Q4 2023 Compañía de Minas Buenaventura SAA Earnings Call
Operator: Good day, ladies and gentlemen. Welcome to the Compania de Minas Buenaventura 4th Quarter 2023 Earnings Results Conference Call. 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 Salas, Director of Investor Relations. Mr. Salas, you may begin. Good morning, everyone, and thank you for joining us today to discuss our fourth quarter 2023 results. Today's discussion will be led by Mr. Leandro Garcia, Chief Executive Officer. Also joining our call today and available for your questions are Mr. Daniel Dominguez, Chief Financial Officer, Mr. Juan Carlos Ortiz, Vice President of Operations, Mr. Aldo Maza, Vice President of Business Development and Commercial, Mr. Alejandro Hermoza, Vice President of Sustainability, Mr. Renzo Macher, Vice President of Projects, Mr. Before I hand our call over, let me first touch on a few ideas.
Good day, ladies and gentlemen.
Welcome to the company or do you mean off one of them share our fourth quarter 2023 earnings results Conference call.
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 Salas Investor Relations. Mr. <unk> you may begin.
Good morning, everyone and thank you for joining us today to discuss our fourth quarter 2023 results.
Today's discussion will be led by Mr. Leandro FTF Chief Executive Officer.
Also joining our call today and available for your questions Army Stared at Daniel Domingues, Chief Financial Officer.
Mr. Juan Carlos Ortiz, Vice President of operations, Mr. Although Masa, Vice president of business development and commercial.
Alejandro <unk> Vice President of sustainability, Mr. Irwin Vice press you on this project Mr. Juan Carlos Sarasota, Vice President of exploration, Mr. Rocca in Ies, chairman and instead I would've been Aes director.
Before I hand, our call over let me first touch on a few items.
Gabriel Salas: On Buenaventura's website, you will find our press release that was posted yesterday after the market closed. Please note that today's remarks include forward-looking statements that are based on management's current views and assumptions. While management believes that its assumptions, expectations, and projections are reasonable in view of the currently available information, you are cautioned not to place undue reliance on these forward-looking statements. I encourage you to read the full disclosure concerning forward-looking statements in the earnings results press release issued on February 29th, 2025. Let me now turn the call to Mr. Leandro Garza. Thank you, Gabriel.
And when their interest website, you will find our press release that was posted yesterday after the 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 predictions are reasonable in view of the currently available information you are cautioned not to place undue reliance on these forward looking statements I encourage you to read the full disclosure concerning forward looking statements within the earnings results.
The press release issued on February 10, denying centered in before.
Let me now turn the call to Mr. Leandro Garcia.
Thank you.
Leandro Luis Martin Garcia Raggio: Good morning, and thank you for joining us today to discuss the quarterly results of the company. On slide two is our cautionary statement, important information that I encourage you to read. We assume that you have already read the full year 2023 results reported yesterday. Moving on to the next slide, our presentation will cover the five main topics listed on this agenda and will be followed by a Q&A session, where our team and myself will be happy to answer your questions. Let's begin with some overview of the key highlights of 2022. Our EBITDA from direct operations for 2023 has increased 38% compared to the previous year. It is worth mentioning that the figures do not include the $300 million obtained last year from the sale of our state's Indiana cotton.
Good morning, Thank you for joining us today to discuss it.
Portfolio results of the vote.
On slide two is our cautionary statement.
All information that I encourage you to read.
We assume that you have already read the full year 2023 results reported yesterday.
Moving on to slide I'll work with the visual with Goldberg the five main topics.
So these are good.
Hello, everyone.
Bye.
Session, where our team and myself would be one set of questions.
Let's begin with some overview of the key highlights for the 2022.
Oh, where EBITDA from direct operations for their 23, that's increased 38% compared to the previous year.
Is worth mentioning that the figures the unloading.
The $300 million.
From the sale of our stake.
Our cash position remains a store in the fourth quarter of last year due to strong performance of BELBUCA or something in that.
Leandro Luis Martin Garcia Raggio: Our cash position remains strong in the fourth quarter of last year due to a strong performance at El Brocal, resulting in a leverage rate of 2.05 times, the lowest in two years and within our target range. Full year 2023 net income was $33 million, negatively impacted by $113 million. U.S. million dollars, non-cash provision related to formats and activities. Capital expenditures in 2023 total $239 million, including $94 million allocated to the San Gabriel project. Additionally, Buenaventura made an extra investment of $33 million in advance payments for the San Gabriel project. When taking into account both aspects, the total disbursement for the San Gabriel project amounted to $127 million.
Leverage rate too.
Oh five times, the lowest in two years and within our target range.
Full year 2023, net income was 33 million negatively but it by 130 <unk>.
13.
<unk> million dollars noncash provision related to four months and that is good.
Capital expenditures in 2023 total $239 million.
$94 million allocated to the sunbelt.
Additionally, we are now in Buda me that next investment of 33 million in advanced payments for this that there'll be abroad.
When taking into account both aspects the total disbursement or something that would be a project amounted 200.
$127 million.
Leandro Luis Martin Garcia Raggio: We are pleased to share that our earnings received from Sao Valverde during the quarter have contributed up to $49 million, strengthening our overall financial performance. The company received a total of U.S. dollars 147 million in givings for the full year 2020. Production from Jumpax Pilot Stove began in November 2023, producing 2.3 million ounces of silver by year-end. UNPAC continued processing ore from the pilot stock through January 2024, after which mineral processing was suspended until definite operating permits were obtained, expected by the end of the first quarter of this year. The UNPAC is therefore expected to re-initiate mineral processing in the second quarter of this year. Record 2023 copper production resulted from successful migration to a massive underground network enabling El Brocal to ultimately achieve an average of 10,800 tons per day during the fourth quarter of 2023. Surpassing the targeted 10,000 tons per day underground mine exploration rate, our consolidated production of copper, silver, and gold throughput 2023 has yielded the following results. 58,000 tons of fine copper attributed to the exceptional production of the Gorkal, meeting the upper range of the Gaia.
We are pleased to share that word.
You see it from something a little bit during the quarter.
Due to.
Two nine.
Up to $49 million 20.
Our overall financial performance.
The company received Bordello U S dollar 147 million ill give.
Dividends for the full year 'twenty.
Well that chunk of duplex bylaw bespoke began in November 2020 as well.
<unk> seen two 3 million ounces of silver, but E. R M.
But on the new processing ore from the plan.
Although the scope.
January 20th century pool.
There, which mineral processing was suspended.
Right.
Okay.
Fix it by the end of the first quarter this year.
But in this airport.
Neither of those I think that's it.
Okay.
Okay.
23 corporate provide Shaw.
So obsessed with duration match it on their own metal and neighboring enabling it broke out.
<unk> achieved an average of 10.
<unk> thousand 800 tons per day during the fourth quarter.
So question you started that 10000 Boes per day.
Underground mine exploration.
Our consolidated production of copper silver and gold through 'twenty three.
That's yielded the polo episodes.
58, Belles impulse buying corporate.
Sexual production of it broke up.
In the upper range of the guidance.
Leandro Luis Martin Garcia Raggio: 9.2 million ounces of silver achieving the full year guidelines. During the fourth quarter of 2023, Uchuk-Chakwa and Yucat contributed with 2.6 million oz. 155,000 ounces of load with consistent production of orcopampa.
$9 2 million.
Even the full year guidance.
During the fourth quarter of 'twenty.
Sure.
What do you with it.
Two 6 million.
Well.
55000, Boes as well with.
We've got a system production local court Oracle.
Leandro Luis Martin Garcia Raggio: This production enabled us to surpass the upper range of the guide dogs. Moving on to our cost structure in slide 5, aligned with our strategy to increase our copper exposure, we are showing the all-in sustaining cost figures as copper and gold equipped. Here you can see that our 2023 all-in sustaining goals have been reduced by 8% and 27%, respectively, year over year. This redaction is primarily attributed to copper production at El Brocal and silver production at Yumpa. However, it is important to mention that both PUs are sponsored on a basis and include 100% of Buenaventura, La Zanca, and El Brocal. Moving on, the cost applicable to sales strength. As you can see, the prioritization of copper ore at the mine and the ramp-up in the underground mine are translating into a 10% cost reduction year over year. Silver cash has decreased 3% year-over-year, primarily driven by lower costs during the fourth quarter of 2023 with the contribution of Puchumchaco and Yumpa Silver Oil. Gold gas has remained relatively flat year over year despite the research depletion at La Sanja and lower production in Camomile.
These production and they last a surplus that upper range of the guidance.
Moving onto our it goes to a structure that aligns.
It aligns with our strategy to increase our corporate exposure, we are showing the all in sustaining cost.
Goldberg and Golar igloo.
Here you can see that there were plenty of all these things help reviews by 8% and 27% respectively year over year.
This reduction was primarily due.
Oh boy, there's a lot of that.
Oh I see their production line.
However, it is important to mention that both the consolidated basis I mean.
Central Florida.
Okay.
Moving on the cost applicable to sales trends.
You can see the reorganization of corporate or are they both got it.
And the ramp up in the other.
<unk> mine is translating into a 10% cost reduction year over.
She's right guys.
Decreased 3% year over year, primarily driven by lower cost during the fourth quarter.
With regard to erosion of a controlled chart, one doomed but seaworld.
Got it.
Relatively flat year over year, despite the recession.
Lower production number Mike.
Well that makes it like we will be presenting.
Leandro Luis Martin Garcia Raggio: On the next slide, we will be presenting the free cash flow generation. During 2023, we reduced our cash position by $34 million, primarily due to the intensive capital expenditure campaign, which includes San Gabriel. The bidder to pre-cash flow reconciliation is explained by the following breakdown of in, close, and out.
Cash flow generation.
During 2023, we review so like basketball season by $34 million primarily due.
Due to the intensive capital.
Capital expenditures have been reduced.
Sungard yet.
That'd be great.
Free cash flow reconciliation is explained by the following breakdown.
Oh no.
Leandro Luis Martin Garcia Raggio: Ed Rocal, Jorge Pampa, and Zambo Mayo have been the main contributors for the 2020 ADR. Guaylazán, Japulcana, and Uchuachua had a negative ADR due to the lower production for the first two assets and care and maintenance at Uchuachua for the first nine months. However, we recorded a positive ADR for the fourth quarter of 2023 thanks to the resumption of cultural charcoal production and the contribution of you. As we have mentioned before, Buenaventura is going into a growth phase with an extensive capex related to Yumpac and San Gabriel. This has been partially offset by the dividends received from Cerro Verde.
Got it.
That's been the main contributors for the 22.
That's right.
Got it.
Lower production for the first two us I've got them.
Sure.
For the first nine months.
However, we recorded a positive it means that for the fourth quarter. Thanks.
Thanks Louis.
Oh, okay.
Yep.
As we have mentioned before.
That is more into a growth phase.
AMC topics related to <unk>.
So I've been really.
Really upset by the dividends received from several of them.
In the following slides I would like to illustrate that were made for flagships.
Leandro Luis Martin Garcia Raggio: In the following slides, I would like to illustrate our main four plans. First, impact production at full potential once the definite operating permits have been obtained, expected by the end of the first quarter of 2024. El Brocal. Second, El Brocal underground mine expansion at 12 tons per day in the following two years. Third, San Gabriel Rampart and the first gold bar during the year 2025.
First you're producing at full production once they are definitely.
Okay.
In the first quarter of 2020.
Or.
It broke up.
Underwhelmed by inspection expansion at dwell zones, but they in the following two years.
Sure San Gabriel ramp up first of all but you are in that journey.
2025.
And the total revenue.
Similarly between one kind of around 2015.
Hello.
As you can see a reflection monies over it over.
Over over 10 years.
Interrupt our reserves and resource extraction.
David.
Sure.
Okay.
Leandro Luis Martin Garcia Raggio: And for Cerro Verde dividend distribution for approximately between $120 and $150 million in the following year. As you can see, our flexing mines have been undergoing 10 years of uninterrupted research and resource extraction. We have updated our resource on residual values. Show it.
We have one 9 million tons of reserves, along with an additional one 1 million.
Okay.
Silver we have 120.
28 million ounces of reserves with you, but making a significant contribution at.
Additionally, we have $199 million of resource.
Lastly.
Well, we've got $2 8 million all sorts of reserves with Sungard and he has been our primary.
Primary due to low production source. Additionally, we've got three point, but neither one of us.
Leandro Luis Martin Garcia Raggio: In Copa, we have 1.9 million tons of reserves, along with an additional 3.1 million. Stones of Resource, Silver, we have 100.28 million ounces of reserves, with DUPAC making a significant contribution. Additionally, we have 199 million of resources. Lastly, in gold, we have 2.8 million ounces of reserves, with San Gabriel being our primary future gold production source. Additionally, we have 3.5 million ounces of reserves
Yeah.
Moving forward to our.
So I need to import guidance.
If we are edition of poker or the.
Our ramp up the underground mine will enable us to maintain an onward Goldberg production in 2020 for between 55000 Boes, a 60 60000 Boes.
But per year.
She was there production, we achieved 65% year over year increase primarily due to the positive or to check what do you see that.
Well production.
<unk> decreased by 12% year over year, primarily due to the reduced well there wasn't a lot.
Leandro Luis Martin Garcia Raggio: Moving forward to our 2024 guidance. As evident, the prioritization of copper ore at El Bocal and the ramp-up in the underground mine will enable us to maintain an annual copper production in 2024 between 55,000 tons and 60,000 tons per year. Silver production will see a 65% year-over-year increase, primarily due to the contributions of Uchucahua and Yumpa silver ores. World Production will decrease by 12% year-over-year, primarily due to the reduced contribution of cambomayo gold oil.
Some of my own well.
Lastly, it is also relevant.
'twenty 'twenty four we SPN executing between 300 $320 million of Capex.
Approximately to underwrite to any allocated to development of some value there.
Total capex estimate.
For the project.
Let me review due to some delays and escalation of costs.
We are continuously looking for optimization and efficiencies in the project to control it but the but the capex as much as possible.
Moving on to slide 10 in the next year.
And through that we'll be focusing most.
Airports inside of that budget.
You will be a relevant contributor to the company's button.
We will add more than 14 years of life of mine to the Gulf.
Nobler 14 theaters, we'd consider there ourselves.
Leandro Luis Martin Garcia Raggio: Lastly, it is also relevant that in 2024, we estimate executing between $300 and $320 million of CAPEX, with approximately $220 allocated to the development of San Gabriel. The total CAPEX estimates for the project are being reviewed due to some delays and escalation costs. We are continuously looking for optimization and efficiencies in the project to control the CAPEX as much as possible. Moving on to slide 10, in the next year. Buenaventura will be focusing most on the Airports in San Gabriel project because it will be a relevant contributor to the company's value.
On this slide you can see the project's brokers work, thereby sport.
In the upcoming quarters, we will complete the installation of the concrete plant and the construction of a pickup.
On the next slide we are showing the Earth movement activities for the processing plant.
On Slide 11, you can see the progress of the construction until the end of the headboard.
2023 Whiting right.
So we can see an update on the construction before the end of the 20th century by the by 2023 year and we have here.
Eight.
Does it.
Meters or material I've got over 250000 cubic meters.
On the next leg, we show a Gaba a fedora.
All other components are a component of it brought along with it.
So the end of the fourth quarter of two.
2012.
So you can see this on this.
Leandro Luis Martin Garcia Raggio: It will add more than 14 years of life to the mine to the company and another 14 years if we consider the result. On this slide, you can see the project progress quarter by quarter. In the upcoming quarter, we will complete the installation of the concrete plan and the construction of the campus. On the next slide, we are showing the earth movement activities for the processing plant facility.
Oh, I'm, sorry, with a 98% of brokerage and over 1000 beds already installed.
The photo.
The board doesn't show that brokerage of the maintenance storage area, where we already have 40% of the equipment on site.
But it takes a little bit about radio right, the Peru, but our passports.
Passport to the site.
Finally, I would like to finish the presentation with a couple of those remarks.
First San Gabriel will allow us to stabilize our boat production.
Leandro Luis Martin Garcia Raggio: On slide 11, you can see the progress of the construction until the end of the third quarter of 2023, while on slide 12, we can see an update on the construction towards the end of the fourth quarter of 2023. By 2023 year end, we will have filled over 80,000 cubic meters of material and cut over 250,000 cubic meters. On the next slide, we show a couple of photographs, other components, or components of the project along with their status as of the end of the fall quarter of 2023. At the top, you can see the San Gabriel definitive campsite with 98% of progress and over 1,000 beds already installed.
What kind of a 32.
In August this year.
Usually in the mid term.
We are on track of wheat, as we aim well with first gold bar by the second half or do I need to.
The ongoing success of viewpoint confirms that boost award glass pass it.
Mark by constantly right.
<unk> rates as we have mentioned it.
Yeah definitely operating permit.
By March.
Turning to the port.
It broke out east to strategically focusing on the Goldberg underground mine maximizing margin.
Gearing up for a robust ramp up with those.
And those but in the meantime.
We are ensuring funding for our world project and sustaining capital expense.
Thank you for your attention I will hope that goes back to the operator to open the line for questions operator. Please.
Okay.
Thank you Sir if you would like to ask a question. Please press Star then one on your telephone keypad.
Leandro Luis Martin Garcia Raggio: The photograph at the bottom shows the progress of the main storage area, where we already have 40% of the equipment on site. 30% of the equipment has already arrived in Peru but is pending to be transported to the site. Finally, I would like to finish the presentation with a couple of closing remarks. First, San Gabriel will allow us to stabilize our bulk production at 130,000 to 150,000 ounces yearly in the medium. We are on track as we aim for our first gold bar by the second half of 2022. The ongoing success of Jumpang confirms its status as a world-class asset, marked by consistently high silver rates.
If a question has already been addressed and you'd like to withdraw your question. Please press Star then two.
Once again that is star then one if you have a question.
We will pause momentarily to assemble our roster.
And today's first question comes from our assays are Perez novoa, whereas BTG Pactual. Please go ahead.
Yes.
Good morning to everyone and congratulations.
<unk> for your for your results by the way. So I have three questions. If I may my first one relates to your material operational improvement in the final quarter of the year, which amongst several operational enhancements and and of course, you're bucking that.
And that's an important rise in in operating performance I mean, the avatar, how should we think about costs in in 'twenty 'twenty four and what the thought that was reported in the final quarter of the year be a new level going forward of course, assuming a stable prices Oh could you call me.
Leandro Luis Martin Garcia Raggio: As we have mentioned, the definite operating permits are expected by March 2024. El Brocal is strategically focusing on the copper underground mine, maximizing margins, and gearing up for a robust ramp-up to 12,000 tons per day in the mix. We are ensuring full funding for our growth projects and sustaining capital expenditure. Thank you for your attention. I will hand the call back to the operator to open the line for questions. Operator, please go ahead. Thank you, sir. If you would like to ask a question, please press star then 1 on your telephone keypad. If your question has already been addressed and you'd like to withdraw your question, please press star then 2.
On the sustainability on costs that would be my first question. The second one relates if there is any situation on any of your direct operations that will encounter some sort of maintenance downtime in 2024 Ah if this would be the case.
Each quarter on four which operation and finally, there was an article in media that recently resurfaced that sounds that several that'll day appliance to execute a series of modifications and its production unit four for an investment of around $646 million.
César Pérez: Once again, that is star more than one if you have a question. We will pause momentarily to assemble our roster. And today's first question comes from Cesar Perez Novoa with BPG Pactual. Please go ahead.
César Pérez: Yes, good morning to everyone, and congratulations on your results, by the way. So I have three questions, if I may. My first question relates to your material operational improvement in the final quarter of the year, which among several operational enhancements, and, of course, you led to an important rise in operating performance in EBITDA. How should we think about costs in 2024, and would the EBITDA that was reported in the final quarter of the year be a new level going forward, obviously, assuming stable prices? Could you comment on its sustainability and costs?
If this would be the case, what was specifically involved and would this imply some expansion at the concentrate or if you could share some views on that and and and perhaps our production guidance for several rather than capex.
That would be extremely I would be extremely thank you.
Thank you Suzanne for your questions.
Well, we we foresee.
The cost to maintain in terms of copper and gold.
In line with 2020.
23.
Leandro Luis Martin Garcia Raggio: That would be my first question. The second one relates to whether there is any situation on any of your direct operations that will encounter some sort of maintenance downtime in 2024. If this would be the case, which quarter and for which operation? And finally, there is an article in the media that recently resurfaced that says that Cerro Verde plans to execute a series of modifications in its production unit for an investment of around $646 million. If this were the case, what specifically would this involve, and would this imply some expansion at the concentrator?
Last quarter it was.
In terms of any situation that I.
I think of where any of our Oh footwear units.
We have to mention that.
I'm going to let Jim we are expecting.
A permit that will allow us to continue.
The.
Works on our filing in the back.
More details maybe.
Danielle.
On catalog.
I'll give you more color to your question.
Thank you Carla.
Carlos Thank you for your question.
Nevertheless regarding calls operating paulson copper and gold, we foresee kind of.
It's still very stable calls, whether we had reported.
The tweak in language.
In the case of silver.
Now we have a full year with production Chappaqua Chapel mine and also <unk>.
Leandro Luis Martin Garcia Raggio: If you could share some views on that and perhaps production guidance for Cerro Verde and CAPEX, that would be very, I would be extremely thankful. Thank you, Cesar, for your questions. Well, we foresee the cost to maintain in terms of copper and gold in line with 2023.
We foresee.
Reduction from well, let's see.
Maybe.
Of the 19 bars also seaborne.
We believe in them.
To succeed Lawrenceburg also similar.
But it's going to be alarmed a year, because we are wrapping up a bunch of chunghwa.
Juan Carlos Ortiz Zevallos: In terms of any situation that could affect any of our units, we have to mention that in COIMBOL-LACHE, we are expecting a permit that will allow us to continue. Sponsored ADR, More details, maybe Daniel and Juan Carlos can give more color to your question. Thank you, Leandro. This is Juan Carlos.
We are expecting production.
Operation.
So I was going to be.
The Oasis.
Okay.
These two units.
Silver production.
Got it.
Both H O.
Downtime in any of these.
Units.
Additional risk so we've had delays in the permitting.
No we can achieve.
Juan Carlos Ortiz Zevallos: Thank you, Cesar, for your question. Yeah, regarding, as Leandro was mentioning, calls, operating calls from copper and gold, we've received kind of a cost stable cost from what we had reported in 2023 coming in line in 2024. In the case of silver, because now we have a full year of production in Chacoa, which is the Chacoa mine, and also in Yulapack, we foresee a reduction from what it was in 2033, maybe $19 per ounce of silver in 2033, probably coming down closer to $16 per ounce of silver in these two units.
And the first quarter.
But what I mean.
Make a week or two layer at senior risk opening up.
And in the case of collateral so sticky.
In order to field expansion of bats.
To continue with our leasing operations, so depending on the.
Our guidance includes the case that we have.
These are construction, let you.
Uh huh.
Any advance or any speed up or it will be.
And navigating the expected production against guidance that was published.
Okay. Thanks, a lot.
Sure.
Yeah.
Carlos.
The fourth partner.
We had a very strong EBITDA.
In the first quarter of this year, we will have a huge impact.
Our life for a couple of months. So this will impact the <unk>.
Or maybe third quarter.
For the full year, we expect a total EBITDA of around 220 $240 million.
Juan Carlos Ortiz Zevallos: But it's going to be along the year because we are ramping up production in Chuchacua, and we are stabilizing production in Chuchacua. So it's going to be a progressive gain because of these two units for... See you in a bit. Regarding the potential downtime in the name of the units, that's a potential risk, so we're delaying the permits in June. I don't know if there will be you for the end of the first quarter, but probably could make a week or two later. That's in the range of risk, hopefully not.
Alright, Thank you Danielle.
Thank you and our next question today comes from Carlos de Alba with Morgan Stanley. Please go ahead.
Yeah. Thank you very much and good morning, everyone. I'm, just maybe just a very quick follow up just ask <unk> question and your response.
On the EBITDA front of you on the water.
And what what commodity prices are.
Danny Daniela are you forecasting 200 to 240.
Juan Carlos Ortiz Zevallos: And in the case of Colmolaccio, we're awaiting some permits in order to build the expansion of paths to continue with our leaching operations. So also depending on that. Our guidance also includes the case that we are delaying this construction of Colmolaccio for the past.
Our economy things part of your question, the Frankford, where you've seen to this.
These estimates are.
19, <unk> hundred or copper and 500 and for silver in Q3.
Spyros.
Alright, Okay. Thank you Daniela and so the questions I have one I'll just mention one at a time and then we can have a conversation.
Daniel: So any advance or any speed up of the project will be a net gain on the expected production against our guidance that was published a couple of weeks ago. To add to what Juan Carlos said, in the fourth quarter, Cesar, we had a very strong EBITDA. In the first quarter of this year, we will have impact paralyzed for a couple of months, so this will impact the EBITDA of the quarter.
One is on the can you maybe provide a little more color on what what what you did in the in the earnings release regarding the tsunami situation the tax disputes.
What we just do not basically I understood you took a 112.
<unk> hundred 13 million provision is non cash because you've already made that payment, but does this indicate that the likelihood of maybe winning the case is.
Carlos de Alba: However, for the full year, we expect a total EBITDA of around $220-$240 million. All right, thank you, Daniel. Thank you. And our next question today comes from Carlos de Alba with Morgan Stanley. Please go ahead. Yeah, thank you very much. Good morning, everyone.
Is he has reduced how do you see the perspective of your your chances of eventually winning the case.
Where are we in the legal process.
And what comes ahead what are the next steps.
Thank you. Thank you Carlos for your question.
Carlos de Alba: Just maybe just a very quick follow-up to Cesar's question and to the response. On the EBITDA for the year, under what commodity prices, Daniel, are you forecasting this $200 to $240? Hi, Carlos. Thanks for your question. The prices that we are using for these estimates are, for gold, $1,900.00, for copper, $8,500.00, and for silver, $2,3000.00.
Actually we have registered east provision because of the well.
Based on the opinion of our lawyer.
The probability to win the case is lower than 50%.
So we.
We are.
Okay.
Stand up we should.
And register.
Hum.
These write offs.
In the case is not there's no did we continue a second phase that will be.
In the constitutional.
Court.
So.
And that being that stage, we expect to recover our position and.
Daniel: Donor's Bureau. All right. Okay. Thank you, Daniel.
To date the trial should go back to the Supreme Court.
Carlos de Alba: So the questions I have, one at a time, and then we can have a conversation. One is, can you maybe provide a little bit more color on what you did in the earnest release regarding the SUNAD situation, the tax disputes with SUNAD? Basically, I understood you took $113 million in provision. It's not cash because you already made that payment.
This is for all either.
A bulk of the OLED driver of the process.
The news regarding the years 'twenty 209 and 10.
So there is a little.
A lot of time to do.
It's.
It's baked in and we should and ongoing news.
Okay, and and and so.
So the next step is for you to file them I.
Carlos de Alba: But does this indicate that the likelihood of maybe winning the case has reduced? How do you see the perspective of your chances of eventually winning the case? Where are we in the legal process? And what comes ahead?
I guess, a an appeal.
On the in the Constitutional court right by would you have not done that and if you haven't what when do you plan to do this and typically is there any in any rule of thumb any speculation as to how long the process at the considering our core could last.
Daniel: What are the next steps? Thank you. Thank you, Carlos, for your question. Actually, we have registered this provision because, based on the opinion of our lawyers, the probability of winning the case is lower than 50%.
We have already we have already done this.
And the same.
We are expecting in the following months.
Daniel: So I will be. Accounting Standards, we should register this. The case is not dead; we continue the second phase that will be in the Constitutional Court. At that stage, we expect to recover our position, and the trial should go back to the Supreme Court. This is only a part of the whole trial of the process. I miss regarding the years 2002-09 and 2010 so there is a lot, A lot of time to expect, and we should, it's ongoing news. Okay, and so the next step is for you to file, I guess, an appeal in the Constitutional Court, right? But you have not done that yet. And if you haven't, when do you plan to do it? And typically, is there any rule of thumb, any expectation as to how long the process at the Constitutional Court could last?
An answer from the ownership.
Right Okay.
Thank you and then my next question Nissan jump back and the permits are you you mentioned the personally that you expect to receive them in in this in the first quarter.
Hum.
How certain are you of these do you have any indications that he could this potentially could be delay M into into the second quarter and third quarter and yeah. How confident are you that the impact will start really ramping up again in the second quarter.
Well.
In terms of Birmid, you know that they're going through.
I mean as patients try make airports too.
To the OLED administer those.
We.
Do have short times due to the grant.
Carlos de Alba: Carlos, we have already done this in December, and we are expecting to have an answer from the summa in the following months. All right. OK. Thank you. And then my next question is on Jompaq and the permits. You mentioned in the press release that you expect to receive them in the first quarter. How certain are you of this? Do you have any indications that this potentially could be delayed into the second quarter or third quarter? Yeah, how confident are you that Jompaq could start really ramping up again in the second quarter?
We are in a daily basis.
We have meetings with the organizations.
Organizations.
We already do.
Take all the questions that they have to allow us to.
Half the beach to be granted this permit as soon as possible we were making all the airports two of it.
Before.
The quarter end this year.
Okay.
Leandro Luis Martin Garcia Raggio: Well, uh. In terms of permits, you know that the country, the administration, is trying to make efforts to give all the administrators shorter times to grant the permits. On a daily basis, we have meetings with the organizations and the authorities to save all the questions that they have to allow us to have this permit granted as soon as possible. We are making all the efforts to have it before the year, the quarter ends, probabilities. I cannot tell you, but be sure that we this is one of our daily jobs that we have to do daily. Sponsored ADR. Got it, Gabe.
I'll tell you.
But.
Be sure that we this is one of the our daily.
Yeah.
Jobs that we have to do they need.
Got it.
Fair enough and then just my last question.
And for you Landover Omega rocket.
How do you envision that the these new face of the company with a very.
A relevant second large shareholder and then now my understanding of these potentially could receive two seats in the board of directors and how do you. How does this change the name the company aim high.
Leandro Luis Martin Garcia Raggio: Fair enough, Leandro. And just my last question for you, Leandro, or maybe Roque and Raul. How do you envision this new phase of the company with a very relevant second large shareholder that, now, my understanding is potentially could receive two seats on the board of directors? How does this change the company? How do you see the company going forward and what do you expect in terms of this relationship with Antofagasta? Well, Carlos, as management and all the corporate staff, we are very comfortable with the business plan and the strategy we have. Maybe we have not talked with you before.
Do you see the company going forward.
What are you speaking just with these relationship with with Antofagasta.
Well Carlo.
As a reminder.
All the corporate we are there.
Comport double with the business plan and the strategy we have.
And maybe we have not talked to you.
But by that stage yet.
We just received the approval of the.
Shareholders to increase the number of those so we will keep we will respect.
Our first meeting.
Maybe you.
You want to add.
Maybe sort of comment.
Roque Benavides Ganoza: The sponsored ADR received the approval of the shareholders to increase the number of directors. So we will see. We will expect our first meeting. Maybe, Roque, if you want to add additional comments. They are important shareholders, and we respect all shareholders.
And they are important for a hold off on.
We thank all our shareholders.
To get there.
Couple of names.
The demand.
And.
Got it.
We are proposing.
The shareholders' meeting.
Roque Benavides Ganoza: They suggested a couple of names, Mr. Iván Arriagada and Mr. Andrónico Lupsic, and we are proposing those names to the shareholders meeting for approval. I look forward to an excellent relationship. I happened to know Mr. Androniko Luxik, the founder, many years ago, and I think the industry has a lot of respect for Antofagasta, so we hope to work together in a very constructive way; there is nothing more than that.
Uh huh.
I, Oh, Oh Oh.
Hum.
Yeah.
Hmm Renault Nissan.
I am running Kolache founded many years ago.
I think the industry a lot of respect for them.
We hope to work together.
And.
In a very constructive way.
More than that.
Tanya Jakusconek: Thank you, Roque. Thank you, Leandro. Thank you. And as a reminder, ladies and gentlemen, if you'd like to ask a question on the audio call, please press star then 1. If you are listening via the webcast, you may also ask questions via the webcast platform. Today's next audio question comes from Tanya Jakusconek with Scotiabank. Please go ahead.
Thank you Rocco Thank you Andrew.
Thank you and as a reminder, ladies and gentlemen, if you'd like to ask a question on the audio call. Please press Star then one.
If you are listening via the webcast you may also ask questions via the webcast platform.
Today's next audio question comes from Tanya <unk> with Scotiabank. Please go ahead.
Tanya Jakusconek: Great. Good morning, everyone, and thank you so much for taking my questions. And Roque, if I can just follow up on Antofagasta, it seems from your comments that you haven't really sat down with them to see exactly what they want. I mean, we listened to their conference call in terms of what they mentioned, but I'm more interested in whether you've been able to have conversations with them.
Great Good morning.
Thank you so much.
My question's on Rocky if I can just follow up on the.
Okay.
And then it seems from your comment.
Got it.
With them to see exactly what they want I mean regression.
In terms of what you know.
I'm more interested in if you have been in April.
And correct them.
Well, we are doing in the meantime.
Roque Benavides Ganoza: Well, their interest, essentially, as a copper company is in the Peruvian market and in the copper assets of Buenaventura. As you know, we have Trapiche, and we have Colmolache, we have La Sanja, obviously we have Brocal, and we have an equity participation in Cerro Verde. So that is what they have told us is their interest, and they will participate as any other company, at arm's length. If they want to contribute to developing the project that we have under development, they will have to participate as any other company, as we are talking to people like Tomitomo or BHP in the case of Colmolache, but as shareholders, they will be part of our board, and they will contribute with their knowledge, and I think it is So they were interested in sort of all of your copper assets because, you know, as you know, they're mostly open pit miners, so they're also interested in the underground operations.
It's actually been a copper company.
In our in the Peruvian market.
Indeed in the Colorado.
And with our own Judah as you know we have the <unk>.
Uh huh.
Huh.
Okay.
And we have an equity participation.
So that is what they have the homebound.
Yeah.
They will participate.
Our company arm lung.
They want to.
<unk>.
Continues to be one of the.
Projects that we have under development.
They wouldn't have.
Any or all of them.
Amit we are talking to people like sumitomo or <unk>.
<unk> been the indicate.
Okay.
Uh huh.
Sure.
It will be part of our board.
And they will continue.
No Nate.
I think it is.
Uh huh.
On the company.
So okay.
Yeah.
You know as you know them.
Most of the open pit mine life. So they're also interested in the.
Underground operation.
Roque Benavides Ganoza: And are they interested in Trapeze, maybe being, you know, helping on the development like a BHP, like you mentioned? Would they be interested in being a partner in Trapeze? Well, if they are interested, like any other company, we will open, and they will have to sign a DNA or whatever you call it. Yes, an NDA, an NDA. And yes, why not? Antofagasta is a first-class company, and they specialize in copper and, as you say, in open-pit mines. So, nothing extraordinary, Tanya. Nothing extraordinary.
Are they entrepreneur peachy, maybe being you know helping on the development of PHP like you mentioned would they be interested in.
Being a partner.
Sure.
Well no.
Right knee.
Uh huh.
Well one of the other company, we will not come up.
They will happen.
<unk> DNA or.
Yes.
A N D <unk>.
Why not.
Hum.
As a company.
They are specialized in copper and you say.
We will not compete mountain no nothing.
Nothing nothing extraordinary nothing.
Okay.
Okay, No I really really appreciate it.
Tanya Jakusconek: Okay. No, I really, really appreciate that. Thank you so much, Roque, for that. Can I just ask... Maybe a couple of things on just some modeling questions from Daniel, and then I want to come back to San Gabriel. Just on the modeling side, Daniel, should I be looking at your 2023 level for exploration, GNA, and selling expenses, and is that a similar level for 2024? Yes, Tanya.
Thank you so much.
Yes.
Can I guess.
Hmm.
Maybe a couple of things.
Some modeling questions from Danielle.
To come back.
P. J just on the modeling side that Danielle should I be looking you know our 2023 level for exploration.
G&A and selling and Paragon is that a similar level of FY 'twenty 'twenty four.
Yes, Danielle or exploration.
Daniel: For exploration, you should estimate around $45 million from brownfield explorations and an additional $10 million for greenfield. The DNA should be similar to the first to third quarter of this year. Remember that in the quarters three and four, we had an amortization of the deferred sweeping asset at El Brocal. So if you want to model, you should take the DNA similar to the first two quarters of the year. You know, that's where I can help.
Sure.
Estimate around $45 million from brownfield explorations.
Additional $10 million for Greenfield.
D&A should be similar to the first through third quarter of this year remember that in the call.
<unk> three and four we had a.
And the amortization of the deferred.
Stripping.
So if you want to model.
Should take.
Similar to the first two quarters of the year over year.
Okay. No. That's very helpful. Thank you so much for that that's helpful.
Tanya Jakusconek: Thank you so much for that. And then, can I come back and ask about the assets? when we were at Investor Day and congratulations on selling one little asset in the quarter. We talked about selling some of the assets to help fund the balance sheet on top of the Sierra Verde dividends that we're receiving. Where are we on the Yanicocha royalty sale? I know we talked about it at the investor day. There were 13 potential buyers.
And then can I come back in.
When we went to Investor day.
Graduation, and selling Wonderland.
In the quarter, we talked about.
Some of the assets.
On the balance sheet on top of that.
That's very clear.
And where are we on the culture of loyalty and Dale I know, we had talked about at the Investor day, There were 13 and a potential buyer.
Daniel: Can you just talk about where you see asset sales in Q1? Of course, thank you. We are still in the process of selling Royal Jeans. We have received five non-binding offers since February 15.
You just talk about why you see asset.
Thanks.
Okay.
Yeah, Hey, Hello.
Please go ahead, okay. Thank you Amanda can you spend yet we're still in the process of selling the royalty and we have received.
Five nonbinding vote nonbinding offers.
Daniel: The idea is to elect the one who passes the Neumann raffle and maybe make a potential site visit to Yanacocha at the end of March. And finally, the idea is to receive the binding offers on April 15, and then choose one and go ahead. Okay, so it seems as though Neumont is not involved, it's just other players besides Neumont, and you would like to finalize by April. Yes, we love you. And then I'd like to come just to San Gabriel if I can.
Since the February 15.
Yeah.
To our neck.
Well one.
In fact, the workflow.
Hum.
Newmont.
Hum.
Maybe makeup of Daishowa DC DC to yen and good job on March <unk> at the end of March.
And finally, the I used to receive the Baidu Northland on April 15.
Yeah.
And then.
<unk> one <unk>.
Go ahead.
Okay.
No I didn't.
Sure.
Yeah, Mark and you would like to finalize by April 15.
Yes exactly.
Okay.
And then I'd like to come.
Al if I could I just wanted to understand.
Tanya Jakusconek: I just wanted to understand, I see the picture of the camp, a thousand beds. So, is the camp done? And what are the critical items for 2024? And then, at Investor Day, we were also told that we would be getting updated capital and operating costs. Can you remind me when that comes? Yes, Tanya. I turn the microphone to Renzo. My special friend, of course.
See the picture of the camp.
So is Kim Dang.
What are the critical items for 2024.
And then at the end.
We were also told that we would be getting uptake capital.
Operating costs.
Remind me what is coming.
Yes Tanya.
I'll turn the microphone to rental.
As presented.
Thank you Hi, Hi, Tanya.
Renzo Macher: Thank you. Thank you. Hi. We have 1,000 beds ready, and besides those beds, we already have another 1,000 beds in the vicinity of the project. That will not be a problem.
Okay.
Hi.
1000 beds rainy and besides those bets we already have another 1000 beds.
Nearly <unk> of the project.
That will not be a problem what are you seeing the picture.
Renzo Macher: What you see in the picture is... finalizing sidewalks and finalizing the, our emergency power plant at the site, those little things that are missing. The main constructor for steel, piping, and mechanical will arrive next month, so we're going to have everything done by that date. The second part of your question about what we should expect in 2024 and, Well, the first concrete pool should be in the second quarter, and power line construction should start as well in the second quarter of this year. In the third quarter, we think we're going to be starting with an electrical and signal contractor and finally finishing the year with a very good advance on the water dam before the rainy season starts.
Yeah.
Finalizing sidewalks and Finalization there.
Yeah.
Our emergency power plant at the site.
Things that are meeting the main contractor for steel piping and mechanical right in the next months, how we're going to have everything done by that date.
And the second part of your question about what what shall we expect in 2024.
And.
Well the first concrete push will be.
In the second quarter.
And.
Power line construction should start as well in the second quarter of this year.
In the third quarter, we think we're gonna have you starting with that with electrical and signal contractile and finally, finishing the year.
Very good advanced with the with the water dam.
Before you're going to see some starts.
And.
Renzo Macher: I think your last question was about the updated capex, and Leandro was saying, we are currently working on that for the next quarter; we're going to be giving the definite estimate now. Okay, so when you report your Q1 sometime in April, the end of April, maybe we will be getting an updated CAPEX. And what about the operating... Hmm, do you mean the optics?
I think your last question was about the.
Updated capex as <unk> seen we are currently working on that in the next quarter, we're going to be giving that.
Thank you Dan estimate numbers.
Okay. When you report Q1.
In April the end of April maybe we will be getting an updated capex and what about the operating cost.
Okay.
The opex.
Tanya Jakusconek: We are going to be finishing in the third quarter of this year. 4 p.m. Yeah. Okay, so we have that. The update on CAPEX should be for the conference call of the second. Oh, conference call of Q2, so it's going to be sometime in July. Yeah. CAPEX in July and then OPEX in Q3, so October.
We're gonna be finishing in the third quarter of this year.
Omar.
Great.
Yes.
Okay.
Okay.
They are the updated capex should be for the conference call of the second quarter.
Mhm.
Oh conference call of Q2, so it's going to be sometime in July.
Yes.
Capex in July.
Q3, So October.
Yes.
Renzo Macher: Yeah. Okay, so thank you so much for that. We'll look forward to getting those because those numbers, as you know, are quite stale. They've been there for a long, long time.
Okay. Thank you so much for that so we'll look forward to getting known cause those numbers I guess.
They've been there for a long long time.
Tanya Jakusconek: And then my final question, if I can, is just on Trapeze. I'm just wanting to know if you started the public assemblies yet. Oh, sorry. Are they still going to be starting in Q2?
And then my final question, if I can just on capital G. I'm just wanting to know.
Again I'd be public assembly.
No no sorry are they still going to be starting in Q2.
Is the seasonality still on track for the end of <unk>.
Renzo Macher: And is the feasibility still on track for the end of 2026? Yes, sir. So yes, we, we. Our environmental impact assessment was submitted, and the public assembly should happen in April, on April 10th. And yes, we're still on track for a feasibility study towards 2020. And at that point, it was... Yeah, and would it be fair to... Yeah, would it be fair to assume that once you have the feasibility study in hand, that is when you are going to be looking for a joint venture partner? Yes, Tanya, this is the idea. As soon as we have the feasibility study done, the idea is to choose a partner.
2020.
Yeah.
Yes.
So yes, we.
Our environmental impact assessment and wasn't immediate and.
I'll make a sand issue happened.
In April the April.
And yes, we're still on track.
Since you really started almost 22006.
Alright.
All in all.
Yeah, and what do you prefer to go ahead.
Yeah. It would it be fabulous stem that once you have the feasibility study in hand that is when you are going to be looking for a joint venture partner.
Yes. This is the idea so now who has the visibility study done.
Through truthful apartment will look for a partner.
Tanya Jakusconek: We'll look for a partner. Okay. Thank you so much for taking all my questions. I could go on all day, but let me pass them on to somebody else.
Okay. Thank you so much for taking all my questions that could go on all day.
Let me pass it onto somebody else I really appreciate it.
Omar Abelaneda: I really appreciate it. Thank you. And our next question today comes from Omar Abelaneda with Prima AFP. Please go ahead. Good morning to all.
Yeah.
Thank you and our next question today comes from Omar well and ended up with pretty much.
Please go ahead.
Good morning, Paul. Thank you for the call I have a couple of questions I guess I missed a little part of all of that.
Omar Abelaneda: Thank you for the call. I have a couple of questions. I guess I missed a little part of the call, so maybe you have already answered this, but I would like to know what is needed to have a fully operational June tax.
So maybe you have and what it is but I would like to know what is it needed to have a fully operational.
Leandro Luis Martin Garcia Raggio: and since the second quarter of 2024. And my second question, and last one, is regarding Cerro Grave. What are your expectations on CAPEX for this unit on other races for the next three years? Thank you. Thank you, Omar. Thank you for your participation; the pulley operations are expected to begin in the second quarter of this year. We are just waiting for the operational permit that will allow us to resume the operations in June. In the case of Cerro Verde, we... The figures budgeted for this year and the CAPEX today that is approved and planned are around $300 million dollars in line with the CAPEX that is approved. We have been used to in the last couple of years. That is the campus we know today.
Yeah.
They havent quite title 'twenty 'twenty, four and my second question and less long east.
And what.
What is your expectations on Capex for these unique Oh no license for the next three years. Thank you.
Thank you Omar Thank you for your participation.
That's our view.
Good.
<unk> operations.
We expect.
To begin in the second quarter of this year, we are just waiting for the operation and now for <unk>.
And then allow us.
Two we assume.
The operations in June.
And the gateway zero a little bit.
We.
We.
I'll review the budget for this year and the E U.
Capex.
Today.
If approved then Glenn it's around three.
$300 million.
In line with the Capex.
We have been used.
Used to in the last couple of years.
So that you can pick up as we know to me.
Daniel: The other projects are in Evaluation. I. I. I. I think. OK, so just to add an additional question, this news that we saw in Sistión related to this $600 million of cash in Cerro Verde does not change your views at all regarding dividends coming from these units, right? Well, as I told you, Marty, the News that we are appearing in.
The older projects are in.
Okay evaluation.
I think.
Okay. So just to and there's no question.
The news that we saw.
Well it could be 600 million.
Uh huh.
And in that way.
It does not change Amy.
Oh, you'll appeals.
Okay.
Dividends come in some regions.
Well as I told you might be in there.
<unk>.
You said that the bid.
Hum.
It's.
Omar Abelaneda: It's currently in evaluation, right? The plan today and the figures that we have are that the capex for this year is $300 million. We should have more information in the following meetings with them. Okay, perfect. And if I may, one additional... Question, this 600 million CAPEX is not only for just one year, right? I guess it could be for a couple of years, three years, is not going to be disbursed in one year only, right? Yeah, it is a kind of a, it's a permit, it's an IPS.
He is currently in the evaluation right.
We plan today.
Figures that we've got.
Ed.
The Capex for this year is $300 million.
Should go up more.
Information and the following meetings with them.
Okay.
If I may one quick.
The 600 million.
Capex is not only for gas when do you know I guess it could be a couple of ideas.
It sounds like.
He is not going to be disbursed and once you're on the line.
Yeah.
It is a I know.
So Permian 90, yes.
Omar Abelaneda: And the IPS is not for one year only, no? Okay, perfect. Thank you very much. Congratulations on the results. Thank you, Mark. Thank you. Ladies and gentlemen, with that, we will be concluding today's audio question and answer session. I would like to turn the floor back over to Gabriel Salas, Investor Relations Officer, for any webcast questions. Thank you, operator. The first two questions come from Isabella Pacheco from Bank of America. How do you see net leverage in 2024? What was the main factor contributing to a positive EBITDA in Q4 2020? Maybe Daniel can... help us with that question? New general.
And the idea is.
Not for one year on Reno.
Okay perfect. Thank you very much.
Appalachian song.
Thank you Laura.
Thank you, ladies and gentlemen with that.
Well, we will be concluding today's audio question and answer session I would like to turn the floor back over to Gabrielle <unk> Investor Relations officer for any webcast questions.
Thank you operator.
The first two questions come from Israeli Pacheco from Bank of America.
How do you see net leverage intended didn't before.
What was the main factor contributing to our positive EBITDA in fourth quarter 2023.
Maybe Daniel.
And help us with that question.
Yes Hello.
Daniel: In terms of net leverage, we ended this 2023 with two times net debt over EBITDA. As we mentioned before, we have a facility with different banks of $200 million of revolving facilities that we will use when we need the cash to fund San Gabriel in the short term. Probably, we will be using around $150 million from these facilities. As a consequence of this, the leverage ratio should come up to around three times, which will be the maximum that we expect by the end of this year.
In terms of the net leverage we ended this.
2023.
Two times net debt over EBITDA.
As we mentioned before we count with a facility or different.
With different banks.
Dollars of revolving facilities.
We will use.
When we need the cash to fund ongoing in the short term.
We will be using around $150 million from from this these facilities and these women.
As a consequence of this the day laborers regional should come up to around three times, which will be the maximum that we expect by the end of this year.
The second question regarding the <unk> the fourth quarter. There were basically three factors one is the sale of conductor.
Daniel: The second question regarding the EBITDA of the fourth quarter. There were basically three factors. One was the sale of Contacto, which contributed around $38 million to the EBITDA. The second factor was the stronger production and volume sold from El Brocal.
Contributed with around $48 million.
The second factor was the stronger production and volume sold from <unk> and finally.
Daniel: And finally, the restarting of operations at Uchuchacua and Yumbac that contributed around 2.8 million ounces of silver to our P&L. Thanks, Daniel. The next question comes from Orlando Barriga from Credit Corp Capital: How much of Jumpex's costs were classified as CAPEX during the fourth quarter of 2020? Yes, there were $10 million of development costs that were not inputted into the cost of sales because we count with an exploration permit. So the number for the following years to be amortized is $10 million.
Restarting operations to Chunghwa in June bug that contributed with around $2 8 million ounces of silver to our P&L.
Thanks Danielle.
The next question comes from Orlando area from Credit Corp capital.
How much of your <unk> costs were classified as Capex during the fourth quarter 2023.
Okay.
Yes, there were $10 million of development costs.
Were not included.
Two the cost of sales because we count with an exploration permit so.
Yeah.
The number for the following years to be a mark to safety.
Yes.
Daniel: Thanks, Daniel. At this time, there are no further questions. I would like to turn the call over to the operator.
Thanks Danielle.
At this time there are no further questions I would like to turn the call over to the operator.
Gabriel Salas: Thank you. That concludes the question and answer session of today's conference call. I would like to turn it back over to management for closing remarks. Thank you very much.
Thank you that concludes the question and answer session of today's conference call.
Like to turn it back over to management for closing remarks.
Thank you operator.
Before we finished with it.
Operator: For today's conference call, I would like to thank you very much for making the time to join us. Again, you have a great day today. Thank you very much. Thank you. Ladies and gentlemen, that concludes Buenaventura's fourth quarter 2023 earnings results conference call. We would like to thank you again for your participation. You may now disconnect and have a wonderful day. Yeah. Muy bien, Thank you. Muchas gracias. Good. Sponsored ADR
As a competitor.
I'd like to thank you very much for making the time to join us.
Uh huh.
So.
Again, you have.
Great day today, Thank you Brian.
Thank you, ladies and gentlemen that concludes one of insurers fourth quarter 2023 earnings results Conference call.
We would like to thank you again for your participation you may now disconnect and have a wonderful day.
Yeah.
Good morning.
Thank you.
Yes.
[music].
[music].
Yeah.