Buenaventura Announces Third Quarter 2024 Results for Production and Volume Sold per Metal
Production per Metal
Three Months Ended |
Nine Months Ended |
2024 Updated
|
||||
Gold ounces produced |
|
|
|
|
|
|
El Brocal |
6,673 |
|
17,329 |
|
19.0k - 22.0k |
|
Orcopampa |
17,831 |
|
54,426 |
|
70.0k - 75.0k |
|
Tambomayo |
8,015 |
|
26,072 |
|
28.0k - 32.0k |
|
Julcani |
1,428 |
|
2,839 |
|
3.5k - 4.0k |
|
La Zanja |
4,963 |
|
8,655 |
|
10.0k - 12.0k |
|
Total Direct Operations (2) |
38,909 |
|
109,321 |
|
130.5k - 145.0k |
|
Coimolache |
8,368 |
|
38,554 |
|
41.0k - 46.0k |
|
Total incl. Associated (3) |
39,690 |
|
118,095 |
|
139.6k - 155.0k |
|
|
|
|
|
|
||
Silver ounces produced |
|
|
|
|
|
|
El Brocal |
516,480 |
|
1,701,940 |
|
1.8M - 2.0M |
|
Uchucchacua |
608,412 |
|
1,524,944 |
|
2.2M - 2.5M |
|
Yumpag (4) |
2,591,227 |
|
6,017,839 |
|
7.5M - 8.0M |
|
Orcopampa |
6,891 |
|
22,857 |
|
- |
|
Tambomayo |
434,054 |
|
1,143,490 |
|
1.7M - 1.9M |
|
Julcani |
261,492 |
|
1,090,232 |
|
1.5M - 1.7M |
|
La Zanja |
8,901 |
|
14,904 |
|
- |
|
Total Direct Operations (2) |
4,427,457 |
|
11,516,207 |
|
14.7M - 16.1M |
|
Coimolache |
38,705 |
|
178,341 |
|
0.1M - 0.2M |
|
Total incl. Associated (3) |
4,243,769 |
|
10,931,273 |
|
14.0M - 15.4M |
|
|
|
|
|
|
||
Lead metric tons produced |
|
|
|
|
|
|
Uchucchacua |
3,865 |
|
10,812 |
|
13.0k - 15.0k |
|
Tambomayo |
979 |
|
3,093 |
|
3.5k - 4.0k |
|
Julcani |
108 |
|
619 |
|
0.9k - 1.0k |
|
Total Direct Operations (2) |
4,953 |
|
14,523 |
|
17.4k - 20.0k |
|
|
|
|
|
|
||
Zinc metric tons produced |
|
|
|
|
|
|
El Brocal |
0 |
|
1,985 |
|
1.9k - 2.0k |
|
Uchucchacua |
6,153 |
|
16,521 |
|
19.0k - 22.0k |
|
Tambomayo |
1,222 |
|
4,034 |
|
5.4k - 5.8k |
|
Total Direct Operations (2) |
7,374 |
|
22,540 |
|
26.3k - 29.8k |
|
|
|
|
|
|
||
Copper metric tons produced |
|
|
|
|
|
|
El Brocal |
16,769 |
|
42,334 |
|
55.0k - 60.0k |
|
Total Direct Operations (2) |
16,769 |
|
42,334 |
|
55.0k - 60.0k |
-
2024 projections are considered to be forward-looking statements and represent management’s good faith estimates or expectations of future production results as of
October 2024 . - Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
- Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache.
- Considers ore from the pilot stope approved within Yumpag EIA-sd.
Volume Sold per Metal
Three Months Ended |
Nine Months Ended |
|||
Gold ounces sold |
|
|
|
|
El Brocal |
3,912 |
|
10,676 |
|
Orcopampa |
18,027 |
|
54,223 |
|
Tambomayo |
7,438 |
|
24,199 |
|
Julcani |
1,293 |
|
2,527 |
|
La Zanja |
4,676 |
|
8,525 |
|
Total Direct Operations (1) |
35,345 |
|
100,151 |
|
Coimolache |
8,450 |
|
38,526 |
|
Total incl. Associated (2) |
37,225 |
|
111,480 |
|
|
|
|
||
Silver ounces sold |
|
|
|
|
El Brocal |
413,407 |
|
1,403,306 |
|
Uchucchacua |
555,012 |
|
1,345,729 |
|
Yumpag (3) |
2,229,149 |
|
5,785,760 |
|
Orcopampa |
10,031 |
|
22,174 |
|
Tambomayo |
402,631 |
|
1,035,689 |
|
Julcani |
248,442 |
|
1,052,051 |
|
La Zanja |
16,450 |
|
32,140 |
|
Total Direct Operations (1) |
3,875,123 |
|
10,676,849 |
|
Coimolache |
38,748 |
|
177,393 |
|
Total incl. Associated (2) |
3,731,208 |
|
10,206,718 |
|
|
|
|
||
Lead metric tons sold |
|
|
|
|
El Brocal |
0 |
|
72 |
|
Uchucchacua |
3,489 |
|
9,752 |
|
Yumpag (3) |
21 |
|
55 |
|
Tambomayo |
849 |
|
2,692 |
|
Julcani |
96 |
|
557 |
|
Total Direct Operations (1) |
4,455 |
|
13,129 |
|
|
|
|
||
Zinc metric tons sold |
|
|
|
|
El Brocal |
0 |
|
1,592 |
|
Uchucchacua |
5,026 |
|
13,593 |
|
Tambomayo |
969 |
|
3,231 |
|
Total Direct Operations (1) |
5,995 |
|
18,417 |
|
|
|
|
||
Copper metric tons sold |
|
|
|
|
El Brocal |
15,571 |
|
39,709 |
|
Tambomayo |
32 |
|
95 |
|
Julcani |
20 |
|
79 |
|
Total Direct Operations (1) |
15,622 |
|
39,883 |
- Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
- Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache.
- Considers ore from the pilot stope approved within Yumpag EIA-sd.
Average realized prices(1)(2)
Three Months Ended |
Nine Months Ended |
Year Ended |
||||
Gold (US$/Oz) |
|
2,514 |
|
2,323 |
|
1,954 |
Silver (US$/Oz) |
29.92 |
|
28.14 |
|
23.98 |
|
Lead (US$/MT) |
|
2,082 |
|
2,078 |
|
2,093 |
Zinc (US$/MT) |
2,883 |
|
2,618 |
|
2,315 |
|
Copper (US$/MT) |
|
9,391 |
|
9,124 |
|
8,418 |
- Considers Buenaventura consolidated figures.
- Realized prices include both provisional sales and final adjustments for price changes.
Commentary on Operations
Tambomayo:
- Gold, lead and zinc production was in line with expectations. 2024 guidance remains unchanged.
- Silver production was below 3Q24 projections due to delays related to mine development and in the preparation of high silver grade ore stopes. 2024 remains unchanged.
Orcopampa:
- 3Q24 gold and silver production was in line with expectations. 2024 guidance remains unchanged.
Coimolache:
- Gold production exceeded 3Q24 projections due to an accelerated percolation rate at the leach pad. 2024 guidance has therefore been updated.
-
During the 3Q24, Buenaventura filed for a leach pad expansion construction permit at Coimolache, which is currently pending with the
Ministry of Energy andMines . Approval is expected by the end of 1Q25, enabling the Company to begin construction in 2Q25 and to resume leaching fresh ore in 3Q25.
Julcani:
- Gold and copper production at the Julcani mine is gradually increasing as the operation transitions to zones richer in these metals, successfully offsetting lower production from the Achilla zone which has historically produced lead and silver.
- 2024 guidance has therefore been revised to reflect increased gold production with lower silver grades.
Uchucchacua:
- Silver and lead production was in line with expectations for 3Q24. 2024 guidance remains unchanged.
- Zinc production exceeded expectations due to higher grades than was previously projected. 2024 guidance has therefore been updated.
- Uchucchacua achieved 1,500 TPD average daily throughput in 3Q24, aligned with the Company’s targeted 1,500 TPD by year end 2024.
Yumpag:
- Silver production was in line with expectations for 3Q24. 2024 guidance remains unchanged.
El Brocal:
- Copper production was in line with expectations for 3Q24. 2024 guidance remains unchanged.
- Gold and silver production exceeded expectations for 3Q24 due to increased volume processed during the quarter. 2024 guidance has therefore been updated.
- All ore stockpiled in 2Q24 was processed during the 3Q24, enabling El Brocal to meet its targeted production for the first nine months of 2024. The average mining rate during 3Q24 was 12,000 tons per day, and the average mining rate for the first nine months of the year was 11,000 tons per day, aligned with the Company’s target for full year production to exceed 11,000 tons per day.
Company Description
Compañía de
The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with
(*) Operations wholly owned by Buenaventura.
Note on Forward-Looking Statements
This press release may contain forward-looking information (as defined in the
View source version on businesswire.com: https://www.businesswire.com/news/home/20241016331347/en/
Contacts in
+51 1 419 2540
+51 1 419 2591
gabriel.salas@buenaventura.pe
Contact in
+1 646 452 2334
barbara@inspirgroup.com
Website: www.buenaventura.com
Source: Compañía de