The following is a summary of the Compañía De Minas Buenaventura S.A.A. (BVN) Q2 2024 Earnings Call Transcript:

Financial Performance:

• EBITDA increased $85 million from the previous year to a margin of 39%, up from 13% last year.

• Net income for Q2 2024 was $74 million, compared to last year's net loss of $5 million.

• Copper production decreased by 22% year-over-year primarily due to the voluntary suspension at El Brocal.

• Silver production increased significantly to 4 million ounces, largely due to outputs from Uchucchacua and Yumpag.

• All-in sustaining costs reduced by 91% year-over-year.

Business Progress:

• Increased focus on the San Gabriel project with $70 million allocated and significant progress in construction at various stages.

• Emphasis on enhancing dividend returns, particularly from the Cerro Verde project, expected to range between $120 million and $150 million in dividends for FY 2024.

• Decrease in net debt to EBITDA ratio to 1.4 times, reflecting effective debt management.

Opportunities:

• Expansion and significant capital investments in the San Gabriel project, which is expected to enhance future production capabilities.

• Increase in dividends from partnerships and projects contributing positively to financial performance.

Risks:

• Voluntary suspension of operations at El Brocal affects copper production negatively.

• Declining ore grades at Orcopampa and Tambomayo leading to increased production costs.

More details: Buenaventura Mining IR

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