UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15b-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2023
Commission File Number 001-14370
COMPANIA DE MINAS BUENAVENTURA S.A.A.
(Exact name of registrant as specified in its charter)
BUENAVENTURA MINING COMPANY INC.
(Translation of registrant's name into English)
Republic of Peru
(Jurisdiction of incorporation or organization)
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 Form 20-F or Form 40-F.
Form 20-F ____
X
___ Form 40-F _______
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): [ ]
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): Not applicable.
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Buenaventura Announces First Quarter 2023 Results for Production and Volume
Sold per Metal
LIMA, Peru--(BUSINESS WIRE)--April 13, 2023--
Compania 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
1Q23 results for production and volume sold.
1Q23 Production per Metal
(100% basis)
1Q23 2023 Guidance
(Actual) (1)(2)(3)
Gold (Oz.)
Orcopampa 19,996 72k - 80k
Tambomayo 10,600 35k - 40k
Coimolache 6,536 60k - 65k
El Brocal 4,421 24k - 26k
Silver (Oz.)
Uchucchacua 0 0.7M - 1.0M
Yumpag 0 1.6M - 1.8M
El Brocal 436,678 2.7M - 3.0M
Tambomayo 394,305 1.9M - 2.2M
Julcani 417,887 2.6M - 2.8M
Lead (MT)
El Brocal 0 7.5k - 8.3k
Uchucchacua 0 1.4k - 1.5k
Yumpag 0 0.3k - 0.4k
Tambomayo 1,324 2.9k - 3.2k
Zinc (MT)
El Brocal 0 23.0k - 25.0k
Uchucchacua 0 2.0k - 2.2k
Yumpag 0 -
Tambomayo 1,552 4.8k - 5.3k
Copper (MT)
El Brocal 12,238 45.0k - 50.0k
1 Above 2023 projections are considered forward-looking statements and
represent management's good faith estimates or expectations of future
production results as of February 2023.
2 2023 Uchucchacua and Yumpaq Guidance is subject to permit approval to
begin production.
3 El Brocal stockpiled ore mined from its open pit during the 1Q23. Lead and
zinc ore will be treated at the processing plant starting in 2Q23. The
underground mine will operate continuously throughout 2023.
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1Q23 Comments
Tambomayo:
* Gold production was in line with expectations for 1Q23.
* 1Q23 silver production was below projections as a short-term mining
reschedule resulted from a temporary cement (used for shotcrete) supply
disruption in Arequipa city. However, this was partially offset by increased
lead and zinc production during the quarter with higher than anticipated head
grade and improved metallurgical performance.
Orcopampa:
* Gold production was in line with expectations for 1Q23.
Coimolache:
* 1Q23 gold production was slightly below quarterly projections due to
slower than expected production ramp-up during the quarter as leach pad
percolation time exceeded expectations. Percolation remains in progress and
related gold processing has been deferred to subsequent quarters with the
expected return to the previously projected schedule in the 2Q23.
* Coimolache is expected to recover gold production in subsequent quarters
and therefore remains on track to meet 2023 Guidance.
Julcani:
* 1Q23 silver production was below projections due to the February 2023
suspension of operations related to anti-government protests which adversely
impacted production and mine development. Operations were fully reestablished
on February 16, 2023.
* Julcani is expected to recover silver production in subsequent quarters
and therefore remains on track to meet 2023 Guidance.
Yumpag:
* Construction and operational permitting process have continued as per the
expected schedule.
* 4Q23 targeted production initiation remains unchanged and subject to
approval of the final permit required to operate.
Uchucchacua:
* Exploration and mine development continue as planned. The 2H23 target to
resume production remains unchanged.
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El Brocal:
* 1Q23 gold, silver and copper production exceeded first quarter 2023
projections due to earlier than expected production from high-grade areas
within the underground mine as well as increased metallurgical recoveries.
* Ore mined from the open pit during the 1Q23 was stockpiled, according to
plan. Open pit ore will begin processing in the 2Q23.
1Q23 Payable Volume Sold
1Q23 Volume Sold per Metal
(100% basis)
1Q23
(Actual)
Gold (Oz.)
Orcopampa 20,326
Tambomayo 9,360
Coimolache 6,854
El Brocal 2,595
Silver (Oz.)
Uchucchacua 130,642
Yumpag 0
El Brocal 379,158
Tambomayo 370,299
Julcani 412,890
Lead (MT)
El Brocal 88
Uchucchacua 0
Yumpag 0
Tambomayo 1,189
Zinc (MT)
El Brocal 38
Uchucchacua 0
Yumpag 0
Tambomayo 1,269
Copper (MT)
El Brocal 11,748
Realized Metal Prices*
1Q23
(Actual)
Gold (Oz) 1,915
Silver (Oz) 22.5
Lead (MT) 2,139
Zinc (MT) 2,004
Copper (MT) 8,972
*Buenaventura consolidated figures.
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Appendix
1. 1Q23 Production per Metal
(100% basis)
1Q23
(Actual)
Gold (Oz.)
La Zanja 3,051
Silver (Oz.)
Orcopampa 7,618
La Zanja 6,630
Coimolache 25,485
Lead (MT)
Julcani 106
2. 1Q23 Volume Sold per Metal
(100% basis)
1Q23
(Actual)
Gold (Oz.)
La Zanja 3,211
Silver (Oz.)
Orcopampa 6,699
La Zanja 10,942
Coimolache 24,909
Lead (MT)
Julcani 94
Company Description
Compania 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*, La
Zanja*, El Brocal 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).
(*) 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.
Contacts
In Lima:
Daniel Dominguez, Chief Financial Officer
+51 (511) 419 2540
G
abriel Salas, Head of Investor Relations
+51 (511) 419 2591 / Gabriel.salas@buenaventura.pe
Company Website: www.buenaventura.com.pe/ir
In NY:
Barbara Cano
+1 (646) 452 2334
barbara@inspirgroup.com
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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.
COMPANIA DE MINAS BUENAVENTURA S.A.A.
By: /s/ DANIEL DOMINGUEZ
Name: Daniel Dominguez
Title: Chief Financial Officer
Date: April 13, 2023