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 first quarter 2012. All figures have been prepared in accordance with IFRS 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 first quarter reached US$207.5, 8% lower than the figure reported in 1Q11 (US$224.8 million). EBITDA from Buenaventura’s Direct Operations was US$171.1 million, 17% lower than the figure reported in 1Q11 (US$207.0 million), while EBITDA including Yanacocha and Cerro Verde increased 2%, from US$396.6 million in 1Q11 to US$403.1 million in 1Q12.The Company reported higher operating costs and expenses in 1Q12, while sales remained flat, which led to lower than expected results.
Financial Highlights (in millions of US$, except EPS figures):
(BVN Direct Operations)†
(inc. Yanacocha and Cerro Verde) †
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