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LIMA, Peru, February 21, 2025--(BUSINESS WIRE)--Compañia de Minas Buenaventura S.A.A. ("Buenaventura" or "the Company") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced results for the fourth quarter (4Q24) and full year (FY24) ended December 31, 2024. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$).
Fourth Quarter and Full Year 2024 Highlights:
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4Q24 EBITDA from direct operations was US$ 93.4 million, compared to US$ 74.0 million reported in 4Q23 excluding the November 2023 sale of Contacto Corredores De Seguros S.A. ("Contacto"), the Company’s risk and insurance brokerage. FY24 EBITDA from direct operations excluding the sale of Chaupiloma Royalty Company reached US$ 431.2 million, compared to US$ 199.2 million reported in FY23 excluding the sale of Contacto.
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4Q24 net income reached US$ 33.6 million, compared to a US$ 9.8 million net loss for the same period in 2023. FY24 net income, including the August 2024 sale of Chaupiloma Royalty Company, was US$ 402.7 million, compared to US$ 19.9 million in net income for FY23 including the sale of Contacto.
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Buenaventura ended the year with a cash position of US$ 478.4 million, with total net debt of US$ 148.3 million, resulting in a leverage ratio of 0.34x.
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Buenaventura's 4Q24 consolidated silver production decreased by 0.4M Oz YoY, zinc production decreased by 60% YoY, and lead production decreased by 33% YoY. This decline was primarily due to the large volume of lead/zinc concentrate processed from El Brocal's Tajo Norte in 4Q23 which was depleted in 1Q24. However, this decrease was partially offset by increased production at Uchucchacua and Yumpag during 2024. Gold production decreased by 10% YoY due to decreased output at Orcopampa and Tambomayo. However, copper production increased by 5% YoY.
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4Q24 CAPEX related to San Gabriel was US$ 104.8 million, primarily allocated to the processing plant (mechanical and electrical works), the filtered tailings storage facility, and mine development.
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On December 12, 2024, Buenaventura received US$78.3 million in dividends related to its stake in Cerro Verde and received a total of US$166.5 million in dividends for the FY24.
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On February 4, 2025, subsequent to the quarter’s end, Buenaventura issued senior unsecured notes (the "Notes") in an aggregate amount of US$650 million. The Notes mature on February 4, 2032 and bear a 6.800% per year interest rate. Buenaventura intends to use the related net proceeds to refinance its outstanding 5.500% Senior Notes due 2026, and for general corporate purposes.
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Simultaneous to its issuance of the above senior unsecured notes, Buenaventura completed a Tender Offer for the purchase of any and all of its bonds maturing in 2026, successfully repurchasing US$401 million, or 72.98%, of the total outstanding bonds.
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Buenaventura’s Board of Directors has proposed a dividend payment of US$ 0.2922 per share/ADS, aligned with the Company’s dividend policy.