·
|
4Q17 EBITDA from direct operations was US$ 116.6 million; a 44% increase compared to US$ 80.8 million reported in 4Q16. 4Q17 Adjusted EBITDA (including associated companies) reached US$ 245.4 million; a 38% increase compared to US$ 177.2 million in 4Q16.
|
·
|
FY2017 Net Income was US$ 60.8 million, compared to negative US$ 323.5 in 2016.
|
·
|
Buenaventura´s Net debt/EBITDA ratio was reduced to 1.4x.
|
·
|
The Company’s de-bottlenecking program is in progress, with results expected to be gradually reflected from 2018 – 2020.
|
·
|
Yanacocha purchased the International Finance Corporation´s five percent equity stake in Yanacocha for $48 million in December 2017. In 2018, Yanacocha agreed to make a capital reduction, Buenaventura´s stake in Yanacocha therefore increased to 45.95%, from 43.65%.
|
·
|
In June 2017, Cerro Verde extended the maturity of its Syndicated Loan to 2022 and in December 2017, Cerro Verde repaid US$ 220 million. The outstanding balance is therefore US $1.3 billion as of December 31, 2017.
|
·
|
In line with Buenaventura´s dividend policy, a dividend payment of US$0.03 per share/ADS will be declared.
|
4Q17
|
4Q16
|
Var%
|
FY17
|
FY16
|
Var%
|
|
Total Revenues
|
370.6
|
287.1
|
29%
|
1,274.4
|
1,068.8
|
19%
|
Operating Profit*
|
5.3
|
24.8
|
-79%
|
105.5
|
132.2
|
-20%
|
EBITDA Direct Operations
|
116.6
|
80.8
|
44%
|
372.2
|
333.9
|
11%
|
Adjusted EBITDA (Inc Associates)
|
245.4
|
177.2
|
38%
|
714.4
|
645.8
|
11%
|
Net Income
|
8.3
|
-405.9
|
N.A.
|
60.8
|
-323.5
|
N.A.
|
EPS**
|
0.03
|
-1.60
|
N.A.
|
0.24
|
-1.27
|
N.A.
|
Operating Revenues
|
|
Operating Highlights
|
4Q17
|
4Q16
|
Var%
|
FY17
|
FY16
|
Var%
|
Net Sales
(in millions of US$)
|
365.5
|
281.3
|
30%
|
1,253.6
|
1,044.5
|
20%
|
Average Realized Gold Price (US$/oz) (1) (2)
|
1,274
|
1,149
|
11%
|
1,268
|
1,244
|
2%
|
Average Realized Gold Price (US$/oz) inc. Affiliates (3)
|
1,273
|
1,179
|
8%
|
1,260
|
1,245
|
1%
|
Average Realized Silver Price (US$/oz) (1) (2)
|
16.43
|
17.80
|
-8%
|
16.54
|
17.65
|
-6%
|
Average Realized Lead Price (US$/MT) (1) (2)
|
2,516
|
2,335
|
8%
|
2,372
|
1,978
|
20%
|
Average Realized
Zinc Price (US$/MT) (1) (2)
|
3,498
|
2,641
|
32%
|
3,046
|
2,267
|
34%
|
Average Realized Copper Price (US$/MT) (1) (2)
|
6,914
|
5,568
|
24%
|
6,280
|
4,919
|
28%
|
Volume Sold
|
4Q17
|
4Q16
|
Var%
|
FY17
|
FY16
|
Var%
|
Consolidated Gold Oz1
|
122,085
|
85,836
|
42%
|
403,480
|
354,116
|
14%
|
Gold Oz inc Associated Companies 3
|
198,205
|
171,484
|
16%
|
698,716
|
691,649
|
1%
|
Consolidated Silver Oz 1
|
6,228,219
|
5,938,481
|
5%
|
24,773,278
|
21,863,019
|
13%
|
Consolidated Lead MT 1
|
10,833
|
8,304
|
30%
|
40,032
|
29,678
|
35%
|
Consolidated Zinc MT 1
|
16,036
|
19,963
|
-20%
|
61,724
|
62,829
|
-2%
|
Consolidated Copper MT 1
|
11,604
|
12,779
|
-9%
|
42,756
|
45,674
|
-6%
|
(1)
|
Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
|
(2)
|
The realized price considers the adjustments of quotational periods.
|
(3)
|
Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 100% of El Brocal, 40.095% of Coimolache and 43.65% of Yanacocha.
|
Production and Operating Costs
|
|
Equity Production
|
4Q17
|
4Q16
|
Var%
|
FY17
|
FY16
|
Var%
|
Gold Oz Direct Operations(1)
|
97,639
|
68,268
|
43%
|
337,260
|
281,086
|
20%
|
Gold Oz including Associated(2) Companies
|
174,366
|
159,212
|
10%
|
631,379
|
627,434
|
1%
|
Silver Oz Direct Operations(1)
|
6,218,877
|
6,109,374
|
2%
|
24,912,786
|
23,448,833
|
6%
|
Silver Oz including Associated Companies
|
6,626,625
|
6,382,558
|
4%
|
26,433,729
|
24,672,571
|
7%
|
Lead MT
|
10,205
|
7,396
|
38%
|
37,120
|
28,531
|
30%
|
Zinc MT
|
14,299
|
15,646
|
-9%
|
54,635
|
51,465
|
6%
|
Copper MT Direct Operations(1)
|
7,446
|
8,218
|
-9%
|
27,846
|
29,195
|
-5%
|
Copper MT including Associated Companies
|
30,227
|
34,222
|
-12%
|
122,184
|
127,584
|
-4%
|
Consolidated Production
|
4Q17
|
4Q16
|
Var%
|
FY17
|
FY16
|
Var%
|
Gold Oz(3)
|
114,325
|
86,803
|
32%
|
405,646
|
356,367
|
14%
|
Silver Oz(3)
|
6,662,963
|
6,624,276
|
1%
|
26,624,431
|
24,648,761
|
8%
|
Lead MT(3)
|
12,062
|
9,174
|
31%
|
44,976
|
33,850
|
33%
|
Zinc MT(3)
|
18,470
|
23,896
|
-23%
|
74,560
|
75,075
|
-1%
|
Copper MT(3)
|
12,127
|
13,929
|
-13%
|
45,289
|
49,460
|
-8%
|
(1)
|
Buenaventura’s Direct Operations includes 100% of Buenaventura’s operating units, 53.06% of La Zanja and 61.43% of El Brocal.
|
(2)
|
Based on 100% of Buenaventura´s operating units, 53.06% of La Zanja, 61.43% of el Brocal, 40.095% of Coimolache and 43.65% of Yanacocha.
|
(3)
|
Based on 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
|
Production
|
|||||||||||||
|
|
4Q17
|
4Q16
|
Var %
|
FY17
|
FY16
|
Var %
|
||||||
Gold
|
Oz
|
27,605
|
64,175
|
||||||||||
Silver
|
Oz
|
814,012
|
1,788,219
|
||||||||||
Cost Applicable to Sales
|
|||||||||||||
|
|
4Q17
|
4Q16
|
Var %
|
FY17
|
FY16
|
Var %
|
||||||
Gold
|
US$/Oz
|
631
|
671
|
Production
|
|||||||||||||
|
|
4Q17
|
4Q16
|
Var %
|
FY17
|
FY16
|
Var %
|
||||||
Gold
|
Oz
|
50,056
|
45,973
|
9%
|
190,976
|
191,102
|
0%
|
||||||
Silver
|
Oz
|
104,742
|
199,509
|
-47%
|
528,449
|
692,318
|
-24%
|
||||||
Cost Applicable to Sales
|
|||||||||||||
|
|
4Q17
|
4Q16
|
Var %
|
FY17
|
FY16
|
Var %
|
||||||
Gold
|
US$/Oz
|
738
|
772
|
-4%
|
743
|
704
|
5%
|
Production
|
|||||||
|
|
4Q17
|
4Q16
|
Var %
|
FY17
|
FY16
|
Var %
|
Silver
|
Oz
|
4,129,464
|
4,042,722
|
2%
|
16,583,698
|
16,212,746
|
2%
|
Zinc
|
MT
|
4,318
|
1,662
|
160%
|
13,040
|
7,227
|
80%
|
Lead
|
MT
|
5,493
|
2,855
|
92%
|
16,708
|
10,724
|
56%
|
Cost Applicable to Sales
|
|||||||
|
|
4Q17
|
4Q16
|
Var %
|
FY17
|
FY16
|
Var %
|
Silver
|
US$/Oz
|
9.84
|
11.53
|
-15%
|
10.61
|
11.03
|
-4%
|
Production
|
|||||||||
|
|
4Q17
|
4Q16
|
Var %
|
FY17
|
FY16
|
Var %
|
||
Silver
|
Oz
|
192,004
|
374,756
|
-49%
|
1,109,382
|
1,627,246
|
-32%
|
||
Zinc
|
MT
|
1,281
|
2,326
|
-45%
|
7,102
|
10,463
|
-32%
|
||
Lead
|
MT
|
602
|
1,476
|
-59%
|
4,061
|
7,383
|
-45%
|
||
Cost Applicable to Sales
|
|||||||||
|
|
4Q17
|
4Q16
|
Var %
|
FY17
|
FY16
|
Var %
|
||
Silver
|
US$/Oz
|
12.92
|
13.48
|
-4%
|
13.27
|
12.78
|
4%
|
Production
|
||||||||||
|
|
4Q17
|
4Q16
|
Var %
|
FY17
|
FY16
|
Var %
|
|||
Silver
|
Oz
|
292,358
|
790,618
|
-63%
|
2,249,527
|
3,264,420
|
-31%
|
|||
Cost Applicable to Sales
|
||||||||||
|
|
4Q17
|
4Q16
|
Var %
|
FY17
|
FY16
|
Var %
|
|||
Silver
|
US$/Oz
|
30.25
|
12.50
|
142%
|
17.12
|
11.62
|
47%
|
Production
|
|||||||
|
|
4Q17
|
4Q16
|
Var %
|
FY17
|
FY16
|
Var %
|
Gold
|
Oz
|
30,648
|
32,739
|
-6%
|
127,118
|
139,724
|
-9%
|
Silver
|
Oz
|
82,970
|
58,279
|
42%
|
280,908
|
217,292
|
29%
|
Cost Applicable to Sales
|
|||||||
|
|
4Q17
|
4Q16
|
Var %
|
FY17
|
FY16
|
Var %
|
Gold
|
US$/Oz
|
875
|
736
|
19%
|
789
|
607
|
30%
|
Production
|
|||||||
|
|
4Q17
|
4Q16
|
Var %
|
FY17
|
FY16
|
Var %
|
Gold
|
Oz
|
45,164
|
39,926
|
13%
|
151,454
|
150,816
|
0%
|
Silver
|
Oz
|
263,355
|
123,786
|
113%
|
800,942
|
711,337
|
13%
|
Cost Applicable to Sales
|
|||||||
|
|
4Q17
|
4Q16
|
Var %
|
FY17
|
FY16
|
Var %
|
Gold
|
US$/Oz
|
553
|
534
|
4%
|
517
|
492
|
5%
|
Production
|
|||||||
|
|
4Q17
|
4Q16
|
Var %
|
FY17
|
FY16
|
Var %
|
Copper
|
MT
|
12,103
|
13,858
|
-13%
|
45,097
|
49,170
|
-8%
|
Zinc
|
MT
|
10,785
|
19,908
|
-46%
|
51,511
|
57,385
|
-10%
|
Silver
|
Oz
|
1,047,414
|
1,158,392
|
-10%
|
4,084,249
|
2,634,739
|
55%
|
Cost Applicable to Sales
|
|||||||
|
|
4Q17
|
4Q16
|
Var %
|
FY17
|
FY16
|
Var %
|
Copper
|
US$/MT
|
5,468
|
4,354
|
26%
|
5,119
|
4,651
|
10%
|
Zinc
|
US$/MT
|
2,059
|
1,853
|
11%
|
1,915
|
1,808
|
6%
|
General and Administrative Expenses
|
|
Exploration in Non-Operating Areas
|
|
Share in Associated Companies
|
|
Share in the Result of Associates
(in millions of US$)
|
4Q17
|
4Q16
|
Var %
|
FY17
|
FY16
|
Var %
|
Cerro Verde
|
42.6
|
22.5
|
89%
|
68.5
|
66.8
|
3%
|
Coimolache
|
7.7
|
6.5
|
19%
|
21.3
|
23.5
|
-10%
|
Yanacocha
|
-46.0
|
-431.5
|
89%
|
-76.6
|
-455.6
|
83%
|
Total
|
4.3
|
-402.5
|
N.A.
|
13.2
|
-365.3
|
-104%
|
De-bottlenecking program
|
|
Opportunity
|
Tambomayo
|
Orcopampa
|
Uchucchacua
|
El Brocal*
|
Differential Cut-off
|
|
|
|
|
Dilution Control
|
|
|
||
Ventilation
|
|
|
||
Hoist System
|
|
|
||
Backfill System
|
|
|
||
Integrated Mining Contract
|
|
|
|
|
Process Plant Fine Tuning
|
|
|
§
|
Dilution Control: Operating cost reduction through the treatment of higher-value ore; increased production also improves recovery rate .
|
§
|
Ventilation: system upgrade to increase productivity and improve exploration.
|
§
|
Hoist System: system upgrade to increase productivity.
|
§
|
Back-fill System: Reuse tailings to be mixed with cement to support and reinforce the mine. This also reduces costs incurred transporting the tailings to the tailings storage facility and increases the useful life of the storage facility.
|
§
|
Process Plant Fine Tuning: Equipment to be purchased to improve process efficiency.
|
§
|
Esperanza Tunnel Connection: Marcapunta Norte and Marcapunta Sur have been connected in order to improve operational productivity and reduce cost.
|
|
Differential Cut-off: use of a clearly delineated cut-off per area to increase profitability.
|
|
Integrated Mining Contracts: Renegotiate contracts with contractors in order to better leverage synergies between Buenaventura’s operating units.
|
Other
|
|
§
|
Differential Cut-off: use of a clearly delineated cut-off per area to increase profitability.
|
§
|
Integrated Mining Contracts: Renegotiate contracts with contractors in order to better leverage synergies between Buenaventura’s operating units.
|
|
Call for the Annual Shareholders Meeting to be held on March 27, 2018 with the following items proposed for approval:
|
a.
|
Approval of the Annual Report as of December 31, 2017.
|
b.
|
Approval of the Financial Statements as of December 31, 2017.
|
c.
|
Propose Ernst and Young (Paredes, Burga y Asociados) as External Auditors for fiscal year 2017.
|
d.
|
Declaration of a cash dividend of US$ 0.03 per share or ADS, payable on May 4, 2018.
|
|
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. |
|
Equity Participation in
Subsidiaries and Associates (as of December 31, 2017)
|
|||
BVN
|
Operating
|
||
Equity %
|
Mines / Business
|
||
El Molle Verde S.A.C*
|
100.00
|
Trapiche Project
|
|
Minera La Zanja S.A*
|
53.06
|
La Zanja
|
|
Sociedad Minera El Brocal S.A.A*
|
61.43
|
Colquijirca and Marcapunta
|
|
Compañía Minera Coimolache S.A **
|
40.10
|
Tantahuatay
|
|
Minera Yanacocha S.R.L ** ***
|
43.65
|
Yanacocha
|
|
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
|
|
Buenaventura Ingenieros S.A*
|
100.00
|
Engineering Consultant
|
Gold Production
|
|
|
||||||
Mining Unit
|
Operating Results
|
Unit
|
4Q17
|
4Q16
|
△%
|
FY17
|
FY16
|
△ %
|
Underground
|
||||||||
Tambomayo
|
Ore Milled
|
DMT
|
132,702
|
-
|
-
|
332,193
|
-
|
-
|
Ore Grade
|
Oz/MT
|
0.22
|
-
|
-
|
0.22
|
-
|
-
|
|
Recovery Rate
|
%
|
88.83
|
-
|
-
|
83.59
|
-
|
-
|
|
Ounces Produced*
|
Oz
|
27,605
|
-
|
-
|
64,175
|
-
|
-
|
|
Orcopampa
|
Ore Milled
|
DMT
|
128,894
|
113,723
|
13%
|
500,580
|
464,366
|
8%
|
Ore Grade
|
Oz/MT
|
0.38
|
0.41
|
-6%
|
0.38
|
0.41
|
-6%
|
|
Recovery Rate
|
%
|
97.42
|
97.28
|
0%
|
97.14
|
96.33
|
1%
|
|
Ounces Produced*
|
Oz
|
50,056
|
45,973
|
9%
|
190,976
|
191,102
|
0%
|
|
Open Pit
|
||||||||
La Zanja
|
Ounces Produced
|
Oz
|
30,648
|
32,739
|
-6%
|
127,118
|
139,724
|
-9%
|
Tantahuatay
|
Ounces Produced
|
Oz
|
45,164
|
39,926
|
13%
|
151,454
|
150,816
|
0%
|
(*) Includes ounces from retreatment of tailing dams
|
Silver Production
|
||||||||
Mining Unit
|
Operating Results
|
Unit
|
4Q17
|
4Q16
|
△%
|
FY17
|
FY16
|
△ %
|
Underground
|
||||||||
Tambomayo
|
Ore Milled
|
DMT
|
132,702
|
-
|
-
|
332,193
|
-
|
-
|
Ore Grade
|
Oz/MT
|
8.00
|
-
|
-
|
8.50
|
-
|
-
|
|
Recovery Rate
|
%
|
73.52
|
-
|
-
|
62.12
|
-
|
-
|
|
Ounces Produced
|
Oz
|
814,012
|
-
|
-
|
1,788,219
|
-
|
-
|
|
Uchucchacua
|
Ore Milled
|
DMT
|
325,312
|
324,291
|
0%
|
1,364,478
|
1,267,752
|
8%
|
Ore Grade
|
Oz/MT
|
15.23
|
14.82
|
3%
|
14.73
|
15.23
|
-3%
|
|
Recovery Rate
|
%
|
83.37
|
84.09
|
-1%
|
82.50
|
83.95
|
-2%
|
|
Ounces Produced
|
Oz
|
4,129,464
|
4,042,722
|
2%
|
16,583,698
|
16,212,746
|
2%
|
|
Julcani
|
Ore Milled
|
DMT
|
16,729
|
42,440
|
-61%
|
130,854
|
173,865
|
-25%
|
Ore Grade
|
Oz/MT
|
18.06
|
19.23
|
-6%
|
17.77
|
19.51
|
-9%
|
|
Recovery Rate
|
%
|
96.76
|
96.86
|
0%
|
96.77
|
96.25
|
1%
|
|
Ounces Produced
|
Oz
|
292,358
|
790,618
|
-63%
|
2,249,527
|
3,264,420
|
-31%
|
|
Mallay
|
Ore Milled
|
DMT
|
31,296
|
51,613
|
-39%
|
170,519
|
204,035
|
-16%
|
Ore Grade
|
Oz/MT
|
6.77
|
7.66
|
-12%
|
7.19
|
8.49
|
-15%
|
|
Recovery Rate
|
%
|
90.56
|
94.73
|
-4%
|
90.51
|
93.92
|
-4%
|
|
Ounces Produced
|
Oz
|
192,004
|
374,756
|
-49%
|
1,109,382
|
1,627,246
|
-32%
|
|
Marcapunta
|
Ore Milled
|
DMT
|
687,612
|
695,519
|
-1%
|
2,517,673
|
2,597,926
|
-3%
|
Ore Grade
|
Oz/MT
|
0.75
|
0.56
|
35%
|
0.66
|
0.49
|
34%
|
|
Recovery Rate
|
%
|
63.04
|
67.35
|
-6%
|
63.12
|
62.24
|
1%
|
|
Ounces Produced
|
Oz
|
326,142
|
260,696
|
25%
|
1,052,453
|
799,497
|
32%
|
|
Open Pit
|
||||||||
Tajo Norte
|
Ore Milled
|
DMT
|
779,082
|
1,019,418
|
-24%
|
3,169,908
|
3,513,959
|
-10%
|
Ore Grade
|
Oz/MT
|
1.25
|
0.99
|
26%
|
1.32
|
0.88
|
51%
|
|
Recovery Rate
|
%
|
73.96
|
62.74
|
18%
|
72.30
|
59.55
|
21%
|
|
Ounces Produced
|
Oz
|
721,272
|
897,695
|
-20%
|
3,031,796
|
1,835,242
|
65%
|
Zinc Production
|
||||||||
Mining Unit
|
Operating Results
|
Unit
|
4Q17
|
4Q16
|
△%
|
FY17
|
FY16
|
△ %
|
Underground
|
||||||||
Tambomayo
|
Ore Milled
|
DMT
|
132,702
|
-
|
-
|
332,193
|
-
|
-
|
Ore Grade
|
%
|
2.34
|
-
|
-
|
2.35
|
-
|
-
|
|
Recovery Rate
|
%
|
67.20
|
-
|
-
|
37.22
|
-
|
-
|
|
MT Produced
|
MT
|
2,086
|
-
|
-
|
2,906
|
-
|
-
|
|
Uchucchacua
|
Ore Milled
|
DMT
|
325,312
|
324,291
|
0%
|
1,364,478
|
1,267,752
|
8%
|
Ore Grade
|
%
|
2.41
|
1.20
|
100%
|
1.80
|
1.17
|
55%
|
|
Recovery Rate
|
%
|
55.11
|
42.43
|
30%
|
53.01
|
48.80
|
9%
|
|
MT Produced
|
MT
|
4,318
|
1,662
|
160%
|
13,040
|
7,227
|
80%
|
|
Mallay
|
Ore Milled
|
DMT
|
31,296
|
51,613
|
-39%
|
170,519
|
204,035
|
-16%
|
Ore Grade
|
Oz/MT
|
4.73
|
5.03
|
-6%
|
4.73
|
5.79
|
-18%
|
|
Recovery Rate
|
%
|
83.93
|
89.58
|
-6%
|
85.20
|
88.32
|
-4%
|
|
MT Produced
|
MT
|
1,281
|
2,326
|
-45%
|
7,102
|
10,463
|
-32%
|
|
Open Pit
|
||||||||
Tajo Norte
|
Ore Milled
|
DMT
|
779,082
|
1,019,418
|
-24%
|
3,169,908
|
3,513,959
|
-10%
|
Ore Grade
|
%
|
2.54
|
2.75
|
-7%
|
2.74
|
2.67
|
3%
|
|
Recovery Rate
|
%
|
54.43
|
64.10
|
-15%
|
59.33
|
61.13
|
-3%
|
|
MT Produced
|
MT
|
10,785
|
19,908
|
-46%
|
51,511
|
57,385
|
-10%
|
Copper Production
|
||||||||
Mining Unit
|
Operating Results
|
Unit
|
4Q17
|
4Q16
|
△%
|
FY17
|
FY16
|
△ %
|
Underground
|
||||||||
Marcapunta
|
Ore Milled
|
DMT
|
687,612
|
695,519
|
-1%
|
2,517,673
|
2,597,926
|
-3%
|
Ore Grade
|
%
|
1.90
|
2.12
|
-11%
|
1.91
|
2.09
|
-9%
|
|
Recovery Rate
|
%
|
92.82
|
94.02
|
-1%
|
93.56
|
90.36
|
4%
|
|
MT Produced
|
MT
|
12,103
|
13,858
|
-13%
|
45,097
|
49,170
|
-8%
|
4Q17
|
4Q16
|
FY 2017
|
FY 2016
|
|
Net Income
|
-959
|
-409,169
|
64,435
|
-327,814
|
Add / Substract:
|
117,588
|
489,961
|
307,814
|
661,683
|
Provision for income tax, net
|
-9,062
|
15,879
|
18,012
|
53,504
|
Share in associated companies by the equity method, net
|
-4,306
|
402,543
|
-13,207
|
365,321
|
Interest income
|
-866
|
-769
|
-5,517
|
-6,830
|
Interest expense
|
8,785
|
4,995
|
34,623
|
31,580
|
Loss on currency exchange difference
|
-585
|
-1,383
|
-2,928
|
-2,638
|
Long Term Compensation provision
|
1,561
|
-598
|
1,744
|
328
|
Depreciation and Amortization
|
74,123
|
54,606
|
213,722
|
192,647
|
Workers´ participation provision
|
-49
|
1,561
|
2,195
|
8,133
|
Loss from discontinued operations
|
12,243
|
12,691
|
10,098
|
19,073
|
Impairment of Long-Lived Assets
|
21,620
|
0 |
21,620
|
0 |
Adjustment of component of stripping cost
|
13,573
|
0
|
13,573
|
0
|
Provision for contingencies
|
551
|
436
|
13,879
|
565
|
EBITDA Buenaventura Direct Operations
|
116,629
|
80,792
|
372,249
|
333,869
|
EBITDA Yanacocha (43.65%)
|
19,168
|
16,008
|
18,717
|
58,816
|
EBITDA Cerro Verde (19.58%)
|
95,320
|
69,655
|
276,940
|
205,806
|
EBITDA Coimolache (40.01%)
|
14,257
|
10,749
|
46,456
|
47,316
|
Adjusted EBITDA (including Associated companies)
|
245,374
|
177,204
|
714,362
|
645,807
|
GOLD
|
||||||||||||||||||||
% Ownership
|
MT (000)
|
Grade Oz/TMS
|
Oz (000)
|
Attributable (000)
|
||||||||||||||||
Orcopampa
|
100.00
|
851
|
0.459
|
391
|
391
|
|||||||||||||||
Julcani
|
100.00
|
270
|
0.010
|
2
|
2
|
|||||||||||||||
Mallay
|
100.00
|
193
|
0.005
|
1
|
1
|
|||||||||||||||
Tambomayo
|
100.00
|
1,898
|
0.282
|
535
|
535
|
|||||||||||||||
La Zanja
|
53.06
|
10,801
|
0.015
|
163
|
86
|
|||||||||||||||
La Zanja (on Pads and Plant)
|
53.06
|
4
|
2
|
|||||||||||||||||
Tantahuatay (Oxides)
|
40.10
|
68,099
|
0.012
|
821
|
329
|
|||||||||||||||
Tantahuatay PAD
|
40.10
|
5
|
2
|
|||||||||||||||||
El Brocal Marcapunta (Sulphides)
|
61.43
|
13,991
|
0.011
|
155
|
95
|
|||||||||||||||
Yanacocha
|
43.65
|
3,819
|
1,667
|
|||||||||||||||||
Total
|
96,104
|
0.061
|
5,895
|
3,110
|
||||||||||||||||
SILVER
|
||||||||||||||||||||
% Ownership
|
MT (000)
|
Grade Oz/TMS
|
Oz (000)
|
Attributable (000)
|
||||||||||||||||
Uchucchacua (Silver - Zinc - Lead)
|
100.00
|
4,894
|
13.21
|
64,640
|
64,640
|
|||||||||||||||
Julcani
|
100.00
|
270
|
19.93
|
5,380
|
5,380
|
|||||||||||||||
Mallay
|
100.00
|
193
|
6.45
|
1,244
|
1,244
|
|||||||||||||||
Orcopampa
|
100.00
|
851
|
1.23
|
1,046
|
1,046
|
|||||||||||||||
Tambomayo
|
100.00
|
1,898
|
9.83
|
18,653
|
18,653
|
|||||||||||||||
La Zanja
|
53.06
|
10,801
|
0.20
|
2,204
|
1,170
|
|||||||||||||||
La Zanja (on Pads and Plant)
|
53.06
|
177
|
94
|
|||||||||||||||||
Tantahuatay Oxides
|
40.10
|
68,099
|
0.23
|
15,645
|
6,273
|
|||||||||||||||
Tantahuatay PAD
|
40.10
|
145
|
58
|
|||||||||||||||||
El Brocal (Tajo Norte - La Llave)
|
61.43
|
69,781
|
0.71
|
49,710
|
30,537
|
|||||||||||||||
El Brocal Marcapunta (Sulphides)
|
61.43
|
13,991
|
0.41
|
5,696
|
3,499
|
|||||||||||||||
Yanacocha
|
43.65
|
49,900
|
21,781
|
|||||||||||||||||
Cerro Verde (Sulphides)
|
19.58
|
3,471,000
|
0.06
|
216,495
|
42,390
|
|||||||||||||||
Total
|
3,641,778
|
0.118
|
430,935
|
196,765
|
||||||||||||||||
ZINC
|
||||||||||||||||||||
% Ownership
|
MT (000)
|
% Zn
|
MT (000)
|
Attributable (000)
|
||||||||||||||||
Uchucchacua (Silver - Zinc - Lead)
|
100.00
|
4,894
|
2.18
|
107
|
107
|
|||||||||||||||
Mallay
|
100.00
|
193
|
7.55
|
15
|
15
|
|||||||||||||||
Tambomayo
|
100.00
|
1,898
|
2.50
|
48
|
48
|
|||||||||||||||
El Brocal (Tajo Norte - Smelter)
|
61.43
|
69,781
|
0.86
|
601
|
369
|
|||||||||||||||
Total
|
76,766
|
1.00
|
770
|
538
|
||||||||||||||||
LEAD
|
||||||||||||||||||||
% Ownership
|
MT (000)
|
% Pb
|
MT (000)
|
Attributable (000)
|
||||||||||||||||
Uchucchacua (Plata-Plomo-Zinc)
|
100.00
|
4,894
|
1.32
|
65
|
65
|
|||||||||||||||
Julcani
|
100.00
|
270
|
2.13
|
6
|
6
|
|||||||||||||||
Mallay
|
100.00
|
193
|
3.58
|
7
|
7
|
|||||||||||||||
Tambomayo
|
100.00
|
1,898
|
1.25
|
24
|
24
|
|||||||||||||||
El Brocal (Tajo Norte - Smelter)
|
61.43
|
69,781
|
0.36
|
253
|
155
|
|||||||||||||||
Total
|
77,036
|
0.46
|
354
|
256
|
||||||||||||||||
COPPER
|
||||||||||||||||||||
% Ownership
|
MT (000)
|
% Cu
|
MT (000)
|
Attributable (000)
|
||||||||||||||||
Julcani
|
100.00
|
270
|
0.47
|
1
|
1
|
|||||||||||||||
El Brocal Marcapunta Norte
|
61.43
|
13,991
|
1.81
|
253
|
156
|
|||||||||||||||
El Brocal (Tajo Norte - Smelter)
|
61.43
|
69,781
|
1.01
|
707
|
434
|
|||||||||||||||
Cerro Verde (Para Molienda)
|
19.58
|
3,471,000
|
0.37
|
12,843
|
2,515
|
|||||||||||||||
Cerro Verde (Para Lixiviacion)
|
19.58
|
106,000
|
0.29
|
313
|
61
|
|||||||||||||||
Total
|
3,661,042
|
0.39
|
14,117
|
3,167
|
||||||||||||||||
MOLYBDENUM
|
||||||||||||||||||||
% Ownership
|
MT (000)
|
% Mo
|
Oz (000)
|
Attributable (000)
|
||||||||||||||||
Cerro Verde (Para molienda)
|
19.58
|
3,471,000
|
0.010
|
347
|
68
|
|||||||||||||||
Total
|
3,471,000
|
0.010
|
347
|
68
|
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 December 31
|
For the 12 months ended December 31
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
(in thousands of US$)
|
||||||||||||||||
Consolidated Cost of sales excluding depreciation and amortization
|
181,783
|
137,021
|
640,387
|
508,566
|
||||||||||||
Add:
|
||||||||||||||||
Consolidated Exploration in units in operation
|
26,135
|
29,943
|
94,928
|
96,149
|
||||||||||||
Consolidated Commercial deductions
|
65,414
|
73,107
|
253,923
|
244,413
|
||||||||||||
Consolidated Selling expenses
|
8,014
|
6,087
|
24,088
|
21,733
|
||||||||||||
Consolidated Cost applicable to sales
|
281,346
|
246,158
|
1,013,326
|
870,861
|
||||||||||||
Set forth below is a reconciliation of Cost of sales, excluding depreciation and amortization
|
||||||||||||||||
(by mine and mineral) to consolidated Cost of sales:
|
||||||||||||||||
For the 3 months ended December 31
|
For the 12 months ended December 31
|
|||||||||||||||
2017 |
2016
|
2017
|
2016
|
|||||||||||||
Cost of sales by mine and mineral
|
(in thousands of US$)
|
|||||||||||||||
Julcani, Gold
|
0
|
0
|
0
|
15
|
||||||||||||
Julcani, Silver
|
6,674
|
5,485
|
26,413
|
20,032
|
||||||||||||
Julcani, Lead
|
995
|
510
|
3,048
|
1,855
|
||||||||||||
Julcani, Copper
|
18
|
26
|
126
|
83
|
||||||||||||
Mallay, Gold
|
0
|
53
|
225
|
512
|
||||||||||||
Mallay, Silver
|
1,901
|
2,292
|
8,204
|
9,461
|
||||||||||||
Mallay, Lead
|
932
|
1,327
|
4,470
|
4,943
|
||||||||||||
Mallay, Zinc
|
2,167
|
2,095
|
8,696
|
7,371
|
||||||||||||
Orcopampa, Gold
|
29,988
|
21,376
|
105,848
|
88,213
|
||||||||||||
Orcopampa, Silver
|
906
|
1,108
|
4,097
|
4,271
|
||||||||||||
Orcopampa, Copper
|
104
|
54
|
255
|
92
|
||||||||||||
Uchucchacua, Gold
|
42
|
56
|
139
|
123
|
||||||||||||
Uchucchacua, Silver
|
22,484
|
25,190
|
103,014
|
92,188
|
||||||||||||
Uchucchacua, Lead
|
4,143
|
1,927
|
12,942
|
5,763
|
||||||||||||
Uchucchacua, Zinc
|
4,667
|
1,324
|
12,769
|
4,262
|
||||||||||||
Tambomayo, Gold
|
15,627
|
0
|
34,907
|
0
|
||||||||||||
Tambomayo, Silver
|
5,729
|
0
|
11,791
|
0
|
||||||||||||
Tambomayo, Lead
|
912
|
0
|
2,046
|
0
|
||||||||||||
Tambomayo, Zinc
|
2,486
|
0
|
3,419
|
0
|
||||||||||||
La Zanja, Gold
|
26,088
|
25,017
|
99,304
|
89,816
|
||||||||||||
La Zanja, Silver
|
875
|
652
|
2,922
|
1,787
|
||||||||||||
El Brocal, Gold
|
1,985
|
1,539
|
7,129
|
6,773
|
||||||||||||
El Brocal, Silver
|
4,773
|
4,161
|
19,185
|
12,161
|
||||||||||||
El Brocal, Lead
|
3,935
|
3,024
|
15,563
|
9,878
|
||||||||||||
El Brocal, Zinc
|
11,792
|
14,093
|
45,929
|
45,506
|
||||||||||||
El Brocal, Copper
|
28,724
|
22,826
|
94,021
|
92,224
|
||||||||||||
Non Mining Units
|
3,837
|
2,886
|
13,927
|
11,237
|
||||||||||||
Consolidated Cost of sales, excluding depreciation and amortization
|
181,783
|
137,021
|
640,387
|
508,566
|
||||||||||||
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 December 31
|
For the 12 months ended December 31
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Exploration expenses in units in operation by mine and mineral
|
(in thousands of US$)
|
|||||||||||||||
Julcani, Gold
|
0
|
0
|
0
|
8
|
||||||||||||
Julcani, Silver
|
2,603
|
2,764
|
11,614
|
10,086
|
||||||||||||
Julcani, Lead
|
388
|
257
|
1,340
|
934
|
||||||||||||
Julcani, Copper
|
7
|
13
|
55
|
42
|
||||||||||||
Mallay, Gold
|
0
|
21
|
58
|
183
|
||||||||||||
Mallay, Silver
|
206
|
893
|
2,134
|
3,379
|
||||||||||||
Mallay, Lead
|
101
|
517
|
1,163
|
1,765
|
||||||||||||
Mallay, Zinc
|
235
|
816
|
2,262
|
2,633
|
||||||||||||
Orcopampa, Gold
|
10,718
|
13,701
|
37,285
|
42,985
|
||||||||||||
Orcopampa, Silver
|
324
|
710
|
1,443
|
2,081
|
||||||||||||
Orcopampa, Copper
|
37
|
34
|
90
|
45
|
||||||||||||
Uchucchacua, Gold
|
8
|
19
|
29
|
38
|
||||||||||||
Uchucchacua, Silver
|
4,209
|
8,589
|
21,639
|
28,292
|
||||||||||||
Uchucchacua, Lead
|
776
|
657
|
2,719
|
1,769
|
||||||||||||
Uchucchacua, Zinc
|
874
|
452
|
2,682
|
1,308
|
||||||||||||
Tambomayo, Gold
|
3,556
|
0
|
6,386
|
0
|
||||||||||||
Tambomayo, Silver
|
1,304
|
0
|
2,157
|
0
|
||||||||||||
Tambomayo, Lead
|
208
|
0
|
374
|
0
|
||||||||||||
Tambomayo, Zinc
|
566
|
0
|
626
|
0
|
||||||||||||
La Zanja, Gold
|
16
|
487
|
847
|
591
|
||||||||||||
La Zanja, Silver
|
1
|
13
|
25
|
12
|
||||||||||||
El Brocal, Gold
|
0
|
0
|
0
|
0
|
||||||||||||
El Brocal, Silver
|
0
|
0
|
0
|
0
|
||||||||||||
El Brocal, Lead
|
0
|
0
|
0
|
0
|
||||||||||||
El Brocal, Zinc
|
0
|
0
|
0
|
0
|
||||||||||||
El Brocal, Copper
|
0
|
0
|
0
|
0
|
||||||||||||
Non Mining Units
|
0
|
0
|
0
|
0
|
||||||||||||
Consolidated Exploration expenses in units in operation
|
26,135
|
29,943
|
94,928
|
96,149
|
Set forth below is a reconciliation of Commercial Deductions in units in operation (by mine and mineral)
|
||||||||||||||||
to consolidated Commercial deductions:
|
||||||||||||||||
For the 3 months ended December 31
|
For the 12 months ended December 31
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Commercial Deductions in units in operation by mine and mineral
|
(in thousands of US$)
|
|||||||||||||||
Julcani, Gold
|
0
|
0
|
0
|
3
|
||||||||||||
Julcani, Silver
|
586
|
1,129
|
3,676
|
5,021
|
||||||||||||
Julcani, Lead
|
89
|
104
|
422
|
465
|
||||||||||||
Julcani, Copper
|
1
|
5
|
19
|
25
|
||||||||||||
Mallay, Gold
|
1
|
26
|
70
|
192
|
||||||||||||
Mallay, Silver
|
546
|
1,167
|
2,441
|
4,745
|
||||||||||||
Mallay, Lead
|
268
|
668
|
1,336
|
2,471
|
||||||||||||
Mallay, Zinc
|
660
|
1,587
|
2,940
|
5,796
|
||||||||||||
Orcopampa, Gold
|
238
|
164
|
918
|
496
|
||||||||||||
Orcopampa, Silver
|
44
|
67
|
181
|
149
|
||||||||||||
Orcopampa, Copper
|
18
|
12
|
46
|
21.21147
|
||||||||||||
Uchucchacua, Gold
|
12
|
19
|
41
|
46
|
||||||||||||
Uchucchacua, Silver
|
8,380
|
9,552
|
35,851
|
37,877
|
||||||||||||
Uchucchacua, Lead
|
1,489
|
727
|
4,350
|
2,348
|
||||||||||||
Uchucchacua, Zinc
|
5,173
|
1,805
|
14,286
|
6,006
|
||||||||||||
Tambomayo, Gold
|
35
|
0
|
110
|
0
|
||||||||||||
Tambomayo, Silver
|
229
|
0
|
1,029
|
0
|
||||||||||||
Tambomayo, Lead
|
134
|
0
|
419
|
0
|
||||||||||||
Tambomayo, Zinc
|
397
|
0
|
797
|
0
|
||||||||||||
La Zanja, Gold
|
59
|
112
|
258
|
293
|
||||||||||||
La Zanja, Silver
|
1
|
2
|
5
|
15
|
||||||||||||
El Brocal, Gold
|
2,326
|
2,487
|
9,280
|
9,028
|
||||||||||||
El Brocal, Silver
|
3,409
|
3,876
|
14,362
|
9,971
|
||||||||||||
El Brocal, Lead
|
1,860
|
2,072
|
8,592
|
5,490
|
||||||||||||
El Brocal, Zinc
|
6,636
|
16,196
|
33,905
|
39,944
|
||||||||||||
El Brocal, Copper
|
32,824
|
31,330
|
118,590
|
114,012
|
||||||||||||
Non Mining Units
|
0
|
0
|
0
|
0
|
||||||||||||
Consolidated Commercial deductions in units in operation
|
65,414
|
73,107
|
253,923
|
244,413
|
||||||||||||
Set forth below is a reconciliation of Selling expenses (by mine and mineral) to consolidated
|
||||||||||||||||
Selling expenses:
|
||||||||||||||||
For the 3 months ended December 31
|
For the 12 months ended December 31
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Selling expenses by mine and mineral
|
(in thousands of US$)
|
|||||||||||||||
Julcani, Gold
|
0
|
0
|
0
|
1
|
||||||||||||
Julcani, Silver
|
129
|
216
|
540
|
770
|
||||||||||||
Julcani, Lead
|
19
|
20
|
62
|
71
|
||||||||||||
Julcani, Copper
|
0
|
1
|
3
|
3
|
||||||||||||
Mallay, Gold
|
0
|
3
|
11
|
36
|
||||||||||||
Mallay, Silver
|
81
|
136
|
397
|
658
|
||||||||||||
Mallay, Lead
|
40
|
78
|
216
|
344
|
||||||||||||
Mallay, Zinc
|
93
|
124
|
421
|
512
|
||||||||||||
Orcopampa, Gold
|
245
|
454
|
976
|
1,024
|
||||||||||||
Orcopampa, Silver
|
7
|
24
|
38
|
50
|
||||||||||||
Orcopampa, Copper
|
1
|
1
|
2
|
1
|
||||||||||||
Uchucchacua, Gold
|
3
|
3
|
6
|
6
|
||||||||||||
Uchucchacua, Silver
|
1,794
|
1,136
|
4,824
|
4,173
|
||||||||||||
Uchucchacua, Lead
|
331
|
87
|
606
|
261
|
||||||||||||
Uchucchacua, Zinc
|
372
|
60
|
598
|
193
|
||||||||||||
Tambomayo, Gold
|
641
|
0
|
927
|
0
|
||||||||||||
Tambomayo, Silver
|
235
|
0
|
313
|
0
|
||||||||||||
Tambomayo, Lead
|
37
|
0
|
54
|
0
|
||||||||||||
Tambomayo, Zinc
|
102
|
0
|
91
|
0
|
||||||||||||
La Zanja, Gold
|
351
|
464
|
1,018
|
1,032
|
||||||||||||
La Zanja, Silver
|
12
|
12
|
30
|
21
|
||||||||||||
El Brocal, Gold
|
117
|
88
|
428
|
419
|
||||||||||||
El Brocal, Silver
|
281
|
239
|
1,152
|
752
|
||||||||||||
El Brocal, Lead
|
232
|
174
|
934
|
611
|
||||||||||||
El Brocal, Zinc
|
694
|
809
|
2,757
|
2,815
|
||||||||||||
El Brocal, Copper
|
1,690
|
1,310
|
5,644
|
5,704
|
||||||||||||
Non Mining Units
|
506
|
649
|
2,039
|
2,278
|
||||||||||||
Consolidated Selling expenses
|
8,014
|
6,087
|
24,088
|
21,733
|
JULCANI | ||||||||||||||||||||||||||||||||||||||||||||||||
4Q 201
|
4Q 2016
|
|||||||||||||||||||||||||||||||||||||||||||||||
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)
|
-
|
6,674
|
995
|
-
|
18
|
7,687
|
0
|
5,485
|
510
|
-
|
26
|
6,022
|
||||||||||||||||||||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenses (US$000)
|
-
|
2,603
|
388
|
-
|
7
|
2,998
|
0
|
2,764
|
257
|
-
|
13
|
3,034
|
||||||||||||||||||||||||||||||||||||
Commercial Deductions (US$000)
|
0
|
586
|
89
|
-
|
1
|
676
|
-0
|
1,129
|
104
|
-
|
5
|
1,237
|
||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
-
|
129.37
|
19.29
|
-
|
0
|
149
|
0.02
|
215.88
|
20.08
|
-
|
1.02
|
237
|
||||||||||||||||||||||||||||||||||||
Cost Applicable to Sales (US$000)
|
0
|
9,992
|
1,491
|
-
|
26
|
11,509
|
0
|
9,594
|
891
|
-
|
45
|
10,530
|
||||||||||||||||||||||||||||||||||||
Divide:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Volume Sold
|
-
|
330,359
|
312
|
-
|
4
|
Not Applicable
|
1
|
767,334
|
587
|
-
|
17
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
CAS
|
-
|
30.25
|
4,782
|
-
|
6,417
|
Not Applicable
|
515
|
12.50
|
1,517
|
-
|
2,630
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
142
|
%
|
|||||||||||||||||||||||||||||||||||||||||||||||
MALLAY | ||||||||||||||||||||||||||||||||||||||||||||||||
4Q 2017
|
4Q 2016 | |||||||||||||||||||||||||||||||||||||||||||||||
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)
|
-
|
1,901
|
932
|
2,167
|
-
|
5,000
|
53
|
2,292
|
1,327
|
2,095
|
-
|
5,767
|
||||||||||||||||||||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenses (US$000)
|
-
|
206
|
101
|
235
|
-
|
543
|
21
|
893
|
517
|
816
|
-
|
2,247
|
||||||||||||||||||||||||||||||||||||
Commercial Deductions (US$000)
|
1
|
546
|
268
|
660
|
-
|
1,475
|
26
|
1,167
|
668
|
1,587
|
-
|
3,447
|
||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
-
|
81
|
40
|
93
|
-
|
214
|
3
|
136
|
78
|
124
|
-
|
341
|
||||||||||||||||||||||||||||||||||||
Cost Applicable to Sales (US$000)
|
1
|
2,735
|
1,341
|
3,155
|
-
|
7,232
|
103
|
4,487
|
2,590
|
4,622
|
-
|
11,802
|
||||||||||||||||||||||||||||||||||||
Divide:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Volume Sold
|
-
|
211,609
|
693
|
1,153
|
-
|
Not Applicable
|
109
|
332,930
|
1,360
|
1,925
|
-
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
CAS
|
-
|
12.92
|
1,936
|
2,737
|
-
|
Not Applicable
|
950
|
13.48
|
1,905
|
2,400
|
-
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
-4
|
%
|
|||||||||||||||||||||||||||||||||||||||||||||||
ORCOPAMPA | ||||||||||||||||||||||||||||||||||||||||||||||||
4Q 20
|
4Q 2016
|
|||||||||||||||||||||||||||||||||||||||||||||||
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)
|
29,988
|
906
|
-
|
-
|
104
|
30,998
|
21,376
|
1,108
|
-
|
-
|
54
|
22,537
|
||||||||||||||||||||||||||||||||||||
Add:
|
-
|
|||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenses (US$000)
|
10,718
|
324
|
-
|
-
|
37
|
11,079
|
13,701
|
710
|
-
|
-
|
34
|
14,445
|
||||||||||||||||||||||||||||||||||||
Commercial Deductions (US$000)
|
238
|
44
|
-
|
-
|
18
|
300
|
164
|
67
|
-
|
-
|
12
|
243
|
||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
245
|
7
|
-
|
-
|
1
|
253
|
454
|
24
|
-
|
-
|
1
|
479
|
||||||||||||||||||||||||||||||||||||
Cost Applicable to Sales (US$000)
|
41,189
|
1,281
|
-
|
-
|
159
|
42,629
|
35,694
|
1,908
|
-
|
-
|
102
|
37,704
|
||||||||||||||||||||||||||||||||||||
Divide:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Volume Sold
|
55,812
|
130,932
|
-
|
-
|
34
|
Not Applicable
|
46,239
|
156,126
|
-
|
-
|
24
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
CAS
|
738
|
9.79
|
-
|
-
|
4,707
|
Not Applicable
|
772
|
12.22
|
-
|
-
|
-
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
UCHUCCHACUA | ||||||||||||||||||||||||||||||||||||||||||||||||
4Q 2017 | 4Q 2016 | |||||||||||||||||||||||||||||||||||||||||||||||
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)
|
42
|
22,484
|
4,143
|
4,667
|
-
|
31,336
|
56
|
25,190
|
1,927
|
1,324
|
-
|
28,497
|
||||||||||||||||||||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenses (US$000)
|
8
|
4,209
|
776
|
874
|
-
|
5,866
|
19
|
8,589
|
657
|
452
|
-
|
9,717
|
||||||||||||||||||||||||||||||||||||
Commercial Deductions (US$000)
|
12
|
8,380
|
1,489
|
5,173
|
-
|
15,053
|
19
|
9,552
|
727
|
1,805
|
-
|
12,103
|
||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
3
|
1,794
|
331
|
372
|
-
|
2,500
|
3
|
1,136
|
87
|
60
|
-
|
1,285
|
||||||||||||||||||||||||||||||||||||
Cost Applicable to Sales (US$000)
|
65
|
36,867
|
6,737
|
11,086
|
-
|
54,755
|
97
|
44,467
|
3,398
|
3,641
|
-
|
51,602
|
||||||||||||||||||||||||||||||||||||
Divide:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Volume Sold
|
68
|
3,747,035
|
4,365
|
3,692
|
-
|
Not Applicable
|
127
|
3,856,346
|
2,218
|
1,254
|
-
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
CAS
|
955
|
9.84
|
1,544
|
3,003
|
-
|
No Applicable
|
763
|
11.53
|
1,532
|
2,903
|
-
|
No Applicable
|
JULCANI | ||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017
|
FY 2016
|
|||||||||||||||||||||||||||||||||||||||||||||||
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)
|
0
|
26,413
|
3,048
|
-
|
126
|
29,587
|
15
|
20,032
|
1,855
|
-
|
83
|
21,985
|
||||||||||||||||||||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenses (US$000)
|
0
|
11,614
|
1,340
|
-
|
55
|
13,009
|
8
|
10,086
|
934
|
-
|
42
|
11,069
|
||||||||||||||||||||||||||||||||||||
Commercial Deductions (US$000)
|
-0
|
3,676
|
422
|
-
|
19
|
4,117
|
3
|
5,021
|
465
|
-
|
25
|
5,514
|
||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
0
|
540
|
62
|
-
|
3
|
605
|
1
|
770
|
71
|
-
|
3
|
845
|
||||||||||||||||||||||||||||||||||||
Cost Applicable to Sales (US$000)
|
-0
|
42,243
|
4,873
|
-
|
202
|
47,317
|
27
|
35,908
|
3,325
|
-
|
153
|
39,413
|
||||||||||||||||||||||||||||||||||||
Divide:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Volume Sold
|
21
|
2,466,846
|
1,916
|
-
|
32
|
Not Applicable
|
32
|
3,090,967
|
2,679
|
-
|
54
|
No Aplicable
|
||||||||||||||||||||||||||||||||||||
CAS
|
-
|
17.12
|
2,543
|
-
|
6,318
|
No Applicable
|
825
|
11.62
|
1,241
|
-
|
2,837
|
No Applicable
|
||||||||||||||||||||||||||||||||||||
MALLAY | ||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017
|
FY 2016 | |||||||||||||||||||||||||||||||||||||||||||||||
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)
|
225
|
8,204
|
4,470
|
8,696
|
-
|
21,594
|
512
|
9,461
|
4,943
|
7,371
|
-
|
22,287
|
||||||||||||||||||||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenses (US$000)
|
58
|
2,134
|
1,163
|
2,262
|
-
|
5,617
|
183
|
3,379
|
1,765
|
2,633
|
-
|
7,960
|
||||||||||||||||||||||||||||||||||||
Commercial Deductions (US$000)
|
70
|
2,441
|
1,336
|
2,940
|
-
|
6,787
|
192
|
4,745
|
2,471
|
5,796
|
-
|
13,204
|
||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
11
|
397
|
216
|
421
|
-
|
1,045
|
36
|
658
|
344
|
512
|
-
|
1,549
|
||||||||||||||||||||||||||||||||||||
Cost Applicable to Sales (US$000)
|
364
|
13,176
|
7,185
|
14,318
|
-
|
35,043
|
923
|
18,242
|
9,523
|
16,312
|
-
|
45,000
|
||||||||||||||||||||||||||||||||||||
Divide:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Volume Sold
|
346
|
993,040
|
3,804
|
5,926
|
-
|
Not Applicable
|
1,041
|
1,426,986
|
6,775
|
8,728
|
-
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
CAS
|
1,052
|
13.27
|
1,889
|
2,416
|
-
|
No Applicable
|
886
|
12.78
|
1,406
|
1,869
|
-
|
No Applicable
|
||||||||||||||||||||||||||||||||||||
ORCOPAMPA
|
||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017
|
FY 2016 | |||||||||||||||||||||||||||||||||||||||||||||||
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)
|
105,848
|
4,097
|
-
|
-
|
255
|
110,200
|
88,213
|
4,271
|
-
|
-
|
92
|
92,576
|
||||||||||||||||||||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenses (US$000)
|
37,285
|
1,443
|
-
|
-
|
90
|
38,818
|
42,985
|
2,081
|
-
|
-
|
45
|
45,111
|
||||||||||||||||||||||||||||||||||||
Commercial Deductions (US$000)
|
918
|
181
|
-
|
-
|
46
|
1,144
|
496
|
149
|
-
|
-
|
21
|
667
|
||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
976
|
38
|
-
|
-
|
2
|
1,016
|
1,024
|
50
|
-
|
-
|
1
|
1,075
|
||||||||||||||||||||||||||||||||||||
Cost Applicable to Sales (US$000)
|
145,027
|
5,759
|
-
|
-
|
393
|
151,179
|
132,718
|
6,552
|
-
|
-
|
159
|
139,429
|
||||||||||||||||||||||||||||||||||||
Divide:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Volume Sold
|
195,278
|
574,591
|
-
|
-
|
91
|
Not Applicable
|
188,511
|
680,708
|
-
|
-
|
48
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
CAS
|
743
|
10.02
|
-
|
-
|
4,307
|
No Applicable
|
704
|
9.62
|
-
|
-
|
3,305
|
No Applicable
|
||||||||||||||||||||||||||||||||||||
UCHUCCHACUA
|
||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017
|
FY 2016 | |||||||||||||||||||||||||||||||||||||||||||||||
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)
|
139
|
103,014
|
12,942
|
12,769
|
-
|
128,864
|
123
|
92,188
|
5,763
|
4,262
|
-
|
102,336
|
||||||||||||||||||||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenses (US$000)
|
29
|
21,639
|
2,719
|
2,682
|
-
|
27,069
|
38
|
28,292
|
1,769
|
1,308
|
-
|
31,406
|
||||||||||||||||||||||||||||||||||||
Commercial Deductions (US$000)
|
41
|
35,851
|
4,350
|
14,286
|
-
|
54,529
|
46
|
37,877
|
2,348
|
6,006
|
-
|
46,277
|
||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
6
|
4,824
|
606
|
598
|
-
|
6,035
|
6
|
4,173
|
261
|
193
|
-
|
4,632
|
||||||||||||||||||||||||||||||||||||
Cost Applicable to Sales (US$000)
|
215
|
165,329
|
20,617
|
30,336
|
-
|
216,496
|
212
|
162,529
|
10,140
|
11,770
|
-
|
184,651
|
||||||||||||||||||||||||||||||||||||
Divide:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Volume Sold
|
201
|
15,583,553
|
13,127
|
10,281
|
-
|
Not Applicable
|
279
|
14,739,128
|
8,350
|
5,295
|
-
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
CAS
|
1,069
|
10.61
|
1,571
|
2,951
|
-
|
No Applicable
|
758
|
11.03
|
1,214
|
2,223
|
-
|
No Applicable
|
TAMBOMAYO
|
||||||||||||||||||||||||||||||||||||||||||||||||
4Q 2017
|
4Q 2016
|
|||||||||||||||||||||||||||||||||||||||||||||||
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)
|
15,627
|
5,729
|
912
|
2,486
|
-
|
24,754
|
||||||||||||||||||||||||||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenses (US$000)
|
3,556
|
1,304
|
208
|
566
|
-
|
5,633
|
||||||||||||||||||||||||||||||||||||||||||
Commercial Deductions (US$000)
|
35
|
229
|
134
|
397
|
-
|
796
|
||||||||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
641
|
235
|
37
|
102
|
-
|
1,016
|
||||||||||||||||||||||||||||||||||||||||||
Cost Applicable to Sales (US$000)
|
19,859
|
7,498
|
1,291
|
3,551
|
-
|
32,199
|
||||||||||||||||||||||||||||||||||||||||||
Divide:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Volume Sold
|
31,491
|
884,088
|
885
|
1,906
|
-
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||||||||
CAS
|
631
|
8.48
|
1,459
|
1,863
|
-
|
No Applicable
|
-
|
-
|
-
|
-
|
-
|
No Applicable
|
||||||||||||||||||||||||||||||||||||
LA ZANJA | ||||||||||||||||||||||||||||||||||||||||||||||||
4Q 2017
|
4Q 2016
|
|||||||||||||||||||||||||||||||||||||||||||||||
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)
|
26,088
|
875
|
-
|
-
|
-
|
26,963
|
25,017
|
652
|
-
|
-
|
-
|
25,669
|
||||||||||||||||||||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenses (US$000)
|
16
|
1
|
-
|
-
|
-
|
17
|
487
|
13
|
-
|
-
|
-
|
500
|
||||||||||||||||||||||||||||||||||||
Commercial Deductions (US$000)
|
59
|
1
|
-
|
-
|
-
|
60
|
112
|
2
|
-
|
-
|
-
|
114
|
||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
351
|
12
|
-
|
-
|
-
|
363
|
464
|
12
|
-
|
-
|
-
|
476
|
||||||||||||||||||||||||||||||||||||
Cost Applicable to Sales (US$000)
|
26,514
|
889
|
-
|
-
|
-
|
27,402
|
26,080
|
679
|
-
|
-
|
-
|
26,759
|
||||||||||||||||||||||||||||||||||||
Divide:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Volume Sold
|
30,285
|
77,269
|
-
|
-
|
-
|
Not Applicable
|
35,430
|
62,569
|
-
|
-
|
-
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
CAS
|
875
|
11.50
|
-
|
-
|
-
|
Not Applicable
|
736
|
10.85
|
-
|
-
|
-
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
19
|
%
|
|||||||||||||||||||||||||||||||||||||||||||||||
BROCAL
|
||||||||||||||||||||||||||||||||||||||||||||||||
4Q 2017
|
4Q 2016
|
|||||||||||||||||||||||||||||||||||||||||||||||
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)
|
1,985
|
4,773
|
3,935
|
11,792
|
28,724
|
51,208
|
1,539
|
4,161
|
3,024
|
14,093
|
22,826
|
45,643
|
||||||||||||||||||||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||||
Commercial Deductions (US$000)
|
2,326
|
3,409
|
1,860
|
6,636
|
32,824
|
47,055
|
2,487
|
3,876
|
2,072
|
16,196
|
31,330
|
55,962
|
||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
117
|
281
|
232
|
694
|
1,690
|
3,013
|
88
|
239
|
174
|
809
|
1,310
|
2,620
|
||||||||||||||||||||||||||||||||||||
Cost Applicable to Sales (US$000)
|
4,427
|
8,463
|
6,026
|
19,121
|
63,239
|
101,276
|
4,115
|
8,276
|
5,270
|
31,098
|
55,466
|
104,225
|
||||||||||||||||||||||||||||||||||||
Divide:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Volume Sold
|
4,429
|
846,928
|
4,578
|
9,285
|
11,566
|
Not Applicable
|
3,931
|
763,176
|
4,138
|
16,784
|
12,738
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
CAS
|
1,000
|
9.99
|
1,316
|
2,059
|
5,468
|
Not Applicable
|
1,047
|
10.84
|
1,273
|
1,853
|
4,354
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
11
|
%
|
26
|
%
|
|||||||||||||||||||||||||||||||||||||||||||||
NON MINING COMPANIES
|
||||||||||||||||||||||||||||||||||||||||||||||||
4Q 2017
|
4Q 2016
|
|||||||||||||||||||||||||||||||||||||||||||||||
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)
|
-
|
-
|
-
|
-
|
-
|
3,837
|
-
|
-
|
-
|
-
|
-
|
2,886
|
||||||||||||||||||||||||||||||||||||
Add:
|
-
|
|||||||||||||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
506
|
-
|
-
|
-
|
-
|
-
|
649
|
||||||||||||||||||||||||||||||||||||
Total (US$000)
|
-
|
-
|
-
|
-
|
-
|
4,343
|
-
|
-
|
-
|
-
|
-
|
3,535
|
||||||||||||||||||||||||||||||||||||
BUENAVENTURA CONSOLIDATED
|
||||||||||||||||||||||||||||||||||||||||||||||||
4Q 2017
|
4Q 2016
|
|||||||||||||||||||||||||||||||||||||||||||||||
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)
|
73,729
|
43,343
|
10,916
|
21,112
|
28,845
|
181,783
|
48,042
|
38,887
|
6,788
|
17,512
|
22,906
|
137,021
|
||||||||||||||||||||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenses (US$000)
|
14,298
|
8,646
|
1,472
|
1,674
|
44
|
26,135
|
14,228
|
12,969
|
1,431
|
1,268
|
48
|
29,943
|
||||||||||||||||||||||||||||||||||||
Commercial Deductions (US$000)
|
2,670
|
13,195
|
3,839
|
12,867
|
32,843
|
65,414
|
2,808
|
15,793
|
3,571
|
19,588
|
31,347
|
73,107
|
||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
1,357
|
2,540
|
659
|
1,261
|
1,691
|
8,014
|
1,012
|
1,762
|
359
|
993
|
1,312
|
6,087
|
||||||||||||||||||||||||||||||||||||
Cost Applicable to Sales (US$000)
|
92,055
|
67,724
|
16,887
|
36,914
|
63,424
|
281,346
|
66,090
|
69,411
|
12,149
|
39,361
|
55,613
|
246,158
|
||||||||||||||||||||||||||||||||||||
Divide:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Volume Sold
|
122,085
|
6,228,219
|
10,833
|
16,036
|
11,604
|
Not Applicable
|
85,836
|
5,938,481
|
8,304
|
19,963
|
12,779
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
CAS
|
754
|
10.87
|
1,559
|
2,302
|
5,466
|
Not Applicable
|
770
|
11.69
|
1,463
|
1,972
|
4,352
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
1.04
|
2.48
|
0.89
|
1.97
|
|||||||||||||||||||||||||||||||||||||||||||||
-2
|
%
|
-7
|
%
|
17
|
%
|
|||||||||||||||||||||||||||||||||||||||||||
COIMOLACHE
|
||||||||||||||||||||||||||||||||||||||||||||||||
4Q 2017
|
4Q 2016
|
|||||||||||||||||||||||||||||||||||||||||||||||
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)
|
20,502
|
1,615
|
-
|
-
|
-
|
22,117
|
15,769
|
686
|
-
|
-
|
-
|
16,455
|
||||||||||||||||||||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenses (US$000)
|
5,340
|
421
|
-
|
-
|
-
|
5,761
|
6,001
|
261
|
-
|
-
|
-
|
6,262
|
||||||||||||||||||||||||||||||||||||
Commercial Deductions (US$000)
|
161
|
8
|
-
|
-
|
-
|
169
|
40
|
2
|
-
|
-
|
-
|
41
|
||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
323
|
25
|
-
|
-
|
-
|
348
|
306
|
13
|
-
|
-
|
-
|
319
|
||||||||||||||||||||||||||||||||||||
Cost Applicable to Sales (US$000)
|
26,326
|
2,069
|
-
|
-
|
-
|
28,395
|
22,116
|
962
|
-
|
-
|
-
|
23,077
|
||||||||||||||||||||||||||||||||||||
Divide:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Volume Sold
|
47,580
|
288,356
|
-
|
-
|
-
|
Not Applicable
|
41,454
|
129,123
|
-
|
-
|
-
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
CAS
|
553
|
7.17
|
-
|
-
|
-
|
Not Applicable
|
534
|
7.45
|
-
|
-
|
-
|
Not Applicable
|
TAMBOMAYO
|
||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017
|
FY 2016
|
|||||||||||||||||||||||||||||||||||||||||||||||
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)
|
34,907
|
11,791
|
2,046
|
3,419
|
-
|
52,163
|
||||||||||||||||||||||||||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenses (US$000)
|
6,386
|
2,157
|
374
|
626
|
-
|
9,543
|
||||||||||||||||||||||||||||||||||||||||||
Commercial Deductions (US$000)
|
110
|
1,029
|
419
|
797
|
-
|
2,354
|
||||||||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
927
|
313
|
54
|
91
|
-
|
1,386
|
||||||||||||||||||||||||||||||||||||||||||
Cost Applicable to Sales (US$000)
|
42,330
|
15,290
|
2,893
|
4,932
|
-
|
65,446
|
||||||||||||||||||||||||||||||||||||||||||
Divide:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Volume Sold
|
63,130
|
1,621,611
|
1,769
|
2,398
|
-
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||||||||
CAS
|
671
|
9.43
|
1,635
|
2,057
|
-
|
No Applicable
|
-
|
-
|
-
|
-
|
-
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
LA ZANJA
|
||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017
|
FY 2016
|
|||||||||||||||||||||||||||||||||||||||||||||||
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)
|
99,304
|
2,922
|
-
|
-
|
-
|
102,225
|
89,816
|
1,787
|
-
|
-
|
-
|
91,603
|
||||||||||||||||||||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenses (US$000)
|
847
|
25
|
-
|
-
|
-
|
872
|
591
|
12
|
-
|
-
|
-
|
603
|
||||||||||||||||||||||||||||||||||||
Commercial Deductions (US$000)
|
258
|
5
|
-
|
-
|
-
|
264
|
293
|
15
|
-
|
-
|
-
|
307
|
||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
1,018
|
30
|
-
|
-
|
-
|
1,048
|
1,032
|
21
|
-
|
-
|
-
|
1,053
|
||||||||||||||||||||||||||||||||||||
Cost Applicable to Sales (US$000)
|
101,427
|
2,982
|
-
|
-
|
-
|
104,409
|
91,732
|
1,835
|
-
|
-
|
-
|
93,566
|
||||||||||||||||||||||||||||||||||||
Divide:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Volume Sold
|
128,623
|
279,737
|
-
|
-
|
-
|
Not Applicable
|
151,189
|
229,055
|
-
|
-
|
-
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
CAS
|
789
|
10.66
|
-
|
-
|
-
|
No Applicable
|
607
|
8.01
|
-
|
-
|
-
|
Not Applicable
|
BROCAL
|
||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017
|
FY 2016
|
|||||||||||||||||||||||||||||||||||||||||||||||
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)
|
7,129
|
19,185
|
15,563
|
45,929
|
94,021
|
181,828
|
6,773
|
12,161
|
9,878
|
45,506
|
92,224
|
166,542
|
||||||||||||||||||||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||||||||
Commercial Deductions (US$000)
|
9,280
|
14,362
|
8,592
|
33,905
|
118,590
|
184,728
|
9,028
|
9,971
|
5,490
|
39,944
|
114,012
|
178,444
|
||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
428
|
1,152
|
934
|
2,757
|
5,644
|
10,914
|
419
|
752
|
611
|
2,815
|
5,704
|
10,301
|
||||||||||||||||||||||||||||||||||||
Cost Applicable to Sales (US$000)
|
16,836
|
34,699
|
25,090
|
82,591
|
218,254
|
377,470
|
16,220
|
22,884
|
15,979
|
88,265
|
211,940
|
355,287
|
||||||||||||||||||||||||||||||||||||
Divide:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Volume Sold
|
15,881
|
3,253,899
|
19,415
|
43,120
|
42,633
|
Not Applicable
|
13,062
|
1,696,176
|
11,874
|
48,806
|
45,572
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
CAS
|
1,060
|
10.66
|
1,292
|
1,915
|
5,119
|
No Applicable
|
1,242
|
13.49
|
1,346
|
1,808
|
4,651
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
0
|
||||||||||||||||||||||||||||||||||||||||||||||||
NON MINING COMPANIES
|
||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017
|
FY 2016
|
|||||||||||||||||||||||||||||||||||||||||||||||
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)
|
-
|
-
|
-
|
-
|
-
|
13,927
|
-
|
-
|
-
|
-
|
-
|
11,237
|
||||||||||||||||||||||||||||||||||||
Add:
|
-
|
|||||||||||||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
-
|
-
|
-
|
-
|
-
|
2,039
|
-
|
-
|
-
|
-
|
-
|
2,278
|
||||||||||||||||||||||||||||||||||||
Total (US$000)
|
-
|
-
|
-
|
-
|
-
|
15,966
|
-
|
-
|
-
|
-
|
-
|
13,515
|
||||||||||||||||||||||||||||||||||||
BUENAVENTURA CONSOLIDATED
|
||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017
|
FY 2016
|
|||||||||||||||||||||||||||||||||||||||||||||||
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)
|
247,551
|
175,626
|
38,068
|
70,813
|
94,402
|
640,387
|
185,451
|
139,900
|
22,439
|
57,140
|
92,399
|
508,566
|
||||||||||||||||||||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenses (US$000)
|
44,606
|
39,012
|
5,596
|
5,570
|
145
|
94,928
|
43,804
|
43,849
|
4,468
|
3,941
|
87
|
96,149
|
||||||||||||||||||||||||||||||||||||
Commercial Deductions (US$000)
|
10,676
|
57,545
|
15,119
|
51,928
|
118,655
|
253,923
|
10,058
|
57,778
|
10,774
|
51,746
|
114,058
|
244,413
|
||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
3,367
|
7,294
|
1,873
|
3,867
|
5,648
|
24,088
|
2,517
|
6,422
|
1,287
|
3,520
|
5,709
|
21,733
|
||||||||||||||||||||||||||||||||||||
Cost Applicable to Sales (US$000)
|
306,199
|
279,478
|
60,656
|
132,177
|
218,850
|
1,013,326
|
241,831
|
247,949
|
38,968
|
116,346
|
212,252
|
870,861
|
||||||||||||||||||||||||||||||||||||
Divide:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Volume Sold
|
403,480
|
24,773,278
|
40,032
|
61,724
|
42,756
|
Not Applicable
|
354,116
|
21,863,019
|
29,678
|
62,829
|
45,674
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
CAS
|
759
|
11.28
|
1,515
|
2,141
|
5,119
|
Not Applicable
|
683
|
11.34
|
1,313
|
1,852
|
4,647
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
0.97
|
0.84
|
|||||||||||||||||||||||||||||||||||||||||||||||
11
|
%
|
-1
|
%
|
16
|
%
|
|||||||||||||||||||||||||||||||||||||||||||
COIMOLACHE
|
||||||||||||||||||||||||||||||||||||||||||||||||
FY 2017
|
FY 2016
|
|||||||||||||||||||||||||||||||||||||||||||||||
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)
|
65,010
|
4,679
|
-
|
-
|
-
|
69,689
|
58,809
|
3,886
|
-
|
-
|
-
|
62,695
|
||||||||||||||||||||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Exploration Expenses (US$000)
|
12,039
|
866
|
-
|
-
|
-
|
12,905
|
12,804
|
846
|
-
|
-
|
-
|
13,650
|
||||||||||||||||||||||||||||||||||||
Commercial Deductions (US$000)
|
539
|
45
|
-
|
-
|
-
|
584
|
474
|
42
|
-
|
-
|
-
|
516
|
||||||||||||||||||||||||||||||||||||
Selling Expenses (US$000)
|
883
|
64
|
-
|
-
|
-
|
947
|
1,058
|
70
|
-
|
-
|
-
|
1,128
|
||||||||||||||||||||||||||||||||||||
Cost Applicable to Sales (US$000)
|
78,471
|
5,654
|
-
|
-
|
-
|
84,125
|
73,145
|
4,844
|
-
|
-
|
-
|
77,989
|
||||||||||||||||||||||||||||||||||||
Divide:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Volume Sold
|
151,797
|
809,683
|
-
|
-
|
-
|
Not Applicable
|
148,781
|
721,891
|
-
|
-
|
-
|
Not Applicable
|
||||||||||||||||||||||||||||||||||||
CAS
|
517
|
6.98
|
-
|
-
|
-
|
No Applicable
|
492
|
6.71
|
-
|
-
|
-
|
Not Applicable
|
Buenaventura
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
All-in Sustaining Cost for 3Q17
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
Buenaventura1
|
|
La Zanja
|
|
Tantahuatay
|
|
Attributable 2
|
||||||||||||||||||||||||
|
|
4Q17
|
|
4Q17
|
|
4Q17
|
|
4Q17
|
||||||||||||||||||||||||
Au Ounces Sold BVN
|
|
|
87,421
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Au Ounces bought from La Zanja
|
|
|
0
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Au Ounces Sold Net
|
|
|
87,421
|
|
|
30,608
|
|
|
47,580
|
|
|
122,739
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
4Q17
|
|
4Q17
|
|
4Q17
|
|
4Q17
|
||||||||||||||||||||||||
Income Statement & Cash Flow
|
|
US$ 000'
|
US$/Oz Au
|
|
US$ 000'
|
US$/Oz Au
|
|
US$ 000'
|
US$/Oz Au
|
|
US$ 000'
|
US$/Oz Au
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Cost of Sales3
|
|
106,437
|
1,218
|
|
27,195
|
889
|
|
22,117
|
465
|
|
129,734
|
1,057
|
||||||||||||||||||||
Exploration in Operating Units
|
|
26,119
|
299
|
|
17
|
1
|
|
5,761
|
121
|
|
28,438
|
232
|
||||||||||||||||||||
Royalties
|
|
5,493
|
63
|
|
0
|
0
|
|
0
|
0
|
|
5,493
|
45
|
||||||||||||||||||||
Comercial Deductions4
|
|
18,299
|
209
|
|
60
|
2
|
|
169
|
4
|
|
18,399
|
150
|
||||||||||||||||||||
Selling Expenses
|
|
4,176
|
48
|
|
363
|
12
|
|
347
|
7
|
|
4,508
|
37
|
||||||||||||||||||||
Administrative Expenses
|
|
13,009
|
149
|
|
1,127
|
37
|
|
1,111
|
23
|
|
14,052
|
114
|
||||||||||||||||||||
Other, net
|
|
1,139
|
13
|
|
1,767
|
58
|
|
950
|
20
|
|
2,457
|
20
|
||||||||||||||||||||
Sustaining Capex5
|
|
22,403
|
256
|
|
7,704
|
252
|
|
20,193
|
424
|
|
34,588
|
282
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
By-product Credit
|
|
-127,593
|
-1,460
|
|
-1,294
|
-42
|
|
-4,749
|
-100
|
|
-2,591
|
-21
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
All-in Sustaining Cost
|
|
69,483
|
795
|
|
36,939
|
1,207
|
|
45,898
|
965
|
|
107,486
|
876
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
*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., 53.06% from La Zanja and 40.095% from Tantahuatay.
|
||||||||||||||||||||||||||||||||
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
|
|
|
|
|
||||||||||||||||||||||||||||
4. For all metals produced.
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
5. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
|
Buenaventura
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
All-in Sustaining Cost for 4Q16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
Buenaventura1
|
|
La Zanja
|
|
Tantahuatay
|
|
Attributable 2
|
|
|||||||||||||||||||||||
|
|
4Q16
|
|
4Q16
|
|
4Q16
|
|
4Q16
|
|
|||||||||||||||||||||||
Au Ounces Sold BVN
|
|
|
81,622
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Au Ounces bought from La Zanja
|
|
|
-35,147
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Au Ounces Sold Net
|
|
|
46,475
|
|
|
34,505
|
|
|
41,454
|
|
|
81,405
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
4Q16
|
|
4Q16
|
|
4Q16
|
|
4Q16
|
|
|||||||||||||||||||||||
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 Sales3
|
|
68,722
|
1,479
|
|
26,510
|
768
|
|
16,455
|
397
|
|
89,386
|
1,098
|
|
|||||||||||||||||||
Exploration in Operating Units
|
|
29,443
|
634
|
|
3,076
|
89
|
|
6,262
|
151
|
|
33,586
|
413
|
|
|||||||||||||||||||
Royalties
|
|
4,325
|
93
|
|
0
|
0
|
|
0
|
0
|
|
4,325
|
53
|
|
|||||||||||||||||||
Comercial Deductions4
|
|
17,032
|
366
|
|
551
|
16
|
|
41
|
1
|
|
17,341
|
213
|
|
|||||||||||||||||||
Selling Expenses
|
|
2,394
|
52
|
|
205
|
6
|
|
319
|
8
|
|
2,631
|
32
|
|
|||||||||||||||||||
Administrative Expenses5
|
|
12,215
|
263
|
|
338
|
10
|
|
2,345
|
57
|
|
13,335
|
164
|
|
|||||||||||||||||||
Other Expenses
|
|
0
|
0
|
|
2,143
|
62
|
|
1,742
|
42
|
|
1,836
|
23
|
|
|||||||||||||||||||
Other Incomes
|
|
-5,093
|
-110
|
|
-4,513
|
-131
|
|
-2,818
|
-68
|
|
-8,618
|
-106
|
|
|||||||||||||||||||
Administrative charges
|
|
0
|
0
|
|
1,539
|
45
|
|
514
|
12
|
|
1,023
|
13
|
|
|||||||||||||||||||
Sustaining Capex6
|
|
21,117
|
454
|
|
3,098
|
90
|
|
8,581
|
207
|
|
26,201
|
322
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
By-product Credit
|
|
-110,761
|
-2,383
|
|
-1,063
|
-31
|
|
-2,149
|
-52
|
|
-112,187
|
-1,378
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
All-in Sustaining Cost
|
|
39,394
|
848
|
|
31,883
|
924
|
|
31,293
|
755
|
|
68,858
|
846
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
*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., 53.06% from La Zanja and 40.095% from Tantahuatay.
|
|
|||||||||||||||||||||||||||||||
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
|
|
|
|
|
|
|||||||||||||||||||||||||||
4. For all metals produced.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
5. For Buenaventura, does not consider management services charged to subsidiaries.
|
|
|
|
|
||||||||||||||||||||||||||||
6. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
|
Buenaventura
|
All-in Sustaining Cost for FY17
|
|
Buenaventura1
|
La Zanja
|
Tantahuatay
|
Attributable 2
|
||||||||||||||||||||||||||||
|
FY17
|
FY17
|
FY17
|
FY17
|
||||||||||||||||||||||||||||
Au Ounces Sold BVN
|
286,254
|
|||||||||||||||||||||||||||||||
Au Ounces bought from La Zanja
|
-27,278
|
|||||||||||||||||||||||||||||||
Au Ounces Sold Net
|
258,976
|
128,623
|
151,797
|
388,086
|
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
FY17
|
FY17
|
FY17
|
FY17
|
||||||||||||||||||||||||||||
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 Sales3
|
367,641
|
1,420
|
102,474
|
797
|
69,689
|
459
|
449,956
|
1,159
|
||||||||||||||||||||||||
Exploration in Operating Units
|
94,057
|
363
|
872
|
7
|
12,905
|
85
|
99,694
|
257
|
||||||||||||||||||||||||
Royalties
|
20,165
|
78
|
0
|
0
|
20,165
|
52
|
||||||||||||||||||||||||||
Comercial Deductions4
|
68,931
|
266
|
928
|
7
|
584
|
4
|
69,657
|
179
|
||||||||||||||||||||||||
Selling Expenses
|
10,298
|
40
|
881
|
7
|
946
|
6
|
11,145
|
29
|
||||||||||||||||||||||||
Administrative Expenses
|
53,003
|
205
|
2,814
|
22
|
3,829
|
25
|
56,031
|
144
|
||||||||||||||||||||||||
Other, net
|
6,445
|
25
|
2,339
|
18
|
587
|
4
|
7,921
|
20
|
||||||||||||||||||||||||
Sustaining Capex5
|
59,345
|
229
|
17,369
|
135
|
40,156
|
265
|
84,661
|
218
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
By-product Credit
|
-459,049
|
-1,773
|
-4,434
|
-34
|
-13,642
|
-90
|
-7,822
|
-20
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
All-in Sustaining Cost
|
220,835
|
853
|
123,243
|
958
|
115,055
|
758
|
332,359
|
856
|
*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., 53.06% from La Zanja and 40.095% from Tantahuatay.
|
|||||||||
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
|
|||||||||
4. For all metals produced.
|
|||||||||
5. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
|
Buenaventura
|
All-in Sustaining Cost for FY16
|
|
Buenaventura1
|
La Zanja
|
Tantahuatay
|
Attributable 2
|
||||||||||||||||||||||||||||
|
FY16
|
FY16
|
FY16
|
FY16
|
||||||||||||||||||||||||||||
Au Ounces Sold BVN
|
340,879
|
|||||||||||||||||||||||||||||||
Au Ounces bought from La Zanja
|
-150,145
|
|||||||||||||||||||||||||||||||
Au Ounces Sold Net
|
190,735
|
142,207
|
148,781
|
325,844
|
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
FY16
|
FY16
|
FY16
|
FY16
|
||||||||||||||||||||||||||||
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 Sales3
|
272,452
|
1,428
|
86,514
|
608
|
62,695
|
421
|
343,494
|
1,054
|
||||||||||||||||||||||||
Exploration in Operating Units
|
95,546
|
501
|
5,222
|
37
|
13,650
|
92
|
103,790
|
319
|
||||||||||||||||||||||||
Royalties
|
19,824
|
104
|
0
|
0
|
0
|
0
|
19,824
|
61
|
||||||||||||||||||||||||
Comercial Deductions4
|
65,663
|
344
|
3,163
|
22
|
516
|
3
|
67,548
|
207
|
||||||||||||||||||||||||
Selling Expenses
|
8,216
|
43
|
937
|
7
|
1,128
|
8
|
9,165
|
28
|
||||||||||||||||||||||||
Administrative Expenses5
|
49,286
|
258
|
1,979
|
14
|
4,144
|
28
|
51,998
|
160
|
||||||||||||||||||||||||
Other Expenses
|
0
|
0
|
8,721
|
61
|
6,583
|
44
|
7,267
|
22
|
||||||||||||||||||||||||
Other Incomes
|
-10,255
|
-54
|
-17,258
|
-121
|
-8,710
|
-59
|
-22,904
|
-70
|
||||||||||||||||||||||||
Administrative charges
|
0
|
0
|
4,301
|
30
|
1,372
|
9
|
2,832
|
9
|
||||||||||||||||||||||||
Sustaining Capex6
|
54,930
|
288
|
14,995
|
105
|
27,064
|
182
|
73,738
|
226
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
By-product Credit
|
-419,793
|
-2,201
|
-3,864
|
-27
|
-12,418
|
-83
|
-426,822
|
-1,310
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
All-in Sustaining Cost
|
135,870
|
712
|
104,709
|
736
|
96,023
|
645
|
229,929
|
706
|
*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., 53.06% from La Zanja and 40.095% from Tantahuatay.
|
|||||||||
3. For Buenaventura does not consider purchase of concentrate from La Zanja.
|
|||||||||
4. For all metals produced.
|
|||||||||
5. For Buenaventura, does not consider management services charged to subsidiaries.
|
|||||||||
6. Sustaining Capex + Growth Capex equals Acquisitions of mining concessions, development costs, property, plant and equipment.
|
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
|
||||||||
Consolidated Statement of Financial Position
|
||||||||
As of December 31, 2017 and December 31, 2017
|
||||||||
2017
|
2016
|
|||||||
Assets
|
US$(000)
|
US$(000)
|
||||||
Current assets
|
||||||||
Cash and cash equivalents
|
214,551
|
80,544
|
||||||
Trade and other accounts receivable, net
|
306,884
|
269,089
|
||||||
Inventory, net
|
132,287
|
120,947
|
||||||
Income tax credit
|
23,165
|
19,956
|
||||||
Prepaid expenses
|
17,551
|
11,392
|
||||||
Embedded derivatives for sale of concentrate, net
|
7,424
|
-
|
||||||
701,862
|
501,928
|
|||||||
Non-current assets
|
||||||||
Trade and other receivables, net
|
44,191
|
166,048
|
||||||
Long-term inventory
|
3,238
|
14,027
|
||||||
Long-term income tax credit
|
3,413
|
3,660
|
||||||
Investment in associates
|
1,536,887
|
1,536,607
|
||||||
Mining concessions, development costs, property, plant and equipment, net
|
1,949,555
|
1,960,025
|
||||||
Investment properties, net
|
222
|
10,089
|
||||||
Deferred income tax asset, net
|
43,129
|
25,881
|
||||||
Prepaid expenses
|
27,555
|
30,431
|
||||||
Other assets
|
22,761
|
17,719
|
||||||
3,630,951
|
3,764,487
|
|||||||
Total assets
|
4,332,813
|
4,266,415
|
||||||
Liabilities and shareholders’ equity, net
|
||||||||
Current liabilities
|
||||||||
Bank loans
|
96,215
|
55,000
|
||||||
Trade and other payables
|
233,355
|
273,440
|
||||||
Provisions
|
76,847
|
62,502
|
||||||
Income tax payable
|
2,081
|
8,686
|
||||||
Embedded derivatives for sale of concentrate, net
|
-
|
1,524
|
||||||
Financial obligations
|
83,991
|
40,110
|
||||||
Hedge derivative financial instruments
|
28,705
|
3,863
|
||||||
521,194
|
445,125
|
|||||||
Non-current liabilities
|
||||||||
Trade and other payables
|
663
|
15,982
|
||||||
Provisions
|
164,877
|
174,190
|
||||||
Financial obligations
|
549,092
|
552,232
|
||||||
Contingent consideration liability
|
17,570
|
19,343
|
||||||
Deferred income tax liability, net
|
15,790
|
12,330
|
||||||
747,992
|
774,077
|
|||||||
Total liabilities
|
1,269,186
|
1,219,202
|
||||||
Shareholders’ equity, net
|
||||||||
Capital stock
|
750,497
|
750,497
|
||||||
Investment shares
|
791
|
791
|
||||||
Additional paid-in capital
|
218,450
|
218,450
|
||||||
Legal reserve
|
163,071
|
162,744
|
||||||
Other reserves
|
269
|
269
|
||||||
Retained earnings
|
1,728,847
|
1,690,123
|
||||||
Other reserves of equity
|
(13,888
|
)
|
(1,783
|
)
|
||||
Shareholders’ equity, net attributable to owners of the parent
|
2,848,037
|
2,821,091
|
||||||
Non-controlling interest
|
215,590
|
226,122
|
||||||
Total shareholders’ equity, net
|
3,063,627
|
3,047,213
|
||||||
Total liabilities and shareholders’ equity, net
|
4,332,813
|
4,266,415
|
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
|
||||||||||||||||
Consolidated Statement of Income
|
||||||||||||||||
For the three and twelve month periods ended December 31, 2017 and 2016
|
||||||||||||||||
For the three month period
ended December, 31
|
For the twelve month period
ended December, 31
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Continuing operations
|
US$(000)
|
US$(000)
|
US$(000)
|
US$(000)
|
||||||||||||
Operating income
|
||||||||||||||||
Net sales of goods
|
356,503
|
269,360
|
1,223,942
|
1,015,670
|
||||||||||||
Net sales of services
|
8,983
|
11,923
|
29,697
|
28,782
|
||||||||||||
Royalty income
|
5,144
|
5,846
|
20,739
|
24,339
|
||||||||||||
Total operating income
|
370,630
|
287,129
|
1,274,378
|
1,068,791
|
||||||||||||
Operating costs
|
||||||||||||||||
Cost of sales, without considering depreciation and amortization
|
(178,453
|
)
|
(134,618
|
)
|
(627,433
|
)
|
(497,812
|
)
|
||||||||
Cost of services, without considering depreciation and amortization
|
(3,330
|
)
|
(2,403
|
)
|
(12,954
|
)
|
(10,754
|
)
|
||||||||
Depreciation and amortization
|
(74,123
|
)
|
(54,606
|
)
|
(213,722
|
)
|
(192,647
|
)
|
||||||||
Exploration in operating units
|
(26,135
|
)
|
(29,943
|
)
|
(94,928
|
)
|
(96,149
|
)
|
||||||||
Mining royalties
|
(8,662
|
)
|
(7,236
|
)
|
(31,217
|
)
|
(27,611
|
)
|
||||||||
Total operating costs
|
(290,703
|
)
|
(228,806
|
)
|
(980,254
|
)
|
(824,973
|
)
|
||||||||
Gross profit
|
79,927
|
58,323
|
294,124
|
243,818
|
||||||||||||
Operating expenses, net
|
||||||||||||||||
Administrative expenses
|
(22,657
|
)
|
(23,644
|
)
|
(83,597
|
)
|
(81,692
|
)
|
||||||||
Exploration in non-operating areas
|
(6,046
|
)
|
(11,765
|
)
|
(18,262
|
)
|
(26,589
|
)
|
||||||||
Selling expenses
|
(8,014
|
)
|
(6,087
|
)
|
(24,088
|
)
|
(21,733
|
)
|
||||||||
Provision for impairment of long-lived assets
|
(21,620
|
)
|
-
|
(21,620
|
)
|
-
|
||||||||||
Adjustment of component of stripping cost
|
(13,573
|
)
|
-
|
(13,573
|
)
|
-
|
||||||||||
Provision for contingencies and others
|
(551
|
)
|
(436
|
)
|
(13,879
|
)
|
(565
|
)
|
||||||||
Other, net
|
(2,216
|
)
|
8,396
|
(13,589
|
)
|
18,957
|
||||||||||
Total operating expenses, net
|
(74,677
|
)
|
(33,536
|
)
|
(188,608
|
)
|
(111,622
|
)
|
||||||||
Operating profit
|
5,250
|
24,787
|
105,516
|
132,196
|
||||||||||||
Other income (expense), net
|
||||||||||||||||
Share in the results of associates
|
4,306
|
(402,543
|
)
|
13,207
|
-365,321
|
|||||||||||
Financial income
|
866
|
769
|
5,517
|
6,830
|
||||||||||||
Net gain (loss) from currency exchange difference
|
585
|
1,383
|
2,928
|
2,638
|
||||||||||||
Financial costs
|
(8,785
|
)
|
(4,995
|
)
|
(34,623
|
)
|
(31,580
|
)
|
||||||||
Total other income, net
|
(3,028
|
)
|
(405,386
|
)
|
(12,971
|
)
|
(387,433
|
)
|
||||||||
Profit (loss) before income tax
|
2,222
|
(380,599
|
)
|
92,545
|
(255,237
|
)
|
||||||||||
Current income tax
|
(4,991
|
)
|
(7,085
|
)
|
(23,837
|
)
|
(39,444
|
)
|
||||||||
Deferred income tax
|
14,053
|
(8,794
|
)
|
5,825
|
(14,060
|
)
|
||||||||||
Profit (loss) from continuing operations
|
11,284
|
(396,478
|
)
|
74,533
|
(308,741
|
)
|
||||||||||
Discontinued operations
|
||||||||||||||||
Profit (loss) from discontinued operations
|
(12,243
|
)
|
(12,691
|
)
|
(10,098
|
)
|
(19,073
|
)
|
||||||||
Net profit (loss)
|
(959
|
)
|
(409,169
|
)
|
64,435
|
(327,814
|
)
|
|||||||||
Attributable to:
|
||||||||||||||||
Owners of the parent
|
8,310
|
(405,864
|
)
|
60,823
|
(323,492
|
)
|
||||||||||
Non-controlling interest
|
(9,269
|
)
|
(3,305
|
)
|
3,612
|
(4,322
|
)
|
|||||||||
(959
|
)
|
(409,169
|
)
|
64,435
|
(327,814
|
)
|
||||||||||
Basic and diluted profit (loss) per share attributable to
|
||||||||||||||||
equity holders of the parent, stated in U.S. dollars
|
0.03
|
(1.60
|
)
|
0.24
|
(1.27
|
)
|
||||||||||
Weighted average number of shares outstanding
|
||||||||||||||||
(common and investment), in units
|
253,986,867
|
254,186,867
|
253,986,867
|
254,186,867
|
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
|
||||||||||||||||
Consolidated Statement of Cash Flows
|
||||||||||||||||
For the three and twelve month periods ended December 31, 2017 and 2016
|
||||||||||||||||
For the three month period
ended December, 31
|
For the twelve month period
ended December, 31
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
US$(000)
|
US$(000)
|
US$(000)
|
US$(000)
|
|||||||||||||
Operating activities
|
||||||||||||||||
Proceeds from sales
|
348,643
|
325,469
|
1,197,523
|
1,003,422
|
||||||||||||
Proceeds from dividends
|
2,791
|
2,414
|
9,823
|
142,340
|
||||||||||||
Value Added Tax recovered
|
12,175
|
11,939
|
102,548
|
117,661
|
||||||||||||
Royalty received
|
5,545
|
(1,044
|
)
|
21,565
|
25,961
|
|||||||||||
Interest received
|
19
|
374
|
3,169
|
2,140
|
||||||||||||
Payments to suppliers and third-parties
|
(224,502
|
)
|
(148,785
|
)
|
(872,467
|
)
|
(672,419
|
)
|
||||||||
Payments to employees
|
(37,339
|
)
|
(32,894
|
)
|
(160,891
|
)
|
(138,113
|
)
|
||||||||
Payments of interest
|
(9,047
|
)
|
(15,197
|
)
|
(30,402
|
)
|
(34,138
|
)
|
||||||||
Payments of mining royalties
|
(5,493
|
)
|
(4,643
|
)
|
(20,165
|
)
|
(20,052
|
)
|
||||||||
Payment of income taxes
|
(18,337
|
)
|
(21,235
|
)
|
(38,121
|
)
|
(35,401
|
)
|
||||||||
Net cash and cash equivalents provided by operating activities
|
74,455
|
116,398
|
212,582
|
391,401
|
||||||||||||
Investing activities
|
||||||||||||||||
Proceeds from loans
|
-
|
-
|
124,800
|
-
|
||||||||||||
Proceeds from sales of mining concessions, property, plant and equipment
|
258
|
1,529
|
1,962
|
7,180
|
||||||||||||
Acquisitions of mining concessions, development costs, property, plant and equipment
|
(62,666
|
)
|
(127,170
|
)
|
(259,507
|
)
|
(366,834
|
)
|
||||||||
Payments to other assets
|
(5,405
|
)
|
(5,222
|
)
|
(5,405
|
)
|
(5,222
|
)
|
||||||||
Net cash and cash equivalents provided by (used in) investing activities
|
(67,813
|
)
|
(130,863
|
)
|
(138,150
|
)
|
(364,876
|
)
|
||||||||
Financing activities
|
||||||||||||||||
Proceeds of financial obligations
|
80,000
|
-
|
80,000
|
275,210
|
||||||||||||
Proceeds of bank loans
|
96,215
|
24,649
|
341,215
|
200,500
|
||||||||||||
Payments of bank loans
|
(135,000
|
)
|
(27,197
|
)
|
(300,000
|
)
|
(442,957
|
)
|
||||||||
Payments of financial obligations
|
(9,853
|
)
|
(8,296
|
)
|
(32,599
|
)
|
(33,476
|
)
|
||||||||
Dividends paid to controlling interest
|
(7,620
|
)
|
(7,612
|
)
|
(22,099
|
)
|
(7,621
|
)
|
||||||||
Dividends paid to non-controlling interest
|
(1,520
|
)
|
(1,691
|
)
|
(6,036
|
)
|
(7,400
|
)
|
||||||||
Acquisition of non-controlling interest
|
(621
|
)
|
(4,249
|
)
|
(621
|
)
|
(5,459
|
)
|
||||||||
Increase of restricted bank accounts
|
821
|
1,924
|
(285
|
)
|
(2,087
|
)
|
||||||||||
Repurchase of treasury shares
|
-
|
4,249
|
-
|
(1,210
|
)
|
|||||||||||
Net cash and cash equivalents provided by (used in) financing activities
|
22,422
|
(18,223
|
)
|
59,575
|
(24,500
|
)
|
||||||||||
Net increase in cash and cash equivalents during the period
|
29,064
|
(32,688
|
)
|
134,007
|
2,025
|
|||||||||||
Cash and cash equivalents at the beginning of the period
|
185,487
|
113,232
|
80,544
|
78,519
|
||||||||||||
Cash and cash equivalents at period-end
|
214,551
|
80,544
|
214,551
|
80,544
|
For the three month period
ended December, 31
|
For the twelve month period
ended December, 31
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
US$(000)
|
US$(000)
|
US$(000)
|
US$(000)
|
|||||||||||||
Reconciliation of net profit to cash and cash equivalents provided
|
||||||||||||||||
by operating activities
|
||||||||||||||||
Net loss
|
8,310
|
(405,864
|
)
|
60,823
|
(323,492
|
)
|
||||||||||
Plus (less):
|
||||||||||||||||
Depreciation and amortization
|
74,123
|
54,606
|
213,722
|
192,647
|
||||||||||||
Recovery (expense) for provision for contingencies
|
551
|
436
|
13,879
|
565
|
||||||||||||
Loss attributable to non-controlling interest
|
(9,269
|
)
|
(3,305
|
)
|
3,612
|
(4,322
|
)
|
|||||||||
Hedge derivative instruments
|
3,288
|
3,745
|
10,921
|
-
|
||||||||||||
Accretion expense of provision for closure of mining units and exploration projects
|
2,274
|
2,258
|
4,382
|
3,343
|
||||||||||||
Fair Value of provision for contingences liabilities
|
-
|
(2,349
|
)
|
(1,773
|
)
|
(2,349
|
)
|
|||||||||
Reversal (provision) for impairment loss of inventories
|
915
|
(2,941
|
)
|
3,217
|
(12,086
|
)
|
||||||||||
Net share in results of associates
|
(4,306
|
)
|
402,543
|
(13,207
|
)
|
365,321
|
||||||||||
Net loss (gain) from currency exchange difference
|
(585
|
)
|
(1,383
|
)
|
(2,928
|
)
|
(2,638
|
)
|
||||||||
Provision for estimated fair value of embedded derivatives related to concentrate
|
||||||||||||||||
sales and adjustments on open liquidations
|
(7,434
|
)
|
3,745
|
(9,705
|
)
|
3,745
|
||||||||||
Deferred income tax expense (income)
|
(14,053
|
)
|
8,794
|
(5,825
|
)
|
14,060
|
||||||||||
Adjustment of component of stripping cost
|
13,573
|
-
|
13,573
|
-
|
||||||||||||
Provision for impairment of long-lived assets
|
21,620
|
-
|
21,620
|
-
|
||||||||||||
Other net
|
(1,546
|
)
|
(156
|
)
|
(3,904
|
)
|
(3,393
|
)
|
||||||||
Net changes in operating assets and liabilities:
|
||||||||||||||||
Decrease (increase) in operating assets -
|
||||||||||||||||
Trade and other accounts receivable
|
(22,824
|
)
|
31,225
|
(41,875
|
)
|
(37,010
|
)
|
|||||||||
Inventories
|
10,572
|
13,214
|
(551
|
)
|
6,437
|
|||||||||||
Income tax credit
|
(4,497
|
)
|
(1,917
|
)
|
(2,962
|
)
|
22,303
|
|||||||||
Prepaid expenses
|
(8,658
|
)
|
(4,361
|
)
|
(3,283
|
)
|
(7,476
|
)
|
||||||||
Increase (decrease) in operating liabilities -
|
||||||||||||||||
Trade and other accounts payable
|
(628
|
)
|
19,324
|
(55,404
|
)
|
41,232
|
||||||||||
Provisions
|
9,737
|
6,242
|
5,032
|
6,242
|
||||||||||||
Income tax payable
|
501
|
(9,872
|
)
|
(6,605
|
)
|
(14,068
|
)
|
|||||||||
Proceeds from dividends
|
2,791
|
2,414
|
9,823
|
142,340
|
||||||||||||
Net cash and cash equivalents provided by operating activities
|
74,455
|
116,398
|
212,582
|
391,401
|
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