.4 million , compared toUS$ 53.3 million reported in 3Q23. 9M24 EBITDA from direct operations excluding the sale ofChaupiloma Royalty Company reachedUS$ 333.8 million , compared toUS$ 121.9 million reported in 9M23. -
3Q24 net income including the sale of
Chaupiloma Royalty Company reachedUS$ 236.9 million , compared to aUS$ 28.0 million net loss for the same period in 2023. 9M24 net income including the sale ofChaupiloma Royalty Company wasUS$ 369.1 million , compared toUS$ 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 toUS$ 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 forUS$ 210 million during 3Q24, as was announced onAugust 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 |
(2) |
Net Income attributable to owners of the parent. |
(3) |
As of |
For a full version of Compañía de Minas Buenaventura Third Quarter 2024 Earnings Release, please visit: https://www.buenaventura.com/en/inversionistas/reportes-trimestrales/2024
CONFERENCE CALL INFORMATION:
Compañia de
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Company Description
Compañía de
The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with
For a printed version of the Company’s 2023 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 and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company’s ability to manage its business and liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s results of operations, including net revenues, earnings and cash flows, the Company’s ability to reduce costs and capital spending in response to the COVID-19 pandemic if needed, the Company’s balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company’s prospects for financial performance, growth and achievement of its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases.
This press release may also contain forward-looking information (as defined in the
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030643286/en/
Contacts in
+51 1 419 2540
+51 1 419 2591
gabriel.salas@buenaventura.pe
Contact in
+1 646 452 2334
barbara@inspirgroup.com
Website: www.buenaventura.com
Source: Compañia de