† Within this release, Buenaventura presents financial measures in accordance with Peruvian GAAP, as well as on a non-GAAP basis. EBITDA (Buenaventura Direct Operations) and EBITDA (including Yanacocha and Cerro Verde) included in this release are non-GAAP financial measures. Please see the consolidated financial information below for information reconciling non-GAAP financial measures with Peruvian GAAP financial measures.
During 1Q12, net sales were US$359.0 million, similar to the US$363.5 million reported in 1Q11. Lower base metal prices, as well as a decrease in silver, copper and zinc volume sold offset higher precious metal prices. It is important to mention that due to logistic constraints at the Callao Port and warehouses, lead-silver concentrate inventories tripled when comparing 1Q12 with 1Q11, representing a US$31 million increase at market value.
Royalty income increased 47%, from US$12.3 million reported in 1Q11 to US$18.1 million in 1Q12 due to higher revenues at Yanacocha.
Net Sales (in millions of US$)
|Average Realized Gold Price Gold (US$/oz)*||1,721||1,393||24%|
|Average Realized Gold Price (US$/oz) inc. Yanacocha||1,707||1,234||38%|
|Average Realized Silver Price (US$/oz)*||32.20||31.78||1%|
|Average Realized Lead Price (US$/MT)*||2,085||2,601||-20%|
| Average Realized
Zinc Price (US$/MT)*
|Average Realized Copper Price (US$/MT)*||8,361||9,642||-13%|
|Gold (in oz)*||127,017||120,426||5%|
|Gold (in oz) inc. Yanacocha||280,718||243,849||15%|
|Silver (in oz)*||2,810,762||3,697,027||-24%|
|Lead (in MT)*||2,135||2,772||-23%|
|Zinc (in MT)*||7,943||7,888||1%|
|Copper (in MT)*||5,714||7,166||-20%|