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 LA ZANJA DEVELOPMENT PROGRAM- 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:
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