|
LIMA, Peru--(BUSINESS WIRE)--
Compañia de Minas Buenaventura S.A.A.
(Buenaventura or the Company) (NYSE: BVN; Lima Stock Exchange:
BUE.LM), Perus largest publicly-traded precious metals mining
company, announced today results for the fourth quarter (4Q14)
and full year 2014. 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 2014 Highlights:
- In 4Q14, EBITDA from direct
operations was US$39.3 million and adjusted EBITDA (including
associated companies) was US$166.9 million.
- Strong gold production at Yanacocha
in 4Q14 (322,309k oz) permitted to achieve the high end of the
annual guidance.
- Total attributable production in
4Q14 was 245k gold ounces and 5.5 million silver ounces
(compared to 184k gold ounces and 4.8 million silver ounces in
4Q13).
- Full year 2014 attributable
production was 846k gold ounces and 19.7 million silver ounces
(compared to 895k gold ounces and 18.9 million silver ounces in
2013).
- At the Tambomayo project, an
Environmental Impact Assessment (EIA) was approved in January
2015. Construction is expected to begin in 2Q15.
- Gold reserves from direct
operations increased 13% due to Tambomayo project.
- At the San Gabriel (Chucapaca)
project, the critical surface property acquisition was
finalized and the Company is working to obtain permits for
advanced explorations with underground development.
- Cerro Verdes plant expansion to
360K TPD is in-line with schedules and budget. Additional
production from the expanded plant is expected by early
2016.
Financial Highlights
(in millions of US$, except EPS figures)
:
|
|
4Q14
|
|
4Q13
|
|
Var%
|
|
FY14
|
|
FY13
|
|
Var%
|
|
Total Revenues
|
|
265.6 |
|
294.2 |
|
-10%
|
|
1,165.2 |
|
1,259.6 |
|
-7%
|
|
Operating Profit
|
|
-18.3 |
|
33.0 |
|
NA
|
|
61.6 |
|
215.2 |
|
-71%
|
|
EBITDA Direct Operations
|
|
37.5 |
|
84.0 |
|
-55%
|
|
274.1 |
|
366.2 |
|
-25%
|
|
Adjusted EBITDA (Inc Associates)
|
|
165.0 |
|
180.3 |
|
-8%
|
|
627.9 |
|
885.9 |
|
-29%
|
|
Net Income **
|
|
-187.7 |
|
-356.0 |
|
-47%
|
|
-76.1 |
|
-107.3 |
|
-29%
|
|
EPS*
|
|
-0.74 |
|
-1.40 |
|
-47%
|
|
-0.30 |
|
-0.42 |
|
-29%
|
|
(*) as of December, 2014, Buenaventura had 254,186,867
outstanding shares.
(**) Yanacochas impairment loss (related to Conga)
attributable to Buenaventura was US$236.2 million
Operating Revenues
During 4Q14, net sales were US$253.7 million, a 12% decrease
compared to the US$287.0 million reported in 4Q13. This was
explained by the lower gold, silver and copper prices despite
higher silver, zinc and copper volume sold.
Royalty income increased 67%, to US$11.9 million in 4Q14
compared to the US$7.2 million reported in 4Q13. This was due to
higher revenues at Yanacocha (67% higher QoQ).
Operating Highlights
|
|
4Q14
|
|
4Q13
|
|
Var%
|
|
FY14
|
|
FY13
|
|
Var%
|
|
Net Sales
(in millions of US$)
|
|
253.7 |
|
287.0 |
|
-12%
|
|
1,128.3 |
|
1,241.3 |
|
-9%
|
|
Average Realized Gold Price (US$/oz)*
|
|
1,192 |
|
1,281 |
|
-7%
|
|
1,264 |
|
1,416 |
|
-11%
|
|
Average Realized Gold Price (US$/oz) inc. Affiliates
|
|
1,194 |
|
1,272 |
|
-6%
|
|
1,258 |
|
1,408 |
|
-11%
|
|
Average Realized Silver Price (US$/oz)*
|
|
15.76 |
|
20.82 |
|
-24%
|
|
18.65 |
|
22.35 |
|
-17%
|
|
Average Realized Lead Price (US$/MT)*
|
|
1,994 |
|
2,106 |
|
-5%
|
|
2,107 |
|
2,105 |
|
0%
|
|
Average Realized
Zinc Price (US$/MT)*
|
|
2,240 |
|
1,885 |
|
19%
|
|
2,244 |
|
1,869 |
|
20%
|
|
Average Realized Copper Price (US$/MT)*
|
|
6,591 |
|
7,158 |
|
-8%
|
|
6,738 |
|
7,179 |
|
-6%
|
|
(*) Buenaventuras Direct Operations
Volume Sold
|
|
4Q14
|
|
4Q13
|
|
Var%
|
|
FY14
|
|
FY13
|
|
Var%
|
|
Gold Oz Direct Operations
|
|
102,043 |
|
101,442 |
|
1%
|
|
439,092 |
|
458,499 |
|
-4%
|
|
Gold Oz inc Associated Companies
|
|
260,810 |
|
196,342 |
|
33%
|
|
917,266 |
|
962,087 |
|
-5%
|
|
Silver Oz
|
|
5,075,656 |
|
3,980,486 |
|
28%
|
|
19,088,923 |
|
16,329,314 |
|
17%
|
|
Lead MT
|
|
5,470 |
|
5,908 |
|
-7%
|
|
18,820 |
|
26,584 |
|
-29%
|
|
Zinc MT
|
|
9,961 |
|
7,866 |
|
27%
|
|
21,231 |
|
38,084 |
|
-44%
|
|
Copper MT
|
|
10,451 |
|
8,333 |
|
25%
|
|
40,263 |
|
25,406 |
|
58%
|
|
For the twelve-month period, net sales decreased 7%, from
US$1,215.4 million in 2013 to US$1,128.3 million in 2014.
Royalties decreased 17%, to US$36.9 million in FY14 vs. US$44.2
million in FY13.
Production and Operating Costs
In 4Q14, Buenaventuras gold equity production from direct
operations remained flat (104,166 oz) compared to 4Q13. Gold
production including associated companies increased 33% due to
higher production from Yanacocha. Silver equity production from
direct operations increased 14%, mainly due to higher production
in Uchucchacua and El Brocal.
Equity Production
|
|
4Q14
|
|
4Q13
|
|
Var%
|
|
FY14
|
|
FY13
|
|
Var%
|
|
Gold Oz Direct Operations
1
|
|
104,166 |
|
103,868 |
|
0%
|
|
422,135 |
|
451,311 |
|
-6%
|
|
Gold Oz including Associated Companies
|
|
244,854 |
|
184,323 |
|
33%
|
|
845,515 |
|
895,345 |
|
-6%
|
|
Silver Oz Direct Operations
1
|
|
5,350,072 |
|
4,698,705 |
|
14%
|
|
19,074,255 |
|
18,379,411 |
|
4%
|
|
Silver Oz including Associated Companies
|
|
5,491,990 |
|
4,803,361 |
|
14%
|
|
19,659,822 |
|
18,905,280 |
|
4%
|
|
Lead MT
|
|
6,012 |
|
5,999 |
|
0%
|
|
20,227 |
|
25,579 |
|
-21%
|
|
Zinc MT
|
|
8,509 |
|
7,904 |
|
8%
|
|
22,038 |
|
34,980 |
|
-37%
|
|
Copper MT Direct Operations
1
|
|
5,886 |
|
5,112 |
|
15%
|
|
23,678 |
|
15,157 |
|
56%
|
|
Copper MT including Associated Companies
|
|
16,851 |
|
18,685 |
|
-10%
|
|
68,106 |
|
64,647 |
|
5%
|
|
1
Direct Operation production includes 100% of Buenaventuras
operating units, 53.06% of La Zanja, 54.07% of El Brocal and
40.10% of Coimolache (Tantahuatay).
Orcopampas
(100% owned by Buenaventura)
Production
|
|
|
|
|
|
4Q14
|
|
4Q13
|
|
Var %
|
|
FY 2014
|
|
FY 2013
|
|
Var %
|
|
Gold
|
|
Oz
|
|
54,878 |
|
48,117 |
|
14% |
|
203,226 |
|
224,671 |
|
-10% |
|
Silver
|
|
Oz
|
|
143,925 |
|
88,181 |
|
63% |
|
423,148 |
|
519,727 |
|
-19% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Applicable to Sales
|
|
|
|
|
|
4Q14
|
|
4Q13
|
|
Var %
|
|
FY 2014
|
|
FY 2013
|
|
Var %
|
|
Gold
|
|
US$/Oz
|
|
681 |
|
804 |
|
-15% |
|
768 |
|
799 |
|
-4% |
|
Gold production at Orcopampa increased 14% in 4Q14 (compared
to 4Q13) due to higher ore treated (Appendix 2). Cost Applicable
to Sales (CAS) in 4Q14 decreased 15% explained by lower reagent
(cyanide) costs and improving efficiency due to better contractor
allocation.
Gold production guidance for 2015 is 190k 205k ounces.
Uchucchacua
(100% owned by Buenaventura)
Production
|
|
|
|
|
|
4Q14
|
|
4Q13
|
|
Var %
|
|
FY 2014
|
|
FY 2013
|
|
Var %
|
|
Silver
|
|
Oz
|
|
3,395,628 |
|
2,871,959 |
|
18% |
|
12,055,570 |
|
11,444,751 |
|
18% |
|
Zinc
|
|
MT
|
|
1,504 |
|
2,154 |
|
-30% |
|
6,349 |
|
8,146 |
|
-30% |
|
Lead
|
|
MT
|
|
2,086 |
|
1,821 |
|
15% |
|
7,605 |
|
8,363 |
|
15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Applicable to Sales
|
|
|
|
|
|
4Q14
|
|
4Q13
|
|
Var %
|
|
FY 2014
|
|
FY 2013
|
|
Var %
|
|
Silver
|
|
US$/Oz
|
|
14.87 |
|
15.68 |
|
-5% |
|
16.22 |
|
16.48 |
|
-2% |
|
Silver production in 4Q14 increased 18% compared to 4Q13,
mainly due to higher ore volume treated and recovery rate (see
Appendix 2). Cost Applicable to Sales (CAS) in 4Q14 decreased 5%
compared to 4Q13 mainly explained by lower reagent costs, better
contractor terms and infrastructure improvements inside the
mine.
Silver production guidance for 2015 is 14.5 million - 15.0
million ounces.
Mallay (100% owned by Buenaventura)
Production
|
|
|
|
|
|
4Q14
|
|
4Q13
|
|
Var %
|
|
FY 2014
|
|
FY 2013
|
|
Var %
|
|
Silver
|
|
Oz
|
|
309,213 |
|
329,727 |
|
-6% |
|
1,216,034 |
|
1,279,972 |
|
-5% |
|
Zinc
|
|
MT
|
|
2,333 |
|
2,402 |
|
-3% |
|
9,893 |
|
8,973 |
|
10% |
|
Lead
|
|
MT
|
|
1,876 |
|
1,848 |
|
2% |
|
7,513 |
|
6,979 |
|
8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Applicable to Sales
|
|
|
|
|
|
4Q14
|
|
4Q13
|
|
Var %
|
|
FY 2014
|
|
FY 2013
|
|
Var %
|
|
Silver
|
|
US$/Oz
|
|
12.80 |
|
15.20 |
|
-16% |
|
13.76 |
|
17.78 |
|
-23% |
|
Silver production in 4Q14 was 6% lower than in 4Q13 due to
lower silver grade. Cost Applicable to Sales (CAS) in 4Q14 was
16% lower compared to 4Q13 due to a strong increase in zinc
by-product contribution.
Silver production guidance for 2015 is 1.1 million 1.25
million ounces.
Julcani (100% owned by Buenaventura)
Production
|
|
|
|
|
|
4Q14
|
|
4Q13
|
|
Var %
|
|
FY 2014
|
|
FY 2013
|
|
Var %
|
|
Silver
|
|
Oz
|
|
782,652 |
|
771,296 |
|
1% |
|
3,084,347 |
|
2,711,996 |
|
14% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Applicable to Sales
|
|
|
|
|
|
4Q14
|
|
4Q13
|
|
Var %
|
|
FY 2014
|
|
FY 2013
|
|
Var %
|
|
Silver
|
|
US$/Oz
|
|
14.11 |
|
10.52 |
|
34% |
|
14.14 |
|
12.70 |
|
11% |
|
Silver production in 4Q14 was in-line with 4Q13 production.
Cost Applicable to Sales (CAS) in 4Q14 was 34% higher than 4Q13
mainly explained by higher silver concentrate inventories
(approximately 65% of the quarterly production, in transit to the
smelter).
Silver production guidance for 2015 is 2.9 million 3.1 million
ounces.
La Zanjas (53.06% owned by Buenaventura)
Production
|
|
|
|
|
|
4Q14
|
|
4Q13
|
|
Var %
|
|
FY 2014
|
|
FY 2013
|
|
Var %
|
|
Gold
|
|
Oz
|
|
34,808 |
|
33,451 |
|
4% |
|
143,573 |
|
137,395 |
|
4% |
|
Silver
|
|
Oz
|
|
82,594 |
|
108,175 |
|
-24% |
|
422,395 |
|
391,832 |
|
8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Applicable to Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q14
|
|
4Q13
|
|
Var %
|
|
FY 2014
|
|
FY 2013
|
|
Var %
|
|
Gold
|
|
US$/Oz
|
|
845 |
|
668 |
|
26% |
|
574 |
|
647 |
|
-11% |
|
Gold production in 4Q14 increased 4% when compared to 4Q13.
CAS in 4Q14 increased 26% due to higher stripping ratio in Pampa
Verde open pit (1.06 in 4Q14 vs. 0.42 in 4Q13).
Gold production guidance for 2015 is 138k 142k ounces.
Tantahuatays (40.10% owned by Buenaventura)
Production
|
|
|
|
|
|
4Q14
|
|
4Q13
|
|
Var %
|
|
FY 2014
|
|
FY 2013
|
|
Var %
|
|
Gold
|
|
Oz
|
|
38,558 |
|
33,417 |
|
15% |
|
143,643 |
|
142,667 |
|
1% |
|
Silver
|
|
Oz
|
|
227,131 |
|
129,676 |
|
75% |
|
754,357 |
|
684,022 |
|
10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Applicable to Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q14
|
|
4Q13
|
|
Var %
|
|
FY 2014
|
|
FY 2013
|
|
Var %
|
|
Gold
|
|
US$/Oz
|
|
475 |
|
382 |
|
24% |
|
455 |
|
543 |
|
-16% |
|
Gold production in 4Q14 increased 15% compared to the figure
reported in 4Q13. CAS in 4Q14 increased 24% due to higher
consumption of reagents (lime) and blasting supplies due to a
higher stripping ratio (0.042 in 4Q14 vs. 0.01 in 4Q13).
Gold production guidance for 2015 is 138k 142k ounces
El Brocal
(54.07% owned by Buenaventura)
Production
|
|
|
|
|
|
4Q14
|
|
4Q13
|
|
Var %
|
|
FY 2014
|
|
FY 2013
|
|
Var %
|
|
Copper
|
|
MT
|
|
10,749 |
|
9,345 |
|
15% |
|
43,282 |
|
27,469 |
|
58% |
|
Zinc
|
|
MT
|
|
8,640 |
|
4,321 |
|
100% |
|
10,162 |
|
24,220 |
|
-58% |
|
Silver
|
|
Oz
|
|
921,625 |
|
586,324 |
|
57% |
|
2,501,839 |
|
1,955,485 |
|
28% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost Applicable to Sales
|
|
|
|
|
|
4Q14
|
|
4Q13
|
|
Var %
|
|
FY 2014
|
|
FY 2013
|
|
Var %
|
|
Copper
|
|
US$/MT
|
|
5,449 |
|
4,820 |
|
13% |
|
5,096 |
|
5,490 |
|
-7% |
|
Zinc
|
|
US$/MT
|
|
1,321 |
|
1,262 |
|
5% |
|
1,369 |
|
1,415 |
|
-3% |
|
During 4Q14, zinc production increased 100% compared to 4Q13,
due to higher volume treated from Tajo Norte (polymetalic ore).
Copper production increased 15% in 4Q14 compared to 4Q13. Silver
production increased 57% compared to the figure for 4Q13. Copper
CAS increased 13% compared to 4Q13, due to higher commercial
deduction and zinc CAS increased 5%.
Zinc production guidance for 2015 is 75k 85k MT. Copper
production guidance for 2015 is 30k 35k MT.
General and Administrative Expenses
General and administrative expenses in 4Q14 were US$24.8
million, 30% higher when compared to the 4Q13 figure (US$19.2
million). Due to a US$20.2 million credit in long-term
compensation provisions in 2013, total G&A expenses in 2014
were 35% higher (US$101.1 million in 2014 vs US$75.1 million in
2013).
Exploration in Non-Operating Areas
Exploration in non-operating areas during 4Q14 was US$17.8
million compared with a US$9.4 million for 4Q13. During the
period, Buenaventuras main exploration efforts were focused on
the following projects: La Zanja Underground (US$5.9 million) and
Tambomayo (US$3.2 million). For the twelve-month 2014 period, the
expense was US$50.0 million (US$32.8 million in 2013).
Share in Associated Companies
During 4Q14, Buenaventuras share in associated companies was
negative US$113.8 million, compared to the negative US$288.0
million reported in 4Q13, composed by:
Share in the Result of Associates
|
|
4Q14
|
|
4Q13
|
|
Var%
|
|
FY14
|
|
FY13
|
|
Var%
|
|
(in millions of US$)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cerro Verde |
|
20.8 |
|
34.6 |
|
-40%
|
|
77.9 |
|
116.2 |
|
-33%
|
|
Coimolache
(Tantahuatay mine)
|
|
5.0 |
|
5.7 |
|
-11%
|
|
22.3 |
|
20.8 |
|
7%
|
|
Yanacocha |
|
-139.7 |
|
-328.3 |
|
NA
|
|
-174.7 |
|
-251.1 |
|
NA
|
|
Total
|
|
-113.8
|
|
-288.0
|
|
NA
|
|
-74.6
|
|
-114.1
|
|
NA
|
|
YANACOCHA
At Yanacocha (43.65% owned by Buenaventura), during 4Q14, gold
production was 322,309 oz of gold, 75% higher than 4Q13
production (184,318 oz). For the twelve-month 2014 period, gold
production was 969,944 ounces, 5% lower than 1,017,259 ounces in
2013, but in the high end of the guidance given at the beginning
of the year (895k 985k). 2015 Gold production guidance for
Yanacocha is 880k 940k ounces.
Despite of the fact that Yanacocha reported US$80.6 million of
net income (under US GAAP), the impact of an impairment loss (in
accordance to IFRS) related to Conga resulted in a loss of
US$380.3 million. In 4Q14, CAS was US$426/oz, a decrease of 50%
when compared to US$849/oz in 4Q13 due to lower stripping ratio
in accordance with the mining plan.
Capital expenditures at Yanacocha were US$31.6 million in 4Q14
and US$117.3 million in FY2014.
Yanacocha still has a strong pipeline of growth projects:
Quecher Main (prefeasibility), Chaquicocha Sulphides and
Yanacocha Verde (scoping) and Maqui Maqui (exploration).
CERRO VERDE
At Cerro Verde (19.58% owned by Buenaventura), during 4Q14
copper production was 56,001 MT (10,965 MT attributable to
Buenaventura), a 19% decrease compared to 4Q13 (69,318 MT and
13,572 MT attributable to Buenaventura). For full year 2014,
copper production was 226,906 MT (44,428 MT attributable to
Buenaventura).
During 4Q14, Cerro Verde reported net income of US$55.9
million, 72% lower compared to US$196.8 million in 4Q13. This was
mainly due to lower sales. For FY2014, net income was US$377,605
million (compared to US$613,262 million in FY2013).
Capital expenditures at Cerro Verde were US$448.6 million in
4Q14 and US$1,750 billion in 2014.
Cerro Verdes plant expansion has an excess of 50% progress and
completion expected by 4Q15. The total CAPEX for the project is
US$4.6 billion.
COIMOLACHE (Tantahuatay operation)
At Coimolache (40.10% owned by Buenaventura), attributable
contribution to the net income in 4Q14 was US$5.0 million (US$5.7
million in 4Q13). For 2014, the contribution was US$22.3 million,
compared to US$20.8 million reported in 2013.
Project Development and Exploration
The Tambomayo Project (100% ownership)
The Environmental Impact Study was approved in January 2015
and the Company is in the process of acquiring construction
permits. Tambomayo has 251k gold ounces in reserves and 336k gold
ounces in resources. The estimated annual production is 110k-120k
gold ounces and 3.0 million silver ounces.
The San Gabriel Project (100% ownership)
The Company is currently in the process of obtaining permits
for the advanced exploration with underground development of the
Canahuire ore bodies and Diamond drilling of other prospects.
Other
At the Board of Directors meeting held February 26, 2015, the
following resolutions were passed:
To call for the Annual Shareholders Meeting to be held on
March 27, 2015, the following items will be proposed for
approval:
|
|
|
|
a. |
|
|
Approve the Annual
Report as of December, 31, 2014. |
|
|
|
|
b. |
|
|
Approve the
Financial Statements as of December, 31, 2014 |
|
|
|
|
c. |
|
|
Appoint Ernst and
Young (Paredes, Zaldivar, Burga y Asociados) as External
Auditors for fiscal year 2015. |
|
|
|
|
d. |
|
|
Approve the
Companys financing operations, including but not limited to
the placement and issuance of obligations and/or obtainment
of loans, as well as the delegation of power to the Board for
the approval of all of the agreements deemed necessary or
convenient to determine or approve each and every one of the
terms, characteristics and conditions of the Companys
financing activities. |
* * *
Company Description
Compañía de Minas Buenaventura S.A.A. is Perus
largest, publicly traded, precious metals company and a major
holder of mining rights in Peru. The Company is engaged in the
mining, processing, development and exploration of gold and
silver and other metals via wholly owned mines as well as through
its participation in joint exploration projects.
Buenaventura currently operates several mines in Peru
(Orcopampa*, Uchucchacua*, Breapampa*, Mallay*, Julcani*,
Recuperada*, El Brocal, La Zanja and Coimolache and is developing
the Tambomayo and San Gabriel projects.
The Company owns 43.65% of Minera Yanacocha S.R.L (a
partnership with Newmont Mining Corporation), an important
precious metal producer; 19.58% of Sociedad Minera Cerro Verde,
an important Peruvian copper producer.
For a printed version of the Companys 2013 Form 20-F, please
contact the investor relations contacts on page 1 of this report,
or download the PDF format file from the Companys web site at
www.buenaventura.com
.
(*) Operations wholly owned by Buenaventura
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 Companys, Yanacochas and Cerro Verdes 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 Companys view with respect to the Companys, Yanacochas and
Cerro Verdes 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.
**Tables to follow**
APPENDIX 1
Equity Participation in
|
|
Subsidiaries and Affiliates (as of December 31,
2014)
|
|
|
|
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* |
|
54.07 |
|
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 |
|
(*)Consolidates
(**) Equity Accounting
APPENDIX 2
|
|
|
|
|
|
GOLD PRODUCTION
|
|
|
|
Three Months Ended December 31
|
|
Full Year
|
|
|
|
Orcopampa
|
|
Orcopampa Old Tailings
|
|
Orcopampa
|
|
Orcopampa Old Tailings
|
|
|
|
2014
|
|
2013
|
|
%
|
|
2014
|
|
2013
|
|
%
|
|
2014
|
|
2013
|
|
%
|
|
2014
|
|
2013
|
|
%
|
|
Ore Milled DMT |
|
115,862 |
|
99,093 |
|
17%
|
|
0 |
|
48,125 |
|
-
|
|
454,694 |
|
443,537 |
|
3%
|
|
0 |
|
425,639 |
|
-
|
|
Ore Grade
OZ/MT |
|
0.48 |
|
0.48 |
|
1%
|
|
0 |
|
0.059 |
|
-
|
|
0.455 |
|
0.487 |
|
-6%
|
|
0 |
|
0.048 |
|
-
|
|
Recovery Rate
% |
|
96.9% |
|
97.2% |
|
0%
|
|
0% |
|
75.7% |
|
-
|
|
97.1% |
|
96.2% |
|
1%
|
|
0% |
|
76.1% |
|
-
|
|
Ounces Produced
|
|
54,878
|
|
45,981
|
|
19%
|
|
0
|
|
2,136
|
|
-
|
|
202,227
|
|
208,774
|
|
-3%
|
|
0
|
|
15,897
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orcopampa Total Production
|
|
4Q14
|
|
54,878 |
|
4Q13
|
|
48,117 |
|
FY2014
|
|
202,227 |
|
FY2013
|
|
224,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
La Zanja
|
|
Tantahuatay
|
|
|
|
4Q14
|
|
4Q13
|
|
%
|
|
FY2014
|
|
FY2013
|
|
%
|
|
4Q14
|
|
4Q13
|
|
%
|
|
FY2014
|
|
FY2013
|
|
%
|
|
Ounces Produced
|
|
34,959
|
|
33,451
|
|
5% |
|
143,724
|
|
137,395
|
|
5% |
|
38,558
|
|
33,417
|
|
15% |
|
143,643
|
|
142,667
|
|
1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Breapampa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q14
|
|
4Q13
|
|
%
|
|
FY2014
|
|
FY2013
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ounces Produced
|
|
13,178
|
|
21,918
|
|
-40% |
|
74,807
|
|
81,882
|
|
-9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SILVER PRODUCTION
|
|
|
|
Three Months Ended December 31
|
|
Full Year
|
|
|
|
Uchucchacua
|
|
Colquijirca
|
|
Uchucchacua
|
|
Colquijirca
|
|
|
|
2014
|
|
2013
|
|
%
|
|
2014
|
|
2013
|
|
%
|
|
2014
|
|
2013
|
|
%
|
|
2014
|
|
2013
|
|
%
|
|
Ore Milled DMT |
|
287,970 |
|
238,390 |
|
21%
|
|
416,653 |
|
198,885 |
|
109%
|
|
1,013,633 |
|
1,001,102 |
|
1%
|
|
481,589 |
|
1,268,781 |
|
-62%
|
|
Ore Grade
OZ/MT |
|
13.83 |
|
15.21 |
|
-9%
|
|
1.86 |
|
2.89 |
|
-36%
|
|
14.56 |
|
14.18 |
|
3%
|
|
1.92 |
|
1.41 |
|
36%
|
|
Recovery Rate
% |
|
85.2% |
|
79.2% |
|
8%
|
|
63.4% |
|
67.0% |
|
-5%
|
|
81.7% |
|
80.6% |
|
1%
|
|
65.3% |
|
66.2% |
|
-1%
|
|
Ounces Produced
|
|
3,395,628
|
|
2,871,959
|
|
18%
|
|
490,896
|
|
385,221
|
|
27%
|
|
12,055,570
|
|
11,444,751
|
|
5%
|
|
603,342
|
|
1,186,022
|
|
-49%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ZINC PRODUCTION
|
|
|
|
Three Months Ended December 31
|
|
Full Year
|
|
|
|
Uchucchacua
|
|
Colquijirca
|
|
Uchucchacua
|
|
Colquijirca
|
|
|
|
2014
|
|
2013
|
|
%
|
|
2014
|
|
2013
|
|
%
|
|
2014
|
|
2013
|
|
%
|
|
2014
|
|
2013
|
|
%
|
|
Ore Milled DMT |
|
287,970 |
|
238,390 |
|
21%
|
|
416,653 |
|
198,885 |
|
109%
|
|
1,013,633 |
|
1,001,102 |
|
1%
|
|
481,589 |
|
1,268,781 |
|
-62%
|
|
Ore Grade % |
|
0.90 |
|
1.32% |
|
6719%
|
|
3.08% |
|
0.03 |
|
-9%
|
|
1.04 |
|
1.23% |
|
8327%
|
|
3.12% |
|
2.97% |
|
5%
|
|
Recovery Rate
% |
|
57.9% |
|
68.4% |
|
-15%
|
|
66.6% |
|
64.0% |
|
4%
|
|
60.2% |
|
66.0% |
|
-9%
|
|
66.06% |
|
64.3% |
|
3%
|
|
MT Produced
|
|
1,504
|
|
2,154
|
|
-30%
|
|
8,640
|
|
4,321
|
|
100%
|
|
6,349
|
|
8,146
|
|
-22%
|
|
10,162
|
|
24,219
|
|
-58%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPENDIX 3: EBITDA Reconciliation (in thousand US$)
|
|
|
|
|
|
|
|
|
|
|
|
4Q14
|
|
4Q13
|
|
FY 2014
|
|
FY 2013
|
|
Net
Income |
|
-190,725 |
|
-349,011 |
|
-61,640 |
|
-79,736 |
|
Add / Substract:
|
|
228,215
|
|
433,014
|
|
335,692
|
|
445,943
|
|
Provision for income tax, net |
|
23,928 |
|
13,410 |
|
66,012 |
|
86,482 |
|
Share in associated companies by the equity method, net |
|
113,842 |
|
287,985 |
|
74,600 |
|
114,145 |
|
Interest income |
|
-4,124 |
|
-4,270 |
|
-8,408 |
|
-6,621 |
|
Interest expense |
|
4,255 |
|
665 |
|
11,318 |
|
9,896 |
|
Loss
on currency exchange difference |
|
3,378 |
|
341 |
|
8,452 |
|
7,192 |
|
Long
Term Compensation provision |
|
-1,842 |
|
259 |
|
89 |
|
-20,207 |
|
Depreciation and Amortization |
|
57,684 |
|
41,445 |
|
208,698 |
|
159,140 |
|
Workers´ participation provision |
|
-20 |
|
2,700 |
|
3,669 |
|
5,437 |
|
Adquiscion gain generated by subsidiary |
|
0 |
|
0 |
|
-59,852 |
|
0 |
|
Loss
from discontinued operations |
|
31,114 |
|
83,885 |
|
31,114 |
|
83,885 |
|
Impairment of Long-Lived Assets |
|
0 |
|
6,594 |
|
0 |
|
6,594 |
|
EBITDA Buenaventura Direct Operations
|
|
37,490
|
|
84,003
|
|
274,052
|
|
366,207
|
|
EBITDA Yanacocha (43.65%)
|
|
86,970 |
|
18,986 |
|
161,185 |
|
263,025 |
|
EBITDA Cerro Verde (19.58%)
|
|
28,215 |
|
64,586 |
|
143,674 |
|
206,061 |
|
EBITDA Coimolache (40%)
|
|
12,335 |
|
12,713 |
|
48,941 |
|
50,610 |
|
Adjusted EBITDA (including Associated companies)
|
|
165,010
|
|
180,287
|
|
627,852
|
|
885,902
|
|
Note:
EBITDA (Buenaventura Direct Operations) consists of earnings
before net interest, taxes, depreciation and amortization, share
in associated companies, net, loss on currency exchange
difference, other, net, provision for workers profit sharing and
provision for long-term officers compensation.
EBITDA (including associated companies) consists of EBITDA
(Buenaventura Direct Operations), plus (1) Buenaventuras equity
share of EBITDA (Yanacocha) (2) Buenaventuras equity share of
EBITDA (Cerro Verde), plus (3) Buenaventuras equity share of
EBITDA (Coimolache). All EBITDA mentioned were similarly
calculated using financial information provided to Buenaventura
by the associated companies.
Buenaventura presents EBITDA (Buenaventura Direct Operations)
and EBITDA (including affiliates) to provide further information
with respect to its operating performance and the operating
performance of its equity investees, the affiliates. EBITDA
(Buenaventura Direct Operations) and EBITDA (including
affiliates) are not a measure of financial performance under
IFRS, and may not be comparable to similarly titled measures of
other companies. You should not consider EBITDA (Buenaventura
Direct Operations) and EBITDA (including affiliates) as
alternatives to operating income or net income determined in
accordance with IFRS, as an indicator of Buenaventuras,
affiliates operating performance, or as an alternative to cash
flows from operating activities, determined in accordance with
IFRS, as an indicator of cash flows or as a measure of
liquidity.
APPENDIX 4: PROVEN AND PROBABLE RESERVES
null
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GOLD
|
|
|
|
|
|
|
|
|
|
|
|
% Ownership
|
|
MT
(000) |
|
Grade Oz / MT |
|
Oz
(000) |
|
Attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orcopampa |
|
100.00 |
|
631 |
|
0.509 |
|
321 |
|
321 |
|
Tambomayo |
|
100.00 |
|
877 |
|
0.286 |
|
251 |
|
251 |
|
Breapampa |
|
100.00 |
|
520 |
|
0.014 |
|
8 |
|
8 |
|
Breapampa (on Pads
and Plant) |
|
100.00 |
|
|
|
|
|
11 |
|
11 |
|
Julcani |
|
100.00 |
|
310 |
|
0.015 |
|
5 |
|
5 |
|
Mallay |
|
100.00 |
|
122 |
|
0.035 |
|
4 |
|
4 |
|
El Brocal Marcapunta
(Sulphides) |
|
54.07 |
|
21,991
|
|
0.013
|
|
276
|
|
149
|
|
La Zanja
|
|
53.06
|
|
9,917
|
|
0.023
|
|
223
|
|
119
|
|
La Zanja (on Pads and Plant)
|
|
53.06
|
|
|
|
|
|
21
|
|
11
|
|
Yanacocha
|
|
43.65
|
|
|
|
|
|
4,900
|
|
2,139
|
|
Yanacocha (Conga)
|
|
43.65
|
|
536,015
|
|
0.023
|
|
12,582
|
|
5,492
|
|
Tantahuatay
|
|
40.10
|
|
57,330
|
|
0.015
|
|
840
|
|
337
|
|
Tantahuatay (on Pads and Plant)
|
|
40.10
|
|
|
|
|
|
10
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
627,713
|
|
0.031
|
|
19,452
|
|
8,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SILVER
|
|
|
|
|
|
|
|
|
|
|
|
% Ownership
|
|
MT (000)
|
|
Grade Oz / MT
|
|
Oz (000)
|
|
Attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Uchucchacua (Silver - Sulphides)
|
|
100.00
|
|
3,884
|
|
15.770
|
|
61,238
|
|
61,238
|
|
Uchucchacua (Zinc - Sulphides)
|
|
100.00
|
|
209
|
|
21.050
|
|
4,393
|
|
4,393
|
|
Uchucchacua (Silver - Oxides)
|
|
100.00
|
|
79
|
|
7.430
|
|
584
|
|
584
|
|
Tambomayo
|
|
100.00
|
|
877
|
|
10.720
|
|
9,403
|
|
9,403
|
|
Julcani
|
|
100.00
|
|
310
|
|
20.300
|
|
6,295
|
|
6,295
|
|
Mallay
|
|
100.00
|
|
122
|
|
13.477
|
|
1,642
|
|
1,642
|
|
Orcopampa
|
|
100.00
|
|
631
|
|
1.746
|
|
1,102
|
|
1,102
|
|
Breapampa
|
|
100.00
|
|
520
|
|
0.552
|
|
287
|
|
287
|
|
Breapampa (on Pads and Plant)
|
|
100.00
|
|
|
|
|
|
90
|
|
90
|
|
El Brocal (Tajo Norte - La Llave)
|
|
54.07
|
|
43,622
|
|
0.900
|
|
39,260
|
|
21,228
|
|
El Brocal Marcapunta (Sulphides)
|
|
54.07
|
|
21,991
|
|
0.600
|
|
13,194
|
|
7,134
|
|
La Zanja
|
|
53.06
|
|
9,917
|
|
0.137
|
|
1,357
|
|
720
|
|
La Zanja (on Pads and Plant)
|
|
53.06
|
|
|
|
|
|
855
|
|
454
|
|
Yanacocha
|
|
43.65
|
|
|
|
|
|
66,900
|
|
29,202
|
|
Yanacocha (Conga)
|
|
43.65
|
|
536,015
|
|
0.070
|
|
37,784
|
|
16,493
|
|
Tantahuatay
|
|
40.10
|
|
57,330
|
|
0.340
|
|
19,505
|
|
7,820
|
|
Tantahuatay (on Pads and Plant)
|
|
40.10
|
|
|
|
|
|
49
|
|
20
|
|
Cerro Verde (Sulphides)
|
|
19.58
|
|
3,953,234
|
|
0.048
|
|
187,827
|
|
36,777
|
|
Cerro Verde (Oxides)
|
|
19.58
|
|
610,019
|
|
0.010
|
|
6,039
|
|
1,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
5,238,760
|
|
0.087
|
|
457,804
|
|
206,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ZINC
|
|
|
|
|
|
|
|
|
|
|
|
% Ownership
|
|
MT (000)
|
|
% Zn
|
|
MT (000)
|
|
Attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Uchucchacua (Silver - Sulphides)
|
|
100.00
|
|
3,884
|
|
1.49
|
|
58
|
|
58
|
|
Uchucchacua (Zinc - Sulphides)
|
|
100.00
|
|
79
|
|
6.35
|
|
5
|
|
5
|
|
Tambomayo
|
|
100.00
|
|
877
|
|
2.46
|
|
22
|
|
22
|
|
Mallay
|
|
100.00
|
|
122
|
|
7.68
|
|
9
|
|
9
|
|
El Brocal (Tajo Norte - La Llave)
|
|
54.07
|
|
43,622
|
|
2.53
|
|
1,104
|
|
597
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
48,584
|
|
2.46
|
|
1,197
|
|
690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LEAD
|
|
|
|
|
|
|
|
|
|
|
|
% Ownership
|
|
MT (000)
|
|
% Pb
|
|
MT (000)
|
|
Attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Uchucchacua (Silver - Sulphides)
|
|
100.00
|
|
3,884
|
|
1.09
|
|
42
|
|
42
|
|
Uchucchacua (Zinc - Sulphides)
|
|
100.00
|
|
79
|
|
5.05
|
|
4
|
|
4
|
|
Tambomayo
|
|
100.00
|
|
877
|
|
1.71
|
|
15
|
|
15
|
|
Mallay
|
|
100.00
|
|
122
|
|
6.95
|
|
8
|
|
8
|
|
Julcani
|
|
100.00
|
|
310
|
|
2.17
|
|
7
|
|
7
|
|
El Brocal (Tajo Norte - La Llave)
|
|
54.07
|
|
43,622
|
|
0.86
|
|
375
|
|
203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
48,894
|
|
0.92
|
|
452
|
|
279
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COPPER
|
|
|
|
|
|
|
|
|
|
|
|
% Ownership
|
|
MT (000)
|
|
% Cu
|
|
MT (000)
|
|
Attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Julcani
|
|
100.00
|
|
310
|
|
0.52
|
|
2
|
|
2
|
|
El Brocal Marcapunta (Sulphides)
|
|
54.07
|
|
21,991
|
|
2.26
|
|
497
|
|
269
|
|
Yanacocha (Conga)
|
|
43.65
|
|
536,015
|
|
0.28
|
|
1,501
|
|
655
|
|
Cerro Verde (Sulphides)
|
|
19.58
|
|
3,953,234
|
|
0.37
|
|
14,627
|
|
2,864
|
|
Cerro Verde (Oxides)
|
|
19.58
|
|
610,019
|
|
0.48
|
|
2,928
|
|
573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
5,121,569
|
|
0.38
|
|
19,555
|
|
4,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOLYBDENUM
|
|
|
|
|
|
|
|
|
|
|
|
% Ownership
|
|
MT (000)
|
|
% Mo
|
|
MT (000)
|
|
Attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cerro Verde (Sulphides)
|
|
19.58
|
|
3,953,234
|
|
0.014
|
|
553
|
|
108
|
|
Cerro Verde (Oxides)
|
|
19.58
|
|
610,019
|
|
0.003
|
|
18
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
4,563,253
|
|
0.013
|
|
572
|
|
112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prices used for Reserve calculation:
|
|
Gold 1,250 US$/Oz - Silver 20 US$/Oz - Zinc
2,200 US$/MT - Lead 2,100 US$/MT - Copper 6,630 US$/MT
|
|
|
|
APPENDIX 5: COST APPLICABLE TO SALES RECONCILIATION
Reconciliation of Costs Applicable to Sales and Cost Applicable to
Sales per Unit Sold
Cost applicable to sales consists of cost of sales, excluding
depreciation and amortization, plus Selling expenses. Cost applicable to
sales per unit sold for each mine consists of cost applicable to sales
for a particular metal produced at a given mine divided by the volume of
such metal produced at such mine in the specified period. We note that
cost applicable to sales is not directly comparable to the cash
operating cost figures disclosed in previously furnished earnings
releases.
Cost applicable to sales and Cost applicable to sales per unit of
mineral sold are not measures of financial performance under IFRS, and
may not be comparable to similarly titled measures of other companies.
We consider Cost applicable to sales and Cost applicable to sales per
unit of mineral sold to be key measures in managing and evaluating our
operating performance. These measures are widely reported in the
precious metals industry as a benchmark for performance, but do not have
standardized meanings. You should not consider Cost applicable to sales
or Cost applicable to sales per unit of mineral sold as alternatives to
cost of sales determined in accordance with IFRS, as indicators of our
operating performance. Cost applicable to sales and Cost applicable to
sales per unit of mineral sold are calculated without adjusting for
by-product revenue amounts.
The tables below set forth (i) a reconciliation of consolidated Cost of
sales, excluding depreciation and amortization to consolidated Cost
applicable to sales, (ii) reconciliations of the components of Cost
applicable to sales (by mine and mineral) to the corresponding
consolidated line items set forth on our consolidated statements of
profit or loss for the three and six months ended June 30, 2013 and
2014, and (iii) reconciliations of Cost of sales, excluding depreciation
and amortization to Cost applicable to sales for each of our mining
units. The amounts set forth in Cost applicable to sales and Cost
applicable to sales per unit sold for each mine and mineral indicated in
the tables below can be reconciled to the amounts set forth on our
consolidated statements of profit or loss for the three and six months
ended June 30, 2013 and 2014 by reference to the reconciliations of Cost
of sales, excluding depreciation and amortization (by mine and mineral),
Selling Expenses (by mine and metal) expenses and Exploration in units
in operations (by mine and mineral) to consolidated Cost of sales,
excluding depreciation and amortization, consolidated Selling Expenses
and consolidated Exploration in units in operations expenses,
respectively, set forth below.
|
|
|
|
|
|
|
|
|
|
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 Dec 31
|
|
For the 12 months ended Dec 31
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
(in thousands of US$)
|
|
Consolidated Cost of sales excluding depreciation and amortization
|
|
164,177
|
|
152,511
|
|
614,539
|
|
627,285
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Consolidated Exploration in units in operation
|
|
21,273
|
|
20,433
|
|
97,852
|
|
101,913
|
|
Consolidated Commercial deductions
|
|
54,862
|
|
33,732
|
|
184,483
|
|
137,811
|
|
Consolidated Selling expenses
|
|
3,483
|
|
3,278
|
|
16,605
|
|
14,842
|
|
Consolidated Cost applicable to sales
|
|
243,795
|
|
209,954
|
|
913,479
|
|
881,852
|
|
|
|
|
|
|
|
|
|
|
|
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 Dec 31
|
|
For the 12 months ended Dec 31
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Cost of sales by mine and mineral
|
|
(in thousands of US$)
|
|
Julcani, Gold
|
|
8
|
|
23
|
|
3
|
|
167
|
|
Julcani, Silver
|
|
4,687
|
|
4,979
|
|
23,114
|
|
15,565
|
|
Julcani, Lead
|
|
384
|
|
331
|
|
1,891
|
|
1,150
|
|
Julcani, Copper
|
|
47
|
|
91
|
|
190
|
|
316
|
|
Mallay, Silver
|
|
1,894
|
|
2,202
|
|
8,135
|
|
11,336
|
|
Mallay, Lead
|
|
1,538
|
|
1,288
|
|
5,959
|
|
6,237
|
|
Mallay, Zinc
|
|
1,988
|
|
1,307
|
|
7,497
|
|
6,468
|
|
Breapampa, Gold
|
|
8,156
|
|
9,201
|
|
35,389
|
|
46,541
|
|
Breapampa, Silver
|
|
734
|
|
615
|
|
2,459
|
|
2,944
|
|
Orcopampa, Gold
|
|
25,316
|
|
26,706
|
|
105,828
|
|
121,665
|
|
Orcopampa, Silver
|
|
691
|
|
998
|
|
3,021
|
|
4,617
|
|
Uchucchacua, Silver
|
|
31,675
|
|
18,765
|
|
130,688
|
|
100,290
|
|
Uchucchacua, Lead
|
|
2,115
|
|
1,174
|
|
8,028
|
|
6,805
|
|
Uchucchacua, Zinc
|
|
1,495
|
|
1,402
|
|
5,557
|
|
5,527
|
|
La Zanja, Gold
|
|
27,504
|
|
21,666
|
|
80,495
|
|
84,213
|
|
La Zanja, Silver
|
|
1,132
|
|
1,107
|
|
3,460
|
|
3,927
|
|
El Brocal, Gold
|
|
986
|
|
569
|
|
3,491
|
|
2,745
|
|
El Brocal, Silver
|
|
3,904
|
|
4,275
|
|
12,331
|
|
13,980
|
|
El Brocal, Lead
|
|
1,178
|
|
1,523
|
|
2,051
|
|
7,581
|
|
El Brocal, Zinc
|
|
5,701
|
|
2,547
|
|
6,478
|
|
16,030
|
|
El Brocal, Copper
|
|
25,539
|
|
22,267
|
|
96,934
|
|
78,503
|
|
Non Mining Units
|
|
17,505
|
|
29,475
|
|
71,540
|
|
90,679
|
|
Consolidated Cost of sales, excluding depreciation and
amortization
|
|
164,177
|
|
152,511
|
|
614,539
|
|
627,285
|
|
|
|
|
|
|
|
|
|
|
|
Set forth below is a reconciliation of Exploration expenses in units
in operation (by mine and mineral) to consolidated Exploration
expenses in mining units:
|
|
|
|
|
|
|
|
|
For the 3 months ended Dec 31
|
|
For the 12 months ended Dec 31
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Exploration expenses in units in
operation by mine and mineral
|
|
(in thousands of US$)
|
|
Julcani, Gold
|
|
4
|
|
10
|
|
2
|
|
67
|
|
Julcani, Silver
|
|
2,253
|
|
2,100
|
|
10,072
|
|
6,269
|
|
Julcani, Lead
|
|
184
|
|
140
|
|
824
|
|
463
|
|
Julcani, Copper
|
|
23
|
|
38
|
|
83
|
|
127
|
|
Mallay, Silver
|
|
791
|
|
867
|
|
2,942
|
|
4,325
|
|
Mallay, Lead
|
|
643
|
|
507
|
|
2,155
|
|
2,380
|
|
Mallay, Zinc
|
|
831
|
|
515
|
|
2,711
|
|
2,468
|
|
Breapampa, Gold
|
|
65
|
|
188
|
|
463
|
|
2,747
|
|
Breapampa, Silver
|
|
6
|
|
13
|
|
32
|
|
174
|
|
Orcopampa, Gold
|
|
9,935
|
|
10,573
|
|
50,378
|
|
54,748
|
|
Orcopampa, Silver
|
|
271
|
|
395
|
|
1,438
|
|
2,077
|
|
Uchucchacua, Silver
|
|
5,614
|
|
4,449
|
|
24,125
|
|
22,133
|
|
Uchucchacua, Lead
|
|
375
|
|
278
|
|
1,482
|
|
1,502
|
|
Uchucchacua, Zinc
|
|
265
|
|
332
|
|
1,026
|
|
1,220
|
|
La Zanja, Gold
|
|
13
|
|
25
|
|
115
|
|
1,159
|
|
La Zanja, Silver
|
|
1
|
|
1
|
|
5
|
|
54
|
|
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
|
|
21,273
|
|
20,433
|
|
97,852
|
|
101,913
|
|
|
|
|
|
|
|
|
|
|
|
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 Dec 31
|
|
For the 12 months ended Dec 31
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Commercial Deductions in units in
operation by mine and mineral
|
|
(in thousands of US$)
|
|
Julcani, Gold
|
|
2
|
|
9
|
|
2
|
|
62
|
|
Julcani, Silver
|
|
1,295
|
|
1,996
|
|
6,148
|
|
5,782
|
|
Julcani, Lead
|
|
106
|
|
133
|
|
502
|
|
427
|
|
Julcani, Copper
|
|
12
|
|
12
|
|
53
|
|
117
|
|
Mallay, Silver
|
|
832
|
|
1,040
|
|
3,687
|
|
4,048
|
|
Mallay, Lead
|
|
654
|
|
609
|
|
2,620
|
|
2,227
|
|
Mallay, Zinc
|
|
1,295
|
|
617
|
|
5,153
|
|
2,310
|
|
Breapampa, Gold
|
|
23
|
|
18
|
|
99
|
|
104
|
|
Breapampa, Silver
|
|
0
|
|
0
|
|
0
|
|
0
|
|
Orcopampa, Gold
|
|
87
|
|
80
|
|
288
|
|
325
|
|
Orcopampa, Silver
|
|
1
|
|
0
|
|
1
|
|
0
|
|
Uchucchacua, Silver
|
|
9,530
|
|
5,609
|
|
35,786
|
|
35,240
|
|
Uchucchacua, Lead
|
|
632
|
|
383
|
|
2,248
|
|
2,559
|
|
Uchucchacua, Zinc
|
|
1,012
|
|
458
|
|
3,850
|
|
2,078
|
|
La Zanja, Gold
|
|
38
|
|
29
|
|
240
|
|
172
|
|
La Zanja, Silver
|
|
0
|
|
0
|
|
4
|
|
0
|
|
El Brocal, Gold
|
|
1,203
|
|
415
|
|
3,777
|
|
1,903
|
|
El Brocal, Silver
|
|
3,587
|
|
3,118
|
|
12,345
|
|
9,689
|
|
El Brocal, Lead
|
|
642
|
|
1,110
|
|
1,317
|
|
5,254
|
|
El Brocal, Zinc
|
|
3,320
|
|
1,857
|
|
4,105
|
|
11,110
|
|
El Brocal, Copper
|
|
30,590
|
|
16,239
|
|
102,258
|
|
54,406
|
|
Non Mining Units
|
|
0
|
|
0
|
|
0
|
|
0
|
|
Consolidated Commercial deductions in units in operation
|
|
54,862
|
|
33,732
|
|
184,483
|
|
137,811
|
|
|
|
|
|
|
|
|
|
|
|
Set forth below is a reconciliation of Selling expenses (by mine and
mineral) to consolidated Selling expenses:
|
|
|
|
|
|
|
|
|
For the 3 months ended Dec 31
|
|
For the 12 months ended Dec 31
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Selling expenses by mine and mineral
|
|
(in thousands of US$)
|
|
Julcani, Gold
|
|
0
|
|
1
|
|
0
|
|
7
|
|
Julcani, Silver
|
|
265
|
|
163
|
|
979
|
|
684
|
|
Julcani, Lead
|
|
22
|
|
11
|
|
80
|
|
51
|
|
Julcani, Copper
|
|
3
|
|
3
|
|
8
|
|
14
|
|
Mallay, Silver
|
|
141
|
|
136
|
|
661
|
|
671
|
|
Mallay, Lead
|
|
115
|
|
80
|
|
484
|
|
369
|
|
Mallay, Zinc
|
|
148
|
|
81
|
|
609
|
|
383
|
|
Breapampa, Gold
|
|
62
|
|
0
|
|
367
|
|
0
|
|
Breapampa, Silver
|
|
6
|
|
0
|
|
26
|
|
0
|
|
Orcopampa, Gold
|
|
223
|
|
3
|
|
929
|
|
3
|
|
Orcopampa, Silver
|
|
6
|
|
0
|
|
27
|
|
0
|
|
Uchucchacua, Silver
|
|
863
|
|
563
|
|
3,094
|
|
3,000
|
|
Uchucchacua, Lead
|
|
58
|
|
35
|
|
190
|
|
204
|
|
Uchucchacua, Zinc
|
|
41
|
|
42
|
|
132
|
|
165
|
|
La Zanja, Gold
|
|
401
|
|
157
|
|
1,382
|
|
505
|
|
La Zanja, Silver
|
|
17
|
|
8
|
|
59
|
|
24
|
|
El Brocal, Gold
|
|
28
|
|
36
|
|
204
|
|
202
|
|
El Brocal, Silver
|
|
113
|
|
274
|
|
722
|
|
1,031
|
|
El Brocal, Lead
|
|
34
|
|
97
|
|
120
|
|
559
|
|
El Brocal, Zinc
|
|
165
|
|
163
|
|
379
|
|
1,182
|
|
El Brocal, Copper
|
|
737
|
|
1,425
|
|
5,677
|
|
5,789
|
|
Non Mining Units
|
|
36
|
|
0
|
|
475
|
|
0
|
|
Consolidated Selling expenses
|
|
3,483
|
|
3,278
|
|
16,605
|
|
14,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JULCANI
|
|
|
|
|
|
JULCANI
|
|
|
|
4Q 2014
|
|
4Q 2013
|
|
|
|
|
|
FY 2014
|
|
|
|
|
|
|
|
|
|
FY 2013
|
|
|
|
|
|
|
|
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
|
|
|
|
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)
|
|
8
|
|
4,687
|
|
384
|
|
-
|
|
47
|
|
5,125
|
|
23
|
|
4,979
|
|
331
|
|
-
|
|
91
|
|
5,424
|
|
|
|
Cost of Sales (without D&A) (US$000)
|
|
3
|
|
23,114
|
|
1,891
|
|
-
|
|
190
|
|
25,199
|
|
167
|
|
15,565
|
|
1,150
|
|
-
|
|
316
|
|
17,198
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration Expenses (US$000)
|
|
4
|
|
2,253
|
|
184
|
|
-
|
|
23
|
|
2,463
|
|
10
|
|
2,100
|
|
140
|
|
-
|
|
38
|
|
2,288
|
|
|
|
Exploration Expenses (US$000)
|
|
2
|
|
10,072
|
|
824
|
|
-
|
|
83
|
|
10,981
|
|
67
|
|
6,269
|
|
463
|
|
-
|
|
127
|
|
6,927
|
|
Commercial Deductions (US$000)
|
|
2
|
|
1,295
|
|
106
|
|
-
|
|
12
|
|
1,416
|
|
9
|
|
1,996
|
|
133
|
|
-
|
|
12
|
|
2,151
|
|
|
|
Commercial Deductions (US$000)
|
|
2
|
|
6,148
|
|
502
|
|
-
|
|
53
|
|
6,706
|
|
62
|
|
5,782
|
|
427
|
|
-
|
|
117
|
|
6,388
|
|
Selling Expenses (US$000)
|
|
0
|
|
265
|
|
22
|
|
-
|
|
3
|
|
290
|
|
1
|
|
163
|
|
11
|
|
-
|
|
3
|
|
178
|
|
|
|
Selling Expenses (US$000)
|
|
0
|
|
979
|
|
80
|
|
-
|
|
8
|
|
1,067
|
|
7
|
|
684
|
|
51
|
|
-
|
|
14
|
|
755
|
|
Cost Applicable to Sales (US$000)
|
|
14
|
|
8,499
|
|
696
|
|
-
|
|
85
|
|
9,295
|
|
43
|
|
9,238
|
|
615
|
|
-
|
|
145
|
|
10,040
|
|
|
|
Cost Applicable to Sales (US$000)
|
|
7
|
|
40,314
|
|
3,297
|
|
-
|
|
335
|
|
43,953
|
|
304
|
|
28,299
|
|
2,091
|
|
-
|
|
575
|
|
31,269
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume Sold
|
|
15
|
|
602,165
|
|
398
|
|
-
|
|
15
|
|
Not Applicable
|
|
66
|
|
878,459
|
|
605
|
|
-
|
|
49
|
|
Not Applicable
|
|
|
|
Volume Sold
|
|
12
|
|
2,851,318
|
|
2,057
|
|
-
|
|
64
|
|
Not Applicable
|
|
378
|
|
2,227,960
|
|
1,713
|
|
-
|
|
140
|
|
No Aplicable
|
|
CAS
|
|
972
|
|
14.11
|
|
1,748
|
|
-
|
|
5,660
|
|
Not Applicable
|
|
645
|
|
10.52
|
|
1,016
|
|
-
|
|
2,940
|
|
Not Applicable
|
|
|
|
CAS
|
|
603
|
|
14.14
|
|
1,603
|
|
-
|
|
5,195
|
|
No Applicable
|
|
804
|
|
12.70
|
|
1,220
|
|
-
|
|
4,103
|
|
No Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MALLAY
|
|
|
|
|
|
MALLAY
|
|
|
|
4Q 2014
|
|
4Q 2013
|
|
|
|
|
|
FY 2014
|
|
FY 2013
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
|
|
|
|
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)
|
|
-
|
|
1,894
|
|
1,538
|
|
1,988
|
|
-
|
|
5,419
|
|
-
|
|
2,202
|
|
1,288
|
|
1,307
|
|
-
|
|
4,797
|
|
|
|
Cost of Sales (without D&A) (US$000)
|
|
-
|
|
8,135
|
|
5,959
|
|
7,497
|
|
-
|
|
21,590
|
|
-
|
|
11,336
|
|
6,237
|
|
6,468
|
|
-
|
|
24,041
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration Expenses (US$000)
|
|
-
|
|
791
|
|
643
|
|
831
|
|
-
|
|
2,265
|
|
-
|
|
867
|
|
507
|
|
515
|
|
-
|
|
1,889
|
|
|
|
Exploration Expenses (US$000)
|
|
-
|
|
2,942
|
|
2,155
|
|
2,711
|
|
-
|
|
7,807
|
|
-
|
|
4,325
|
|
2,380
|
|
2,468
|
|
-
|
|
9,173
|
|
Commercial Deductions (US$000)
|
|
-
|
|
832
|
|
654
|
|
1,295
|
|
-
|
|
2,781
|
|
-
|
|
1,040
|
|
609
|
|
617
|
|
-
|
|
2,266
|
|
|
|
Commercial Deductions (US$000)
|
|
-
|
|
3,687
|
|
2,620
|
|
5,153
|
|
-
|
|
11,460
|
|
-
|
|
4,048
|
|
2,227
|
|
2,310
|
|
-
|
|
8,584
|
|
Selling Expenses (US$000)
|
|
-
|
|
141
|
|
115
|
|
148
|
|
-
|
|
404
|
|
-
|
|
136
|
|
80
|
|
81
|
|
-
|
|
296
|
|
|
|
Selling Expenses (US$000)
|
|
-
|
|
661
|
|
484
|
|
609
|
|
-
|
|
1,754
|
|
-
|
|
671
|
|
369
|
|
383
|
|
-
|
|
1,423
|
|
Cost Applicable to Sales (US$000)
|
|
-
|
|
3,658
|
|
2,950
|
|
4,262
|
|
-
|
|
10,870
|
|
-
|
|
4,246
|
|
2,484
|
|
2,519
|
|
-
|
|
9,249
|
|
|
|
Cost Applicable to Sales (US$000)
|
|
-
|
|
15,425
|
|
11,217
|
|
15,970
|
|
-
|
|
42,612
|
|
-
|
|
20,380
|
|
11,213
|
|
11,628
|
|
-
|
|
43,221
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divide:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume Sold
|
|
-
|
|
285,846
|
|
1,797
|
|
1,992
|
|
-
|
|
Not Applicable
|
|
-
|
|
279,430
|
|
1,615
|
|
1,830
|
|
-
|
|
Not Applicable
|
|
|
|
Volume Sold
|
|
-
|
|
1,121,202
|
|
7,253
|
|
8,609
|
|
-
|
|
Not Applicable
|
|
-
|
|
1,146,442
|
|
6,570
|
|
7,614
|
|
-
|
|
Not Applicable
|
|
CAS
|
|
-
|
|
12.80
|
|
1,641
|
|
2,139
|
|
-
|
|
Not Applicable
|
|
-
|
|
15.20
|
|
1,537
|
|
1,377
|
|
-
|
|
Not Applicable
|
|
|
|
CAS
|
|
-
|
|
13.76
|
|
1,547
|
|
1,855
|
|
-
|
|
No Applicable
|
|
-
|
|
17.78
|
|
1,707
|
|
1,527
|
|
-
|
|
No Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BREAPAMPA
|
|
|
|
|
|
BREAPAMPA
|
|
|
|
4Q 2014
|
|
4Q 2013
|
|
|
|
|
|
FY 2014
|
|
FY 2013
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
... |
|
|