Business Wire | Feb 4, 2021 07:04PM EST

Buenaventura Announces Fourth Quarter 2020 Production Results and 2021 Production Guidance

Feb. 05, 2021

LIMA, Peru--(BUSINESS WIRE)--Feb. 05, 2021--Compaia 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 4Q20 results for production and volume sold, and 2021 production guidance.

4Q20 Production per metal(100% Basis)

4Q20 RevisedTambomayo 1Q 2Q 3Q Oct Nov Dec FY20 2020 Guidance*Au [Oz] 14,549 17,121 16,108 6,428 6,649 2,621 15,699 63,477 70k - 74k

Ag [Oz] 385,532 410,010 395,913 148,133 214,294 114,700 477,127 1,668,582 1.5M - 1.7M

Pb [MT] 1,194 1,190 1,472 735 749 1,210 2,695 6,550 5.6k - 5.8k

Zn [MT] 1,267 831 1,292 694 574 608 1,876 5,267 5.2k - 5.6k

4Q20 RevisedOrcopampa 1Q 2Q 3Q Oct Nov Dec FY20 2020 Guidance*Au [Oz] 8,160 7,612 15,096 - 3,917 6,344 10,260 41,129 40k - 42k

4Q20 FY20 RevisedCoimolache 1Q 2Q 3Q Oct Nov Dec 2020 Guidance*Au [Oz] 22,493 13,551 26,473 9,408 14,858 19,234 43,500 106,017 100k - 106k

4Q20 RevisedLa Zanja 1Q 2Q 3Q Oct Nov Dec FY20 2020 Guidance*Au [Oz] 3,297 3,028 5,087 1,786 1,836 2,194 5,817 17,228 13k - 16k

4Q20 RevisedJulcani 1Q 2Q 3Q Oct Nov Dec FY20 2020 Guidance*Ag [Oz] 550,552 136,177 323,495 146,891 255,603 264,013 666,507 1,676,731 1.4M - 1.6M

4Q20 RevisedUchucchacua 1Q 2Q 3Q Oct Nov Dec FY20 2020 Guidance*Ag [Oz] 1,956,463 979,008 790,313 422,743 409,402 442,383 1,274,529 5,000,312 4.4M - 5.0M

Pb [MT] 2,273 753 756 386 465 518 1,369 5,151 4.7k - 5.0k

Zn [MT] 2,360 462 928 430 449 595 1,474 5,223 4.7k - 5.0k

4Q20 RevisedEl Brocal 1Q 2Q 3Q Oct Nov Dec FY20 2020 Guidance*Au [Oz] 4,054 1,049 3,354 1,428 1,203 763 3,395 11,852 12k - 14k

Ag [Oz] 678,067 248,693 1,479,327 406,559 369,144 326,793 1,102,496 3,508,583 3.6M - 4.0M

Pb [MT] 5,460 2,188 8,182 1,728 1,426 1,082 4,235 20,066 17k - 19k

Zn [MT] 15,058 4,385 22,277 4,891 4,449 3,850 13,191 54,909 48k - 51k

Cu [MT] 9,122 3,045 9,190 3,949 2,827 2,476 9,252 30,608 33k - 36k

Yanacocha 1Q 2Q 3Q Oct Nov Dec 4Q20 FY20

Au [Oz] 121,802 67,827 79,874 27,254 21,763 21,531 70,548 340,052

*Buenaventura provided revised 2020 guidance on October 20, 2020.

FY2020 Comments

* Tambomayo: 2020 silver and zinc production in line with revised 2020 guidance, as announced in the third quarter 2020. 2020 lead production was slightly above revised 2020 guidance. 2020 gold production was below revised 2020 guidance due to inventory adjustments after lower-than-expected gold recoveries within the flotation-cyanidation circuit.

* Orcopampa: 2020 gold production was in line with revised guidance.

* Coimolache: 2020 gold production was in line with revised guidance.

* La Zanja: 2020 gold production was slightly above revised guidance.

* Julcani: 2020 silver production was slightly above revised guidance.

* Uchucchacua: 2020 silver, lead and zinc production was in line with revised guidance. The Company's primary operational focus for this operation during the fourth quarter was on the ramp-up of mine development and exploration which was adversely affected by a reduced workforce during prior quarters in 2020 due to the COVID-19 pandemic.

* El Brocal: Tajo Norte's production exceeded revised 2020 guidance, due to access to high grade areas resulting from accelerated stripping. Marcapunta's production was below revised 2020 guidance, mainly due to limited availability of ore transportation vehicles.

4Q20 Payable Volume Sold (100% basis)

4Q20 Payable Volume sold per Metal(100% basis)



1Q20 2Q20 3Q20 4Q20 FY20 (Actual) (Actual) (Actual) (Actual) (Actual)

Gold (Oz.)

Orcopampa 9,016 3,675 17,159 11,907 41,757

Tambomayo 5,286 16,499 17,849 17,999 57,633

La Zanja 3,295 4,032 5,346 5,057 17,730

Coimolache 23,978 14,549 25,901 40,369 104,797

El Brocal 2,639 633 2,038 2,080 7,390



Silver (Oz.)

Uchucchacua 1,880,330 644,014 875,489 1,166,790 4,566,624

El Brocal 466,365 187,339 1,182,127 860,675 2,696,506

Tambomayo 110,661 487,028 406,946 469,849 1,474,485

Julcani 514,114 119,531 289,258 619,666 1,542,568



Lead (MT)

El Brocal 5,145 1,888 7,017 3,775 17,824

Uchucchacua 1,972 403 738 1,095 4,209

Tambomayo 282 1,547 1,680 2,501 6,009

Julcani 95 25 58 128 306



Zinc (MT)

El Brocal 12,438 3,575 18,589 10,839 45,442

Uchucchacua 1,874 366 699 1,127 4,066

Tambomayo 992 810 1,058 1,603 4,463



Copper (MT)

El Brocal 8,458 2,758 8,799 8,933 28,948



Realized Metal Prices*



Gold (Oz) 1,692 1,775 1,939 1,858 1,842

Silver (Oz) 17.16 16.67 27.19 24.96 22.14

Lead (MT) 1,653 1,460 1,659 1,954 1,708

Zinc (MT) 1,824 1,112 2,349 2,915 2,234

Copper (MT) 5,536 5,085 6,448 7,121 6,259

*Buenaventura consolidated figures 2021 Production Guidance

2021 EstimatedProduction

Tambomayo 2021E*Au [Oz] 69k - 75kAg [Oz] 1.2M - 1.4MPb [MT] 5.9k - 6.5kZn [MT] 6.9k - 7.5k Orcopampa 2021E*Au [Oz] 40k - 45k Coimolache 2021E*Au [Oz] 99k - 106k La Zanja 2021E*Au [Oz] 12k - 15k Julcani 2021E*Ag [Oz] 2.1M - 2.4M Uchucchacua 2021E*Ag [Oz] 8.0M - 9.0MPb [MT] 7.0k - 10.0kZn [MT] 7.0k - 10.0k El Brocal 2021E*Au [Oz] 20k - 25kAg [Oz] 5.4M - 6.0MPb [MT] 12.0k - 16.0kZn [MT] 47.0k - 52.0kCu [MT] 37.0k - 42.0k *Please note that 2021 estimated production could potentially be adversely impacted by further COVID-19 effects.

Buenaventura will be issuing additional 2021 guidance within the Company's Q4 2020 Earnings Results Press Release on February 25, 2021.

Company DescriptionCompaa de Minas Buenaventura S.A.A. is Peru's largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, El Brocal, La Zanja and Coimolache).

The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation & Sumitomo Corporation), an important precious metal producer and 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).

For a printed version of the Company's 2019 Form 20-F, please contact the persons indicated above, or download a PDF format file from the Company's web site.

(*) Operations wholly owned by Buenaventura

Note on Forward-Looking StatementsThis press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company's, Yanacocha's and Cerro Verde's costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries' plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company's view with respect to the Company's, Yanacocha's and Cerro Verde's future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006156/en/

CONTACT: Lima: Daniel Dominguez, Chief Financial Officer (511) 419 2540

CONTACT: Rodrigo Echecopar, Head of Investor Relations (511) 419 2591 / rodrigo.echecopar@buenaventura.pe

CONTACT: NY: Barbara Cano (646) 452 2334 barbara@inspirgroup.com

CONTACT: Company Website: www.buenaventura.com.pe/ir