Buenaventura Announces Second Quarter Production and 2014 Guidance

Business Wire

LIMA, Peru--(BUSINESS WIRE)--

Compañía de Minas Buenaventura S.A.A. (“Buenaventura”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly traded, precious metals mining company today announced preliminary second quarter 2014 operating results and 2014 production guidance.

Second Quarter Production per Metal and 2014 Guidance

(100% basis)

               
1Q14 (Actual)   2Q14 (Actual)   Var. (%)   2014 (estimated)
     
Gold (Oz.)                
Orcopampa   44,929   51,102   14%   190k - 200k
Breapampa   20,927   21,228   1%   70k - 80k
La Zanja   35,937   36,685   2%   130k - 140k
Tantahuatay   32,633   35,171   8%   130k - 140k
Yanacocha   207,511   190,950   -8%   895k - 985k
 
Silver (Oz.)                
Uchucchacua   2,368,509   2,997,602   27%   11.7M - 12.0M
Julcani   763,437   763,529   0%   2.8M - 3.2M
Mallay   297,180   302,118   2%   1.1M - 1.3M
El Brocal   497,664   498,440   0%   2.8M - 3.0M
 
Zinc (MT)                
El Brocal   532   347   -35%   25K - 30K *
Uchucchacua   1,470   1,575   7%   6.5K - 7.0K
Mallay   2,450   2,570   5%   9.5K - 10.5K
 
Copper (MT)                
El Brocal   10,199   11,332   11%   38K - 40K
Cerro Verde   60,955   TBA   N.A.   240K - 260K
 

(*) Considers expanded plant capacity in second half 2014

Company Description

Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious metals Company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines, as well as through its participation in joint exploration projects.

Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Breapampa*, Mallay*, Julcani*, El Brocal, La Zanja and Coimolache).

The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation), an important precious metal producer; 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer, and 49% of Canteras del Hallazgo S.A, owner the Chucapaca project.

For a printed version of the Company’s 2013 Form 20-F, please contact the persons indicated above, or download a PDF format file from the Company’s web site.

(*) Operations wholly owned by Buenaventura

Note on Forward-Looking Statements

This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company’s, Yanacocha’s and Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to the Company’s, Yanacocha’s and Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.

Contact:
Lima:
Carlos Galvez, 511-419-2540
Chief Financial Officer
or
Daniel Dominguez, 511-419-2591
Director of Treasury and Investor Relations
daniel.dominguez@buenaventura.pe
or
New York:
i-advize Corporate Communications
Maria Barona / Rafael Borja, 212-406-3691/3693
buenaventura@i-advize.com
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