UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of October 2024
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)
CARLOS VILLARAN 790
SANTA CATALINA, LIMA 13, PERU
(Address of principal executive office)
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 if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ¨ No x
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):
Yes ¨ No x
Buenaventura Announces Third Quarter 2024 Results for Production and Volume Sold per Metal
Lima, Peru, October 16, 2024 – Compañía 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 3Q24 results for production and volume sold.
Production per Metal
| Three
Months Ended September 30, 2024 | Nine
Months Ended September 30, 2024 | 2024 Updated Guidance (1) | ||||||||||
| 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 | |||||||||
| 1. | 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. |
| 2. | Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal. |
| 3. | Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache. |
| 4. | Considers ore from the pilot stope approved within Yumpag EIA-sd. |
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Volume Sold per Metal
| Three
Months Ended September 30, 2024 | Nine
Months Ended September 30, 2024 | |||||||
| 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 | ||||||
| 1. | Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal. |
| 2. | Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache. |
| 3. | Considers ore from the pilot stope approved within Yumpag EIA-sd. |
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Average realized prices(1)(2)
| Three
Months Ended September 30, 2024 | Nine
Months Ended September 30, 2024 | Year
Ended December 31, 2023 | ||||||||||
| 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 | |||||||||
| 1. | Considers Buenaventura consolidated figures. |
| 2. | 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 and Mines. 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. |
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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 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.
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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.
| COMPAÑÍA DE MINAS BUENAVENTURA S.A.A. | ||
| Date: October 16, 2024 | By: | /s/ DANIEL DOMÍNGUEZ VERA |
| Name: | Daniel Domínguez Vera | |
| Title: | Market Relations Officer | |