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Buenaventura Announces First Quarter 2023 Results

Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced results for the first quarter (1Q23) ended March 31, 2023. 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$).

First Quarter 2023 Highlights:

  • 1Q23 EBITDA from direct operations was US$ 51.6 million, compared to US$ 86.9 million reported in 1Q22, EBITDA results do not include US$ 300 million from the sale of Buenaventura’s stake in Yanacocha.
  • 1Q23 EBITDA including associated companies reached US$ 181.9 million, compared to US$ 233.7 million in 1Q22, EBITDA results do not include US$ 300 million from the sale of Buenaventura’s stake in Yanacocha.
  • 1Q23 net income from continuing operations reached US$ 72.2 million, compared to a US$ 134.7 million net income from continuing operations for the same period in 2022.
  • El Brocal ore mined from its open pit was stockpiled during the 1Q23 and was not treated during the quarter. Underground mine production increased to 9,350 tpd during 1Q23, compared to 7,100 tpd in 1Q22, as part of the ramp-up to reach 10,000 tpd during 2023. This stockpiled lead and zinc ore will be treated at El Brocal’s processing plant in 2Q23.
  • Buenaventura’s cash position reached US$ 173.5 million as of March 31, 2023. Net Debt increased to US$ 556.8 million with an average maturity of 3.1 years.
  • 1Q23 capital expenditures were US$ 36.2 million, compared to US$ 19.9 million for the same period in 2022. 1Q23 CAPEX includes US$ 9.7 million related to the San Gabriel Project and US$ 8.8 million related to the Yumpag Project.
  • On March 24, 2023, Cerro Verde announced a total dividend distribution of US$ 250 million. Buenaventura will receive US$ 49.0 million relative to its stake in Cerro Verde on April 28, 2023.
  • During 1Q23, operations at Julcani were suspended for 10 days in February 2023 related to anti-government protests which adversely impacted production and mine development. Operations were fully reestablished on February 16, 2023 and Buenaventura plans to recover production in subsequent quarters and expects to meet 2023 production guidance.

Financial Highlights (in millions of US$, except EPS figures):




Total Revenues




Operating Income




EBITDA Direct Operations(1)




EBITDA Including Affiliates(1)




Net Income from continuing operations








(1) Don’t include US$ 300 million from the sale of Buenaventura’s stake in Yanacocha;

(2) As of March 31, 2023, Buenaventura had a weighted average number of shares outstanding of 253,986,867.

For a full version of Compañía de Minas Buenaventura First Quarter 2023 Earnings Release, please visit:


Compañia de Minas Buenaventura will host a conference call on Friday, April 28, 2023 to discuss these results at 11:00 a.m. Eastern Time / 10:00 a.m. Peru Time

To participate in the conference call, please dial:

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Participants who do not wish to be interrupted to have their information gathered may have Chorus Call dial out to them by clicking on the above link, filling in the information, and pressing the green phone button at the bottom. The phone number provided will be automatically called and connected to the conference without any interruption to the participant. (Please note: Participants will be joined directly to the conference and will hear hold music until the call begins. No confirmation message will be played when joined.)

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: Tambomayo*, Orcopampa*, Uchucchacua*, Julcani*, La Zanja*, El Brocal and Coimolache.

The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer.

For a printed version of the Company’s 2021 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

(*) 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 U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company’s, 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, 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.


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