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Buenaventura Announces Third Quarter 2020 Production Results

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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 3Q20 results for production and volume sold.

In order to ensure transparency in light of uncertainties associated with the current operating environment, Buenaventura will be releasing its production data on a monthly basis until greater production continuity and visibility have been achieved.

3Q20 Production per Metal

(100% Basis)

Tambomayo

1Q

2Q

July

Aug

Sept

3Q

9M20

Au [Oz]

14,549

17,121

4,007

5,891

6,210

16,108

47,778

Ag [Oz]

385,532

410,010

86,292

154,874

154,746

395,913

1,191,454

Pb [MT]

1,194

1,190

408

509

555

1,472

3,856

Zn [MT]

1,267

831

318

401

574

1,292

3,390

Orcopampa

1Q

2Q

July

Aug

Sept

3Q

9M20

Au [Oz]

8,160

7,612

4,384

6,777

3,936

15,096

30,869

Coimolache

1Q

2Q

July

Aug

Sept

3Q

9M20

Au [Oz]

22,493

13,551

8,399

8,115

9,959

26,473

62,517

La Zanja

1Q

2Q

July

Aug

Sept

3Q

9M20

Au [Oz]

3,297

3,028

1,610

2,076

1,401

5,087

11,411

Yanacocha

1Q

2Q

July

Aug

Sept

3Q

9M20

Au [Oz]

121,802

67,827

25,901

26,543

27,430

79,874

269,503

Julcani

1Q

2Q

July

Aug

Sept

3Q

9M20

Ag [Oz]

550,552

136,177

0

0

323,495

323,495

1,010,224

Pb [MT]

149

29

0

0

76

76

254

Uchucchacua

1Q

2Q

July

Aug

Sept

3Q

9M20

Ag [Oz]

1,956,463

979,008

0

200,149

590,164

790,313

3,725,784

Pb [MT]

2,273

753

0

225

531

756

3,782

Zn [MT]

2,360

462

0

212

716

928

3,750

El Brocal

1Q

2Q

July

Aug

Sept

3Q

9M20

Au [Oz]

4,054

1,049

1,039

1,080

1,236

3,354

8,457

Ag [Oz]

678,067

248,693

400,846

487,026

591,455

1,479,327

2,406,087

Pb [MT]

5,460

2,188

2,628

2,188

3,367

8,182

15,830

Zn [MT]

15,058

4,385

8,195

6,564

7,517

22,277

41,719

Cu [MT]

9,122

3,045

3,132

2,754

3,303

9,190

21,356

Additional Comments

  • Tambomayo:

    Achieved pre-Covid operating levels since September.

  • Orcopampa:

    Operated at pre-Covid levels for the duration of the quarter.

  • Coimolache:

    Ramp-up process continued during July until August, and reached pre-Covid operating levels since September.

  • La Zanja:

    Operating at pre-Covid levels since August.

  • Julcani:

    Operating at pre-Covid levels since September, when Julcani also treated prior month inventories. September production therefore reached above-average levels.

  • Uchucchacua:

    The only remaining Buenaventura mine not yet operating at pre-Covid levels. This is primarily due to a reduced workforce, and shortage of workers required to successfully operate at full capacity.

  • El Brocal:

    Operated at pre-Covid levels for the duration of the quarter. During the quarter Plant #2 was halted for nine consecutive days in August as part of the Planned Preventive Maintenance (PPM) for this mine.

It is important to note that the Company’s third and fourth quarter mining strategy is to focus operations within high-grade areas to offset COVID-19’s adverse impact on operations.

3Q20 Payable Volume Sold (100% basis)

1Q20
(Actual)

2Q20
(Actual)

3Q20
(Actual)

9M20
(Actual)

Gold (Oz.)

Orcopampa

9,016

3,675

17,159

29,849

Tambomayo

5,286

16,499

17,849

39,634

La Zanja

3,295

4,032

5,346

12,673

Coimolache

23,978

14,549

25,901

64,428

El Brocal

2,639

633

2,038

5,310

Silver (Oz.)

Uchucchacua

1,880,330

644,014

875,489

3,399,834

El Brocal

466,365

187,339

1,182,127

1,835,831

Tambomayo

110,661

487,028

406,946

1,004,636

Julcani

514,114

119,531

289,258

922,903

Lead (MT)

El Brocal

5,145

1,888

7,017

14,050

Uchucchacua

1,972

403

738

3,113

Tambomayo

282

1,547

1,680

3,508

Julcani

95

25

58

179

Zinc (MT)

El Brocal

12,438

3,575

18,589

34,603

Uchucchacua

1,874

366

699

2,939

Tambomayo

992

810

1,058

2,860

Copper (MT)

El Brocal

8,458

2,758

8,799

20,015

Realized Metal Prices*

Gold (Oz)

1,692

1,775

1,939

1,835

Silver (Oz)

17.16

16.67

27.19

20.92

Lead (MT)

1,653

1,460

1,659

1,620

Zinc (MT)

1,824

1,112

2,349

2,005

Copper (MT)

5,536

5,085

6,448

5,875

*Buenaventura consolidated figures

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/20201020006283/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