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Buenaventura Announces Third Quarter 2012 Results

Stocks in this article: BVN


At Yanacocha (43.65% owned by Buenaventura), 3Q12 gold production was 353,710 ounces of gold, 8% higher than 3Q11 production (328,411 oz). Accumulated gold production in the first nine-month period 2012 was 1,110,117 ounces, 16% higher than in 2011 (958,290 oz).

Costs applicable to sales (CAS) at Yanacocha in 3Q12 were US$539/oz, 15% lower than the figure reported in 3Q11 (US$633/oz) due to higher production and lower mining costs. Net income at Yanacocha in 3Q12 was US$150.5 million, 18% lower compared to the 3Q11 figure (US$183.3 million). Accumulated net income in the first nine-month period 2012 was US$550.8 million, 24% higher than in 2011 (US$443.1 million).

During 3Q12, EBITDA totaled US$316.1 million, a 3% decrease compared to 3Q11 (US$327.2 million). This decrease was mainly due to an increase in other expenses related to unexpected employee terminations. Accumulated EBITDA in the first nine-month period 2012 was US$1,055.9 million, 31% higher than 2011 (US$805.3 million).

Capital expenditures at Yanacocha were US$262.6 million in 3Q12 and US$822.9 for the first nine-month period 2012.


At Cerro Verde (19.58% owned by Buenaventura), 3Q12 copper production was 69,150 MT, a 3% decrease compared to the figure reported in 3Q11 (71,255 MT). Accumulated total copper production in the first nine-month period 2012 was 200,775 MT, 12% lower than 227,622 MT in 2011.

During 3Q12, Cerro Verde reported net income of US$219.7 million, a 33% increase when compared to US$164.9 million in 3Q11. This was mainly due to a 22% decrease in sales revenues (US$575.0 million in 3Q12 versus US$470.1 million in 3Q11). Accumulated net income in the first nine-month period 2012 was US$625.9 million, 29% lower than US$875.8 million in 2011.

Capital expenditures at Cerro Verde in 3Q12 totaled US$148.8 million and US$400.8 in the first nine-month 2012 period.

CANTERAS DEL HALLAZGO (Chucapaca project)

At Canteras del Hallazgo (49% owned by Buenaventura), expenses attributable to Buenaventura totaled US$6.7 million, mainly due to social expenses (US$8.2 million in 3Q11). For the first nine-month period 2012, attributable expenses were US$20.1 million (US$21.3 million in 2011).

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