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Buenaventura Announces Second Quarter 2012 Results

Stocks in this article: BVN

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 Affiliates) 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.

Operating Revenue

During 2Q12, net sales were US$331.8 million, similar to the US$327.3 million reported in 2Q11. Higher silver, zinc and lead volume sold positively offset lower silver and base metal prices, as well as the decline in gold sales.

Royalty income increased 17%, from US$16.0 million reported in 2Q11 to US18.7 million in 2Q12 due to higher revenues at Yanacocha.

Operating Highlights     2Q12     2Q11     Var%     6M12     6M11     Var%
Net Sales

(in millions of US$)

    331.8     327.3     1%     690.7     690.8     0%
Average Realized Gold Price Gold (US$/oz)*     1,619     1,514     7%     1,673     1,457     15%
Average Realized Gold Price (US$/oz) inc. Yanacocha     1,616     1,508     7%     1,657     1,234     34%
Average Realized Silver Price (US$/oz)*     29.41     37.01     -21%     30.50     35.70     -15%
Average Realized Lead Price (US$/MT)*     1,929     2,494     -23%     1,957     2,519     -22%
Average Realized

Zinc Price (US$/MT)*

    1,922     2,260     -15%     1,963     2,320     -15%
Average Realized Copper Price (US$/MT)*     7,828     9,103     -14%     8,253     9,334     -12%

(*) Buenaventura’s Direct Operations

Sales Content
      2Q12     2Q11     Var     6M12     6M11     Var
Gold (in oz)*     107,661     126,273     -15%     234,241     246,876     -5%
Gold (in oz) inc. Yanacocha     274,290     275,387     0%     554,571     519,413     7%
Silver (in oz)*     4,695,060     2,761,715     70%     7,491,711     6,372,936     18%
Lead (in MT)*     9,471     4,560     108%     11,589     7,307     59%
Zinc (in MT)*     14,449     8,198     76%     22,381     16,133     39%
Copper (in MT)*     830     3,703     -78%     6,542     10,759     -39%

(*) Buenaventura Direct Operations

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