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Buenaventura Announces Fourth Quarter 2020 Production Results and 2021 Production Guidance

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Compañia de Minas Buenaventura S.A.A. ("Buenaventura" or "the Company") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced 4Q20 results for production and volume sold, and 2021 production guidance.

4Q20 Production per metal
(100% Basis)

Tambomayo

1Q

2Q

3Q

Oct

Nov

Dec

4Q20

FY20

Revised 2020
Guidance*

Au [Oz]

14,549

17,121

16,108

6,428

6,649

2,621

15,699

63,477

70k - 74k

Ag [Oz]

385,532

410,010

395,913

148,133

214,294

114,700

477,127

1,668,582

1.5M - 1.7M

Pb [MT]

1,194

1,190

1,472

735

749

1,210

2,695

6,550

5.6k - 5.8k

Zn [MT]

1,267

831

1,292

694

574

608

1,876

5,267

5.2k - 5.6k

Orcopampa

1Q

2Q

3Q

Oct

Nov

Dec

4Q20

FY20

Revised 2020
Guidance*

Au [Oz]

8,160

7,612

15,096

-

3,917

6,344

10,260

41,129

40k - 42k

Coimolache

1Q

2Q

3Q

Oct

Nov

Dec

4Q20

FY20

Revised 2020
Guidance*

Au [Oz]

22,493

13,551

26,473

9,408

14,858

19,234

43,500

106,017

100k - 106k

La Zanja

1Q

2Q

3Q

Oct

Nov

Dec

4Q20

FY20

Revised 2020
Guidance*

Au [Oz]

3,297

3,028

5,087

1,786

1,836

2,194

5,817

17,228

13k - 16k

Julcani

1Q

2Q

3Q

Oct

Nov

Dec

4Q20

FY20

Revised 2020
Guidance*

Ag [Oz]

550,552

136,177

323,495

146,891

255,603

264,013

666,507

1,676,731

1.4M - 1.6M

Uchucchacua

1Q

2Q

3Q

Oct

Nov

Dec

4Q20

FY20

Revised 2020
Guidance*

Ag [Oz]

1,956,463

979,008

790,313

422,743

409,402

442,383

1,274,529

5,000,312

4.4M - 5.0M

Pb [MT]

2,273

753

756

386

465

518

1,369

5,151

4.7k - 5.0k

Zn [MT]

2,360

462

928

430

449

595

1,474

5,223

4.7k - 5.0k

El Brocal

1Q

2Q

3Q

Oct

Nov

Dec

4Q20

FY20

Revised 2020
Guidance*

Au [Oz]

4,054

1,049

3,354

1,428

1,203

763

3,395

11,852

12k - 14k

Ag [Oz]

678,067

248,693

1,479,327

406,559

369,144

326,793

1,102,496

3,508,583

3.6M - 4.0M

Pb [MT]

5,460

2,188

8,182

1,728

1,426

1,082

4,235

20,066

17k - 19k

Zn [MT]

15,058

4,385

22,277

4,891

4,449

3,850

13,191

54,909

48k - 51k

Cu [MT]

9,122

3,045

9,190

3,949

2,827

2,476

9,252

30,608

33k - 36k

Yanacocha

1Q

2Q

3Q

Oct

Nov

Dec

4Q20

FY20

Au [Oz]

121,802

67,827

79,874

27,254

21,763

21,531

70,548

340,052

*Buenaventura provided revised 2020 guidance on October 20, 2020.

FY2020 Comments

  • Tambomayo:

    2020 silver and zinc production in line with revised 2020 guidance, as announced in the third quarter 2020.

    2020 lead production was slightly above revised 2020 guidance.

    2020 gold production was below revised 2020 guidance due to inventory adjustments after lower-than-expected gold recoveries within the flotation-cyanidation circuit.

  • Orcopampa:

    2020 gold production was in line with revised guidance.

  • Coimolache:

    2020 gold production was in line with revised guidance.

  • La Zanja:

    2020 gold production was slightly above revised guidance.

  • Julcani:

    2020 silver production was slightly above revised guidance.

  • Uchucchacua:

    2020 silver, lead and zinc production was in line with revised guidance. The Company’s primary operational focus for this operation during the fourth quarter was on the ramp-up of mine development and exploration which was adversely affected by a reduced workforce during prior quarters in 2020 due to the COVID-19 pandemic.

  • El Brocal:

    Tajo Norte’s production exceeded revised 2020 guidance, due to access to high grade areas resulting from accelerated stripping.

    Marcapunta’s production was below revised 2020 guidance, mainly due to limited availability of ore transportation vehicles.

4Q20 Payable Volume Sold (100% basis)

4Q20 Payable Volume sold per Metal
(100% basis)

1Q20
(Actual)

2Q20
(Actual)

3Q20
(Actual)

4Q20
(Actual)

FY20
(Actual)

Gold (Oz.)

Orcopampa

9,016

3,675

17,159

11,907

41,757

Tambomayo

5,286

16,499

17,849

17,999

57,633

La Zanja

3,295

4,032

5,346

5,057

17,730

Coimolache

23,978

14,549

25,901

40,369

104,797

El Brocal

2,639

633

2,038

2,080

7,390

Silver (Oz.)

Uchucchacua

1,880,330

644,014

875,489

1,166,790

4,566,624

El Brocal

466,365

187,339

1,182,127

860,675

2,696,506

Tambomayo

110,661

487,028

406,946

469,849

1,474,485

Julcani

514,114

119,531

289,258

619,666

1,542,568

Lead (MT)

El Brocal

5,145

1,888

7,017

3,775

17,824

Uchucchacua

1,972

403

738

1,095

4,209

Tambomayo

282

1,547

1,680

2,501

6,009

Julcani

95

25

58

128

306

Zinc (MT)

El Brocal

12,438

3,575

18,589

10,839

45,442

Uchucchacua

1,874

366

699

1,127

4,066

Tambomayo

992

810

1,058

1,603

4,463

Copper (MT)

El Brocal

8,458

2,758

8,799

8,933

28,948

Realized Metal Prices*

Gold (Oz)

1,692

1,775

1,939

1,858

1,842

Silver (Oz)

17.16

16.67

27.19

24.96

22.14

Lead (MT)

1,653

1,460

1,659

1,954

1,708

Zinc (MT)

1,824

1,112

2,349

2,915

2,234

Copper (MT)

5,536

5,085

6,448

7,121

6,259

*Buenaventura consolidated figures

2021 Production Guidance

2021 Estimated
Production

Tambomayo

2021E*

Au [Oz]

69k - 75k

Ag [Oz]

1.2M - 1.4M

Pb [MT]

5.9k - 6.5k

Zn [MT]

6.9k - 7.5k

Orcopampa

2021E*

Au [Oz]

40k - 45k

Coimolache

2021E*

Au [Oz]

99k - 106k

La Zanja

2021E*

Au [Oz]

12k - 15k

Julcani

2021E*

Ag [Oz]

2.1M - 2.4M

Uchucchacua

2021E*

Ag [Oz]

8.0M - 9.0M

Pb [MT]

7.0k - 10.0k

Zn [MT]

7.0k - 10.0k

El Brocal

2021E*

Au [Oz]

20k - 25k

Ag [Oz]

5.4M - 6.0M

Pb [MT]

12.0k - 16.0k

Zn [MT]

47.0k - 52.0k

Cu [MT]

37.0k - 42.0k

*Please note that 2021 estimated production could potentially be adversely impacted by further COVID-19 effects.

Buenaventura will be issuing additional 2021 guidance within the Company’s Q4 2020 Earnings Results Press Release on February 25, 2021.

Company Description
Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, El Brocal, La Zanja and Coimolache).

The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation & Sumitomo Corporation), an important precious metal producer and 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).

For a printed version of the Company’s 2019 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006156/en/

Contacts

Lima:
Daniel Dominguez, Chief Financial Officer
(511) 419 2540

Rodrigo Echecopar, Head of Investor Relations
(511) 419 2591 / rodrigo.echecopar@buenaventura.pe

NY:
Barbara Cano
(646) 452 2334
barbara@inspirgroup.com

Company Website: www.buenaventura.com.pe/ir