Investing.com | Editor Pollock Mondal
Published Nov 01, 2023 09:21AM ET
Compania de Minas Buenaventura (NYSE: BVN) reported a 27% increase in EBITDA from direct operations for the first nine months of 2023 in its recent earnings call. The Peruvian precious metals mining company attributed this growth to strong performances at El Brocal and dividends received from Cerro Verde. The company also highlighted its optimism about the future prospects of its projects, including the Yumpag and San Gabriel projects.
Key takeaways from the call include:
In addition to these points, the company also discussed the impact of various mining projects on production and costs. In Tambomayo, production has been lower than expected, focusing on silver and gold production. However, the company is developing a new area in Julcani called Rosario, which is expected to contribute to future production, albeit with increased costs during the development phase.
Buenaventura also addressed geopolitical concerns in Peru, expressing optimism about the current administration's efforts to attract more private investment and the overall stability of the situation compared to a year ago.
The company is set to hold an Investor Day on December 4, where updates on reserves and resources for 2023, as well as 2024 and 2025 guidance, will be provided.
Finally, Buenaventura indicated its strategy of focusing on mines with more than 10 years of life, anticipating a shift in revenue mix, with around 55-60% coming from copper due to increased sales from El Brocal and support from Cerro Verde. The company expects decreased production from Orcopampa and Tambomayo to be offset by their new project in San Gabriel for precious metals.
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Written By: Investing.com
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