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Buenaventura Announces Third Quarter 2011 Results

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):

        3Q11     3Q10     Var%     9M11     9M10     Var%
Total Revenues       435.3     279.9     56%     1154.3     707.0     63%
Operating Income       210.2     91.8     129%     534.5     208.5     156%

(BVN Direct Operations)†

      248.0     132.8     87%     636.0     305.7     108%

(inc. Yanacocha and Cerro Verde) †

      443.9     340.0     31%     1245.8     866.2     44%
Net Income       208.0     174.3     19%     630.5     442.3     43%
EPS*       0.82     0.68     19%     2.48     1.74     43%

(*) As of September 30, 2011, Buenaventura had 254,442,328 shares outstanding.

Stock quotes in this article: BVN 

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