Compania De Minas Buenaventura SAA (NYSE:BVN)
$ 12.7 0.08 (0.63%) Market Cap: 3.23 Bil Enterprise Value: 3.24 Bil PE Ratio: 9.56 PB Ratio: 1.02 GF Score: 49/100
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Q2 2024 Compania de Minas Buenaventura SAA Earnings Call Transcript

Jul 26, 2024 / 03:00PM GMT
Release Date Price: $15.92 (+0.89%)

Key Points

Positve
  • EBITDA from direct operations increased by $85 million compared to the previous year, driven by strong results from Yumpag and El Brocal.
  • Net income for Q2 2024 reached $74 million, a significant improvement from last year's net loss of $5 million.
  • Silver production increased to 4 million ounces in Q2 2024, up from 1.7 million ounces in the same period last year.
  • Cerro Verde announced a new dividend of $300 million, with $59 million to be distributed to Buenaventura, contributing to financial performance.
  • The company's leverage ratio improved to 1.4 times, reflecting effective debt management and growing EBITDA.
Negative
  • Copper production decreased by 22% year over year due to the voluntary suspension of El Brocal's processing plant.
  • Gold production decreased by 9% year over year, attributed to mining lower grades at Orcopampa and Tambomayo mines.
  • All-in sustaining costs increased for gold production due to lower grades at Tambomayo and Orcopampa.
  • The San Gabriel project has experienced cost escalations, with total project costs now estimated at $650 million.
  • El Brocal's processing plant was suspended for 16 days due to protests by nearby communities, impacting production.
Operator

Good day, ladies and gentlemen. Welcome to the Compania de Minas Buenaventura second quarter 2024 earnings results conference call. (Operator Instructions) Please note that the call is being recorded.

I would now like to introduce your host for today's call, Mr. Sebastian Valencia, Investor Relations Analyst. Mr. Valencia, you may begin.

Sebastian Valencia
Compania de Minas Buenaventura SAA - IR

Good morning, everyone, and thank you for joining us today to discuss our second quarter 2024 results. Today's discussion will be led by Mr. Leandro Garcia, Chief Executive Officer, also joining our call today and available for your questions are Mr. Daniel Dominguez, Chief Financial Officer; Mr. Juan Carlos Ortiz, Vice President of Operations; Mr. Aldo Massa, Vice President of Business Development and Commercial; Mr. Alejandro Hermoza, Vice President of Sustainability; Mr. Renzo Macher, Vice President of Projects; Mr. Juan Carlos Salazar, Vice President of Geology and Explorations; Mr. Roque Benavides, Chairman; and Mr. Jorge Henzi, Director.

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