FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of October 2015
BUENAVENTURA
MINING COMPANY INC.
(Translation of Registrant's Name
into English)
CARLOS VILLARAN 790
SANTA CATALINA, LIMA 13, PERU
(Address of Principal Executive Offices)
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 whether the registrant
by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x
If "Yes" is marked, indicate below
the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-________________.
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Buenaventura
Announces Third Quarter and
Nine-Month
Period 2015 Results |
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Lima,
Peru, October 29, 2015 – 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,
announced today results for the third quarter (3Q15) and nine-month (9M15) periods, ended September 30, 2015. 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$). |
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Third
Quarter 2015 Highlights: |
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· |
In 3Q15, EBITDA from direct
operations was US$6.9 million and adjusted EBITDA (including associated companies) was US$73.5 million. |
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· |
Total attributable production
(including associates) in 3Q15 was 197k gold ounces and 5.8 million silver ounces (compared to 217k gold ounces and 5.2 million
silver ounces in 3Q14). |
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At the Tambomayo project,
100% of mayor equipment has been purchased. Operations are expected to start in 3Q16. |
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· |
At the San Gabriel (Chucapaca)
project, the Environmental Impact Assessment (EIA) of the project´s construction is expected to be approved in 1Q16. |
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During 3Q15, El Brocal
average ore treated reached 15K TPD level. Full production capacity level (18K TPD) will be reached in 4Q15. |
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Cerro Verde’s plant
expansion to 360K TPD is in-line with schedule and budget (more than 95% complete). Full plant capacity is expected to be
reached in 1Q16. |
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Financial Highlights
(in millions of US$, except EPS figures): |
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3Q15 |
3Q14 |
Var% |
9M15 |
9M14 |
Var% |
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Total
Revenues |
208.8 |
316.2 |
-34% |
717.2 |
899.3 |
-20% |
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Operating
Profit |
-54.7 |
31.2 |
N.A. |
-94.7 |
79.9 |
N.A. |
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EBITDA
Direct Operations |
6.9 |
88.9 |
-92% |
88.9 |
234.7 |
-62% |
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Adjusted
EBITDA (Inc Associates) |
73.5 |
222.4 |
-67% |
305.3 |
493.9 |
-38% |
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Net
Income |
-23.2 |
78.3 |
N.A. |
-24.7 |
85.3 |
N.A. |
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EPS* |
-0.09 |
0.31 |
N.A. |
-0.10 |
0.34 |
N.A. |
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(*)
as of September 30, 2015 Buenaventura had 254,186,867 outstanding shares. |
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Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2015 Results
Page 2 of 23
During 3Q15, net sales were US$200.1 million, a 35% decrease
compared to the US$306.7 million reported in 3Q14. This was mainly explained by the decrease in gold, silver and copper prices
as well as lower gold and copper volume sold.
Royalty income decreased 9%, to US$8.7
million in 3Q15 compared to the US$9.5 reported in 3Q14. This was due to lower revenues at Yanacocha (13% lower QoQ).
Operating
Highlights |
3Q15 |
3Q14 |
Var% |
9M15 |
9M14 |
Var% |
Net Sales
(in millions of US$) |
200.1 |
306.7 |
-35% |
692.0 |
874.4 |
-21% |
Average
Realized Gold Price (US$/oz)1 2 |
1,102 |
1,273 |
-13% |
1,170 |
1,285 |
-9% |
Average
Realized Gold Price (US$/oz) inc. Affiliates |
1,111 |
1,274 |
-13% |
1,173 |
1,284 |
-9% |
Average
Realized Silver Price (US$/oz)1 2 |
14.50 |
19.59 |
-26% |
15.34 |
19.71 |
-22% |
Average
Realized Lead Price (US$/MT) 1 2 |
1,593 |
2,210 |
-28% |
1,734 |
2,155 |
-20% |
Average Realized
Zinc Price (US$/MT) 1 2 |
1,775 |
2,365 |
-25% |
1,998 |
2,248 |
-11% |
Average
Realized Copper Price (US$/MT) 1 2 |
3,723 |
6,864 |
-46% |
4,599 |
6,824 |
-33% |
| (1) | Buenaventura’s Direct Operations |
| (2) | The realized price considers
the adjustments of quational periods |
Volume
Sold |
3Q15 |
3Q14 |
Var% |
9M15 |
9M14 |
Var% |
Gold
Oz Direct Operations |
94,841 |
117,956 |
-20% |
287,548 |
334,214 |
-14% |
Gold
Oz inc Associated Companies |
212,701 |
231,038 |
-8% |
611,527 |
629,341 |
-3% |
Silver
Oz |
4,864,690 |
4,865,059 |
0% |
14,448,264 |
13,969,353 |
3% |
Lead
MT |
6,409 |
4,848 |
32% |
22,086 |
13,129 |
68% |
Zinc
MT |
12,543 |
5,162 |
143% |
39,442 |
10,943 |
260% |
Copper
MT |
7,456 |
10,625 |
-30% |
19,917 |
29,812 |
-33% |
For 9M15, net sales decreased 21%, from
US$874.4 million in 9M14 to US$692.0 million in 9M15. Royalty income was US$25.2 million in 9M15 in-line with the figure reported
in 9M14.
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2015 Results
Page 3 of 23
Production
and Operating Costs |
In 3Q15, Buenaventura’s gold equity
production from direct operations decreased 16%, from 108,432 ounces in 3Q14 to 91,188 ounces in 3Q15 due to the decline in production
at Breapampa mine. Gold production including associated companies was 197,019 ounces, 9% lower than the reported in the same period
2014. Silver equity production from direct operations increased 11%, mainly due to higher production at Uchucchacua mine.
Equity
Production |
3Q15 |
3Q14 |
Var% |
9M15 |
9M14 |
Var% |
Gold
Oz Direct Operations1 |
91,188 |
108,432 |
-16% |
267,969 |
317,968 |
-16% |
Gold
Oz including Associated Companies |
197,019 |
217,308 |
-9% |
576,328 |
600,661 |
-4% |
Silver
Oz Direct Operations1 |
5,629,336 |
5,064,369 |
11% |
15,425,859 |
13,724,183 |
12% |
Silver
Oz including Associated Companies |
5,762,107 |
5,215,218 |
10% |
15,818,165 |
14,167,832 |
12% |
Lead
MT |
6,542 |
5,149 |
27% |
19,697 |
14,215 |
39% |
Zinc
MT |
10,047 |
5,163 |
95% |
31,108 |
13,530 |
130% |
Copper
MT Direct Operations1 |
5,187 |
6,435 |
-19% |
12,640 |
17,792 |
-29% |
Copper
MT including Associated Companies |
16,115 |
16,865 |
-4% |
42,275 |
51,255 |
-18% |
Orcopampa’s (100% owned
by Buenaventura)
Production |
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3Q15 |
3Q14 |
Var
% |
9M15 |
9M14 |
Var
% |
Gold
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Oz |
54,035 |
52,317 |
3% |
156,023 |
148,348 |
5% |
Silver |
Oz |
146,930 |
120,459 |
22% |
392,541 |
286,570 |
37% |
Cost
Applicable to Sales |
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3Q15 |
3Q14 |
Var
% |
9M15 |
9M14 |
Var
% |
Gold |
US$/Oz |
632 |
820 |
-23% |
675 |
804 |
-16% |
Gold production at Orcopampa increased
3% in 3Q15 (compared to 3Q14) due to higher ore grade (Appendix 2). Cost Applicable to Sales (CAS) in 3Q15 decreased 23% explained
by lower contractor costs (renegotiated unit prices) and lower reagent costs (price of cyanide).
Gold production guidance for 2015 is 190k
– 205k ounces.
Uchucchacua (100% owned by Buenaventura)
Production |
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3Q15 |
3Q14 |
Var
% |
9M15 |
9M14 |
Var
% |
Silver |
Oz |
3,775,049 |
3,293,830 |
15% |
9,801,411 |
8,659,942 |
13% |
Zinc |
MT |
1,293 |
1,800 |
-28% |
4,090 |
4,845 |
-16% |
Lead
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MT |
2,340 |
2,115 |
11% |
5,869 |
5,519 |
6% |
1 Direct Operation production includes 100% of Buenaventura’s
operating units, 53.06% of La Zanja, 54.07% of El Brocal and 40.10% of Coimolache (Tantahuatay).
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2015 Results
Page 4 of 23
Cost
Applicable to Sales |
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3Q15 |
3Q14 |
Var
% |
9M15 |
9M14 |
Var
% |
Silver |
US$/Oz |
13.51 |
17.69 |
-24% |
14.44 |
16.83 |
-14% |
Silver production in 3Q15 increased 15%
compared to 3Q14, due to higher ore treated. Cost Applicable to Sales (CAS) in 3Q15 decreased 24% compared to 3Q14, mainly explained
by lower consumable costs (reagents, ball bearings and blasting materials) and lower hauling costs (mine infrastructure improvements).
Silver production guidance for 2015 is
14.0 million – 14.5 million ounces.
Mallay (100% owned by Buenaventura)
Production |
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3Q15 |
3Q14 |
Var % |
9M15 |
9M14 |
Var % |
Silver |
Oz |
323,095 |
307,523 |
5% |
928,126 |
906,821 |
2% |
Zinc |
MT |
2,445 |
2,540 |
-4% |
6,765 |
7,560 |
-11% |
Lead |
MT |
1,925 |
1,921 |
0% |
5,353 |
5,637 |
-5% |
Cost Applicable to Sales |
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3Q15 |
3Q14 |
Var % |
9M15 |
9M14 |
Var % |
Silver |
US$/Oz |
13.94 |
15.03 |
-7% |
13.96 |
14.04 |
-1% |
Silver production in 3Q15 increased 5%
compared to 3Q14, due to higher ore treated despite the lower grade (Appendix 2). Cost Applicable to Sales (CAS) in 3Q15 was 7%
lower compared to 3Q14 due to more ounces produced and lower exploration expenses.
Silver production guidance for 2015 is
1.1 million – 1.3 million ounces.
Julcani (100% owned by Buenaventura)
Production |
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3Q15 |
3Q14 |
Var % |
9M15 |
9M14 |
Var % |
Silver |
Oz |
794,810 |
774,728 |
3% |
2,397,790 |
2,301,694 |
4% |
Cost Applicable to Sales |
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3Q15 |
3Q14 |
Var % |
9M15 |
9M14 |
Var % |
Silver |
US$/Oz |
12.95 |
16.32 |
-21% |
12.70 |
14.18 |
-10% |
Silver production in 3Q15 increased 3%
compared to 3Q14 production, due to higher ore treated despite the lower grade (Appendix 2). Cost Applicable to Sales (CAS) in
3Q15 was 21% lower than 3Q14, mainly due to lower exploration expenses.
Silver production guidance for 2015 is
2.9 million – 3.1 million ounces.
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2015 Results
Page 5 of 23
La Zanja’s (53.06% owned by Buenaventura)
Production |
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3Q15 |
3Q14 |
Var
% |
9M15 |
9M14 |
Var
% |
Gold |
Oz |
35,653 |
36,143 |
-1% |
103,362 |
108,765 |
-5% |
Silver |
Oz |
78,844 |
105,741 |
-25% |
241,969 |
339,801 |
-29% |
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Cost
Applicable to Sales |
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3Q15 |
3Q14 |
Var
% |
9M15 |
9M14 |
Var
% |
Gold |
US$/Oz |
824 |
677 |
22% |
773 |
529 |
46% |
Gold production in 3Q15 decreased 1% compared
to 3Q14. CAS in 3Q15 increased 22% mainly due to higher ore hauling costs explained by the longer distance between the Pampa Verde
Pit and the leaching pad compared to the San Pedro Sur Pit. In 3Q15, 95% of the production came from the Pampa Verde pit in contrast
to 50% in 3Q14.
Gold production guidance for 2015 is 138k
– 142k ounces.
Tantahuatay’s (40.10% owned by
Buenaventura)
Production |
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3Q15 |
3Q14 |
Var
% |
9M15 |
9M14 |
Var
% |
Gold |
Oz |
34,739 |
37,281 |
-7% |
97,085 |
105,085 |
-8% |
Silver |
Oz |
259,433 |
234,710 |
11% |
598,392 |
527,226 |
13% |
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Cost
Applicable to Sales |
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3Q15 |
3Q14 |
Var
% |
9M15 |
9M14 |
Var
% |
Gold |
US$/Oz |
483 |
423 |
14% |
542 |
447 |
21% |
Gold production in 3Q15 decreased 7% compared
to the figure reported in 3Q14. CAS in 3Q15 increased 14% mainly due to a higher stripping ratio and preoperational stripping
in the Cienaga Norte pit.
Gold production guidance for 2015 is 138k
– 142k ounces
El Brocal (54.07% owned by Buenaventura)
Production |
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3Q15 |
3Q14 |
Var
% |
9M15 |
9M14 |
Var
% |
Copper |
MT |
9,446 |
11,764 |
-20% |
22,895 |
32,533 |
-30% |
Zinc |
MT |
11,670 |
1,522 |
667% |
37,353 |
1,522 |
2,354% |
Silver |
Oz |
735,760 |
584,116 |
26% |
2,486,399 |
1,580,213 |
57% |
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Cost
Applicable to Sales |
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3Q15 |
3Q14 |
Var
% |
9M15 |
9M14 |
Var
% |
Copper |
US$/MT |
5,161 |
5,272 |
-2% |
5,267 |
4,971 |
6% |
Zinc |
US$/MT |
1,823 |
1,403 |
30% |
1,653 |
1,732 |
-5% |
During 3Q15, 55% of the plant capacity
was used to treat pollymetalic ore and 45% to treat copper ore (compared to 8% pollymetalic ore and 92% copper ore). As a consequence,
Copper production decreased 20%, silver production increased 26% and Zinc production increased 667%.
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2015 Results
Page 6 of 23
In 3Q15, Zinc CAS increased 30% compared
to 3Q14 mainly due to higher commercial deductions. Copper CAS decreased 2% compared to 3Q14, mainly due to a lower ore grade.
Zinc production guidance for 2015 is 50k
– 55k MT. Copper production guidance for 2015 is 30k – 35k MT.
General
and Administrative Expenses |
General and administrative expenses in
3Q15 were US$20.4million, 11% lower compared to the 3Q14 figure (US$23.0 million). For the nine-month period 2015, the expense
was US$60.8 million (US$72.7 million in 9M14).
Exploration
in Non-Operating Areas |
Exploration in non-operating areas during
3Q15 was US$5.3 million compared with the US$7.2 million in 3Q14. During the period, Buenaventura’s main exploration efforts
were focused on the Tambomayo project (US$3.1 million). For the nine-month period 2015, the expense was US$25.7 million (US$32.4
million in 9M14).
Share
in Associated Companies |
During 3Q15, Buenaventura’s share
in associated companies was US$13.4 million, compared to US$23.6 million reported in 3Q14, composed by:
Share in the Result of Associates
(in millions of US$) |
3Q15 |
3Q14 |
Var
% |
9M15 |
9M14 |
Var
% |
Cerro
Verde |
1.3 |
14.9 |
-91% |
9.1 |
57.1 |
-84% |
Coimolache
(Tantahuatay mine) |
4.1 |
6.3 |
-35% |
10.1 |
17.2 |
-41% |
Yanacocha |
8.0 |
2.3 |
241% |
42.4 |
(35.0) |
N.A. |
Total |
13.4 |
23.6 |
-43% |
61.6 |
39.2 |
57% |
YANACOCHA
At Yanacocha (43.65% owned by Buenaventura),
during 3Q15, gold production was 242,454 ounces of gold, 3% lower than 3Q14 production (249,429 ounces). For the nine-month 2015
period, gold production was 706,433 ounces, 9% higher than 647,635 ounces in 9M14.
Gold production guidance at Yanacocha
for 2015 is 880k – 920k ounces.
In 3Q15, Yanacocha reported net income
of US$18.2 million compared to US$60.3 million reported in 3Q14. CAS in 3Q15 was US$630/oz, 20% higher than the US$526/oz reported
in 3Q14 mainly due to a higher inventory write-down (US$19.9 million in 3Q15 compared to US$9.2 million in 3Q14) and higher workers
participation.
Capital expenditures at Yanacocha were
US$25.5 million in 3Q15, while for 9M15 was US$58.9 million.
Yanacocha still has a strong pipeline
of growth projects: Quecher Main (prefeasibility), Chaquicocha Sulphides and Yanacocha Verde (scoping) and Maqui Maqui (exploration).
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2015 Results
Page 7 of 23
CERRO VERDE
At Cerro Verde (19.58% owned by Buenaventura),
during 3Q15 copper production was 55,811 MT (10,928 MT attributable to Buenaventura), a 5% increase compared to 3Q14 (53,268 MT
and 10,430 MT attributable to Buenaventura). For 9M15, copper production was 151,354 MT (29,635 MT attributable to Buenaventura).
During 3Q15, Cerro Verde reported a net
profit of US$6.7 million compared to US$85.3 million in 3Q14. This was mainly due to lower sales explained by the decline in copper
price (US$2.14/lb in 3Q15 vs US$2.98/lb in 3Q14), despite of the 12% increase in volume sold. For 9M15, net income was US$46.5
million (compared to US$321.7 million in 9M14).
Capital expenditures at Cerro Verde were
US$385.1 million in 3Q15, and US$1,321.5 million in 9M15.
Cerro Verde’s plant expansion was
360K TPD, in-line with schedule and budget (more than 95% complete). In September 2015, one of the primary crushers and two mills
started operations, resulting in the first production of copper concentrate coming from the new plant.
As of September 30, 2015, accumulated
CAPEX of the expansion project was US$4.2 billion (out of US$4.6 billion budget). Full plant capacity is expected to be reached
in 1Q16 and will become the largest concentration facility in the world.
COIMOLACHE (Tantahuatay operation)
At Coimolache (40.10% owned by Buenaventura),
attributable contribution to the net income in 3Q15 was US$4.1 million (US$6.3 million in 3Q14). For 9M15, the contribution was
US$10.1 million, compared to US$17.2 million reported in 2014.
Project
Development and Exploration |
The Tambomayo Project (100% ownership)
| · | Detail
engineering currently at 95% of development |
| · | Civil
works are expected to be completed in 3Q16 |
| · | 100%
of mayor equipment has been purchased |
| · | CAPEX:
US$ 290 – 340 million (includes 100% of mine development and a plant of 1,500 TPD) |
The San Gabriel Project (100% ownership)
| · | Environmental
Impact Assessment (EIA) of the project´s construction is expected to be approved
in 1Q16 |
| · | Feasibility
studies completed in 3Q16 |
| · | Estimated
CAPEX: US$ 400 – 500 million (this includes US$81million paid to Gold Fields in
2014) |
| · | Basic
engineering of the project is expected to be ready in 1Q16 |
| · | Construction
of the exploration ramp: 280 meters drifted (objective for 2015: 520 meters) |
The Company’s Board of Directors approved Buenaventura´s
participation in the following El Brocal financing transactions:
| · | Capital
increase of up to US$70 million in two trenches of US$35 million each (1st
trench is mandatory and the 2nd trench is subject to El Brocal´s board
of directors approval) |
| · | Private
bond issuance of US$35 million |
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2015 Results
Page 8 of 23
* *
*
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
2014 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* |
54.07 |
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.
Third Quarter and Nine-Month 2015 Results
Page 9 of 23
APPENDIX 2
|
|
GOLD PRODUCTION |
|
|
3Q15 |
3Q14 |
% |
9M15 |
9M14 |
% |
Mining Unit |
Operating Results |
Underground |
Orcopampa |
Ore Milled DMT |
114,509 |
119,748 |
-4% |
337,344 |
338,832 |
0% |
|
Ore Grade OZ/MT |
0.49 |
0.44 |
10% |
0.48 |
0.45 |
6% |
|
Recovery Rate % |
95.2% |
97.6% |
-2% |
95.8% |
97.1% |
-1% |
|
Ounces Produced* |
54,035 |
52,317 |
3% |
156,023 |
147,349 |
6% |
Mining Unit |
Operating Results |
Open Pit |
La Zanja |
Ounces Produced |
35,653 |
36,143 |
-1% |
103,362 |
108,765 |
-5% |
Tantahuatay |
Ounces Produced |
34,739 |
37,281 |
-7% |
97,085 |
105,085 |
-8% |
* Includes ounces from retreatment of taling dams |
|
|
|
|
|
|
|
|
|
|
SILVER PRODUCTION |
|
|
3Q15 |
3Q14 |
% |
9M15 |
9M14 |
% |
Mining Unit |
Operating Results |
Underground |
Uchucchacua |
Ore Milled DMT |
310,733 |
267,963 |
16% |
803,255 |
725,664 |
11% |
|
Ore Grade OZ/MT |
14.56 |
14.68 |
-1% |
14.57 |
14.85 |
-2% |
|
Recovery Rate % |
83.5% |
83.7% |
0% |
83.8% |
80.4% |
4% |
|
Ounces Produced |
3,775,050 |
3,293,830 |
15% |
9,801,412 |
8,659,942 |
13% |
Julcani |
Ore Milled DMT |
44,937 |
41,714 |
8% |
132,242 |
132,924 |
-1% |
|
Ore Grade OZ/MT |
18.51 |
19.51 |
-5% |
18.93 |
19.42 |
-3% |
|
Recovery Rate % |
95.5% |
95.2% |
0% |
95.3% |
95.2% |
0% |
|
Ounces Produced |
794,810 |
774,728 |
3% |
2,397,790 |
2,301,694 |
4% |
Mallay |
Ore Milled DMT |
41,888 |
37,521 |
12% |
115,312 |
109,768 |
5% |
|
Ore Grade OZ/MT |
8.31 |
8.67 |
-4% |
8.57 |
8.81 |
-3% |
|
Recovery Rate % |
92.8% |
94.5% |
-2% |
94.0% |
93.8% |
0% |
|
Ounces Produced |
323,095 |
307,523 |
5% |
928,126 |
906,821 |
2% |
Mining Unit |
Operating Results |
Open Pit |
Colquijirca |
Ounces Produced |
517,648 |
112,446 |
360% |
1,781,192 |
112,446 |
1484% |
|
|
|
|
|
|
|
|
|
|
ZINC PRODUCTION |
|
|
3Q15 |
3Q14 |
% |
9M15 |
9M14 |
% |
Mining Unit |
Operating Results |
Underground |
Uchucchacua |
Ore Milled DMT |
310,733 |
267,963 |
16% |
803,256 |
725,664 |
11% |
|
Ore Grade % |
1.03% |
1.10% |
-6% |
1.05% |
1.09% |
-4% |
|
Recovery Rate % |
40.5% |
61.2% |
-34% |
48.2% |
61.1% |
-21% |
|
MT Produced |
1,294 |
1,800 |
-28% |
4,091 |
4,845 |
-16% |
Mallay |
Ore Milled DMT |
41,888 |
37,522 |
12% |
115,312 |
109,770 |
5% |
|
Ore Grade % |
6.65% |
7.90% |
-16% |
6.64% |
8.05% |
-18% |
|
Recovery Rate % |
87.8% |
85.7% |
3% |
88.5% |
85.6% |
3% |
|
MT Produced |
2,445 |
2,540 |
-4% |
6,765 |
7,560 |
-11% |
Mining Unit |
Operating Results |
Open Pit |
Colquijirca |
MT Produced |
11,670 |
1,522 |
667% |
37,353 |
1,522 |
2354% |
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2015 Results
Page 10 of 23
APPENDIX 3: EBITDA Reconciliation (in thousand US$)
|
3Q15 |
3Q14 |
9M15 |
9M14 |
Net Income |
-39,006 |
80,599 |
-60,248 |
102,801 |
Add / Substract: |
45,938 |
8,317 |
149,192 |
131,935 |
Provision for income tax, net |
-14,297 |
24,269 |
-3,931 |
42,084 |
Share in associated companies by the equity method, net |
-13,381 |
-23,553 |
-61,621 |
-39,242 |
Gain on business combination |
0 |
-59,879 |
0 |
-59,879 |
Interest income |
-827 |
-552 |
-2,441 |
-4,199 |
Interest expense |
6,951 |
848 |
21,103 |
7,005 |
Loss on currency exchange difference |
3,945 |
4,304 |
7,525 |
5,071 |
Long Term Compensation provision |
0 |
0 |
0 |
1,925 |
Depreciation and Amortization |
61,377 |
55,925 |
179,185 |
151,014 |
Workers´ participation provision |
246 |
1,817 |
629 |
1,872 |
Impairment of long-term lived assets |
0 |
0 |
3,803 |
0 |
Write-Down adjustment |
0 |
0 |
0 |
0 |
Loss from discontinued operations |
1,924 |
5,138 |
4,940 |
26,284 |
EBITDA Buenaventura Direct Operations |
6,932 |
88,916 |
88,944 |
234,736 |
EBITDA Yanacocha (43.65%) |
38,496 |
85,545 |
146,005 |
99,725 |
EBITDA Cerro Verde (19.58%) |
18,707 |
34,957 |
44,764 |
122,873 |
EBITDA Coimolache (40.10%) |
9,402 |
12,959 |
25,605 |
36,605 |
Adjusted EBITDA (Including Associated companies) |
73,537 |
222,377 |
305,318 |
493,938 |
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.
Third Quarter and Nine-Month 2015 Results
Page 11 of 23
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.
Third Quarter and Nine-Month 2015 Results
Page 12 of 23
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 Sep 30 |
|
For the 9 months ended Sep 30 |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
(in thousands of US$) |
Consolidated Cost of sales excluding depreciation and amortization |
136,185 |
|
160,298 |
|
433,557 |
|
447,568 |
Add: |
|
|
|
|
|
|
|
Consolidated Exploration in units in operation |
20,991 |
|
25,424 |
|
66,091 |
|
76,579 |
Consolidated Commercial deductions |
45,111 |
|
51,266 |
|
135,213 |
|
129,621 |
Consolidated Selling expenses |
4,707 |
|
4,332 |
|
12,815 |
|
12,921 |
Consolidated Cost applicable to sales |
206,994 |
|
241,319 |
|
647,677 |
|
666,689 |
Set forth below is a reconciliation of Cost of sales, excluding
depreciation and amortization (by mine and mineral) to consolidated Cost of sales:
|
|
For the 3 months ended Sep 30 |
|
For the 9 months ended Sep 30 |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Cost of sales by mine and mineral |
|
(in thousands of US$) |
Julcani, Gold |
|
6 |
|
6 |
|
40 |
|
-4 |
Julcani, Silver |
|
3,715 |
|
8,070 |
|
16,396 |
|
18,514 |
Julcani, Lead |
|
282 |
|
605 |
|
1,420 |
|
1,515 |
Julcani, Copper |
|
41 |
|
75 |
|
189 |
|
144 |
Mallay, Gold |
|
57 |
|
0 |
|
54 |
|
0 |
Mallay, Silver |
|
1,936 |
|
2,258 |
|
5,785 |
|
6,222 |
Mallay, Lead |
|
1,304 |
|
1,613 |
|
3,848 |
|
4,426 |
Mallay, Zinc |
|
1,577 |
|
2,552 |
|
4,934 |
|
5,522 |
Breapampa, Gold |
|
2,532 |
|
9,008 |
|
9,763 |
|
27,181 |
Breapampa, Silver |
|
607 |
|
515 |
|
1,647 |
|
1,775 |
Orcopampa, Gold |
|
24,097 |
|
31,520 |
|
78,131 |
|
81,397 |
Orcopampa, Silver |
|
806 |
|
963 |
|
2,629 |
|
2,355 |
Uchucchacua, Gold |
|
16 |
|
0 |
|
18 |
|
0 |
Uchucchacua, Silver |
|
28,612 |
|
37,345 |
|
78,791 |
|
100,009 |
Uchucchacua, Lead |
|
1,739 |
|
2,384 |
|
4,642 |
|
5,991 |
Uchucchacua, Zinc |
|
821 |
|
1,781 |
|
3,829 |
|
4,120 |
La Zanja, Gold |
|
29,306 |
|
25,244 |
|
79,778 |
|
56,921 |
La Zanja, Silver |
|
854 |
|
991 |
|
2,604 |
|
2,475 |
El Brocal, Gold |
|
1,370 |
|
1,354 |
|
2,542 |
|
2,500 |
El Brocal, Silver |
|
3,861 |
|
3,035 |
|
14,007 |
|
8,433 |
El Brocal, Lead |
|
2,566 |
|
564 |
|
9,693 |
|
901 |
El Brocal, Zinc |
|
11,403 |
|
1,000 |
|
31,404 |
|
967 |
El Brocal, Copper |
|
17,878 |
|
26,345 |
|
46,358 |
|
71,177 |
Non Mining Units |
|
796 |
|
3,069 |
|
35,053 |
|
45,026 |
Consolidated Cost of sales, excluding depreciation and amortization |
|
136,185 |
|
160,298 |
|
433,557 |
|
447,568 |
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 Sep 30 |
|
For the 9 months ended Sep 30 |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Exploration expenses in units in operation by mine and mineral |
(in thousands of US$) |
Julcani, Gold |
|
4 |
|
2 |
|
22 |
|
-2 |
Julcani, Silver |
|
2,582 |
|
2,781 |
|
8,945 |
|
7,819 |
Julcani, Lead |
|
196 |
|
209 |
|
775 |
|
640 |
Julcani, Copper |
|
29 |
|
26 |
|
103 |
|
61 |
Mallay, Gold |
|
21 |
|
0 |
|
20 |
|
0 |
Mallay, Silver |
|
699 |
|
825 |
|
2,178 |
|
2,133 |
Mallay, Lead |
|
470 |
|
589 |
|
1,449 |
|
1,517 |
Mallay, Zinc |
|
569 |
|
932 |
|
1,857 |
|
1,893 |
Breapampa, Gold |
|
1 |
|
77 |
|
71 |
|
399 |
Breapampa, Silver |
|
0 |
|
4 |
|
12 |
|
26 |
Orcopampa, Gold |
|
9,365 |
|
13,493 |
|
30,664 |
|
40,437 |
Orcopampa, Silver |
|
313 |
|
412 |
|
1,032 |
|
1,170 |
Uchucchacua, Gold |
|
3 |
|
0 |
|
4 |
|
0 |
Uchucchacua, Silver |
|
6,176 |
|
5,437 |
|
17,087 |
|
18,509 |
Uchucchacua, Lead |
|
375 |
|
347 |
|
1,007 |
|
1,109 |
Uchucchacua, Zinc |
|
177 |
|
259 |
|
830 |
|
762 |
La Zanja, Gold |
|
9 |
|
29 |
|
35 |
|
101 |
La Zanja, Silver |
|
0 |
|
1 |
|
1 |
|
4 |
El Brocal, Gold |
|
0 |
|
0 |
|
0 |
|
0 |
El Brocal, Silver |
|
0 |
|
0 |
|
0 |
|
0 |
El Brocal, Lead |
|
0 |
|
0 |
|
0 |
|
0 |
El Brocal, Zinc |
|
0 |
|
0 |
|
0 |
|
0 |
El Brocal, Copper |
|
0 |
|
0 |
|
0 |
|
0 |
Non Mining Units |
|
0 |
|
0 |
|
0 |
|
0 |
Consolidated Exploration expenses in units in operation |
20,991 |
|
25,424 |
|
66,091 |
|
76,579 |
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2015 Results
Page 13 of 23
Set forth below is a reconciliation of Commercial Deductions
in units in operation (by mine and mineral) to consolidated Commercial deductions:
|
For the 3 months ended Sep 30 |
|
For the 9 months ended Sep 30 |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Commercial Deductions in units in operation by mine and mineral |
(in thousands of US$) |
Julcani, Gold |
2 |
|
1 |
|
11 |
|
0 |
Julcani, Silver |
1,241 |
|
1,689 |
|
5,251 |
|
4,853 |
Julcani, Lead |
95 |
|
127 |
|
447 |
|
395 |
Julcani, Copper |
16 |
|
16 |
|
64 |
|
41 |
Mallay, Silver |
29 |
|
0 |
|
29 |
|
0 |
Mallay, Silver |
1,083 |
|
1,087 |
|
2,883 |
|
2,855 |
Mallay, Lead |
732 |
|
756 |
|
1,920 |
|
1,966 |
Mallay, Zinc |
1,062 |
|
1,778 |
|
3,155 |
|
3,858 |
Breapampa, Gold |
15 |
|
18 |
|
62 |
|
76 |
Breapampa, Silver |
2 |
|
0 |
|
5 |
|
0 |
Orcopampa, Gold |
81 |
|
72 |
|
200 |
|
201 |
Orcopampa, Silver |
0 |
|
0 |
|
0 |
|
0 |
Uchucchacua, Gold |
5 |
|
0 |
|
5 |
|
0 |
Uchucchacua, Silver |
9,094 |
|
10,305 |
|
25,236 |
|
26,256 |
Uchucchacua, Lead |
565 |
|
699 |
|
1,486 |
|
1,616 |
Uchucchacua, Zinc |
831 |
|
1,172 |
|
3,958 |
|
2,838 |
La Zanja, Gold |
77 |
|
45 |
|
141 |
|
201 |
La Zanja, Silver |
12 |
|
0 |
|
12 |
|
5 |
El Brocal, Gold |
1,287 |
|
1,419 |
|
2,922 |
|
2,574 |
El Brocal, Silver |
2,646 |
|
3,011 |
|
9,592 |
|
8,758 |
El Brocal, Lead |
1,129 |
|
306 |
|
4,400 |
|
675 |
El Brocal, Zinc |
5,631 |
|
617 |
|
17,719 |
|
785 |
El Brocal, Copper |
19,477 |
|
28,148 |
|
55,717 |
|
71,668 |
Non Mining Units |
0 |
|
0 |
|
0 |
|
0 |
Consolidated Commercial deductions in units in operation |
45,111 |
|
51,266 |
|
135,213 |
|
129,621 |
Set forth below is a reconciliation of Selling expenses (by
mine and mineral) to consolidated Selling expenses:
|
|
For the 3 months ended Sep 30 |
|
For the 9 months ended Sep 30 |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Selling expenses by mine and mineral |
|
(in thousands of US$) |
Julcani, Gold |
|
0 |
|
0 |
|
2 |
|
0 |
Julcani, Silver |
|
197 |
|
275 |
|
781 |
|
714 |
Julcani, Lead |
|
15 |
|
21 |
|
68 |
|
58 |
Julcani, Copper |
|
2 |
|
3 |
|
9 |
|
6 |
Mallay, Gold |
|
4 |
|
0 |
|
4 |
|
0 |
Mallay, Silver |
|
147 |
|
178 |
|
418 |
|
519 |
Mallay, Lead |
|
99 |
|
127 |
|
278 |
|
369 |
Mallay, Zinc |
|
119 |
|
201 |
|
357 |
|
461 |
Breapampa, Gold |
|
43 |
|
99 |
|
98 |
|
306 |
Breapampa, Silver |
|
10 |
|
6 |
|
17 |
|
20 |
Orcopampa, Gold |
|
192 |
|
251 |
|
634 |
|
706 |
Orcopampa, Silver |
|
6 |
|
8 |
|
21 |
|
20 |
Uchucchacua, Gold |
|
0 |
|
0 |
|
0 |
|
0 |
Uchucchacua, Silver |
|
816 |
|
843 |
|
2,166 |
|
2,229 |
Uchucchacua, Lead |
|
50 |
|
54 |
|
128 |
|
134 |
Uchucchacua, Zinc |
|
23 |
|
40 |
|
105 |
|
92 |
La Zanja, Gold |
|
269 |
|
326 |
|
923 |
|
981 |
La Zanja, Silver |
|
8 |
|
13 |
|
30 |
|
43 |
El Brocal, Gold |
|
79 |
|
72 |
|
133 |
|
179 |
El Brocal, Silver |
|
222 |
|
162 |
|
733 |
|
605 |
El Brocal, Lead |
|
147 |
|
30 |
|
507 |
|
65 |
El Brocal, Zinc |
|
654 |
|
53 |
|
1,642 |
|
69 |
El Brocal, Copper |
|
1,026 |
|
1,409 |
|
2,424 |
|
5,107 |
Non Mining Units |
|
579 |
|
160 |
|
1,337 |
|
238 |
Consolidated Selling expenses |
|
4,707 |
|
4,332 |
|
12,815 |
|
12,921 |
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2015 Results
Page 14 of 23
|
JULCANI |
|
3Q 2015 |
3Q 2014 |
|
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) |
6 |
3,715 |
282 |
- |
41 |
4,044 |
6 |
8,070 |
605 |
- |
75 |
8,756 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000) |
4 |
2,582 |
196 |
- |
29 |
2,811 |
2 |
2,781 |
209 |
- |
26 |
3,017 |
Commercial
Deductions (US$000) |
2 |
1,241 |
95 |
- |
16 |
1,353 |
1 |
1,689 |
127 |
- |
16 |
1,832 |
Selling
Expenses (US$000) |
0 |
197 |
15 |
- |
2 |
214 |
0 |
275 |
21 |
- |
3 |
299 |
Cost
Applicable to Sales (US$000) |
12 |
7,734 |
588 |
- |
88 |
8,423 |
10 |
12,815 |
961 |
- |
119 |
13,905 |
Divide: |
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold |
12 |
597,425 |
405 |
- |
19 |
Not
Applicable |
9 |
785,437 |
522 |
- |
21 |
Not
Applicable |
CAS |
994 |
12.95 |
1,452 |
- |
4,725 |
Not
Applicable |
1,067 |
16.32 |
1,843 |
- |
5,676 |
Not
Applicable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MALLAY |
|
3Q 2015 |
3Q 2014 |
|
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) |
57 |
1,936 |
1,304 |
1,577 |
- |
4,875 |
- |
2,258 |
1,613 |
2,552 |
- |
6,423 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000) |
21 |
699 |
470 |
569 |
- |
1,759 |
- |
825 |
589 |
932 |
- |
2,346 |
Commercial
Deductions (US$000) |
29 |
1,083 |
732 |
1,062 |
- |
2,906 |
- |
1,087 |
756 |
1,778 |
- |
3,620 |
Selling
Expenses (US$000) |
4 |
147 |
99 |
119 |
- |
369 |
- |
178 |
127 |
201 |
- |
507 |
Cost
Applicable to Sales (US$000) |
111 |
3,865 |
2,605 |
3,328 |
- |
9,909 |
- |
4,347 |
3,085 |
5,464 |
- |
12,896 |
Divide: |
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold |
105 |
277,157 |
1,737 |
2,024 |
- |
Not
Applicable |
- |
289,181 |
1,869 |
2,753 |
- |
Not
Applicable |
CAS |
1,062 |
13.94 |
1,500 |
1,644 |
- |
Not
Applicable |
- |
15.03 |
1,650 |
1,984 |
- |
Not
Applicable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BREAPAMPA |
|
3Q 2015 |
3Q 2014 |
|
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) |
2,532 |
607 |
- |
- |
- |
3,139 |
9,008 |
515 |
- |
- |
- |
9,523 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000) |
1 |
0 |
- |
- |
- |
1 |
77 |
4 |
- |
- |
- |
82 |
Commercial
Deductions (US$000) |
15 |
2 |
- |
- |
- |
17 |
18 |
- |
- |
- |
- |
18 |
Selling
Expenses (US$000) |
43 |
10 |
- |
- |
- |
53 |
99 |
6 |
- |
- |
- |
105 |
Cost
Applicable to Sales (US$000) |
2,590 |
620 |
- |
- |
- |
3,210 |
9,202 |
525 |
- |
- |
- |
9,727 |
Divide: |
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold |
3,471 |
63,069 |
- |
- |
- |
Not
Applicable |
21,877 |
83,179 |
- |
- |
- |
Not
Applicable |
CAS |
746 |
9.83 |
- |
- |
- |
Not
Applicable |
421 |
6.32 |
- |
- |
- |
Not
Applicable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORCOPAMPA |
|
3Q 2015 |
3Q 2014 |
|
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) |
24,097 |
806 |
- |
- |
- |
24,904 |
31,520 |
963 |
- |
- |
- |
32,483 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000) |
9,365 |
313 |
- |
- |
- |
9,678 |
13,493 |
412 |
- |
- |
- |
13,905 |
Commercial
Deductions (US$000) |
81 |
- |
- |
- |
- |
81 |
72 |
0 |
- |
- |
- |
73 |
Selling
Expenses (US$000) |
192 |
6 |
- |
- |
- |
198 |
251 |
8 |
- |
- |
- |
258 |
Cost
Applicable to Sales (US$000) |
33,734 |
1,126 |
- |
- |
- |
34,861 |
45,336 |
1,384 |
- |
- |
- |
46,719 |
Divide: |
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold |
53,376 |
136,573 |
- |
- |
- |
Not
Applicable |
55,279 |
113,405 |
- |
- |
- |
Not
Applicable |
CAS |
632 |
8.25 |
- |
- |
- |
Not
Applicable |
820 |
12.20 |
- |
- |
- |
Not
Applicable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UCHUCCHACUA |
|
3Q
2015 |
3Q
2014 |
|
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) |
16 |
28,612 |
1,739 |
821 |
- |
31,188 |
- |
37,345 |
2,384 |
1,781 |
- |
41,510 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000) |
3 |
6,176.21 |
375.43 |
177.20 |
- |
6,732.3 |
- |
5,437 |
347 |
259 |
- |
6,043 |
Commercial
Deductions (US$000) |
5 |
9,094 |
565 |
831 |
- |
10,495 |
- |
10,305 |
699 |
1,172 |
- |
12,176 |
Selling
Expenses (US$000) |
0 |
816 |
50 |
23 |
- |
889 |
- |
843 |
54 |
40 |
- |
937 |
Cost
Applicable to Sales (US$000) |
24 |
44,698 |
2,729 |
1,852 |
- |
49,305 |
- |
53,930 |
3,484 |
3,252 |
- |
60,666 |
Divide: |
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold |
23 |
3,307,909 |
1,831 |
815 |
- |
Not
Applicable |
- |
3,048,394 |
1,725 |
1,218 |
- |
Not
Applicable |
CAS |
1,043 |
13.51 |
1,491 |
2,272 |
- |
No
Applicable |
- |
17.69 |
2,019 |
2,670 |
- |
No
Applicable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JULCANI |
|
9M 2015 |
9M 2014 |
|
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) |
40 |
16,396 |
1,420 |
- |
189 |
18,045 |
-4 |
18,514 |
1,515 |
- |
144 |
20,170 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000) |
22 |
8,945 |
775 |
- |
103 |
9,844 |
-2 |
7,819 |
640 |
- |
61 |
8,518 |
Commercial
Deductions (US$000) |
11 |
5,251 |
447 |
- |
64 |
5,773 |
-0 |
4,853 |
395 |
- |
41 |
5,289 |
Selling
Expenses (US$000) |
2 |
781 |
68 |
- |
9 |
860 |
-0 |
714 |
58 |
- |
6 |
777 |
Cost
Applicable to Sales (US$000) |
75 |
31,373 |
2,709 |
- |
365 |
34,521 |
-6 |
31,900 |
2,608 |
- |
252 |
34,754 |
Divide: |
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold |
76 |
2,471,004 |
1,804 |
- |
77 |
Not
Applicable |
-3 |
2,249,152 |
1,658 |
- |
49 |
No
Aplicable |
CAS |
984 |
12.70 |
1,502 |
- |
4,738 |
No
Applicable |
- |
14.18 |
1,573 |
- |
5,099 |
No
Applicable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MALLAY |
|
9M 2015 |
9M 2014 |
|
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) |
54 |
5,785 |
3,848 |
4,934 |
- |
14,622 |
- |
6,222 |
4,426 |
5,522 |
- |
16,170 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000) |
20 |
2,178 |
1,449 |
1,857 |
- |
5,504 |
- |
2,133 |
1,517 |
1,893 |
- |
5,543 |
Commercial
Deductions (US$000) |
29 |
2,883 |
1,920 |
3,155 |
- |
7,987 |
- |
2,855 |
1,966 |
3,858 |
- |
8,679 |
Selling
Expenses (US$000) |
4 |
418 |
278 |
357 |
- |
1,057 |
- |
519 |
369 |
461 |
- |
1,350 |
Cost
Applicable to Sales (US$000) |
108 |
11,264 |
7,495 |
10,303 |
- |
29,170 |
- |
11,729 |
8,278 |
11,734 |
- |
31,741 |
Divide: |
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold |
105 |
806,831 |
4,847 |
5,501 |
- |
Not
Applicable |
- |
835,356 |
5,456 |
6,616 |
- |
Not
Applicable |
CAS |
1,029 |
13.96 |
1,546 |
1,873 |
- |
No
Applicable |
- |
14.04 |
1,517 |
1,774 |
- |
No
Applicable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BREAPAMPA |
|
9M 2015 |
9M 2014 |
|
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) |
9,763 |
1,647 |
- |
- |
- |
11,410 |
27,181 |
1,775 |
- |
- |
- |
28,956 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000) |
71 |
12 |
- |
- |
- |
83 |
399 |
26 |
- |
- |
- |
425 |
Commercial
Deductions (US$000) |
62 |
5 |
- |
- |
- |
66 |
76 |
- |
- |
- |
- |
76 |
Selling
Expenses (US$000) |
98 |
17 |
- |
- |
- |
114 |
306 |
20 |
- |
- |
- |
326 |
Cost
Applicable to Sales (US$000) |
9,993 |
1,680 |
- |
- |
- |
11,673 |
27,961 |
1,821 |
- |
- |
- |
29,782 |
Divide: |
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold |
16,069 |
208,445 |
- |
- |
- |
Not
Applicable |
65,901 |
285,292 |
- |
- |
- |
Not
Applicable |
CAS |
622 |
8.06 |
- |
- |
- |
No
Applicable |
424 |
6.38 |
- |
- |
- |
No
Applicable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORCOPAMPA |
|
9M 2015 |
9M 2014 |
|
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) |
78,131 |
2,629 |
- |
- |
- |
80,760 |
81,397 |
2,355 |
- |
- |
- |
83,752 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000) |
30,664 |
1,032 |
- |
- |
- |
31,696 |
40,437 |
1,170 |
- |
- |
- |
41,607 |
Commercial
Deductions (US$000) |
200 |
0 |
- |
- |
- |
200 |
201 |
0 |
- |
- |
- |
202 |
Selling
Expenses (US$000) |
634 |
21 |
- |
- |
- |
655 |
706 |
20 |
- |
- |
- |
726 |
Cost
Applicable to Sales (US$000) |
109,629 |
3,683 |
- |
- |
- |
113,312 |
122,742 |
3,546 |
- |
- |
- |
126,288 |
Divide: |
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold |
162,333 |
415,757 |
- |
- |
- |
Not
Applicable |
152,667 |
293,493 |
- |
- |
- |
Not
Applicable |
CAS |
675 |
8.86 |
- |
- |
- |
No
Applicable |
804 |
12.08 |
- |
- |
- |
No
Applicable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UCHUCCHACUA |
|
9M 2015 |
9M 2014 |
|
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) |
18 |
78,791 |
4,642 |
3,829 |
- |
87,280 |
- |
100,009 |
5,991 |
4,120 |
- |
110,120 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000) |
4 |
17,087 |
1,007 |
830 |
- |
18,928 |
- |
18,509 |
1,109 |
762 |
- |
20,380 |
Commercial
Deductions (US$000) |
5 |
25,236 |
1,486 |
3,958 |
- |
30,685 |
- |
26,256 |
1,616 |
2,838 |
- |
30,710 |
Selling
Expenses (US$000) |
0 |
2,166 |
128 |
105 |
- |
2,399 |
- |
2,229 |
134 |
92 |
- |
2,454 |
Cost
Applicable to Sales (US$000) |
27 |
123,280 |
7,263 |
8,723 |
- |
139,293 |
- |
147,003 |
8,849 |
7,812 |
- |
163,665 |
Divide: |
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold |
26 |
8,534,639 |
4,567 |
3,230 |
- |
Not
Applicable |
- |
8,733,658 |
4,865 |
3,275 |
- |
Not
Applicable |
CAS |
1,056 |
14.44 |
1,590 |
2,701 |
- |
No
Applicable |
- |
16.83 |
1,819 |
2,385 |
- |
No
Applicable |
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2015 Results
Page 15 of 23
|
LA
ZANJA |
|
3Q
2015 |
3Q
2014 |
|
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) |
29,306 |
854 |
- |
- |
- |
30,160 |
25,244 |
991 |
- |
- |
- |
26,235 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000) |
9 |
0 |
- |
- |
- |
9 |
29 |
1 |
- |
- |
- |
30 |
Commercial
Deductions (US$000) |
77 |
12 |
- |
- |
- |
90 |
45 |
- |
- |
- |
- |
45 |
Selling
Expenses (US$000) |
269 |
8 |
- |
- |
- |
277 |
326 |
13 |
- |
- |
- |
339 |
Cost
Applicable to Sales (US$000) |
29,661 |
875 |
- |
- |
- |
30,536 |
25,644 |
1,005 |
- |
- |
- |
26,649 |
Divide: |
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold |
35,995 |
79,267 |
- |
- |
- |
Not
Applicable |
37,889 |
99,349 |
- |
- |
- |
Not
Applicable |
CAS |
824 |
11.03 |
- |
- |
- |
Not
Applicable |
677 |
10.12 |
- |
- |
- |
Not
Applicable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROCAL |
|
3Q
2015 |
3Q
2014 |
|
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) |
1,370 |
3,861 |
2,566 |
11,403 |
17,878 |
37,078 |
1,354 |
3,035 |
564 |
1,000 |
26,345 |
32,299 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Commercial
Deductions (US$000) |
1,287 |
2,646 |
1,129 |
5,631 |
19,477 |
30,169 |
1,419 |
3,011 |
306 |
617 |
28,148 |
33,502 |
Selling
Expenses (US$000) |
79 |
222 |
147 |
654 |
1,026 |
2,128 |
72 |
162 |
30 |
53 |
1,409 |
1,728 |
Cost
Applicable to Sales (US$000) |
2,735 |
6,729 |
3,842 |
17,688 |
38,381 |
69,375 |
2,846 |
6,209 |
900 |
1,671 |
55,903 |
67,529 |
Divide: |
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold |
1,858 |
403,292 |
2,436 |
9,704 |
7,437 |
Not
Applicable |
2,902 |
446,115 |
731 |
1,191 |
10,604 |
Not
Applicable |
CAS |
1,472 |
16.68 |
1,577 |
1,823 |
5,161 |
Not
Applicable |
981 |
13.92 |
1,231 |
1,403 |
5,272 |
Not
Applicable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON
MINING COMPANIES |
|
3Q
2015 |
3Q
2014 |
|
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) |
- |
- |
- |
- |
- |
796 |
- |
- |
- |
- |
- |
3,069 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling
Expenses (US$000) |
- |
- |
- |
- |
- |
579 |
- |
- |
- |
- |
- |
160 |
Total
(US$000) |
- |
- |
- |
- |
- |
1,376 |
- |
- |
- |
- |
- |
3,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUENAVENTURA
CONSOLIDATED |
|
3Q
2015 |
3Q
2014 |
|
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) |
57,385 |
40,392 |
5,891 |
13,801 |
17,920 |
136,185 |
67,132 |
53,177 |
5,167 |
5,334 |
26,420 |
160,298 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000) |
9,403 |
9,771 |
1,042 |
746 |
29 |
20,991 |
13,601 |
9,460 |
1,145 |
1,192 |
26 |
25,424 |
Commercial
Deductions (US$000) |
1,495 |
14,079 |
2,521 |
7,524 |
19,492 |
45,111 |
1,556 |
16,092 |
1,887 |
3,567 |
28,164 |
51,266 |
Selling
Expenses (US$000) |
587 |
1,405 |
310 |
797 |
1,028 |
4,707 |
748 |
1,485 |
232 |
295 |
1,412 |
4,332 |
Cost
Applicable to Sales (US$000) |
68,869 |
65,647 |
9,765 |
22,868 |
38,469 |
206,994 |
83,037 |
80,215 |
8,431 |
10,387 |
56,021 |
241,319 |
Divide: |
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold |
94,841 |
4,864,690 |
6,409 |
12,543 |
7,456 |
Not
Applicable |
117,956 |
4,865,059 |
4,848 |
5,162 |
10,625 |
Not
Applicable |
CAS |
726 |
13.49 |
1,524 |
1,823 |
5,160 |
Not
Applicable |
704 |
16.49 |
1,739 |
2,012 |
5,273 |
Not
Applicable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COIMOLACHE |
|
3Q
2015 |
3Q
2014 |
|
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) |
13,667 |
1,307 |
- |
- |
- |
14,973 |
13,497 |
1,295 |
- |
- |
- |
14,793 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Exploration
Expenses (US$000) |
2,192 |
210 |
- |
- |
- |
2,402 |
1,184 |
114 |
- |
- |
- |
1,298 |
Commercial
Deductions (US$000) |
219 |
18 |
- |
- |
- |
237 |
37 |
3 |
- |
- |
- |
40 |
Selling
Expenses (US$000) |
207 |
20 |
- |
- |
- |
227 |
266 |
25 |
- |
- |
- |
291 |
Cost
Applicable to Sales (US$000) |
16,285 |
1,554 |
- |
- |
- |
17,839 |
14,984 |
1,437 |
- |
- |
- |
16,421 |
Divide: |
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Sold |
33,682 |
247,769 |
- |
- |
- |
Not
Applicable |
35,434 |
220,227 |
- |
- |
- |
Not
Applicable |
CAS |
483 |
6.27 |
- |
- |
- |
Not
Applicable |
423 |
6.52 |
- |
- |
- |
Not
Applicable |
| LA
ZANJA |
| 9M
2015 | 9M
2014 |
| 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) | 79,778 | 2,604 | - | - | - | 82,383 | 56,921 | 2,475 | - | - | - | 59,396 |
Add: | | | | | | | | | | | | |
Exploration
Expenses (US$000) | 35 | 1 | - | - | - | 36 | 101 | 4 | - | - | - | 106 |
Commercial
Deductions (US$000) | 141 | 12 | - | - | - | 153 | 201 | 5 | - | - | - | 206 |
Selling
Expenses (US$000) | 923 | 30 | - | - | - | 954 | 981 | 43 | - | - | - | 1,024 |
Cost
Applicable to Sales (US$000) | 80,877 | 2,648 | - | - | - | 83,525 | 58,205 | 2,527 | - | - | - | 60,732 |
Divide: | | | | | | | | | | | | |
Volume
Sold | 104,594 | 255,566 | - | - | - | Not
Applicable | 110,053 | 316,577 | - | - | - | Not
Applicable |
CAS | 773 | 10.36 | - | - | - | No
Applicable | 529 | 7.98 | - | - | - | Not
Applicable |
| | | | | | | | | | | | |
| BROCAL |
| 9M
2015 | 9M
2014 |
| 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) | 2,542 | 14,007 | 9,693 | 31,404 | 46,358 | 104,004 | 2,500 | 8,433 | 901 | 967 | 71,177 | 83,978 |
Add: | | | | | | | | | | | | |
Exploration
Expenses (US$000) | - | - | - | - | - | - | - | - | - | - | - | - |
Commercial
Deductions (US$000) | 2,922 | 9,592 | 4,400 | 17,719 | 55,717 | 90,349 | 2,574 | 8,758 | 675 | 785 | 71,668 | 84,459 |
Selling
Expenses (US$000) | 133 | 733 | 507 | 1,642 | 2,424 | 5,439 | 179 | 605 | 65 | 69 | 5,107 | 6,026 |
Cost
Applicable to Sales (US$000) | 5,597 | 24,331 | 14,600 | 50,765 | 104,499 | 199,792 | 5,253 | 17,795 | 1,640 | 1,821 | 147,953 | 174,463 |
Divide: | | | | | | | | | | | | |
Volume
Sold | 4,346 | 1,756,023 | 10,869 | 30,711 | 19,840 | Not
Applicable | 5,596 | 1,255,826 | 1,150 | 1,052 | 29,762 | Not
Applicable |
CAS | 1,288 | 13.86 | 1,343 | 1,653 | 5,267 | No
Applicable | 939 | 14.17 | 1,427 | 1,732 | 4,971 | Not
Applicable |
| | | | | | | | | | | | |
| NON
MINING COMPANIES |
| 9M
2015 | 9M
2014 |
| 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) | - | - | - | - | - | 35,053 | - | - | - | - | - | 45,026 |
Add: | | | | | | | | | | | | |
Selling
Expenses (US$000) | - | - | - | - | - | 1,337 | - | - | - | - | - | 238 |
Total
(US$000) | - | - | - | - | - | 36,390 | - | - | - | - | - | 45,264 |
| | | | | | | | | | | | |
| BUENAVENTURA
CONSOLIDATED |
| 9M
2015 | 9M
2014 |
| 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) | 170,326 | 121,861 | 19,604 | 40,167 | 46,546 | 433,557 | 167,995 | 139,784 | 12,832 | 10,609 | 71,321 | 447,568 |
Add: | | | | | | | | | | | | |
Exploration
Expenses (US$000) | 30,816 | 29,255 | 3,230 | 2,688 | 103 | 66,091 | 40,936 | 29,661 | 3,265 | 2,655 | 61 | 76,579 |
Commercial
Deductions (US$000) | 3,369 | 42,978 | 8,253 | 24,832 | 55,782 | 135,213 | 3,052 | 42,727 | 4,652 | 7,481 | 71,709 | 129,621 |
Selling
Expenses (US$000) | 1,794 | 4,166 | 980 | 2,104 | 2,433 | 12,815 | 2,172 | 4,150 | 626 | 622 | 5,113 | 12,921 |
Cost
Applicable to Sales (US$000) | 206,306 | 198,259 | 32,067 | 69,791 | 104,864 | 647,677 | 214,155 | 216,322 | 21,375 | 21,368 | 148,204 | 666,688 |
Divide: | | | | | | | | | | | | |
Volume
Sold | 287,548 | 14,448,264 | 22,086 | 39,442 | 19,917 | Not
Applicable | 334,214 | 13,969,353 | 13,129 | 10,943 | 29,812 | Not
Applicable |
CAS | 717 | 13.72 | 1,452 | 1,769 | 5,265 | Not
Applicable | 641 | 15.49 | 1,628 | 1,953 | 4,971 | Not
Applicable |
| | | | | | | | | | | | |
| COIMOLACHE |
| 9M
2015 | 9M
2014 |
| 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) | 39,023 | 3,212 | - | - | - | 42,235 | 40,137 | 3,071 | - | - | - | 43,208 |
Add: | | | | | | | | | | | | |
Exploration
Expenses (US$000) | 11,016 | 907 | - | - | - | 11,922 | 4,666 | 357 | - | - | - | 5,023 |
Commercial
Deductions (US$000) | 509 | 40 | - | - | - | 549 | 251 | 15 | - | - | - | 267 |
Selling
Expenses (US$000) | 647 | 53 | - | - | - | 700 | 722 | 55 | - | - | - | 778 |
Cost
Applicable to Sales (US$000) | 51,195 | 4,212 | - | - | - | 55,407 | 45,776 | 3,498 | - | - | - | 49,275 |
Divide: | | | | | | | | | | | | |
Volume
Sold | 94,428 | 579,275 | - | - | - | Not
Applicable | 102,308 | 508,356 | - | - | - | Not
Applicable |
CAS | 542 | 7.27 | - | - | - | No
Applicable | 447 | 6.88 | - | - | - | Not
Applicable |
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2015 Results
Page 16 of 23
APPENDIX 5: ALL-IN SUSTAINING COST
All-in Sustaining Cost for 3Q15
| |
Buenaventura1 | | |
La Zanja | | |
Tantahuatay | | |
Attributable Production2 | |
| |
3Q15 | | |
3Q15 | | |
3Q15 | | |
3Q15 | |
Au Ounces Sold BVN | |
| 92,866 | | |
| | | |
| | | |
| | |
Au Ounces bought from La Zanja | |
| -35,879 | | |
| | | |
| | | |
| | |
Au Ounces Sold Net | |
| 56,987 | | |
| 32,990 | | |
| 33,682 | | |
| 87,996 | |
| |
3Q15 | | |
3Q15 | | |
3Q15 | | |
3Q15 | |
Income Statement & Cash
Flow | |
US$
000' | | |
US$/Oz
Au | | |
US$
000' | | |
US$/Oz
Au | | |
US$
000' | | |
US$/Oz
Au | | |
US$
000' | | |
US$/Oz
Au | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Cost of Sales3 | |
| 76,109 | | |
| 1,336 | | |
| 29,950 | | |
| 908 | | |
| 14,973 | | |
| 445 | | |
| 98,004 | | |
| 1,114 | |
Exploration in Operating Units | |
| 20,982 | | |
| 368 | | |
| 137 | | |
| 4 | | |
| 2,402 | | |
| 71 | | |
| 22,018 | | |
| 250 | |
Royalties | |
| 5,302 | | |
| 93 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 5,302 | | |
| 60 | |
Comercial Deductions4 | |
| 14,852 | | |
| 261 | | |
| 855 | | |
| 26 | | |
| 237 | | |
| 7 | | |
| 15,401 | | |
| 175 | |
Selling Expenses | |
| 1,724 | | |
| 30 | | |
| 277 | | |
| 8 | | |
| 227 | | |
| 7 | | |
| 1,962 | | |
| 22 | |
Administrative Expenses5 | |
| 11,516 | | |
| 202 | | |
| 459 | | |
| 14 | | |
| 436 | | |
| 13 | | |
| 11,934 | | |
| 136 | |
Other Expenses | |
| 0 | | |
| 0 | | |
| 3,525 | | |
| 107 | | |
| 2,887 | | |
| 86 | | |
| 3,028 | | |
| 34 | |
Other Incomes | |
| -965 | | |
| -17 | | |
| -6,704 | | |
| -203 | | |
| -3,422 | | |
| -102 | | |
| -5,894 | | |
| -67 | |
Other administrative charges | |
| 0 | | |
| 0 | | |
| 3,031 | | |
| 92 | | |
| 233 | | |
| 7 | | |
| 1,702 | | |
| 19 | |
Sustaining Capex6 | |
| 12,643 | | |
| 222 | | |
| 12,488 | | |
| 379 | | |
| 17,092 | | |
| 507 | | |
| 26,122 | | |
| 297 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
By-product Credit | |
| -74,363 | | |
| -1,305 | | |
| -1,333 | | |
| -40 | | |
| -3,590 | | |
| -107 | | |
| -76,510 | | |
| -869 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
All-in Sustaining Cost | |
| 67,800 | | |
| 1,190 | | |
| 42,684 | | |
| 1,294 | | |
| 31,476 | | |
| 935 | | |
| 103,069 | | |
| 1,171 | |
*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. For La Zanja does not consider US$ 3.8 MM Impairment.
6. Sustaining Capex + Growth Capex equals Acquisitions of mining
concessions, development costs, property, plant and equipment.
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2015 Results
Page 17 of 23
All-in Sustaining Cost for 3Q14
| |
Buenaventura1 | | |
La Zanja | | |
Tantahuatay | | |
Attributable Production2 | |
| |
3Q14 | | |
3Q14 | | |
3Q14 | | |
3Q14 | |
Au Ounces Sold BVN | |
| 115,054 | | |
| | | |
| | | |
| | |
Au Ounces bought from La Zanja | |
| -37,889 | | |
| | | |
| | | |
| | |
Au Ounces Sold Net | |
| 77,166 | | |
| 38,271 | | |
| 35,434 | | |
| 111,680 | |
| |
3Q14 | | |
3Q14 | | |
3Q14 | | |
3Q14 | |
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 Sales3 | |
| 85,977 | | |
| 1,114 | | |
| 21,951 | | |
| 574 | | |
| 14,793 | | |
| 417 | | |
| 103,555 | | |
| 927 | |
Exploration in Operating Units | |
| 25,395 | | |
| 329 | | |
| 4,509 | | |
| 118 | | |
| 1,298 | | |
| 37 | | |
| 28,308 | | |
| 253 | |
Royalties | |
| 5,702 | | |
| 74 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 5,702 | | |
| 51 | |
Comercial Deductions4 | |
| 17,719 | | |
| 230 | | |
| 818 | | |
| 21 | | |
| 40 | | |
| 1 | | |
| 18,169 | | |
| 163 | |
Selling Expenses | |
| 2,081 | | |
| 27 | | |
| 339 | | |
| 9 | | |
| 291 | | |
| 8 | | |
| 2,378 | | |
| 21 | |
Administrative Expenses5 | |
| 12,280 | | |
| 159 | | |
| 238 | | |
| 6 | | |
| 418 | | |
| 12 | | |
| 12,574 | | |
| 113 | |
Other Expenses | |
| 0 | | |
| 0 | | |
| 3,082 | | |
| 81 | | |
| 1,888 | | |
| 53 | | |
| 2,392 | | |
| 21 | |
Other Incomes | |
| -8,080 | | |
| -105 | | |
| -3,599 | | |
| -94 | | |
| -2,146 | | |
| -61 | | |
| -10,850 | | |
| -97 | |
Other administrative charges | |
| 0 | | |
| 0 | | |
| 1,237 | | |
| 32 | | |
| 32 | | |
| 1 | | |
| 669 | | |
| 6 | |
Sustaining Capex6 | |
| 2,315 | | |
| 30 | | |
| 5,819 | | |
| 152 | | |
| 9,459 | | |
| 267 | | |
| 9,195 | | |
| 82 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
By-product Credit | |
| -103,778 | | |
| -1,345 | | |
| -1,618 | | |
| -42 | | |
| -4,321 | | |
| -122 | | |
| -106,370 | | |
| -952 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
All-in Sustaining Cost | |
| 39,611 | | |
| 513 | | |
| 32,776 | | |
| 856 | | |
| 21,751 | | |
| 614 | | |
| 65,723 | | |
| 588 | |
*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.
Third Quarter and Nine-Month 2015 Results
Page 18 of 23
All-in Sustaining Cost for 9M15
| |
Buenaventura1 | | |
La Zanja | | |
Tantahuatay | | |
Attributable Production2 | |
| |
9M15 | | |
9M15 | | |
9M15 | | |
9M15 | |
Au Ounces Sold BVN | |
| 283,085 | | |
| | | |
| | | |
| | |
Au Ounces bought from La Zanja | |
| -104,477 | | |
| | | |
| | | |
| | |
Au Ounces Sold Net | |
| 178,608 | | |
| 100,618 | | |
| 94,428 | | |
| 269,857 | |
| |
9M15 | | |
9M15 | | |
9M15 | | |
9M15 | |
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 Sales3 | |
| 228,941 | | |
| 1,282 | | |
| 87,133 | | |
| 866 | | |
| 42,235 | | |
| 447 | | |
| 292,108 | | |
| 1,082 | |
Exploration in Operating Units | |
| 66,056 | | |
| 370 | | |
| 8,446 | | |
| 84 | | |
| 11,922 | | |
| 126 | | |
| 75,318 | | |
| 279 | |
Royalties | |
| 16,902 | | |
| 95 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 16,902 | | |
| 63 | |
Comercial Deductions4 | |
| 44,711 | | |
| 250 | | |
| 2,494 | | |
| 25 | | |
| 549 | | |
| 6 | | |
| 46,254 | | |
| 171 | |
Selling Expenses | |
| 5,088 | | |
| 28 | | |
| 954 | | |
| 9 | | |
| 700 | | |
| 7 | | |
| 5,875 | | |
| 22 | |
Administrative Expenses5 | |
| 35,644 | | |
| 200 | | |
| 1,200 | | |
| 12 | | |
| 1,364 | | |
| 14 | | |
| 36,827 | | |
| 136 | |
Other Expenses | |
| 0 | | |
| 0 | | |
| 10,156 | | |
| 101 | | |
| 5,635 | | |
| 60 | | |
| 7,648 | | |
| 28 | |
Other Incomes | |
| -3,983 | | |
| -22 | | |
| -16,039 | | |
| -159 | | |
| -7,022 | | |
| -74 | | |
| -15,308 | | |
| -57 | |
Other administrative charges | |
| 0 | | |
| 0 | | |
| 5,472 | | |
| 54 | | |
| 126 | | |
| 1 | | |
| 2,954 | | |
| 11 | |
Sustaining Capex6 | |
| 22,652 | | |
| 127 | | |
| 26,024 | | |
| 259 | | |
| 32,644 | | |
| 346 | | |
| 49,549 | | |
| 184 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
By-product Credit | |
| -226,736 | | |
| -1,269 | | |
| -3,969 | | |
| -39 | | |
| -9,122 | | |
| -97 | | |
| -232,500 | | |
| -862 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
All-in Sustaining Cost | |
| 189,275 | | |
| 1,060 | | |
| 121,870 | | |
| 1,211 | | |
| 79,032 | | |
| 837 | | |
| 285,626 | | |
| 1,058 | |
*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. For La Zanja does not consider US$ 3.8 MM Impairment.
6. Sustaining Capex + Growth Capex equals Acquisitions of mining
concessions, development costs, property, plant and equipment.
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2015 Results
Page 19 of 23
All-in Sustaining Cost for 9M14
| |
Buenaventura1 | | |
La Zanja | | |
Tantahuatay | | |
Attributable Production2 | |
| |
9M14 | | |
9M14 | | |
9M14 | | |
9M14 | |
Au Ounces Sold BVN | |
| 327,068 | | |
| | | |
| | | |
| | |
Au Ounces bought from La Zanja | |
| -108,503 | | |
| | | |
| | | |
| | |
Au Ounces Sold Net | |
| 218,565 | | |
| 107,860 | | |
| 102,308 | | |
| 316,816 | |
| |
9M14 | | |
9M14 | | |
9M14 | | |
9M14 | |
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 Sales3 | |
| 267,406 | | |
| 1,223 | | |
| 60,800 | | |
| 564 | | |
| 43,208 | | |
| 422 | | |
| 316,991 | | |
| 1,001 | |
Exploration in Operating Units | |
| 76,474 | | |
| 350 | | |
| 13,202 | | |
| 122 | | |
| 5,023 | | |
| 49 | | |
| 85,493 | | |
| 270 | |
Royalties | |
| 16,515 | | |
| 76 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 16,515 | | |
| 52 | |
Comercial Deductions4 | |
| 44,956 | | |
| 206 | | |
| 2,698 | | |
| 25 | | |
| 267 | | |
| 3 | | |
| 46,494 | | |
| 147 | |
Selling Expenses | |
| 5,635 | | |
| 26 | | |
| 1,024 | | |
| 9 | | |
| 778 | | |
| 8 | | |
| 6,490 | | |
| 20 | |
Administrative Expenses5 | |
| 40,994 | | |
| 188 | | |
| 3,323 | | |
| 31 | | |
| 1,600 | | |
| 16 | | |
| 43,399 | | |
| 137 | |
Other Expenses | |
| 350 | | |
| 2 | | |
| 8,017 | | |
| 74 | | |
| 3,861 | | |
| 38 | | |
| 6,152 | | |
| 19 | |
Other Incomes | |
| 0 | | |
| 0 | | |
| -8,448 | | |
| -78 | | |
| -4,765 | | |
| -47 | | |
| -6,393 | | |
| -20 | |
Other administrative charges | |
| 0 | | |
| 0 | | |
| 2,115 | | |
| 20 | | |
| 249 | | |
| 2 | | |
| 1,222 | | |
| 4 | |
Sustaining Capex6 | |
| 16,138 | | |
| 74 | | |
| 12,532 | | |
| 116 | | |
| 15,270 | | |
| 149 | | |
| 28,910 | | |
| 91 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
By-product Credit | |
| -293,020 | | |
| -1,341 | | |
| -6,224 | | |
| -58 | | |
| -10,072 | | |
| -98 | | |
| -300,361 | | |
| -948 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
All-in Sustaining Cost | |
| 175,448 | | |
| 803 | | |
| 89,039 | | |
| 826 | | |
| 55,418 | | |
| 542 | | |
| 244,912 | | |
| 773 | |
*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.
Third Quarter and Nine-Month 2015 Results
Page 20 of 23
APPENDIX 6
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Financial Position
As of September 30, 2015 and December 31, 2014
| |
2,015 | | |
2,014 | |
| |
US$(000) | | |
US$(000) | |
Assets | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
| 115,448 | | |
| 78,512 | |
Trade and other accounts receivable, net | |
| 218,921 | | |
| 281,604 | |
Income tax credit | |
| 48,356 | | |
| 53,746 | |
Prepaid expenses | |
| 9,419 | | |
| 16,954 | |
Hedge derivative financial instruments | |
| 1,579 | | |
| 3,688 | |
Inventory, net | |
| 123,004 | | |
| 150,284 | |
| |
| 516,727 | | |
| 584,788 | |
Assets classified as held for sale | |
| 16,270 | | |
| 18,683 | |
Total current assets | |
| 532,997 | | |
| 603,471 | |
| |
| | | |
| | |
Non-current assets | |
| | | |
| | |
Trade and other accounts receivable, net | |
| 57,601 | | |
| 26,651 | |
Long-term inventory | |
| 30,133 | | |
| 34,088 | |
Investment in associates | |
| 2,280,926 | | |
| 2,224,381 | |
Mining concessions, development costs, property, plant and equipment, net | |
| 1,712,626 | | |
| 1,715,452 | |
Investment properties, net | |
| 10,809 | | |
| 11,200 | |
Deferred income tax asset | |
| 50,441 | | |
| 47,675 | |
Intangible assets, net | |
| 36,767 | | |
| 4,592 | |
Other assets, net | |
| 4,700 | | |
| 4,764 | |
Total non-current assets | |
| 4,184,003 | | |
| 4,068,803 | |
| |
| | | |
| | |
Total assets | |
| 4,717,000 | | |
| 4,672,274 | |
| |
| | | |
| | |
Liabilities and shareholders’ equity | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Overdrafts and bank loans | |
| 187,178 | | |
| 40,000 | |
Trade and other accounts payable | |
| 224,198 | | |
| 254,000 | |
Provisions | |
| 52,828 | | |
| 67,895 | |
Current income tax payable | |
| 2,609 | | |
| 3,556 | |
Hedge derivative financial instruments | |
| 1,298 | | |
| - | |
Embedded derivatives for concentrate sales, net | |
| 2,725 | | |
| 9,072 | |
Financial obligations | |
| 33,227 | | |
| 69,950 | |
Total current liabilities | |
| 504,063 | | |
| 444,473 | |
| |
| | | |
| | |
Liabilities directly associated with assets classified as held for sale | |
| 20,760 | | |
| 28,890 | |
| |
| 524,823 | | |
| 473,363 | |
| |
| | | |
| | |
Non-current liabilities | |
| | | |
| | |
Financial liability at fair value through profit or loss | |
| 23,026 | | |
| 23,026 | |
Trade and other accounts payable | |
| 15,057 | | |
| 15,240 | |
Provisions | |
| 121,289 | | |
| 63,571 | |
Financial obligations | |
| 330,208 | | |
| 313,355 | |
Deferred income tax liability | |
| 11,260 | | |
| 21,594 | |
Total non-current liabilities | |
| 500,840 | | |
| 436,786 | |
| |
| | | |
| | |
Total liabilities | |
| 1,025,663 | | |
| 910,149 | |
| |
| | | |
| | |
Shareholders’ equity | |
| | | |
| | |
Issued capital | |
| 750,497 | | |
| 750,497 | |
Investment shares | |
| 1,396 | | |
| 1,396 | |
Additional paid-in capital | |
| 219,055 | | |
| 219,055 | |
Legal reserve | |
| 162,713 | | |
| 162,710 | |
Other reserves | |
| 269 | | |
| 269 | |
Retained earnings | |
| 2,303,767 | | |
| 2,328,423 | |
Other equity reserves | |
| 61 | | |
| 1,755 | |
| |
| 3,437,758 | | |
| 3,464,105 | |
Non-controlling interest | |
| 253,579 | | |
| 298,020 | |
Total shareholders’ equity | |
| 3,691,337 | | |
| 3,762,125 | |
| |
| | | |
| | |
Total liabilities and shareholders’ equity | |
| 4,717,000 | | |
| 4,672,274 | |
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2015 Results
Page 21 of 23
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Income
| |
For the three-month period ended September 30, | | |
For the nine-month period ended September 30, | |
| |
2,015 | | |
2,014 | | |
2,015 | | |
2,014 | |
| |
US$(000) | | |
US$(000) | | |
US$(000) | | |
US$(000) | |
Continued operations | |
| | | |
| | | |
| | | |
| | |
Operating income | |
| | | |
| | | |
| | | |
| | |
Net sales | |
| 200,116 | | |
| 306,673 | | |
| 691,956 | | |
| 874,363 | |
Royalty income | |
| 8,720 | | |
| 9,532 | | |
| 25,200 | | |
| 24,956 | |
Total operating income | |
| 208,836 | | |
| 316,205 | | |
| 717,156 | | |
| 899,319 | |
| |
| | | |
| | | |
| | | |
| | |
Operating costs | |
| | | |
| | | |
| | | |
| | |
Cost of sales, without considering depreciation and amortization | |
| (136,185 | ) | |
| (160,298 | ) | |
| (433,557 | ) | |
| (447,568 | ) |
Exploration in operating units | |
| (20,991 | ) | |
| (25,424 | ) | |
| (66,091 | ) | |
| (76,579 | ) |
Depreciation and amortization | |
| (61,377 | ) | |
| (55,925 | ) | |
| (179,185 | ) | |
| (151,014 | ) |
Mining royalties | |
| (6,886 | ) | |
| (7,369 | ) | |
| (21,963 | ) | |
| (21,810 | ) |
Total operating costs | |
| (225,439 | ) | |
| (249,016 | ) | |
| (700,796 | ) | |
| (696,971 | ) |
| |
| | | |
| | | |
| | | |
| | |
Gross profit (loss) | |
| (16,603 | ) | |
| 67,189 | | |
| 16,360 | | |
| 202,348 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses, net | |
| | | |
| | | |
| | | |
| | |
Administrative expenses | |
| (20,432 | ) | |
| (22,975 | ) | |
| (60,779 | ) | |
| (72,659 | ) |
Exploration in non-operating areas | |
| (5,259 | ) | |
| (7,180 | ) | |
| (25,660 | ) | |
| (32,375 | ) |
Selling expenses | |
| (4,707 | ) | |
| (4,332 | ) | |
| (12,815 | ) | |
| (12,921 | ) |
Provision for impairment of long-lived assets | |
| - | | |
| - | | |
| (3,803 | ) | |
| - | |
Provision for contingencies | |
| (472 | ) | |
| 8,660 | | |
| (280 | ) | |
| (2,228 | ) |
Other, net | |
| (7,218 | ) | |
| (10,188 | ) | |
| (7,696 | ) | |
| (2,240 | ) |
Total operating expenses, net | |
| (38,088 | ) | |
| (36,015 | ) | |
| (111,033 | ) | |
| (122,423 | ) |
| |
| | | |
| | | |
| | | |
| | |
Operating profit (loss) | |
| (54,691 | ) | |
| 31,174 | | |
| (94,673 | ) | |
| 79,925 | |
| |
| | | |
| | | |
| | | |
| | |
Other income, net | |
| | | |
| | | |
| | | |
| | |
Net share in the results of associates under equity method | |
| 13,381 | | |
| 23,553 | | |
| 61,621 | | |
| 39,242 | |
Financial income | |
| 827 | | |
| 552 | | |
| 2,441 | | |
| 4,199 | |
Financial expenses | |
| (6,951 | ) | |
| (848 | ) | |
| (21,103 | ) | |
| (7,005 | ) |
Net loss from currency exchange difference | |
| (3,945 | ) | |
| (4,304 | ) | |
| (7,525 | ) | |
| (5,071 | ) |
Income on business combination | |
| - | | |
| 59,879 | | |
| - | | |
| 59,879 | |
Total other income, net | |
| 3,312 | | |
| 78,832 | | |
| 35,434 | | |
| 91,244 | |
| |
| | | |
| | | |
| | | |
| | |
Profit (loss) before income taxes | |
| (51,379 | ) | |
| 110,006 | | |
| (59,239 | ) | |
| 171,169 | |
| |
| | | |
| | | |
| | | |
| | |
Current income tax expense | |
| (3,176 | ) | |
| (10,290 | ) | |
| (10,559 | ) | |
| (25,034 | ) |
Deferred income tax income (expense) | |
| 17,473 | | |
| (13,979 | ) | |
| 14,490 | | |
| (17,050 | ) |
| |
| | | |
| | | |
| | | |
| | |
Profit (loss) from continued operations | |
| (37,082 | ) | |
| 85,737 | | |
| (55,308 | ) | |
| 129,085 | |
| |
| | | |
| | | |
| | | |
| | |
Discontinued operations | |
| | | |
| | | |
| | | |
| | |
Loss from discontinued operations | |
| (1,924 | ) | |
| (5,138 | ) | |
| (4,940 | ) | |
| (26,284 | ) |
Net profit (loss) | |
| (39,006 | ) | |
| 80,599 | | |
| (60,248 | ) | |
| 102,801 | |
| |
| | | |
| | | |
| | | |
| | |
Attributable to: | |
| | | |
| | | |
| | | |
| | |
Owners of the parent | |
| (23,229 | ) | |
| 78,336 | | |
| (24,656 | ) | |
| 85,312 | |
Non-controlling interest | |
| (15,777 | ) | |
| 2,263 | | |
| (35,592 | ) | |
| 17,489 | |
| |
| (39,006 | ) | |
| 80,599 | | |
| (60,248 | ) | |
| 102,801 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted earnings per share attributable to the owners of the parent, stated in U.S. dollars | |
| (0.09 | ) | |
| 0.31 | | |
| (0.10 | ) | |
| 0.34 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares outstanding (common and investment), in units | |
| 254,186,867 | | |
| 254,186,867 | | |
| 254,186,867 | | |
| 254,186,867 | |
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2015 Results
Page 22 of 23
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Statement of Cash Flows
| |
For the three-month period ended September 30, | | |
For the nine-month period ended September 30, | |
| |
2,015 | | |
2,014 | | |
2,015 | | |
2,014 | |
| |
US$(000) | | |
US$(000) | | |
US$(000) | | |
US$(000) | |
Operating activities | |
| | | |
| | | |
| | | |
| | |
Proceeds from sales | |
| 239,513 | | |
| 322,657 | | |
| 721,967 | | |
| 856,391 | |
Value Added Tax (VAT) recovered | |
| 21,911 | | |
| - | | |
| 74,784 | | |
| 39,685 | |
Royalties received | |
| 7,151 | | |
| 6,125 | | |
| 28,966 | | |
| 22,148 | |
Dividends received | |
| 1,816 | | |
| 2,484 | | |
| 4,775 | | |
| 6,926 | |
Interest received | |
| 700 | | |
| 477 | | |
| 2,497 | | |
| 4,306 | |
Payments to suppliers and third-parties | |
| (192,714 | ) | |
| (130,995 | ) | |
| (553,471 | ) | |
| (519,735 | ) |
Payments to employees | |
| (40,892 | ) | |
| (50,111 | ) | |
| (127,920 | ) | |
| (157,072 | ) |
Payment of income tax | |
| (6,125 | ) | |
| (13,449 | ) | |
| (17,387 | ) | |
| (31,393 | ) |
Payment of royalties | |
| (5,525 | ) | |
| (5,882 | ) | |
| (17,407 | ) | |
| (16,848 | ) |
Payment of interest | |
| (7,684 | ) | |
| 80 | | |
| (17,283 | ) | |
| (5,373 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net cash and cash equivalents provided by operating activities | |
| 18,151 | | |
| 131,386 | | |
| 99,521 | | |
| 199,035 | |
| |
| | | |
| | | |
| | | |
| | |
Investing activities | |
| | | |
| | | |
| | | |
| | |
Proceeds from sales of mining concessions, property, plant and equipment | |
| 569 | | |
| 79 | | |
| 2,589 | | |
| 169 | |
Proceeds from collections of loans | |
| 141 | | |
| 5,095 | | |
| 141 | | |
| 15,553 | |
Acquisitions of mining concessions, development costs, property, plant and equipment | |
| (84,895 | ) | |
| (108,027 | ) | |
| (166,527 | ) | |
| (241,983 | ) |
Loans granted | |
| (20,800 | ) | |
| - | | |
| (20,800 | ) | |
| - | |
Proceeds from settlement of investment in shares | |
| - | | |
| - | | |
| - | | |
| 80 | |
Payments for acquisition of shares in subsidiaries, net of acquired cash | |
| - | | |
| (80,373 | ) | |
| - | | |
| (80,373 | ) |
Opening of term deposits | |
| (7,350 | ) | |
| - | | |
| (7,350 | ) | |
| - | |
Acquisitions of investment properties | |
| - | | |
| - | | |
| - | | |
| (11,705 | ) |
Contributions and investments in associates | |
| - | | |
| 732 | | |
| - | | |
| (900 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net cash and cash equivalents used in investing activities | |
| (112,335 | ) | |
| (182,494 | ) | |
| (191,947 | ) | |
| (319,159 | ) |
| |
| | | |
| | | |
| | | |
| | |
Financing activities | |
| | | |
| | | |
| | | |
| | |
Increase of bank loans | |
| 150,000 | | |
| 38,183 | | |
| 240,000 | | |
| 40,504 | |
Increase of financial obligations | |
| - | | |
| 3,119 | | |
| 10,000 | | |
| 186,558 | |
Repayment of bank loans | |
| (50,000 | ) | |
| - | | |
| (90,000 | ) | |
| - | |
Payment of financial obligations | |
| (20,784 | ) | |
| (6,179 | ) | |
| (29,870 | ) | |
| (39,772 | ) |
Dividends paid | |
| (70 | ) | |
| - | | |
| (70 | ) | |
| (2,797 | ) |
Dividends paid to non-controlling interest | |
| (2,140 | ) | |
| (2,040 | ) | |
| (8,048 | ) | |
| (6,240 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net cash and cash equivalents provided by financing activities | |
| 77,006 | | |
| 33,083 | | |
| 122,012 | | |
| 178,253 | |
| |
| | | |
| | | |
| | | |
| | |
Net increase (decrease) in cash and cash equivalents during the period | |
| (17,178 | ) | |
| (18,025 | ) | |
| 29,586 | | |
| 58,129 | |
Cash and cash equivalents at the beginning of the period | |
| 125,276 | | |
| 138,052 | | |
| 78,512 | | |
| 61,898 | |
| |
| | | |
| | | |
| | | |
| | |
Cash and cash equivalents at the end of the period | |
| 108,098 | | |
| 120,027 | | |
| 108,098 | | |
| 120,027 | |
Compañía de Minas Buenaventura S.A.A.
Third Quarter and Nine-Month 2015 Results
Page 23 of 23
| |
For the three-month period ended September 30, | | |
For
the nine-month period
ended September 30, | |
| |
2,015 | | |
2,014 | | |
2,015 | | |
2,014 | |
| |
US$(000) | | |
US$(000) | | |
US$(000) | | |
US$(000) | |
Reconciliation of net profit (loss) to cash and cash equivalents provided by operating activities | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Net profit (loss) attributable to owners of the parent | |
| (23,229 | ) | |
| 78,336 | | |
| (24,656 | ) | |
| 85,312 | |
| |
| | | |
| | | |
| | | |
| | |
Plus (less): | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| 61,377 | | |
| 55,925 | | |
| 179,185 | | |
| 151,014 | |
Provision for impairment of inventories | |
| 8,928 | | |
| 2,069 | | |
| 13,710 | | |
| 1,234 | |
Net loss (gain) on sales of mining concessions, property, plant and equipment | |
| 10,667 | | |
| (105 | ) | |
| 13,620 | | |
| (169 | ) |
Net loss from currency exchange difference | |
| 3,945 | | |
| 4,304 | | |
| 7,525 | | |
| 5,071 | |
Provision for impairment of long-lived assets | |
| - | | |
| - | | |
| 3,803 | | |
| - | |
Accretion expense of provision for closure of mining units and exploration projects | |
| 96 | | |
| 1,088 | | |
| 2,931 | | |
| 2,310 | |
Provision for interest payable | |
| (1,083 | ) | |
| - | | |
| 1,659 | | |
| - | |
Allowance for doubtful accounts | |
| 254 | | |
| - | | |
| 1,101 | | |
| 19 | |
Provision for employee bonus | |
| - | | |
| - | | |
| 135 | | |
| 1,931 | |
Net share in the results of associates under equity method | |
| (13,381 | ) | |
| (23,553 | ) | |
| (61,621 | ) | |
| (39,242 | ) |
Net profit (loss) attributable to non-controlling interest | |
| (15,777 | ) | |
| 2,263 | | |
| (35,592 | ) | |
| 17,489 | |
Deferred income tax expense (income) | |
| (17,473 | ) | |
| 13,979 | | |
| (14,490 | ) | |
| 17,050 | |
Provision for estimated fair value of embedded derivatives related to concentrate sales and adjustments on open liquidations | |
| (5,752 | ) | |
| 13,051 | | |
| (6,347 | ) | |
| 8,951 | |
Other provisions | |
| 316 | | |
| (518 | ) | |
| 431 | | |
| 627 | |
| |
| | | |
| | | |
| | | |
| | |
Net changes in operating assets and liabilities | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Decrease (increase) in operating assets | |
| | | |
| | | |
| | | |
| | |
Trade and other accounts receivable, net | |
| 22,496 | | |
| (9,678 | ) | |
| 51,970 | | |
| (26,580 | ) |
Inventory, net | |
| (12,810 | ) | |
| (47 | ) | |
| 11,656 | | |
| 27,390 | |
Income tax credit | |
| 5,570 | | |
| 15,300 | | |
| 5,390 | | |
| 9,749 | |
Prepaid expenses | |
| 4,543 | | |
| 2,633 | | |
| 7,242 | | |
| 1,578 | |
| |
| | | |
| | | |
| | | |
| | |
Increase (decrease) in operating liabilities | |
| | | |
| | | |
| | | |
| | |
Trade and other accounts payable | |
| (17,892 | ) | |
| (19,312 | ) | |
| (35,210 | ) | |
| (47,242 | ) |
Income tax payable | |
| (305 | ) | |
| (2,186 | ) | |
| (947 | ) | |
| (2,140 | ) |
Provisions | |
| 5,845 | | |
| (4,647 | ) | |
| (26,749 | ) | |
| (22,243 | ) |
| |
| | | |
| | | |
| | | |
| | |
Dividends received | |
| 1,816 | | |
| 2,484 | | |
| 4,775 | | |
| 6,926 | |
| |
| | | |
| | | |
| | | |
| | |
Net cash and cash equivalents provided by operating activities | |
| 18,151 | | |
| 131,386 | | |
| 99,521 | | |
| 199,035 | |
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: October 30, 2015
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