Buenaventura Announces Fourth Quarter 2021 Production Results and 2022 Production Guidance
01/31/2022 - 07:01 PM
LIMA, Peru --(BUSINESS WIRE)--
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 4Q21 results for production and volume sold, as well as 2022 production guidance.
4Q21 Production per Metal and 2022 Guidance
(100% basis)
1Q21
(Actual)
2Q21
(Actual)
3Q21
(Actual)
4Q21
(Actual)
FY21
(Actual)
2022
Guidance (1) (2)
Gold (Oz.)
Orcopampa
5,986
9,130
15,547
19,358
50,020
57k - 65k
Tambomayo
15,347
17,964
17,837
18,406
69,554
45k - 50k
La Zanja
3,908
4,447
5,967
8,289
22,611
37k - 45k
Coimolache
26,133
30,378
29,597
24,468
110,575
75k - 80k
El Brocal
3,067
4,317
5,360
5,123
17,868
10k - 13k
Silver (Oz.)
Uchucchacua
1,243,916
1,268,082
1,220,393
0
3,732,391
0
El Brocal
1,574,305
1,603,208
1,482,163
1,499,305
6,158,981
4.2M - 4.8M
Tambomayo
284,677
432,638
509,836
588,138
1,815,288
1.8M - 2.4M
Julcani
648,854
570,248
657,494
695,439
2,572,036
2.2M - 2.5M
Lead (MT)
El Brocal
2,140
2,812
2,754
2,389
10,096
7.0k - 10.0k
Uchucchacua
1,292
1,715
1,830
0
4,836
0
Tambomayo
1,504
2,767
1,978
3,058
9,307
4.0k - 6.0k
Zinc (MT)
El Brocal
10,207
8,612
8,930
8,227
35,975
18.0k - 22.0k
Uchucchacua
1,246
3,029
1,928
0
6,203
0
Tambomayo
1,821
3,671
3,397
4,247
13,135
5.0k - 7.0k
Copper (MT)
El Brocal
7,965
10,494
9,146
10,308
37,914
40.0k - 45.0k
1. 2022 outlook projections shown above are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of December 2021 .
2. Please consider that this updated guidance could potentially be adversely impacted due to further effects related to COVID-19.
FY2021 and 2022 Guidance Comments
Tambomayo:
2021 gold and silver production was in line with Buenaventura’s revised 2021 guidance announced in the third quarter 2021.
2021 lead and zinc production exceeded revised guidance.
2022 Guidance: the Company expects a year on year decrease in gold production due to mining of lower grade blocks, as per the planned Life-of-Mine sequence.
Orcopampa:
2021 gold production exceeded revised guidance.
2022 Guidance: gold production is expected to maintain a similar pace as 3Q and 4Q 2021, with mining primarily within the Ramal-4 vein system and consistent with Orcopampa’s improved production results subsequent to mine development and preparation completed in the first half of 2021.
Coimolache:
2021 gold production was in line with revised guidance.
2022 Guidance: the Company expects decreased gold production in 2022 due to leach pad capacity limitations resulting from Covid-related permitting delays.
La Zanja:
2021 gold production slightly exceeded revised guidance.
2022 Guidance: expected increase in 2022 gold production as 2021 Pampa Verde open pit stripping progressed according to plan.
Julcani:
2021 silver production exceeded revised guidance.
2022 Guidance: 2022 silver production is expected to be in line with prior years.
Uchucchacua:
2021 silver, lead and zinc production was adversely impacted by the suspension of Uchucchacua operations since September.
2022 Guidance: No production is expected in 2022 as mine operations will be focused on drifting and on diamond drilling for exploration at Uchucchacua and project development surrounding Yumpag.
El Brocal:
Gold, lead and copper production were in line with revised guidance.
Silver production exceeded revised guidance.
Zinc production was slightly below revised guidance.
2022 Guidance: the El Brocal open pit mining sequence will begin transitioning from polymetallic to copper mining in 2022, resulting in an expected increase in copper production which will offset decreased zinc, lead, silver and gold production during the year.
4Q21 Payable Volume Sold (100% basis)
4Q21 Volume sold per Metal (100% basis)
1Q21
(Actual)
2Q21
(Actual)
3Q21
(Actual)
4Q21
(Actual)
FY21
(Actual)
Gold (Oz.)
Orcopampa
5,698
9,618
15,646
19,106
50,068
Tambomayo
14,631
16,652
15,943
16,386
63,611
La Zanja
3,897
4,455
5,169
8,468
21,990
Coimolache
28,094
29,815
30,893
23,515
112,316
El Brocal
1,951
2,805
3,806
3,513
12,076
Silver (Oz.)
Uchucchacua
1,029,816
1,226,055
1,107,282
95,215
3,458,368
El Brocal
1,244,168
1,325,553
1,235,143
1,212,618
5,017,482
Tambomayo
257,290
380,029
445,525
510,196
1,593,040
Julcani
614,164
547,606
606,737
659,178
2,427,685
Lead (MT)
El Brocal
2,239
2,597
2,461
2,201
9,497
Uchucchacua
1,014
1,450
1,562
110
4,135
Tambomayo
1,440
2,575
1,813
2,848
8,675
Julcani
113
91
83
66
352
Zinc (MT)
El Brocal
8,491
7,117
7,367
6,907
29,882
Uchucchacua
914
2,309
1,444
378
5,045
Tambomayo
1,401
3,049
2,304
3,440
10,195
Copper (MT)
El Brocal
7,536
9,948
8,677
9,793
35,954
Realized Metal Prices*
1Q21
(Actual)
2Q21
(Actual)
3Q21
(Actual)
4Q21
(Actual)
FY21
(Actual)
Gold (Oz)
1,726
1,815
1,764
1,784
1,775
Silver (Oz)
26.98
27.06
23.94
21.54
25.09
Lead (MT)
2,129
2,192
2,412
2,429
2,291
Zinc (MT)
3,220
3,010
3,048
3,482
3,182
Copper (MT)
8,994
10,033
9,488
9,193
9,455
*Buenaventura consolidated figures.
Buenaventura will issue further 2022 guidance on the Company’s Q4 2021 Earnings Results Press Release to be released on February 24, 2022 .
1. 4Q21 Production per Metal
1Q21
(Actual)
2Q21
(Actual)
3Q21
(Actual)
4Q21
(Actual)
FY21
(Actual)
Gold (Oz.)
Julcani
13
48
85
23
169
Silver (Oz.)
Orcopampa
1,043
1,781
4,716
7,274
14,814
La Zanja
27,042
20,519
24,011
32,961
104,534
Coimolache
200,993
166,327
159,072
121,076
647,468
Lead (MT)
Julcani
146
123
114
95
478
2. 4Q21 Volume Sold per Metal
1Q21
(Actual)
2Q21
(Actual)
3Q21
(Actual)
4Q21
(Actual)
FY21
(Actual)
Gold (Oz.)
Julcani
10
46
64
87
206
Silver (Oz.)
Orcopampa
1,878
1,518
4,709
6,460
14,565
La Zanja
28,964
24,710
26,683
40,394
120,750
Coimolache
215,648
178,729
169,499
115,780
679,656
Lead (MT)
Julcani
113
91
83
66
352
Company Description
Compañía de Minas Buenaventura S.A.A . is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru . The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, El Brocal, La Zanja and Coimolache).
The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).
For a printed version of the Company’s 2019 Form 20-F, please contact the persons indicated above, or download a PDF format file from the Company’s web site.
(*) 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 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 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.
View source version on businesswire.com : https://www.businesswire.com/news/home/20220131005582/en/
Contacts in Lima :
Daniel Dominguez , Chief Financial Officer
(511) 419 2540
Gabriel Salas , Head of Investor Relations
(511) 419 2591 / Gabriel.salas@buenaventura.pe
Contacts in NY:
Barbara Cano
(646) 452 2334
barbara@inspirgroup.com
Company Website: www.buenaventura.com/en/inversionistas
Source: Compañia de Minas Buenaventura S.A.A .