Buenaventura Announces Third Quarter and Nine-month 2023 Results

LIMA, Peru / Oct 30, 2023 / Business Wire / 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 results for the third quarter (3Q23) and nine-month period ended September 30, 2023 (9M23). All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$).

Third Quarter and Nine-Month 2023 Highlights:

• 3Q23 EBITDA from direct operations was US$ 53.3 million, compared to US$ 22.2 million reported in 3Q22. 9M23 EBITDA from direct operations reached US$ 121.9 million, compared to US$ 96.3 million reported in 9M22. 2022 EBITDA does not include US$ 300 million resulting from the sale of Buenaventura’s 43.65% stake in Yanacocha.
• 3Q23 net loss from direct operations reached US$ 24.3 million, compared to a US$ 22.6 million net loss for the same period in 2022. 9M23 net income from direct operations was US$ 42.5 million, compared to US$ 67.7 million net income for the 9M22.
• Buenaventura recorded US$ 51.3 million in Depreciation and Amortization for the 3Q23: US$ 17.6 million was due to deferred stripping related to the final open pit expansion works, which was completely mined in September 2023, when mining activities at Colquijirca’s Tajo Norte mine were suspended.
• Buenaventura’s 9M23 consolidated copper production increased 35% YoY. Zinc production decreased by 65% YoY, lead decreased by 61% YoY, silver decreased by 19% YoY, and gold decreased by 17% YoY.
• Buenaventura’s cash position reached US$ 221.8 million and net debt decreased to US$ 493.7 million with an average maturity of 2.7 years by quarter’s end, September 30, 2023.
• 3Q23 capital expenditures were US$ 59.8 million, compared to US$ 37.2 million for the same period in 2022. 9M23 capital expenditures reached US$ 145.7 million, compared to US$ 93.2 million in 9M22, and includes US$ 46.5 million related to the San Gabriel Project and US$ 31.4 million related to the Yumpag Project.
• The Yumpag project’s Environmental Impact Assessment (EIA) was approved on September 7, 2023. The Company promptly submitted a request to the Peruvian Ministry of Energy and Mines to obtain the necessary authorizations to initiate the deposit’s exploitation. However, 4Q23 targeted production initiation remains unchanged, as resumed activities at the Uchucchacua processing plant also enables Buenaventura to perform metallurgical tests for up to 124,600 tons of ore from the Yumpag project’s pilot stope.
• Cerro Verde paid a total dividend of US$ 250 million on August 3, 2023. Buenaventura received US$ 49.0 million relative to its stake in Cerro Verde.

Financial Highlights (in millions of US$, except EPS figures):

	3Q23	3Q22	Var %	9M23	9M22	Var %
Total Revenues	211.3	195.4	8%	570.0	578.4	-1%
Operating Income	-29.5	-20.0	48%	-39.0	-52.0	-25%
EBITDA Direct Operations (1)	53.3	22.2	N.A.	121.9	96.3	27%
EBITDA Including Affiliates (1)	152.7	78.2	95%	418.5	369.8	13%
Net Income (2)	-28.0	-19.8	42%	29.6	548.5	-95%
EPS (3)	-0.11	-0.08	42%	0.12	2.16	-95%

(1)		Does not include US$ 300 million from the sale of Buenaventura’s stake in Yanacocha.
(2)		Net Income attributable to owners of the parent
(3)		As of September 30, 2023, Buenaventura had a weighted average number of shares outstanding of 253,986,867.

Operating Revenues

3Q23 net sales were US$ 211.3 million, compared to US$ 195.4 million in 3Q22; a year-on-year increase resulting from improved copper volume sold.

The Company recorded a negative US$ 15.3 million provisional price adjustment for the accumulated first nine months of 2023. This is comprised of US$ 13.7 million in fair value of accounts receivables and US$ 1.5 million in adjustments to prior period liquidations. This compares to a negative US$ 40.4 million adjustment for the accumulated first nine months of 2022.

Operating Highlights	3Q23	3Q22	Var %	9M23	9M22	Var %
Net Sales (millions of US$)	211.3	195.4	8%	570.0	577.1	-1%
Average Gold Price (US$/oz.) Direct Operations (1) (2)	1,921	1,678	14%	1,927	1,794	7%
Average Gold Price (US$/oz.) incl. Associated (2) (3)	1,917	1,677	14%	1,925	1,794	7%
Average Silver Price (US$/oz.) (2)	25.67	17.33	48%	24.30	21.32	14%
Average Lead Price (US$/MT) (2)	2,225	1,713	30%	2,030	2,093	-3%
Average Zinc Price (US$/MT) (2)	1,762	3,412	-48%	2,152	3,983	-46%
Average Copper Price (US$/MT) (2)	8,291	7,261	14%	8,689	8,685	0%

Volume Sold	3Q23	3Q22	Var %	9M23	9M22	Var %
Gold Oz Direct Operations (1)	33,265	45,807	-27%	102,700	123,692	-17%
Gold Oz incl. Associated (3)	41,780	54,399	-23%	117,239	148,778	-21%
Silver Oz	1,743,629	1,954,000	-11%	4,666,199	5,655,367	-17%
Lead MT	1,269	4,129	-69%	4,799	12,530	-62%
Zinc MT	3,029	8,061	-62%	8,324	24,871	-67%
Copper MT	17,802	11,449	55%	41,940	31,512	33%

(1)		Buenaventura Consolidated figure includes 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
(2)		The realized price takes into account the adjustments of quotational periods.
(3)		Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal and 40.095% of Coimolache.

Production and Operating Costs

Buenaventura’s 3Q23 equity gold production was 43,449 ounces, compared to 55,837 ounces produced in 3Q22, primarily due to decreased production at Tambomayo and La Zanja. 3Q23 silver production decreased by 12% primarily due to Julcani and Tambomayo performance. 3Q23 lead and zinc production decreased by 66% and 62%, respectively, due to decreased production at Tambomayo and El Brocal. The Company’s 3Q23 equity copper production was 34,168 MT, compared to 28,909 MT produced in 3Q22, due to increased production at El Brocal and Cerro Verde.

Equity Production	3Q23	3Q22	Var %	9M23	9M22	Var %
Gold Oz Direct Operations(1)	33,978	47,057	-28%	105,930	128,131	-17%
Gold Oz including Associated(2) Companies	43,449	55,837	-22%	121,884	152,726	-20%
Silver Oz Direct Operations(1)	1,472,907	1,664,600	-12%	3,984,040	5,034,531	-21%
Lead MT Direct Operations(1)	1,279	3,738	-66%	4,575	11,628	-61%
Zinc MT Direct Operations(1)	2,663	6,937	-62%	7,706	22,336	-66%
Copper MT Direct Operations(1)	11,565	7,438	55%	27,200	20,152	35%
Copper MT including Associated Companies(3)	34,168	28,909	18%	94,336	84,065	12%

Consolidated Production	3Q23	3Q22	Var %	9M23	9M22	Var %
Gold Oz(4)	36,228	49,789	-27%	111,574	134,261	-17%
Silver Oz(4)	1,933,025	1,906,679	1%	4,857,709	5,996,245	-19%
Lead MT(4)	1,620	4,340	-63%	5,408	13,698	-61%
Zinc MT(4)	3,762	9,129	-59%	10,275	29,511	-65%
Copper MT(4)	18,826	12,108	55%	44,277	32,805	35%

(1)		Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 100% of La Zanja and 61.43% of El Brocal.
(2)		Based on 100% of Buenaventura´s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.095% of Coimolache.
(3)		Based on 100% of Buenaventura´s operating units, 61.43% of El Brocal and 19.58% of Cerro Verde.
(4)		Based on 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal

Tambomayo (100% owned by Buenaventura)

Production
		3Q23	3Q22	Var %	9M23	9M22	Var %
Gold	Oz	8,127	13,755	-41%	29,623	41,973	-29%
Silver	Oz	301,963	546,256	-45%	1,237,001	1,399,472	-12%
Cost Applicable to Sales
		3Q23	3Q22	Var %	9M23	9M22	Var %
Gold	US$/Oz	1,891	982	93%	1,357	978	39%

Tambomayo 3Q23 gold production decreased 41% year on year aligned with the Company’s mine plan for this asset, while silver production decreased 45% year on year and by 12% for the first nine months of 2023 compared to the same period of 2022 due to lower than planned mining rate within the mine’s upper zone, which required more extensive rehabilitation to enable access to high-grade ore. Cost Applicable to Sales (CAS) increased to 1,891 US$/Oz in 3Q23 from 982 US$/Oz in 3Q22. This increase was primarily due to decreased volume sold in 3Q23.

 

Orcopampa (100% owned by Buenaventura)

Production
		3Q23	3Q22	Var %	9M23	9M22	Var %
Gold	Oz	20,576	20,164	2%	60,547	56,944	6%
Silver	Oz	7,168	8,247	-13%	22,028	23,437	-6%
Cost Applicable to Sales
		3Q23	3Q22	Var %	9M23	9M22	Var %
Gold	US$/Oz	970	803	21%	973	911	7%

3Q23 gold production was in line with 3Q22 and with the planned mining sequence. Cost Applicable to Sales (CAS) increased to 970 US$/Oz in 3Q23, compared to 803 US$/Oz in 3Q22, primarily due to lower gold grades in 2023 compared to 2022.

La Zanja (100% owned by Buenaventura)

Production
		3Q23	3Q22	Var %	9M23	9M22	Var %
Gold	Oz	1,692	8,786	-81%	6,772	19,452	-65%
Silver	Oz	3,681	31,665	-88%	15,633	85,347	-82%
Cost Applicable to Sales
		3Q23	3Q22	Var %	9M23	9M22	Var %
Gold	US$/Oz	1,140	1,892	-40%	1,679	1,914	-12%

3Q23 gold production decreased by 81% year on year, in line with 2023 estimates, as mining and ore stockpiling was suspended in 4Q22. 3Q23 Cost Applicable to Sales (CAS) was 1,140 US$/Oz, a decrease from 1,892 US$/Oz gold production in 3Q22 as only pad leaching and water treatment are being performed at the property, as well as exploration.

Coimolache (40.10% owned by Buenaventura)

Production
		3Q23	3Q22	Var %	9M23	9M22	Var %
Gold	Oz	23,621	21,899	8%	39,789	61,341	-35%
Silver	Oz	87,185	76,133	15%	176,755	228,832	-23%
Cost Applicable to Sales
		3Q23	3Q22	Var %	9M23	9M22	Var %
Gold	US$/Oz	1,083	1,710	-37%	1,711	1,288	33%

Coimolache 3Q23 gold production increased by 8% year-over-year, due to increased treated ore, higher gold grades and accelerated gold extraction from the leach pad. Cost Applicable to Sales (CAS) therefore decreased to 1,083 US$/Oz in 3Q23, from 1,710 US$/Oz in 3Q22.

Uchucchacua (100% owned by Buenaventura)

Production
		3Q23	3Q22	Var %	9M23	9M22	Var %
Silver	Oz	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
Zinc	MT	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
Lead	MT	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
Cost Applicable to Sales
		3Q23	3Q22	Var %	9M23	9M22	Var %
Silver	US$/Oz	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.

Buenaventura submitted Uchucchacua’s updated mine plan to the Peruvian Ministry of Energy and Mines on August 28, 2023. Buenaventura initiated a short ore processing campaign at the processing plant, ensuring plant operational readiness to process ore from Uchucchacua and Yumpag during the 4Q23. Exploration and mine development progressed as scheduled during 3Q23.

The Yumpag project’s Environmental Impact Assessment (EIA) was approved on September 7, 2023. The Company promptly submitted a request to the Peruvian Ministry of Energy and Mines to obtain the necessary authorizations to initiate the deposit’s exploitation. 4Q23 targeted production initiation remains unchanged, as resumed activities at the Uchucchacua processing plant also enables Buenaventura to perform metallurgical tests for up to 124,600 tons of ore from the Yumpag project’s pilot stope.

Yumpag’s ore concentrates will be processed at the Rio Seco plant to reduce manganese content. The Rio Seco plant is scheduled to resume operations in November 2023.

Julcani (100% owned by Buenaventura)

Production
		3Q23	3Q22	Var %	9M23	9M22	Var %
Silver	Oz	427,269	692,876	-38%	1,317,895	1,994,565	-34%
Cost Applicable to Sales
		3Q23	3Q22	Var %	9M23	9M22	Var %
Silver	US$/Oz	26.09	13.80	89%	22.40	14.55	54%

3Q23 silver production decreased 38% year on year primarily due to a negative geology reconciliation with decreased treated ore. 3Q23 Cost Applicable to Sales (CAS) was 26.09 US$/Oz, compared to 13.80 US$/Oz in 2Q22; an 89% year on year increase due to decreased volume sold.

Exploration and development of Julcani’s Rosario sector at 610 level began during 3Q23. This new zone includes gold and copper which Buenaventura will begin processing during the fourth quarter 2023. The Company will also submit a related reserves and resources analysis by year end 2023.

El Brocal (61.43% owned by Buenaventura)

Production
		3Q23	3Q22	Var %	9M23	9M22	Var %
Copper	MT	18,826	12,108	55%	44,277	32,805	35%
Zinc	MT	2,849	5,683	-50%	6,661	18,601	-64%
Silver	Oz	1,192,944	627,635	90%	2,265,152	2,493,424	-9%
Cost Applicable to Sales
		3Q23	3Q22	Var %	9M23	9M22	Var %
Copper	US$/MT	6,029	6,690	-10%	6,290	6,676	-6%
Zinc	US$/MT	1,924	2,698	-29%	1,859	2,931	-37%

 

El Brocal 3Q23 copper production increased by 55% year on year as underground mine production ramp-up continued ahead of expectations during the quarter. Transitional ore from the open pit also had a higher than estimated copper content with improved metallurgical recovery. Buenaventura maintains its targeted underground mine 10,000 tpd exploitation rate for 4Q23.

3Q23 silver production increased by 90% year on year in line with the 2023 planned mining sequence.

3Q23 zinc production decreased by 50% year on year as part as the planned transition to copper from polymetallic ore. On October 3, 2023, Buenaventura submitted a notice to the Peruvian Ministry of Energy and Mines (MINEM) for the temporary suspension of mining activities at Colquijirca’s Tajo Norte mine for up to three years due to approval delay of Colquijirca’s Modification of Environmental Impact Assessment. Buenaventura expects to now process 100% of the El Brocal lead and zinc inventories by year end 2023 with the remaining open pit copper inventories expected in 1Q24. In the 4Q23, the company will recognize the deferred stripping costs associated with lead and zinc inventories, which are expected to be in line with the amortization reported in the 3Q23.

2Q23 Copper Cost Applicable to Sales (CAS) decreased by 10% year on year due to increased volume sold.

Share in Associated Companies

Buenaventura’s share in associated companies was US$ 46.4 million in 3Q23, compared with US$ 20.4 million in 3Q22, comprised of:

Share in Associates’ Results (in US$ millions)	3Q23	3Q22	Var %	9M23	9M22	Var %
Cerro Verde	44.4	20.7	N.A.	122.3	120.1	2%
Coimolache	2.5	-0.2	N.A.	-7.7	0.3	N.A.
Other minor	-0.5	0.0	N.A.	-1.2	-2.2	-45%
Total	46.4	20.4	N.A.	113.4	118.1	-4%

CERRO VERDE (19.58% owned by Buenaventura)

3Q23 copper production was 115,441 MT, 22,603 MT of which is attributable to Buenaventura; a 5% increase as compared to 109,655 MT produced in 3Q22, 21,471 MT of which was attributable to Buenaventura.

Cerro Verde reported US$ 225.5 million net income in 3Q23, compared to US$ 105.5 million net income in 3Q22. This is primarily due to a 40% year on year net sales increase, primarily due to a higher average realized copper price of US$ 3.77 per pound in the third quarter of 2023, compared to US$ 3.14 per pound in the third quarter of 2022, as well as an 11% increase in volume of copper sold. This increase was partially offset by a year-on-year cost of sales increase due to an inventory variation, and higher tax paid during the quarter.

3Q23 Cerro Verde capital expenditures were US$ 70.8 million.

 

COIMOLACHE (40.10% owned by Buenaventura)

Coimolache reported US$ 6.6 million in 3Q23 net income, compared to US$ 1.0 million net loss in 3Q22.

SAN GABRIEL Project

3Q23 and 9M23 capital expenditures was US$ 22.4 million and US$ 46.5 million, respectively, primarily related to earthworks and construction-related water dam excavation. The Company has also invested an additional US$ 40.0 million in the project as advance payment for equipment manufacturing, primarily related to the processing plant. This amount is reported within Buenaventura’s financial statements as accounts receivable and will be reclassified as CAPEX once the equipment arrives at the project.

The underground mining tender process was completed during 3Q23. Personnel hiring and mobilization is in progress, and contractors will begin field works during 4Q23.

Item	Description	Progress as of:
		1Q23	2Q23	3Q23
1	Engineering	66%	81%	90%
2	Procurement	85%	85%	89%
3	Construction	3%	7%	14%
4	Commissioning	0%	0%	0%
	Total	15%	23%	28%

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*, La Zanja*, El Brocal and Coimolache).

The Company owns 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 2022 Form 20-F, please contact the investor relations contacts on page 1 of this report or download the PDF format file from the Company’s web site at www.buenaventura.com.

(*) Operations wholly owned by Buenaventura

Note on Forward-Looking Statements

This press release and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company’s ability to manage its business and liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s results of operations, including net revenues, earnings and cash flows, the Company’s ability to reduce costs and capital spending in response to the COVID-19 pandemic if needed, the Company’s balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company’s prospects for financial performance, growth and achievement of its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases.

This press release may also 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, 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, 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.

**Tables to follow**

 

APPENDIX 1

Equity Participation in Subsidiaries and Associates (as of September 30, 2023)
	BVN	Operating
	Equity %	Mines / Business
El Molle Verde S.A.C*	100.00	Trapiche Project
Minera La Zanja S.A*	100.00	La Zanja
Sociedad Minera El Brocal S.A.A*	61.43	Colquijirca and Marcapunta
Compañía Minera Coimolache S.A**	40.10	Tantahuatay
Sociedad Minera Cerro Verde S.A.A**	19.58	Cerro Verde
Processadora Industrial Rio Seco S.A*	100.00	Rio Seco chemical plant
Consorcio Energético de Huancavelica S.A*	100.00	Energy – Huanza Hydroelectrical plant
(*) Consolidated (**) Equity Accounting

 

APPENDIX 2

Gold Production
Mining Unit	Operating Results	Unit	3Q23	3Q22	△%	9M23	9M22	△ %
Underground
Tambomayo	Ore Milled	DMT	143,469	161,764	-11%	435,103	468,323	-7%
	Ore Grade	Gr/MT	2.22	3.00	-26%	2.57	3.17	-19%
	Recovery Rate	%	79.35	88.26	-10%	82.08	87.97	-7%
	Ounces Produced	Oz	8,127	13,755	-41%	29,623	41,973	-29%
Orcopampa	Ore Milled	DMT	74,026	63,736	16%	213,474	180,342	18%
	Ore Grade	Gr/MT	8.96	10.16	-12%	9.19	10.00	-8%
	Recovery Rate	%	96.48	96.90	0%	96.01	98.17	-2%
	Ounces Produced*	Oz	20,576	20,164	2%	60,547	56,944	6%
Marcapunta	Ore Milled	DMT	776,985	794,447	-2%	2,465,994	2,174,456	13%
	Ore Grade	Gr/MT	0.88	0.70	25%	0.64	0.65	-2%
	Recovery Rate	%	24.86	38.72	-36%	28.09	34.02	-17%
	Ounces Produced*	Oz	5,431	7,085	-23%	13,970	15,711	-11%
Open Pit
La Zanja	Ounces Produced	Oz	1,692	8,786	-81%	6,772	19,452	-65%
Tajo Norte Cu – Ag	Ounces Produced	Oz	402	–	N.A.	661	181	N.A.
Coimolache	Ounces Produced	Oz	23,621	21,899	8%	39,789	61,341	-35%
Silver Production
Mining Unit	Operating Results	Unit	3Q23	3Q22	△%	9M23	9M22	△ %
Underground
Tambomayo	Ore Milled	DMT	143,469	161,764	-11%	435,103	468,323	-7%
	Ore Grade	Oz/MT	2.55	3.54	-28%	3.29	3.13	5%
	Recovery Rate	%	82.04	96.43	-15%	85.84	95.54	-10%
	Ounces Produced	Oz	301,963	546,256	-45%	1,237,001	1,399,472	-12%
Orcopampa	Ore Milled	DMT	74,026	63,736	16%	213,474	180,342	18%
	Ore Grade	Oz/MT	0.13	0.17	-27%	0.14	0.18	-23%
	Recovery Rate	%	75.79	73.54	3%	74.27	72.54	2%
	Ounces Produced	Oz	7,168	8,247	-13%	22,028	23,437	-6%
Uchucchacua	Ore Milled	DMT	–	–	N.A.	–	–	N.A.
	Ore Grade	Oz/MT	–	–	N.A.	–	–	N.A.
	Recovery Rate	%	–	–	N.A.	–	–	N.A.
	Ounces Produced	Oz	–	–	N.A.	–	–	N.A.
Julcani	Ore Milled	DMT	31,268	34,691	-10%	87,663	98,294	-11%
	Ore Grade	Oz/MT	14.25	20.36	-30%	15.63	20.66	-24%
	Recovery Rate	%	95.81	98.10	-2%	96.04	98.22	-2%
	Ounces Produced*	Oz	427,269	692,876	-38%	1,317,895	1,994,565	-34%
Marcapunta	Ore Milled	DMT	776,985	794,447	-2%	2,465,994	2,174,456	13%
	Ore Grade	Oz/MT	0.94	0.98	-4%	0.91	0.88	3%
	Recovery Rate	%	58.70	55.65	5%	56.15	53.28	5%
	Ounces Produced	Oz	428,293	442,811	-3%	1,259,899	1,036,547	22%
Open Pit
Tajo Norte Cu – Ag	Ore Milled	DMT	354,994	–	N.A.	478,455	156,342	N.A.
	Ore Grade	Oz/MT	2.58	–	N.A.	2.24	2.15	4%
	Recovery Rate	%	56.71	–	N.A.	55.51	53.45	4%
	Ounces Produced	Oz	601,473	–	N.A.	682,291	178,769	N.A.
Tajo Norte Pb – Zn	Ore Milled	DMT	162,367	425,835	-62%	366,699	1,486,286	-75%
	Ore Grade	Oz/MT	1.97	0.84	N.A.	1.56	1.61	-3%
	Recovery Rate	%	51.94	69.56	-25%	58.92	58.29	1%
	Ounces Produced	Oz	163,178	370,460	-56%	322,962	1,463,744	-78%
La Zanja	Ounces Produced	Oz	3,681	31,665	-88%	15,633	85,347	-82%
Coimolache	Ounces Produced	Oz	87,185	76,133	15%	176,755	228,832	-23%
Lead Production
Mining Unit	Operating Results	Unit	3Q23	3Q22	△%	9M23	9M22	△ %
Underground
Tambomayo	Ore Milled	DMT	143,469	161,764	-11%	435,103	468,323	-7%
	Ore Grade	%	0.57	1.81	-69%	0.77	1.87	-59%
	Recovery Rate	%	75.05	90.25	-17%	83.41	90.82	-8%
	MT Produced	MT	603	2,639	-77%	2,851	7,970	-64%
Uchucchacua	Ore Milled	DMT	–	–	N.A.	–	–	N.A.
	Ore Grade	%	–	–	N.A.	–	–	N.A.
	Recovery Rate	%	–	–	N.A.	–	–	N.A.
	MT Produced	MT	–	–	N.A.	–	–	N.A.
Julcani	Ore Milled	DMT	31,268	34,691	-10%	87,663	98,294	-11%
	Ore Grade	%	0.48	0.44	8%	0.51	0.40	26%
	Recovery Rate	%	88.79	91.04	-2%	88.95	91.46	-3%
	Ounces Produced*	MT	132	140	-5%	398	363	9%
Open Pit
Tajo Norte Pb – Zn	Ore Milled	DMT	162,367	425,835	-62%	366,699	1,486,286	-75%
	Ore Grade	%	1.63	1.04	57%	1.49	0.96	55%
	Recovery Rate	%	34.08	41.61	-18%	40.22	39.51	2%
	MT Produced	MT	885	1,781	-50%	2,160	5,584	-61%
Zinc Production
Mining Unit	Operating Results	Unit	3Q23	3Q22	△%	9M23	9M22	△ %
Underground
Tambomayo	Ore Milled	DMT	143,469	161,764	-11%	435,103	468,323	-7%
	Ore Grade	%	0.87	2.44	-64%	1.06	2.61	-59%
	Recovery Rate	%	71.98	87.43	-18%	77.50	89.41	-13%
	MT Produced	MT	913	3,446	-74%	3,614	10,910	-67%
Uchucchacua	Ore Milled	DMT	–	–	N.A.	–	–	N.A.
	Ore Grade	%	–	–	N.A.	–	–	N.A.
	Recovery Rate	%	–	–	N.A.	–	–	N.A.
	MT Produced	MT	–	–	N.A.	–	–	N.A.
Open Pit
Tajo Norte Pb – Zn	Ore Milled	DMT	162,367	425,835	-62%	366,699	1,486,286	-75%
	Ore Grade	%	4.09	2.66	54%	3.61	2.44	48%
	Recovery Rate	%	42.97	59.70	-28%	51.87	53.20	-2%
	MT Produced	MT	2,849	6,403	-56%	6,661	19,321	-66%
Copper Production
Mining Unit	Operating Results	Unit	3Q23	3Q22	△%	9M23	9M22	△ %
Underground
Marcapunta	Ore Milled	DMT	776,985	794,447	-2%	2,465,994	2,174,456	13%
	Ore Grade	%	1.75	1.78	-2%	1.70	1.72	-1%
	Recovery Rate	%	84.71	85.60	-1%	85.57	84.99	1%
	MT Produced	MT	11,501	12,108	-5%	35,891	31,709	13%
Tajo Norte Cu – Ag	Ore Milled	DMT	354,994	–	N.A.	478,455	156,342	N.A.
	Ore Grade	%	2.86	–	N.A.	2.49	1.13	N.A.
	Recovery Rate	%	59.71	–	N.A.	59.89	61.97	-3%
	MT Produced	MT	7,325	–	N.A.	8,387	1,096	N.A.

 

APPENDIX 3: Adjusted EBITDA Reconciliation (in thousand US$)

	3Q23	3Q22	9M23	9M22
Net Income	-24,498	-22,487	42,953	547,593
Add / Subtract:	77,758	44,733	78,961	-151,322
Income from sale of investment in Yanacocha	0	0	–	300,000
Depreciation and Amortization in cost of sales	51,264	41,477	121,816	131,531
Provision (credit) for income tax, net	-1,264	-16,296	-2,070	-35,198
Interest expense	13,381	12,641	43,455	42,092
Loss (gain) on currency exchange difference	31,176	27,961	-3,450	3,086
Provision of bonuses and compensations	4,447	7,260	10,391	11,964
Loss (gain) from discontinued operations	167	-62	-439	-479,869
Workers’ participation provision	2,899	-2,666	4,691	271
Depreciation and amortization in administration expenses	651	600	1,943	1,816
Depreciation and Amortization in other, net	30	25	79	76
Provision (reversal) for contingencies	-240	1,960	-5,534	3,805
Share in associated companies by the equity method, net	-46,375	-20,442	-113,368	-118,149
Write-off of fixed assets	632	4	870	322
Impairment (reversal) of inventories	23,112	-6,392	26,650	-1,508
Interest income	-2,122	-1,337	-6,073	-11,561
EBITDA Buenaventura Direct Operations	53,260	22,246	121,914	396,271
EBITDA Cerro Verde (19.58%)	95,953	52,321	296,566	261,100
EBITDA Coimolache (40.095%)	3,528	3,667	-3	12,392
EBITDA Buenaventura + All Associates	152,741	78,235	418,477	669,763

*Cerro Verde’s EBITDA accounts for D&A related to the capitalization of the stripping.

Note:

EBITDA (Buenaventura Direct Operations) consists of earnings before net interest, taxes, depreciation and amortization, share in associated companies, net, loss on currency exchange difference, other, net, provision for workers’ profit sharing and provision for long-term officers’ compensation.

EBITDA (including associated companies) consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura’s equity share of EBITDA (Cerro Verde), plus (2) Buenaventura’s equity share of EBITDA (Coimolache). All EBITDA mentioned were similarly calculated using financial information provided to Buenaventura by the associated companies.

Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) to provide further information with respect to its operating performance and the operating performance of its equity investees, the affiliates. EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) are not a measure of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) as alternatives to operating income or net income determined in accordance with IFRS, as an indicator of Buenaventura’s, affiliates operating performance, or as an alternative to cash flows from operating activities.

 

APPENDIX 4: COST APPLICABLE TO SALES RECONCILIATION

Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold

Cost applicable to sales consists of cost of sales, excluding depreciation and amortization, plus selling expenses. Cost applicable to sales per unit sold for each mine consists of cost applicable to sales for a particular metal produced at a given mine divided by the volume of such metal produced at such mine in the specified period. We note that cost applicable to sales is not directly comparable to the cash operating cost figures disclosed in previously furnished earnings releases.

Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS and may not be comparable to similarly titled measures of other companies. We consider Cost applicable to sales and Cost applicable to sales per unit of mineral sold to be key measures in managing and evaluating our operating performance. These measures are widely reported in the precious metals industry as a benchmark for performance, but do not have standardized meanings. You should not consider Cost applicable to sales or Cost applicable to sales per unit of mineral sold as alternatives to cost of sales determined in accordance with IFRS, as indicators of our operating performance. Cost applicable to sales and Cost applicable to sales per unit of mineral sold are calculated without adjusting for by-product revenue amounts.

Operations’ Cost applicable to sales does not include operating cost for those months during which Buenaventura’s operations were suspended due to COVID-19, as these have been classified as “Unabsorbed costs due to production stoppage” within the financial statements.

The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2022 and 2021 and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units. The amounts set forth in Cost applicable to sales and Cost applicable to sales per unit sold for each mine and mineral indicated in the tables below can be reconciled to the amounts set forth on our consolidated statements of profit or loss for the three and twelve months ended December 31, 2021 and 2022 by reference to the reconciliations of Cost of sales, excluding depreciation and amortization (by mine and mineral), Selling Expenses (by mine and metal) expenses and Exploration in units in operations (by mine and mineral) to consolidated Cost of sales, excluding depreciation and amortization, consolidated Selling Expenses and consolidated Exploration in units in operations expenses, respectively, set forth below.

 

Set forth below is a reconciliation of consolidated Cost of sales, excluding depreciation and amortization,
to consolidated Cost applicable to sales:
		For the 3 months ended September 30						For the 9 months ended September 30
		2023			2022			2023		2022
		(in thousands of US$)
Consolidated Cost of sales excluding depreciation and amortization		136,195			118,419			342,171		337,503
Add:
Consolidated Exploration in units in operation		12,418			20,708			39,051		53,629
Consolidated Commercial deductions		51,260			42,039			134,651		137,887
Consolidated Selling expenses		4,277			5,854			12,745		15,490
Consolidated Cost applicable to sales		204,150			187,020			528,618		544,509
Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization
(by mine and mineral) to consolidated Cost of sales:
		For the 3 months ended September 30						For the 9 months ended September 30
		2023			2022			2023		2022
Cost of sales by mine and mineral		(in thousands of US$)
Julcani, Gold		71			43			123		12
Julcani, Silver		7,761			6,843			21,670		20,965
Julcani, Lead		181			130			513		302
Julcani, Copper		99			68			296		211
Orcopampa, Gold		17,987			12,207			52,819		41,227
Orcopampa, Silver		69			51			195		233
Orcopampa, Copper		0			0			0		0
Uchucchacua, Gold		0			0			0		0
Uchucchacua, Silver		0			0			0		0
Uchucchacua, Lead		0			0			0		0
Uchucchacua, Zinc		0			0			0		0
Tambomayo, Gold		11,899			8,430			29,626		25,782
Tambomayo, Silver		5,758			3,434			15,406		9,584
Tambomayo, Zinc		1,020			1,757			2,982		14,353
Tambomayo, Lead		0			4,578			2,979		6,034
La Zanja, Gold		1,909			14,961			11,009		33,201
La Zanja, Silver		112			647			597		1,771
El Brocal, Gold		3,367			5,089			7,489		8,531
El Brocal, Silver		10,936			6,818			19,045		21,345
El Brocal, Lead		610			1,523			1,654		4,541
El Brocal, Zinc		2,485			9,404			5,428		27,179
El Brocal, Copper		66,626			47,037			153,802		119,290
Non Mining Units		5,305			-4,601			16,538		2,942
Consolidated Cost of sales, excluding depreciation and amortization		136,195			118,419			342,171		337,503
Set forth below is a reconciliation of Exploration expenses in units in operation (by mine and mineral) to consolidated Exploration expenses in mining units:
		For the 3 months ended September 30						For the 9 months ended September 30
		2023			2022			2023		2022
Exploration expenses in units in operation by mine and mineral		(in thousands of US$)
Julcani, Gold		16			11			28		3
Julcani, Silver		1,793			1,716			4,937		4,781
Julcani, Lead		42			33			117		69
Julcani, Copper		23			17			67		48
Orcopampa, Gold		1,434			3,328			4,697		9,499
Orcopampa, Silver		6			14			17		54
Orcopampa, Copper		0			0			0		0
Uchucchacua, Gold		0			0			0		0
Uchucchacua, Silver		6,661			6,536			20,592		15,531
Uchucchacua, Lead		0			0			0		-182
Uchucchacua, Zinc		0			0			0		0
Tambomayo, Gold		459			1,424			1,304		3,694
Tambomayo, Silver		222			580			678		1,373
Tambomayo, Lead		39			297			131		865
Tambomayo, Zinc		0			774			131		2,057
La Zanja, Gold		103			1,056			415		2,454
La Zanja, Silver		6			46			23		131
El Brocal, Gold		65			355			236		625
El Brocal, Silver		210			476			601		1,564
El Brocal, Lead		12			106			52		333
El Brocal, Zinc		48			656			171		1,991
El Brocal, Copper		1,280			3,282			4,853		8,739
Non Mining Units		0			0			0		0
Consolidated Exploration expenses in units in operation		12,418			20,708			39,051		53,629
Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral)
to consolidated Commercial deductions:
		For the 3 months ended September 30						For the 9 months ended September 30
		2023			2022			2023		2022
Commercial Deductions in units in operation by mine and mineral		(in thousands of US$)
Julcani, Gold		4			2			7		-6
Julcani, Silver		549			352			1,273		1,496
Julcani, Lead		12			6			29		22
Julcani, Copper		6			4			16		13
Orcopampa, Gold		215			217			826		608
Orcopampa, Silver		1			0			0		13
Orcopampa, Copper		0			0			0		0
Uchucchacua, Gold		0			0			0		0
Uchucchacua, Silver		753			1,340			3,299		1,837
Uchucchacua, Lead		0			12			0		7
Uchucchacua, Zinc		0			0			0		272
Tambomayo, Gold		1,274			1,414			4,071		4,998
Tambomayo, Silver		685			738			2,355		2,439
Tambomayo, Lead		70			285			351		1,128
Tambomayo, Zinc		301			3,027			1,756		11,282
La Zanja, Gold		6			131			86		211
La Zanja, Silver		3			23			9		28
El Brocal, Gold		2,114			2,607			5,025		5,561
El Brocal, Silver		5,888			3,229			11,634		12,325
El Brocal, Lead		193			719			608		2,328
El Brocal, Zinc		1,906			3,672			4,379		16,214
El Brocal, Copper		37,280			24,260			98,928		77,110
Non Mining Units		0			0			0		0
Consolidated Commercial deductions in units in operation		51,260			42,039			134,651		137,887
Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated
Selling expenses:
		For the 3 months ended September 30						For the 9 months ended September 30
		2023			2022			2023		2022
Selling expenses by mine and mineral		(in thousands of US$)
Julcani, Gold		0			0			1		0
Julcani, Silver		43			71			156		307
Julcani, Lead		1			1			4		4
Julcani, Copper		1			1			2		3
Orcopampa, Gold		202			150			512		443
Orcopampa, Silver		1			1			2		3
Orcopampa, Copper		0			0			0		0
Uchucchacua, Gold		0			0			0		0
Uchucchacua, Silver		600			1,084			2,203		2,472
Uchucchacua, Lead		0			0			0		-29
Uchucchacua, Zinc		0			0			0		0
Tambomayo, Gold		400			665			1,175		1,966
Tambomayo, Silver		194			271			611		731
Tambomayo, Lead		34			139			118		460
Tambomayo, Zinc		0			361			118		1,095
La Zanja, Gold		11			74			46		126
La Zanja, Silver		1			3			3		7
El Brocal, Gold		103			205			286		339
El Brocal, Silver		336			274			728		849
El Brocal, Lead		19			61			63		181
El Brocal, Zinc		76			378			208		1,082
El Brocal, Copper		2,045			1,892			5,882		4,747
Non Mining Units		210			222			626		703
Consolidated Selling expenses		4,277			5,854			12,745		15,490

 

	JULCANI														JULCANI
	3Q 2023						3Q 2022								9M 2023						9M 2022
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL			GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	71	7,761	181	–	99	8,112	43	6,843	130	–	68	7,084		Cost of Sales (without D&A) (US$000)	123	21,670	513	–	296	22,602	12	20,965	302	–	211	21,490
Add:														Add:
Exploration Expenses (US$000)	16	1,793	42	–	23	1,874	11	1,716	33	–	17	1,777		Exploration Expenses (US$000)	28	4,937	117	–	67	5,149	3	4,781	69	–	48	4,901
Commercial Deductions (US$000)	4	549	12	–	6	571	2	352	6	–	4	364		Commercial Deductions (US$000)	7	1,273	29	–	16	1,325	-6	1,496	22	–	13	1,526
Selling Expenses (US$000)	0	43.05	1.00	–	1	45	0	71	1	–	1	74		Selling Expenses (US$000)	1	156	4	–	2	163	0	307	4	–	3	315
Cost Applicable to Sales (US$000)	92	10,145	236	–	129	10,602	57	8,983	170	–	89	9,299		Cost Applicable to Sales (US$000)	158	28,036	663	–	382	29,239	9	27,550	397	–	275	28,232
Divide:														Divide:
Volume Sold	51	388,854	107	–	16	Not Applicable	39	651,077	112	–	18	Not Applicable		Volume Sold	90	1,251,585	339	–	50	Not Applicable	79	1,893,014	280	–	48	No Aplicable
CAS	1,791	26.09	2,196	–	8,019	Not Applicable	1,457	13.80	1,521	–	5,024	Not Applicable		CAS	1,759	22.40	1,955	–	7,637	No Applicable	120	14.55	1,417	–	5,737	No Applicable
	ORCOPAMPA														ORCOPAMPA
	3Q 2023						3Q 2022								9M 2023						9M 2022
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL			GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	17,987	69	–	–	–	18,056	12,207	51	–	–	–	12,258		Cost of Sales (without D&A) (US$000)	52,819	195	–	–	–	53,014	41,227	233	–	–	–	41,460
Add:					–									Add:
Exploration Expenses (US$000)	1,434	6	–	–	–	1,440	3,328	14	–	–	–	3,342		Exploration Expenses (US$000)	4,697	17	–	–	–	4,714	9,499	54	–	–	–	9,553
Commercial Deductions (US$000)	215	1	–	–	–	216	217	0	–	–	–	217		Commercial Deductions (US$000)	826	0	–	–	–	826	608	13	–	–	–	621
Selling Expenses (US$000)	202	1	–	–	–	203	150	1	–	–	–	151		Selling Expenses (US$000)	512	2	–	–	–	514	443	3	–	–	–	446
Cost Applicable to Sales (US$000)	19,839	76	–	–	–	19,915	15,903	65	–	–	–	15,968		Cost Applicable to Sales (US$000)	58,854	214	–	–	–	59,068	51,777	303	–	–	–	52,080
Divide:														Divide:
Volume Sold	20,460	6,710	–	–	–	Not Applicable	19,814	7,715	–	–	–	Not Applicable		Volume Sold	60,504	19,432	–	–	–	Not Applicable	56,840	27,054	–	–	–	Not Applicable
CAS	970	11.34	–	–	–	Not Applicable	803	8.48	–	–	–	Not Applicable		CAS	973	11.01	–	–	–	No Applicable	911	11.19	–	–	–	No Applicable
	UCHUCCHACUA														UCHUCCHACUA
	3Q 2023						3Q 2022								9M 2023						9M 2022
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL			GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	–	–	–	–	–	–	–	–	–	–	–	–		Cost of Sales (without D&A) (US$000)	–	–	–	–	–	–	–	–	–	–	–	–
Add:														Add:
Exploration Expenses (US$000)	–	6,661	–	–	–	6,661	–	6,536	–	–	–	6,536		Exploration Expenses (US$000)	–	20,592	–	–	–	20,592	–	15,531	-182	–	–	15,349
Commercial Deductions (US$000)	–	753	–	–	–	753	–	1,340	12	–	–	1,352		Commercial Deductions (US$000)	–	3,299	–	–	–	3,299	–	1,837	7	272	–	2,116
Selling Expenses (US$000)	–	600	–	–	–	600	–	1,084	–	–	–	1,084		Selling Expenses (US$000)	–	2,203	–	–	–	2,203	–	2,472	-29	–	–	2,443
Cost Applicable to Sales (US$000)	–	8,014	–	–	–	8,014	–	8,960	12	–	–	8,972		Cost Applicable to Sales (US$000)	–	26,094	–	–	–	26,094	–	19,840	-204	272	–	19,908
Divide:	–						–							Divide:
Volume Sold		85,499	–	–	–	Not Applicable	–	150,426	–	–	–	Not Applicable		Volume Sold	–	366,778	–	–	–	Not Applicable	–	308,844	18	–	–	Not Applicable
CAS	–	93.74	–	–	–	No Applicable	–	59.56	–	–	–	No Applicable		CAS	–	71.15	–	–	–	No Applicable	–	64.24	–	–	–	No Applicable
	TAMBOMAYO														TAMBOMAYO
	3Q 2023						3Q 2022								9M 2023						9M 2022
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL			GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	11,899	5,758	1,020	–	–	18,677	8,430	3,434	1,757	4,578	–	18,198		Cost of Sales (without D&A) (US$000)	29,626	15,406	2,979	2,982	–	50,993	25,782	9,584	6,034	14,353	–	55,753
Add:														Add:
Exploration Expenses (US$000)	459	222	39	–	–	720	1,424	580	297	774	–	3,075		Exploration Expenses (US$000)	1,304	678	131	131	–	2,244	3,694	1,373	865	2,057	–	7,989
Commercial Deductions (US$000)	1,274	685	70	301	–	2,330	1,414	738	285	3,027	–	5,464		Commercial Deductions (US$000)	4,071	2,355	351	1,756	–	8,532	4,998	2,439	1,128	11,282	–	19,847
Selling Expenses (US$000)	400	194	34	–	–	628	665	271	139	361	–	1,436		Selling Expenses (US$000)	1,175	611	118	118	–	2,023	1,966	731	460	1,095	–	4,252
Cost Applicable to Sales (US$000)	14,031	6,858	1,164	301	–	22,355	11,933	5,023	2,477	8,739	–	28,173		Cost Applicable to Sales (US$000)	36,176	19,050	3,578	4,988	–	63,792	36,440	14,128	8,487	28,786	–	87,841
Divide:														Divide:
Volume Sold	7,421	269,542	525	682	–	Not Applicable	12,150	468,076	2,449	2,832	–	Not Applicable		Volume Sold	26,649	1,125,434	2,521	2,846	–	Not Applicable	37,248	1,195,466	7,353	9,016	–	Not Applicable
CAS	1,891	25.44	2,218	441	–	No Applicable	982	10.73	1,012	3,086	–	No Applicable		CAS	1,357	16.93	1,419	1,753	–	No Applicable	978	11.82	1,154	3,193	–	Not Applicable
	LA ZANJA														LA ZANJA
	3Q 2023						3Q 2022								9M 2023						9M 2022
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL			GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	1,909	112	–	–	–	2,021	14,961	647	–	–	–	15,608		Cost of Sales (without D&A) (US$000)	11,009	597	–	–	–	11,606	33,201	1,771	–	–	–	34,972
Add:														Add:
Exploration Expenses (US$000)	103	6	–	–	–	109	1,056	46	–	–	–	1,102		Exploration Expenses (US$000)	415	23	–	–	–	438	2,454	131	–	–	–	2,585
Commercial Deductions (US$000)	6	3	–	–	–	8	131	23	–	–	–	154		Commercial Deductions (US$000)	86	9	–	–	–	96	211	28	–	–	–	239
Selling Expenses (US$000)	11	1	–	–	–	12	74	3	–	–	–	77		Selling Expenses (US$000)	46	3	–	–	–	49	126	7	–	–	–	133
Cost Applicable to Sales (US$000)	2,029	122	–	–	–	2,150	16,221	720	–	–	–	16,941		Cost Applicable to Sales (US$000)	11,557	632	–	–	–	12,189	35,992	1,937	–	–	–	37,929
Divide:														Divide:
Volume Sold	1,780	6,442	–	–	–	Not Applicable	8,575	34,147	–	–	–	Not Applicable		Volume Sold	6,883	28,973	–	–	–	Not Applicable	18,800	85,237	–	–	–	Not Applicable
CAS	1,140	18.91	–	–	–	Not Applicable	1,892	21.07	–	–	–	Not Applicable		CAS	1,679	21.80	–	–	–	No Applicable	1,914	22.72	–	–	–	Not Applicable
	BROCAL														BROCAL
	3Q 2023						3Q 2022								9M 2023						9M 2022
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL			GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	3,367	10,936	610	2,485	66,626	84,024	5,089	6,818	1,523	9,404	47,037	69,872		Cost of Sales (without D&A) (US$000)	7,489	19,045	1,654	5,428	153,802	187,418	8,531	21,345	4,541	27,179	119,290	180,886
Add:														Add:
Exploration Expenses (US$000)	65	210	12	48	1,280	1,614	355	476	106	656	3,282	4,876		Exploration Expenses (US$000)	236	601	52	171	4,853	5,914	625	1,564	333	1,991	8,739.38	13,252
Commercial Deductions (US$000)	2,114	5,888	193	1,906	37,280	47,382	2,607	3,229	719	3,672	24,260	34,487		Commercial Deductions (US$000)	5,025	11,634	608	4,379	98,928	120,572	5,561	12,325	2,328	16,214	77,110	113,539
Selling Expenses (US$000)	103	336	19	76	2,045	2,579	205	274	61	378	1,892	2,810		Selling Expenses (US$000)	286	728	63	208	5,882	7,167	339	849	181	1,082	4,747	7,198
Cost Applicable to Sales (US$000)	5,649	17,370	833	4,516	107,231	135,599	8,256	10,797	2,409	14,111	76,472	112,045		Cost Applicable to Sales (US$000)	13,036	32,008	2,377	10,185	263,465	321,071	15,057	36,083	7,383	46,465	209,887	314,875
Divide:														Divide:
Volume Sold	3,553	986,583	636	2,347	17,786	Not Applicable	5,229	642,558	1,568	5,229	11,431	Not Applicable		Volume Sold	8,575	1,873,998	1,939	5,478	41,889	Not Applicable	10,725	2,145,751	4,878	15,855	31,439	Not Applicable
CAS	1,590	17.61	1,309	1,924	6,029	Not Applicable	1,579	16.80	1,536	2,698	6,690	Not Applicable		CAS	1,520	17.08	1,226	1,859	6,290	No Applicable	1,404	16.82	1,513	2,931	6,676	Not Applicable
	NON MINING COMPANIES														NON MINING COMPANIES
	3Q 2023						3Q 2022								9M 2023						9M 2022
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL			GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	–	–	–	–	–	5,305	–	–	–	–	–	-4,601		Cost of Sales (without D&A) (US$000)	–	–	–	–	–	16,538	–	–	–	–	–	2,942
Add:														Add:						–						–
Selling Expenses (US$000)	–	–	–	–	–	210	–	–	–	–	–	222		Selling Expenses (US$000)	–	–	–	–	–	626	–	–	–	–	–	703
Total (US$000)	–	–	–	–	–	5,515	–	–	–	–	–	-4,379		Total (US$000)	–	–	–	–	–	17,164	–	–	–	–	–	3,645
	BUENAVENTURA CONSOLIDATED														BUENAVENTURA CONSOLIDATED
	3Q 2023						3Q 2022								9M 2023						9M 2022
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL			GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	35,233	24,636	1,811	2,485	66,725	136,195	40,730	17,793	3,410	13,982	47,105	118,419		Cost of Sales (without D&A) (US$000)	101,066	56,913	5,145	8,410	154,099	342,171	108,753	53,899	10,877	41,532	119,501	337,503
Add:														Add:
Exploration Expenses (US$000)	2,077	8,897	93	48	1,303	12,418	6,175	9,368	436	1,430	3,299	20,708		Exploration Expenses (US$000)	6,680	26,847	300	302	4,921	39,051	16,275	23,434	1,084	4,048	8,787	53,629
Commercial Deductions (US$000)	3,613	7,879	275	2,207	37,287	51,260	4,372	5,683	1,023	6,699	24,264	42,039		Commercial Deductions (US$000)	10,014	18,571	987	6,135	98,944	134,651	11,372	18,139	3,486	27,768	77,123	137,887
Selling Expenses (US$000)	717	1,174	54	76	2,046	4,277	1,094	1,704	201	739	1,892	5,854		Selling Expenses (US$000)	2,021	3,703	185	326	5,884	12,745	2,876	4,369	616	2,176	4,750	15,490
Cost Applicable to Sales (US$000)	41,640	42,586	2,233	4,816	107,360	204,150	52,371	34,549	5,069	22,850	76,561	187,020		Cost Applicable to Sales (US$000)	119,781	106,034	6,618	15,173	263,847	528,618	139,276	99,840	16,063	75,523	210,162	544,509
Divide:														Divide:
Volume Sold	33,265	1,743,629	1,269	3,029	17,802	Not Applicable	45,807	1,954,000	4,129	8,061	11,449	Not Applicable		Volume Sold	102,700	4,666,199	4,799	8,324	41,940	Not Applicable	123,692	5,655,367	12,530	24,871	31,487	Not Applicable
CAS	1,252	24.42	1,760	1,590	6,031	Not Applicable	1,143	17.68	1,228	2,835	6,687	Not Applicable		CAS	1,166	22.72	1,379	1,823	6,291	Not Applicable	1,126	17.65	1,282	3,037	6,675	Not Applicable
	COIMOLACHE														COIMOLACHE
	3Q 2023						3Q 2022								9M 2023						9M 2022
	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL			GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL	GOLD (OZ)	SILVER (OZ)	LEAD (MT)	ZINC (MT)	COPPER (MT)	TOTAL
Cost of Sales (without D&A) (US$000)	18,044	866	–	–	–	18,910	33,976.00	1,285	–	–	–	35,261		Cost of Sales (without D&A) (US$000)	51,805	2,881	–	–	–	54,686	73,723	3,529	–	–	–	77,252
Add:														Add:
Exploration Expenses (US$000)	4,530	217	–	–	–	4,747	2,292.30	87	–	–	–	2,379		Exploration Expenses (US$000)	9,485	527	–	–	–	10,012	5,768	276	–	–	–	6,044
Commercial Deductions (US$000)	181	40	–	–	–	221	111	2	–	–	–	113		Commercial Deductions (US$000)	293	48	–	–	–	342	436	40	–	–	–	477
Selling Expenses (US$000)	234	11	–	–	–	245	276	10	–	–	–	286		Selling Expenses (US$000)	468	26	–	–	–	494	684	33	–	–	–	717
Cost Applicable to Sales (US$000)	22,989	1,134	–	–	–	24,123	36,655	1,384	–	–	–	38,039		Cost Applicable to Sales (US$000)	62,051	3,483	–	–	–	65,534	80,611	3,879	–	–	–	84,490
Divide:														Divide:
Volume Sold	21,237	82,379	–	–	–	Not Applicable	21,431	78,028	–	–	–	Not Applicable		Volume Sold	36,261	164,895	–	–	–	Not Applicable	62,568	259,521	–	–	–	Not Applicable
CAS	1,083	13.77	–	–	–	Not Applicable	1,710	17.74	–	–	–	Not Applicable		CAS	1,711	21.12	–	–	–	No Applicable	1,288	14.95	–	–	–	Not Applicable

 

APPENDIX 5: All-in Sustaining Cost

All-in Sustaining Cost for 3Q23
	Buenaventura1			La Zanja			Tantahuatay			Attributable 2
	3Q23			3Q23			3Q23			3Q23
Au Ounces Sold Net		27,932			1,780			21,237			38,227
	3Q23			3Q23			3Q23			3Q23
Income Statement & Cash Flow	US$ 000′	US$/Oz Au		US$ 000′	US$/Oz Au		US$ 000′	US$/Oz Au		US$ 000′	US$/Oz Au
Cost of Sales	44,648	1,598		5,656	3,178		18,910	890		57,886	1,514
Exploration in Operating Units	10,695	383		109	61		4,747	224		12,707	332
Royalties	3,235	116		0	0		0	0		3,235	85
Comercial Deductions3	3,870	139		8	5		221	10		3,967	104
Selling Expenses	1,476	53		12	7		245	12		1,586	41
Administrative Expenses	9,740	349		812	456		1,002	47		10,954	287
Other, net	2,378	85		255	143		-110	-5		2,589	68
Sustaining Capex4	2,364	85		1,732	973		719	34		4,385	115
By-product Credit	-21,851	-782		-166	-93		-1,938	-91		-22,794	-596
All-in Sustaining Cost	56,555	2,025		8,419	4,731		23,796	1,121		74,515	1,949
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

Notes:

1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.

2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay.

3. For all metals produced.

4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

 

All-in Sustaining Cost for 3Q22
	Buenaventura1			La Zanja			Tantahuatay			Attributable 2
	3Q22			3Q22			3Q22			3Q22
Au Ounces Sold Net		32,003			8,575			21,431			49,170
	3Q22			3Q22			3Q22			3Q22
Income Statement & Cash Flow	US$ 000′	US$/Oz Au		US$ 000′	US$/Oz Au		US$ 000′	US$/Oz Au		US$ 000′	US$/Oz Au
Cost of Sales	39,582	1,237		11,214	1,308		26,671	1,245		61,490	1,251
Exploration in Operating Units	14,729	460		1,103	129		1,994	93		16,631	338
Royalties	2,789	87		0	0		0	0		2,789	57
Comercial Deductions3	7,398	231		154	18		113	5		7,598	155
Selling Expenses	2,875	90		77	9		217	10		3,039	62
Administrative Expenses	9,175	287		692	81		916	43		10,234	208
Other, net	-249	-8		-107	-12		-338	-16		-492	-10
Sustaining Capex4	2,921	91		548	64		3,099	145		4,712	96
By-product Credit	-36,603	-1,144		-621	-72		-1,355	-63		-37,767	-768
All-in Sustaining Cost	42,618	1,332		13,060	1,523		31,316	1,461		68,234	1,388
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

Notes:

1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.

2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay.

3. For all metals produced.

4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

 

All-in Sustaining Cost for 9M23
	Buenaventura1			La Zanja			Tantahuatay			Attributable 2
	9M23			9M23			9M23			9M23
Au Ounces Sold Net		87,243			6,883			36,261			108,665
	9M23			9M23			9M23			9M23
Income Statement & Cash Flow	US$ 000′	US$/Oz Au		US$ 000′	US$/Oz Au		US$ 000′	US$/Oz Au		US$ 000′	US$/Oz Au
Cost of Sales	129,229	1,481		24,261	3,525		54,686	1,508		175,416	1,614
Exploration in Operating Units	32,699	375		438	64		10,012	276		37,151	342
Royalties	9,446	108		0	0		0	0		9,446	87
Comercial Deductions3	13,983	160		96	14		342	9		14,216	131
Selling Expenses	4,903	56		49	7		494	14		5,150	47
Administrative Expenses	31,765	364		2,206	321		3,053	84		35,195	324
Other, net	2,446	28		518	75		-751	-21		2,663	25
Sustaining Capex4	5,532	63		2,087	303		4,121	114		9,272	85
By-product Credit	-78,958	-905		-700	-102		-3,864	-107		-81,207	-747
All-in Sustaining Cost	151,045	1,731		28,955	4,207		68,093	1,878		207,302	1,908
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

Notes:

1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.

2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay.

3. For all metals produced.

4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

 

All-in Sustaining Cost for 9M22
	Buenaventura1			La Zanja			Tantahuatay			Attributable 2
	9M22			9M22			9M22			9M22
Au Ounces Sold Net		94,167			18,800			62,568			138,053
	9M22			9M22			9M22			9M22
Income Statement & Cash Flow	US$ 000′	US$/Oz Au		US$ 000′	US$/Oz Au		US$ 000′	US$/Oz Au		US$ 000′	US$/Oz Au
Cost of Sales	124,486	1,322		37,120	1,974		77,252	1,235		192,580	1,395
Exploration in Operating Units	37,792	401		2,586	138		6,044	97		42,801	310
Royalties	8,455	90		0	0		0	0		8,455	61
Comercial Deductions3	24,109	256		239	13		477	8		24,540	178
Selling Expenses	7,850	83		133	7		717	11		8,270	60
Administrative Expenses	31,423	334		2,011	107		2,680	43		34,509	250
Other, net	1,446	15		-287	-15		319	5		1,287	9
Sustaining Capex4	5,822	62		848	45		12,373	198		11,631	84
By-product Credit	-123,387	-1,310		-1,786	-95		-5,376	-86		-127,329	-922
All-in Sustaining Cost	117,996	1,253		40,864	2,174		94,486	1,510		196,744	1,425
*All-in Sustaining Cost does not include: Depreciation and Amortization, Stoppage of mining units, Exploration in non-operating areas.

Notes:

1. Non-consolidated financial statements for Compañia De Minas Buenaventura S.A.A.

2. Considers 100% from Compañia De Minas Buenaventura S.A.A., 100% from La Zanja and 40.095% from Tantahuatay.

3. For all metals produced.

4. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.

 

APPENDIX 6

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Interim condensed consolidated statements of financial position
As of September 30, 2023 (unaudited) and December 31, 2022 (audited)
				2023		2022
Assets				US$(000)		US$(000)
Current assets
Cash and cash equivalents				221,809		253,918
Trade and other receivables				181,528		221,899
Inventories				86,573		88,345
Income tax credit				15,478		28,046
Prepaid expenses				11,141		19,333
Hedge derivative financial instruments				–		8,839
				516,529		620,380
Non-current assets
Trade and other receivables				682,949		673,627
Investments in associates and joint venture				1,536,007		1,520,977
Property, plant, equipment and development cost				1,563,063		1,535,195
Deferred income tax asset				129,691		106,170
Prepaid expenses				22,369		23,033
Other non-financial assets				24,289		23,845
				3,958,368		3,882,847
Total assets				4,474,897		4,503,227
Liabilities and equity
Current liabilities
Trade and other payables				221,187		247,989
Provisions				108,729		94,171
Income tax payable				9,801		2,366
Financial obligations				34,191		35,071
				373,908		379,597
Non-current liabilities
Trade and other payables				2,825		3,553
Provisions				188,712		204,347
Financial obligations				681,287		703,463
Contingent consideration liability				19,536		16,905
Deferred income tax liabilities				29,057		32,421
				921,417		960,689
Total liabilities				1,295,325		1,340,286
Equity
Capital stock				750,497		750,497
Investment shares				791		791
Additional paid-in capital				218,450		218,450
Legal reserve				163,372		163,270
Other reserves				31,897		31,897
Other reserves of equity				(99)		2,184
Retained earnings				1,851,445		1,841,761
Shareholders’ equity attributable to owners of the parent				3,016,353		3,008,850
Non-controlling interest				163,219		154,091
Total equity				3,179,572		3,162,941
Total liabilities and equity				4,474,897		4,503,227

 

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Interim condensed consolidated statements of profit or loss (unaudited)
For the three-month and nine-month ended September 30, 2023 and 2022
		For the three-month period ended September 30,				For the nine-month period ended September 30,
		2023		2022		2023		2022
Continuing operations		US$(000)		US$(000)		US$(000)		US$(000)
Operating income
Sales of goods		207,705		192,084		559,489		566,531
Sales of services		3,588		3,332		10,555		10,528
Royalty income		–		–		–		1,381
Total operating income		211,293		195,416		570,044		578,440
Cost of sales
Cost of sales of goods, excluding depreciation and amortization		(134,863)		(117,740)		(338,695)		(335,441)
Unabsorbed cost due to production stoppage		(7,467)		(3,944)		(18,002)		(14,913)
Cost of sales of services, excluding depreciation and amortization		(1,332)		(679)		(3,476)		(2,062)
Depreciation and amortization		(51,264)		(41,477)		(121,816)		(131,531)
Exploration in operating units		(12,418)		(20,708)		(39,051)		(53,629)
Mining royalties		(4,439)		(4,525)		(13,381)		(13,384)
Total costs of sales		(211,783)		(189,073)		(534,421)		(550,960)
Gross profit (loss)		(490)		6,343		35,623		27,480
Operating income (expenses), net
Administrative expenses		(17,536)		(15,365)		(54,656)		(50,442)
Selling expenses		(4,277)		(5,854)		(12,745)		(15,490)
Exploration in non-operating areas		(4,553)		(4,236)		(8,715)		(11,066)
Reversal (provision) of contingencies		240		(1,960)		5,534		(3,805)
Other, net		(2,919)		1,050		(4,033)		1,317
Total operating income (expenses), net		(29,045)		(26,365)		(74,615)		(79,486)
Operating loss		(29,535)		(20,022)		(38,992)		(52,006)
Share in the results of associates and joint venture		46,375		20,442		113,368		118,149
Finance income		2,122		1,337		6,073		11,561
Foreign currency exchange difference		(31,176)		(27,961)		3,450		(3,086)
Finance costs		(13,381)		(12,641)		(43,455)		(42,092)
Profit (loss) before income tax		(25,595)		(38,845)		40,444		32,526
Current income tax		(11,925)		7,869		(22,228)		(8,423)
Deferred income tax		13,189		8,427		24,298		43,621
		1,264		16,296		2,070		35,198
Profit (loss) from continuing operations		(24,331)		(22,549)		42,514		67,724
Discontinued operations
Profit (loss) from discontinued operations		(167)		62		439		479,869
Net profit (loss)		(24,498)		(22,487)		42,953		547,593
Profit (loss) attributable to:
Owners of the parent		(28,032)		(19,771)		29,627		548,469
Non-controlling interest		3,534		(2,716)		13,326		(876)
		(24,498)		(22,487)		42,953		547,593
Basic and diluted profit (loss) per share, stated in U.S. dollars		(0.11)		(0.08)		0.12		2.16

 

Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Interim condensed consolidated statements of cash flows (unaudited)
For the three-month and nine-month ended September 30, 2023 and 2022
		For the three-month period ended September 30,				For the nine-month period ended September 30,
		2023		2022		2023		2022
		US$(000)		US$(000)		US$(000)		US$(000)
Cash flows from (used in) of operating activities
Proceeds from sales of goods and services		206,711		188,639		588,376		635,447
Dividends received from associates		48,961		–		98,323		29,377
Recovery from value added tax		9,631		4,982		42,971		26,835
Interest received		1,639		771		4,314		1,582
Dividends received from investments		–		–		150		–
Royalty received		–		–		–		5,183
Payments to suppliers and third-parties, and other net		(104,989)		(120,901)		(379,544)		(441,030)
Payments to employees		(33,962)		(29,245)		(100,969)		(93,925)
Interest paid		(16,081)		(17,260)		(37,590)		(38,860)
Short-term and low value lease payments		(9,884)		(10,497)		(28,159)		(29,697)
Income tax and royalties paid to the Peruvian State		(7,293)		(8,063)		(19,393)		(75,301)
Payment of royalties		(3,235)		(2,789)		(9,446)		(8,455)
Payments for tax litigation		(3,331)		–		(3,569)		–
Net cash flows from operating activities		88,167		5,637		155,464		11,156
Cash flows from (used in) of investing activities
Proceeds from sale of property, plant and equipment		2,455		2,462		6,485		11,245
Income from sale of shares		245		–		245		1,577
Collection for sale of participation in Yanacocha		–		–		–		300,000
Collection for purchase of La Zanja shares		–		–		–		45,000
Payments for acquisition of property, plant and equipment		(59,786)		(37,198)		(145,659)		(93,205)
Payments for acquisitions of other assets		(1,052)		(34)		(1,772)		(153)
Capital increase in associates		–		–		–		(1,677)
Net cash flows from (used in) investing activities		(58,138)		(34,770)		(140,701)		262,787
Cash flows from (used in) financing activities
Increase of bank loans		–		–		49,000		–
Decrease (increase) of bank accounts in trust		–		(1,110)		17		(1,859)
Payments of bank loans		–		–		(49,000)		(50,000)
Payments of financial obligations		(7,758)		(7,085)		(23,276)		(315,974)
Dividends paid to controlling interest		–		–		(18,542)		(18,542)
Lease payments		(1,181)		(1,022)		(3,430)		(3,071)
Dividends paid to non-controlling interest		(1,641)		–		(1,641)		(2,647)
Increase of restricted time deposits		–		–		–		29,117
Net cash and cash equivalents used in financing activities		(10,580)		(9,217)		(46,872)		(362,976)
Increase (decrease) in cash and cash equivalents during the period, net		19,449		(38,350)		(32,109)		(89,033)
Cash and cash equivalents at beginning of period		202,360		326,316		253,918		376,999
Cash and cash equivalents at the end of the period		221,809		287,966		221,809		287,966

 

		For the three-month period ended September 30,				For the nine-month period ended September 30,
		2023		2022		2023		2022
		US$(000)		US$(000)		US$(000)		US$(000)
Reconciliation of net profit to cash and cash equivalents provided by operating activities
Net profit (loss)		(24,498)		(22,487)		42,953		547,593
Plus (less):
Share in the results of associates and joint venture		(46,375)		(20,442)		(113,368)		(118,149)
Deferred income tax (continuing operations)		(13,189)		(8,427)		(24,298)		(43,621)
Exchange difference		31,176		27,961		(3,450)		3,086
Reversal (provision) of contingencies		(240)		1,960		(5,534)		3,805
Depreciation and amortization in cost of sales		51,264		41,477		121,816		131,531
Non – cash discontinued operations		(49)		52		(1,637)		(524,757)
Provision for estimated fair value of sales		18		(14,733)		13,746		19,738
Workers´ participation provision		2,899		(2,666)		4,691		271
Bonus provision – executives & employes		4,447		7,260		10,391		11,964
Other minor		4,482		2,856		14,778		(4,980)
Net changes in operating assets and liabilities:
Decrease (increase) in operating assets –
Trade and other accounts receivable		16,604		27,756		56,241		82,952
Inventories		(26,589)		4,969		(24,878)		(5,459)
Income tax credit		–		(13,282)		9,178		(7,129)
Prepaid expenses		7,677		6,601		8,855		13,141
Increase (decrease) in operating liabilities –
Trade and other accounts payable		20,476		(46,147)		(43,590)		(116,091)
Provisions		(5,101)		(2,604)		(12,619)		(10,932)
Income tax payable		19,535		15,533		7,435		(1,184)
Payments for tax litigation		(3,331)		–		(3,569)		–
Proceeds from dividends in associates		48,961		–		98,323		29,377
Net cash and cash equivalents used in operating activities		88,167		5,637		155,464		11,156