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Buenaventura Announces Third Quarter 2012 Results

COIMOLACHE (Tantahuatay operation)

At Coimolache (40.04% owned by Buenaventura), attributable contribution was US$13.5 million (US$4.4 million in 3Q11). For the first nine-month period 2012, attributable contribution was US$31.4 million (US$3.5 million in 2011)

Net Income

Buenaventura’s 3Q12 net income was US$185.6 million (US$0.73 per share), an 11% decrease compared to the US$208.7 million (US$0.82 per share) reported in 3Q11. Accumulated net income in the first nine-month period 2012 was US$545.6 million, 14% lower when compared to 2011 (US$631.0 million).

Project Development

  • Pampa Verde Project will allow the development of a new open pit, an expansion of the current leach pad and improvements to the operation’s road access. Construction began in 2Q11. The project’s total investment is US$70.4 million. Completion is expected in 1Q13.
          Progress as of September 30, 2012
San Pedro Sur Leach Pad Stage II         100%
San Pedro Sur Leach Pad Stage III         22.34%
San Pedro Sur Waste Rock Deposit         100%
Pampa Verde Pit         60.00%
Pampa Verde Top Soil Deposit         30.00%
Pampa Verde Waste Soil Deposit         60.00%
Pampa Verde Acid Water Plant         75.00%
Pampa Verde Auxiliary Access         87.00%
Pampa Verde Waste Rock Deposit         70.00%
Pampa Verde Haul Road to SPS         70.00%

  • The acid water dam was completed
  • Cienaga Norte project: The Environmental Impact Assessment approval is expected by the end of 4Q12.

  • The Poracota Ultrafine Milling project began in 1Q12. The project’s total investment is US$4.5 million.
  • The objective of this project is to process material from Manto Aguila. Project completion is expected by the end of 1Q13.
          Progress as of September 30, 2012
Civil Work         58%
Structure Fabrication         100%
Plant Construction         0%

  • Buenaventura continued with the construction of the manganese sulfate plant. The project’s total budget is US$ 90.0 million.
  • The project includes an acid leaching facility, a sulfuric acid production plant and a manganese sulfate crystallization plant.
  • Pilot tests for the leaching processing facilities are expected in 4Q12. The operation of the sulfuric acid and the manganese sulfate plant is expected in 1Q13.

  • As of September 30, 2012, construction at the Breapampa Project was completed for a total budget of US$48.0 million.
  • Currently, the Company is waiting for water and operating permits.

  • Construction progress at the Huanza Project included:

1. Water Conduction Tunnel: 10,074 meters of excavation was completed, representing 100%.

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