Buenaventura Announces Second Quarter 2021 Production and Volume Sold Per Metal Results

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LIMA, Peru, July 27, 2021--(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 2Q21 production and volume sold.

2Q21 Production per Metal and 2021 Guidance
(100% basis)

1Q21
(Actual)

2Q21
(Actual)

6M21
(Actual)

Updated 2021
Guidance (1) (2)

Gold (Oz.)

Orcopampa

5,986

9,130

15,116

40k - 45k

Tambomayo

15,347

17,964

33,311

69k - 75k

La Zanja

3,908

4,447

8,355

12k - 15k

Coimolache

26,133

30,378

56,510

99k - 106k

Yanacocha

62,125

66,563

128,688

315k (3)

El Brocal

3,067

4,317

7,384

20k - 25k

Silver (Oz.)

Uchucchacua

1,243,916

1,268,082

2,511,997

6.0M - 7.0M

El Brocal

1,574,305

1,603,208

3,177,513

5.4M - 6.0M

Tambomayo

284,677

432,638

717,315

1.2M - 1.4M

Julcani

648,854

570,248

1,219,102

2.1M - 2.4M

Lead (MT)

El Brocal

2,140

2,812

4,952

10.0k - 12.0k

Uchucchacua

1,292

1,715

3,006

5.0k - 7.0k

Tambomayo

1,504

2,767

4,271

5.9k - 6.5k

Zinc (MT)

El Brocal

10,207

8,612

18,819

40.0k - 45.0k

Uchucchacua

1,246

3,029

4,275

7.0k - 10.0k

Tambomayo

1,821

3,671

5,491

6.9k - 7.5k

Copper (MT)

El Brocal

7,965

10,494

18,460

37.0k - 42.0k

1. Above 2021 projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of July 2021.

2. Updated guidance could potentially be adversely impacted due to further effects related to COVID-19.

3. As announced by Newmont on February 18, 2021.

Additional Comments

  • Tambomayo:

    2Q21 gold production was aligned with expected mine ramp-up for 2021 and was favorably impacted by more stable operations at Tambomayo’s processing plant. 2021 gold production guidance remains unchanged.

    2Q21 silver production was in line with expectations. 2021 silver production guidance remains unchanged.

  • Orcopampa:

    2Q21 gold production progressed slightly below the planned ramp-up due to less ore treated during the quarter resulting from Covid-19 related personnel restrictions. Additional staff and resources have been re-allocated to expedite Orcopampa mine development and production for the balance of the year. 2021 guidance remains unchanged.

  • Coimolache:

    2Q21 gold production was in line with expectations. 2021 guidance remains unchanged.

  • La Zanja:

    2Q21 gold production was in line with expectations. 2021 guidance remains unchanged.

  • Julcani:

    2Q21 silver production was in line with expectations. 2021 guidance remains unchanged.

  • Uchucchacua:

    2Q21 silver, lead and zinc production was below expectations due to lower production from high grade Ag areas resulting from Covid-19 restriction-related delays in mine development, a slower than anticipated transition to narrow vein mining and a negative reconciliation. This was partially offset by increased production from polymetallic stopes and 4 Oz Ag/t tailings reprocessed during the quarter. Therefore, guidance has been updated to 6.0 – 7.0 M Oz Ag for 2021 with more conservative development and mining rate projections due to Covid-19 related restrictions. The mining plan is still under review.

  • El Brocal:

    Marcapunta’s 2Q21 copper production was in line with expectations. 2021 copper production guidance remains unchanged.

    Tajo Norte’s zinc production was below expectations due to stripping delays with a negative reconciliation. 2021 zinc production guidance was updated to 40.0-45.0k mt.

2Q21 Payable Volume Sold

2Q21 Volume sold per Metal (100% basis)

1Q21

(Actual)

2Q21

(Actual)

6M21

(Actual)

Gold (Oz.)

Orcopampa

5,698

9,618

15,316

Tambomayo

14,631

16,652

31,283

La Zanja

3,897

4,455

8,352

Coimolache

28,094

29,815

57,909

El Brocal

1,951

2,805

4,756

Silver (Oz.)

Uchucchacua

1,029,816

1,226,055

2,255,872

El Brocal

1,244,168

1,325,553

2,569,720

Tambomayo

257,290

380,029

637,319

Lead (MT)

El Brocal

2,239

2,597

4,836

Uchucchacua

1,014

1,450

2,463

Tambomayo

1,440

2,575

4,015

Julcani

113

91

204

Zinc (MT)

El Brocal

8,491

7,117

15,608

Uchucchacua

914

2,309

3,223

Tambomayo

1,401

3,049

4,451

Copper (MT)

El Brocal

7,536

9,948

17,485

Realized Metal Prices*

1Q21

(Actual)

2Q21

(Actual)

6M21

(Actual)

Gold (Oz)

1,726

1,815

1,776

Silver (Oz)

26.98

27.06

27.02

Lead (MT)

2,129

2,192

2,166

Zinc (MT)

3,220

3,010

3,108

Copper (MT)

8,994

10,033

9,585

*Buenaventura consolidated figures.

Appendix

1. 2Q21 Production per Metal

1Q21
(Actual)

2Q21
(Actual)

6M21
(Actual)

Gold (Oz.)

Julcani

13

48

61

Silver (Oz.)

Orcopampa

1,043

1,781

2,823

La Zanja

27,042

20,519

47,561

Coimolache

200,993

166,327

367,320

Yanacocha

187,057

33,338

220,395

Lead (MT)

Julcani

146

123

269

2. 2Q21 Volume Sold per Metal

1Q21
(Actual)

2Q21
(Actual)

6M21
(Actual)

Gold (Oz.)

Julcani

10

46

56

Silver (Oz.)

Orcopampa

1,878

1,518

3,396

La Zanja

28,964

24,710

53,673

Coimolache

215,648

178,729

394,377

Lead (MT)

Julcani

113

91

204

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 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation & Sumitomo Corporation), an important precious metal producer and 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc., Sumitomo Corporation & Sumitomo Metals).

For a printed version of the Company’s 2018 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 the Company’s, Yanacocha’s and 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, Yanacocha’s and 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/20210727006167/en/

Contacts

Contacts in Lima:
Daniel Dominguez, Chief Financial Officer
(511) 419 2540

Rodrigo Echecopar, Head of Investor Relations
(511) 419 2591 / rodrigo.echecopar@buenaventura.pe

Company Website: www.buenaventura.com.pe/ir

Contact in NY:
Barbara Cano
(646) 452 2334
barbara@inspirgroup.com

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