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, announced today results for the third quarter 2011. All figures have been prepared in accordance with Peruvian GAAP and are stated in U.S. dollars (US$).
Comments from the Chief Executive Officer:
Mr. Roque Benavides, Buenaventura’s Chief Executive Officer, stated:
“Net income in the third quarter reached US$208.0 million, a 19% increase when compared to the figure reported in 3Q10 (US$174.3 million). EBITDA from Buenaventura’s Direct Operations was US$248.0 million, 87% higher than the figure reported in 3Q10 (US$132.8 million), while EBITDA including Yanacocha and Cerro Verde increased 31%, from US$340.0 million in 3Q10 to US$443.9 million in 3Q11.These results were mainly driven by an increase in gold and copper sales from Buenaventura’s direct operations, as well as the higher metal prices. As a consequence and in accordance to the Company’s dividend policy, the Board has approved a cash dividend of US$0.23 per share, which represents an increase of 44% compared to the interim dividend paid in 4Q10 (US$0.16 per share).
|Financial Highlights (in millions of US$, except EPS figures):|
|EBITDA (BVN Direct Operations)†||248.0||132.8||87%||636.0||305.7||108%|
|EBITDA (inc. Yanacocha and Cerro Verde) †||443.9||340.0||31%||1245.8||866.2||44%|
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