Business Wire | Oct 20, 2020 05:23PM EDT

Buenaventura Announces Third Quarter 2020 Production Results

Oct. 20, 2020

LIMA, Peru--(BUSINESS WIRE)--Oct. 20, 2020--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 3Q20 results for production and volume sold.

In order to ensure transparency in light of uncertainties associated with the current operating environment, Buenaventura will be releasing its production data on a monthly basis until greater production continuity and visibility have been achieved.

3Q20 Production per Metal

(100% Basis)

Tambomayo 1Q 2Q July Aug Sept 3Q 9M20

Au [Oz] 14,549 17,121 4,007 5,891 6,210 16,108 47,778

Ag [Oz] 385,532 410,010 86,292 154,874 154,746 395,913 1,191,454

Pb [MT] 1,194 1,190 408 509 555 1,472 3,856

Zn [MT] 1,267 831 318 401 574 1,292 3,390



Orcopampa 1Q 2Q July Aug Sept 3Q 9M20

Au [Oz] 8,160 7,612 4,384 6,777 3,936 15,096 30,869



Coimolache 1Q 2Q July Aug Sept 3Q 9M20

Au [Oz] 22,493 13,551 8,399 8,115 9,959 26,473 62,517



La Zanja 1Q 2Q July Aug Sept 3Q 9M20

Au [Oz] 3,297 3,028 1,610 2,076 1,401 5,087 11,411



Yanacocha 1Q 2Q July Aug Sept 3Q 9M20

Au [Oz] 121,802 67,827 25,901 26,543 27,430 79,874 269,503



Julcani 1Q 2Q July Aug Sept 3Q 9M20

Ag [Oz] 550,552 136,177 0 0 323,495 323,495 1,010,224

Pb [MT] 149 29 0 0 76 76 254



Uchucchacua 1Q 2Q July Aug Sept 3Q 9M20

Ag [Oz] 1,956,463 979,008 0 200,149 590,164 790,313 3,725,784

Pb [MT] 2,273 753 0 225 531 756 3,782

Zn [MT] 2,360 462 0 212 716 928 3,750



El Brocal 1Q 2Q July Aug Sept 3Q 9M20

Au [Oz] 4,054 1,049 1,039 1,080 1,236 3,354 8,457

Ag [Oz] 678,067 248,693 400,846 487,026 591,455 1,479,327 2,406,087

Pb [MT] 5,460 2,188 2,628 2,188 3,367 8,182 15,830

Zn [MT] 15,058 4,385 8,195 6,564 7,517 22,277 41,719

Cu [MT] 9,122 3,045 3,132 2,754 3,303 9,190 21,356

Additional Comments

* Tambomayo: Achieved pre-Covid operating levels since September.

* Orcopampa: Operated at pre-Covid levels for the duration of the quarter.

* Coimolache: Ramp-up process continued during July until August, and reached pre-Covid operating levels since September.

* La Zanja: Operating at pre-Covid levels since August.

* Julcani: Operating at pre-Covid levels since September, when Julcani also treated prior month inventories. September production therefore reached above-average levels.

* Uchucchacua: The only remaining Buenaventura mine not yet operating at pre-Covid levels. This is primarily due to a reduced workforce, and shortage of workers required to successfully operate at full capacity.

* El Brocal: Operated at pre-Covid levels for the duration of the quarter. During the quarter Plant #2 was halted for nine consecutive days in August as part of the Planned Preventive Maintenance (PPM) for this mine.

It is important to note that the Company's third and fourth quarter mining strategy is to focus operations within high-grade areas to offset COVID-19's adverse impact on operations.

3Q20 Payable Volume Sold (100% basis)

1Q20 2Q20 3Q20 9M20 (Actual) (Actual) (Actual) (Actual)

Gold (Oz.)

Orcopampa 9,016 3,675 17,159 29,849

Tambomayo 5,286 16,499 17,849 39,634

La Zanja 3,295 4,032 5,346 12,673

Coimolache 23,978 14,549 25,901 64,428

El Brocal 2,639 633 2,038 5,310



Silver (Oz.)

Uchucchacua 1,880,330 644,014 875,489 3,399,834

El Brocal 466,365 187,339 1,182,127 1,835,831

Tambomayo 110,661 487,028 406,946 1,004,636

Julcani 514,114 119,531 289,258 922,903



Lead (MT)

El Brocal 5,145 1,888 7,017 14,050

Uchucchacua 1,972 403 738 3,113

Tambomayo 282 1,547 1,680 3,508

Julcani 95 25 58 179



Zinc (MT)

El Brocal 12,438 3,575 18,589 34,603

Uchucchacua 1,874 366 699 2,939

Tambomayo 992 810 1,058 2,860



Copper (MT)

El Brocal 8,458 2,758 8,799 20,015

Realized Metal Prices* Gold (Oz) 1,692 1,775 1,939 1,835

Silver (Oz) 17.16 16.67 27.19 20.92

Lead (MT) 1,653 1,460 1,659 1,620

Zinc (MT) 1,824 1,112 2,349 2,005

Copper (MT) 5,536 5,085 6,448 5,875

*Buenaventura consolidated figures 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/20201020006283/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