Q2 2023 Compañía de Minas Buenaventura SAA Earnings Call

Good day, ladies and gentlemen, welcome to the company are de Minas one adventure, a second quarter 'twenty twenty-three earnings results conference call at.

At this time all participants are in a listen only mode and please note that this call is being recorded.

I would now like to introduce your host for today's call. Mr. Gabriel Solace of Investor Relations. Mr. <unk> you may begin.

Good morning, everyone and thank you for joining us today to discuss our second quarter.

<unk> results.

Today's discussion will be led by Mr. Leandro Garcia chief execute difficulties here.

Also joining our call today.

And for your questions are Mr that Neil Domingues, Chief Financial Officer, Mr. Juan Carlos Ortiz Vice breaks you end up operations, Mr. Alejandro <unk>, Vice president of sustainability.

Mr Renzo myself, but especially in the projects.

Mr Controller, Teletherapy, Julie and explorations money here and Mr. Eric.

Director.

Before I hand over call over let me first touch on a few items on one than the rest of the website you will find our press release that west posted yesterday after market close.

Please note that today's remarks include forward looking statements that are based on management's current views and assumptions.

Management believes that its assumptions expectations and projections are reasonable in the view of the currently available information.

You're cautioned not to place undue reliance on these forward looking statements I encourage you to read the full disclosure for Cherokee forward looking statements within the earnings results Press release issued on July 26 2023.

<unk> now turn the call to Mr. Atlanta Alexia.

Thank you good.

Good morning to all and thank you for attending this call.

We are pleased to present the results.

For 2023 April .

That's one.

We have prepared a powerpoint presentation.

And our web page.

Before we go pardon me take a moment to review the cautionary statement shown on slide number two.

Moving on to slide.

Three.

Right.

No.

Second quarter <unk>.

The rig operations was $17 1 million.

Do you have a smaller negative two 9 million.

During the second quarter 2022.

Hey, Mark.

So unless it is done.

From de Rigueur provisions reached 68 7 million compared with it.

U S drilling activity for media.

Reported.

So first on China trade.

Turning to EBITDA does not include 300 million, resulting from the sale of one of its borders.

Yeah.

Oh God.

23 months.

Mike's 0.45 and $4.

Cooper, who up 44 point.

6 million net loss for the same period in 2000.

Turning to.

The first months of 2023 net income was 65.

5 million.

Sure no problem.

Conrad 71, 1 million net income for the six months of 2022.

It takes months.

First six months 2022 includes a 480.

Net income from discounted O'brien, just Brian maybe you could be a reclassification.

The answer is yes.

The company recorded a 9.8 million provisional price adjustment for the accumulated first six months of 2023.

This is compressed.

We got the $13 7 million in Premier value Congress Simo are not positive.

9 million bundles, you have jasmine.

Relations.

Compared to a 35 million.

No nothing else for the accumulated for first six months 22.

When I stood at six months, the Ferc's March 2023 consolidated copper production increased 23% year on year.

Zinc production degrees my cheat sheet.

Brian .

Decreased by 60% Schindler degrees, Mike joined yet.

And year on volume decreased 11% year.

It's all gone underground mine production increased to 9300 pumps pardon me during the second quarter 'twenty to 'twenty three.

Sure.

The eight Donaldson.

<unk> tons per day in the third.

Quarter on 22.

Okay got it wrong I'm, Bob remains on target to reach 10000 tons per day by year end.

Yes.

<unk> cash position reached $201 million to $4 million.

Yeah.

Greece to yours, NOLA foundry joined me on $9 million with an average might be reveal coupon Brian Yes my quarters.

June 30.

Jenny Jenny.

Second quarter.

Joining me three capital expenditures were 49.7.

Hooper.

36 <unk>.

One maybe I'm doing now.

For the same period in 2022.

The first half 'twenty to 'twenty three capital expenditures reached 85 point $90 million.

Compared to $56 million in the same period.

Yeah.

And includes joining me for one zero Neil young related groups.

Project and $19 2 million related to the deal.

Sure.

When I do that we'll work through permitting approval on Youtube.

Joe.

And good luck.

Company continues to work with the Peruvian Environmental authority Nazi on its final review.

Big four.

John .

It could be approved right.

In the third quarter of 2020.

So really the total EV two.

$250 million on April 'twenty, eight 2021 and could have received 49 million relative to each state to state.

It really will be a second give you in August .

For 2023.

On which one of them Bruno we received an additional 49 U S dollar.

Yeah.

Okay.

Moving onto slide four financial highlights.

Although revenues during the second quarter were $173 million, which is 15% higher in comparison to the total.

For 2022.

The first of the year.

Revenues decreased to $359 million compared to the first half.

'twenty two.

As we mentioned before our eyes.

Uh huh.

Medical applications for looks like going forward.

2017.

$17 million in comparison to a no.

Oh geez.

The second quarter of 'twenty.

EBITDA from direct operations for the six months decreased to $69 million in comparison to $74 million for six months to win.

So anything that you could be better.

Does not include that.

No not 300 million, resulting from the same.

Yeah.

Also our net loss from continuing operations for the second quarter of 2023 was $5 million in.

In comparison to a net loss from continuing operations of $44 million during the same period in 2000.

Yes.

From direct operations for the six first months.

<unk> decreased $767 million.

When combined with $19 million during the first six months of Jordan.

Capex increased to $50 million in person.

So when you compare to the $36 million to get second quarter 'twenty, Jamie to the first six months of the year Capex total.

$86 million, a 53% increase in compliance with the first round.

Joining me.

Sure.

Moving on to slide five please.

Pretty much.

Well now go to Google.

The second quarter of 2023 lost 39007.

17% lower than the figure reported in the same quarter previous year.

These degrees is mainly explained by less long haul mining operations as patients with Borgwarner.

I'll now open the lines.

The first semester of 2000.

Total.

I'm doing what 78000 ounces, 19% nowhere.

The same period in training training tool.

Silver attributable production for this quarter was one 4 million ounces, which shows a refusal cool per cent compared with fewer Barclays in the second quarter of 2022.

This decrease in production was primarily due to companion medical cost performance. During their first council joined you don't agree.

Dorado production was two 5 million ounces 25 person nowhere on the first semester.

Finally, our copper attributable production for the second quarter of the year was close to 31000 metric tons.

11% increase compared to the same period 2022.

During the first call of two.

2023, corporate <unk> corruption watch 60000 metric tons.

9% compared with same period of join me too.

Moving onto slide.

Six our all in sustaining costs legal and cost applicable to sales.

The all in sustaining cost from our direct operations in the first semester of 2023.

Increasingly 30% to 800.

$175 for a causal Gould and all in sustaining cost for the first semester, joining JBT has increased compared to the previous year due to lower production.

Production levels.

Neil Glynn mortgage however, we anticipate you will decrease in the upcoming quarters as barrage Omnichannel work.

This calculation.

Only take into account our ownership.

That sounds good.

A real gun.

From this field is it primarily for users.

The cost applicable to sales for the first semester of 2023 were as follows.

For both.

1191 U S not brands, which is almost equal to a year.

Oh boy.

Joining me 179 U S dollar.

<unk>, which is 25% higher than a year ago.

Only.

1229, you has gone up per metric tonne.

Seven.

<unk> lower than a year ago.

<unk> 6000, 6475 years dollar per metric ton.

8% lower in comparison.

A year ago.

Finally in the case of C diff.

I want to say it was 1008.

<unk> hundred 84.

Dollars per metric ton reduced 39% lower than a year.

Moving on to slide seven.

Here we show.

We are presenting one snapshot.

We're in development 11, okay.

For each of our brands.

Moving onto slide eight.

Our projects in today's review.

Our brownfield project.

Our mine development is around 2100 meters during the second quarter.

Great.

Or is there some plant will resume operations during the third quarter of 2023.

Assured batch campaign.

No that helps to simplify and correct any potential economic approach.

Environmental permits for mining.

On August 23 due.

Due to delays in certain matches approval process.

In the case of San Gabriel our Greenfield project.

Capex related to afterwards on construction related water Foundation.

Authority at needed our powerline environmental impact assessment.

For our book like long shows have been completed my began the second quarter of 2023.

On the final public hearing has been scheduled for the third quarter of 2023.

So we need to review your Capex guidance has been revised to.

Between 140 or $160 million.

These that's.

Not a big project total capex.

Our target production and you're starting to cycle 2020.

Thank you for your attention.

We'll hand, the call back to operator to open the line for <unk>.

So operator, please go ahead.

Thank you we will now begin the question and answer session to ask a question you May Press Star then one on your Touchtone phone.

If youre using a speakerphone please pick up your handset before pressing the keys to withdraw your question. Please press Star then two.

At this time, we'll pause momentarily to assemble our roster.

Again, if you have a question Thats Star then one.

There are no questions in the queue I'll hand, the call back over to Mr. Garcia for closing remarks.

Well before we finish today compared to coal.

You very much for making the time to join me.

Great.

Additionally, I would like to end by U two hours.

When I went through that date.

It will be held on December <unk>.

Before.

In New York and the indications will be released to date.

Again.

Wonderful day.

Ladies and gentlemen that concludes born of insurers second quarter 2023 earnings results Conference call.

We would like to thank you again for your participation you may now disconnect.

Yeah.

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