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%
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%
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.

1 2 3 4 5 6 7 8 9 ... Next › Last »