Costs applicable to sales (CAS) at Yanacocha in 2Q12 were US$488/oz, 13% lower than the figure reported in 2Q11 (US$564/oz) due to higher production and lower mining costs, partially offset by higher workers' participation costs and lower by-product credits. Net income at Yanacocha in 2Q12 was US$198.3 million, a 33% increase compared to the 2Q11 figure (US$149.1 million). Accumulated net income in the first six-month period 2012 was US$400.3 million, 54% higher than in 2011 (US$259.8 million).
During 2Q12, EBITDA totaled US$375.3 million, a 32% increase compared to 2Q11 (US$284.0 million). This increase was mainly due to an 18% increase in revenues (US$615.4 million in 2Q12 vs. US$520.2 million in 2Q11). Accumulated EBITDA in the first six-month period 2012 was US$739.2 million, 55% higher than 2011 (US$477.7 million).
Capital expenditures at Yanacocha were US$332.9 million in 2Q12 and US$560.3 for the first six-month period 2012.
CERRO VERDEAt Cerro Verde (19.41% owned by Buenaventura), 2Q12 copper production was 68,329 MT, an 11% decrease compared to the figure reported in 2Q11 (76,905 MT). Accumulated total copper production in the first six-month period 2012 was 131,625 MT, 16% lower than 156,368 MT in 2011. During 2Q12, Cerro Verde reported net income of US$173.9 million, a 49% decrease when compared to US$343.3 million in 2Q11. This was mainly due to a 35% decrease in sales revenues (US$482.2 million in 2Q12 versus US$744.0 million in 2Q11). Accumulated net income in the first six-month period 2012 was US$406.1 million, 43% lower than US$710.9 million in 2011. Capital expenditures at Cerro Verde in 2Q12 totaled US$169.8 million and US$252.0 in the first six-month 2012 period. CANTERAS DEL HALLAZGO (Chucapaca project) At Canteras del Hallazgo (49% owned by Buenaventura), expenses attributable for Buenaventura totaled US$8.1 million due to the execution of the exploration program (US$7.1 million in 2Q11). For the six-month period 2012, attributable expenses were US$13.4 million (US$13.1 million in 2011).