Q4 2024 Compañía de Minas Buenaventura SAA Earnings Call
Today, we will be discussing our performance for the fourth quarter 'twenty 'twenty four highlighting key achievement on the strategies moving forward. After the presentation, we will be available for Q&A session, where our team will be happy to answer your questions.
Next slide please.
I would like to highlight a few key areas that contribute to our strong fourth quarter 'twenty to 'twenty four results.
Full year EBITDA 'twenty 'twenty four.
Speaker Change: Oh, what did you say what 'twenty 'twenty four from the irregular operations, excluding the sale of Jo Malone royalty company reached $431 million compared to 199 million reported in full year 2023 excluding the sale of contact.
Speaker Change: This performance is also reflected in a higher EBITDA margin of 57% compare to the 24% in the previous year.
Speaker Change: Well he had 2024 net income, including the August 20th 24 sale of just below my royalty company was $402.7 million compared to 19.9 million and net income for the full year of 'twenty 'twenty, including the sale of contact.
Speaker Change: The year ended with a cash position of $478 million and total debt of $627 million, resulting in a leverage ratio of zero point 34.
Speaker Change: <unk>.
Speaker Change: On February 420, 25, when I went through that issued senior unsecured notes for $650 million maturing in 'twenty 32, with a 6.8 on interest rate coupon there.
Speaker Change: The proceeds will be used to refinance its eye wear.
Speaker Change: Five 5% senior notes due 2026 I'm for general corporate purposes.
Speaker Change: Jim will then easily whenever and food are completed.
Speaker Change: Under offer or the purchase of any and all of its bond maturity in 'twenty 'twenty six successfully reports of zinc 400 on $1 million or 72 point, 98% of the total outstanding bonds.
On December 12, 'twenty to 'twenty four window into it I've received.
$78 3 million in dividends related to the ETA staking federal literally receive a total of 166.5 me doing in dividends for the full year 'twenty 'twenty four.
The total capex.
Speaker Change: For the year of 'twenty 'twenty four amounted.
Speaker Change: $378 million with 291 million allocated to the Sungard ideal project.
Speaker Change: In the full year 'twenty 'twenty four.
Speaker Change: Silver production will reach 15, 5 million ounces, 69% higher compared to the 9.2 million ounces produced during the same period last year.
Speaker Change: These total same point 5 million ounces came from.
Speaker Change: Would you chalk and Doom and gloom Buck broker complex.
Speaker Change: Finally, when I went through it as board of directors has proposed a dividend payment.
Speaker Change: U S. Furope point 29 22 per share.
Speaker Change: Half of its U D V. The payments policy reaffirming our commitment to delivering returns to our investors.
Speaker Change: Moving forward well were 2025 guidance.
Speaker Change: It's like.
Speaker Change: We anticipate a stable corporate Shiva production at both the broker and Chuck why you.
Speaker Change: Maintaining consistent output level.
Speaker Change: Regarding gold production, our primary focus will be on the song of any of the project, which is expected to become our main Gulf producing asset in the coming years, playing a key role in our long term growth strategy.
Speaker Change: Moving on to our cost structure in your slide five the all in sustaining cost for the fourth quarter of 'twenty 'twenty four increased by 26% compared to the same period in the previous year. These rises primarily driven by increase exploration activities aimed at supporting the company.
Speaker Change: As long term growth and restores the voluminous strategy. It is also important to highlight that the year over year decrease in all in sustaining cost was primarily driven by lower commercial deductions and higher byproduct credits mainly from you.
Speaker Change: Moving on to costs.
Speaker Change: Agriculture sales.
Speaker Change: Sales strength.
Speaker Change: As you can see corporate cash increased in the quarter, mainly due to lower my brother Gregg country wishes ideal bureaucrat Sheila.
Speaker Change: She's very cost applicable to sales has increased year over year, but the west consistent with expectations for these court.
Speaker Change: Old.
Speaker Change: Cost applicable to sales housing, Greece year over year, primarily driven by lower grades at <unk> and Oracle pump.
Speaker Change: On the next is light, we will present free cash flow generation, the fourth quarter 'twenty to 'twenty four gosh position in Greece during the quarter driven mainly by the strong performance of it broke out would you have Jaguar and doomed.
Speaker Change: The reasons of course received from zero up.
Speaker Change: Despite the investment made in Sangamo did.
Speaker Change: And the fact that we fully paid now withstanding that broke out at around $50 million.
Speaker Change: In addition to these drivers they beat the two free cash flow reconciliation reflects whenever and through that growth pace.
Speaker Change: We had significant capex investment related to San Gabriel and a little does the payment.
Speaker Change: Moving on to slide seven this slide shows some of it is cumulative progress.
Speaker Change: Reaching 71 or old completion by fourth quarter 'twenty to 'twenty, four primarily driven by finishing the engineering and procurement.
The construction timeline remains on schedule, we anticipate commencing their ramp up phase in the third quarter of 2025, Oh look but.
Speaker Change: Production of their first gold bar in the fourth quarter of 'twenty 'twenty. Five however, these milestone remain subject to the timely approval of the necessary permits.
Speaker Change: The next slide we are showing the processing plans progress that will operate at 3000 tonnes per day.
Speaker Change: Currently there for the primary crusher mechanical works are at 97%.
Speaker Change: Suck on both mechanical works are at 75%.
Speaker Change: Finally, she I L tanks mechanical works are at 87%.
Speaker Change: Moving on to slide nine we can see the progress of the main components of the plant.
Speaker Change: And the English slide number 10, we are showing the progress and the filter tailings plan that currently is at 55%.
Speaker Change: As we move to slide 11, I would like to highlight our progress with implementation of the U D. If mining method, which aims to optimize ore recovery and reduce dilution dilution.
Speaker Change: Our stricter implementation program includes three key initiatives.
Speaker Change: First engaging engaging dedicated expert with over 15 years of experience in these mining that.
Speaker Change: Conducting a trial mine at tumble meal to evaluate and refine its obligation.
Speaker Change: Gardening out benchmark in BC for four months, they buy that USA together best practices and insights.
Speaker Change: This will ensure a successful and efficient integration of the U F met them.
Speaker Change: To conclude the presentation I would like to share a few final thoughts.
First we have strengthened our balance sheet through successful bond issuance described to improve our financial position, providing us with greater liquidity and flexibility to support future growth.
Speaker Change: Second the year 'twenty 25 will be a significant transition for us as they called management a ramp up of production that San Gabriel will Mark an important milestone in our growth strategy and say the stage for long term success.
Speaker Change: Third we are seeing a stable copper and silver production with consistent performance from our flagship assets over again would you chalk one and we.
Speaker Change: We are maintaining a steady stay the output on the on the operation of this stability.
Speaker Change: Finally, we are committed to returning value to our shareholders. We have resumed dividend payments reaffirming our work commitment to delivering returns and creating value for our investors.
Speaker Change: These reflect our dedication to sustainable growth and should correlate it back thank.
Thank you for your attention I will call the call to the operator to open the line for questions. Operator. Please go ahead.
Speaker Change: We will now begin the question and answer session.
Speaker Change: To ask a question you May press Star then one on your telephone keypad.
Speaker Change: If you were using a speakerphone please pick up your handset before pressing the keys.
To withdraw your question. Please press Star then two.
Speaker Change: At this time, we will pause momentarily to assemble our roster.
Moderator: Our first question today is from Carlos de Alba with Morgan Stanley. Please go ahead.
San Gabriel: Yes, Thank you and good morning, everyone I'm, San Gabriel and construction is a 63% completed obviously you have.
San Gabriel: For four more quarters too well, but what are the key elements of the construction of the project that that Irish deal.
San Gabriel: Pending and what would be in your from your perspective.
San Gabriel: The most critical Asps.
San Gabriel: Aspect on bandwidth.
San Gabriel: One <unk>.
San Gabriel: <unk> two <unk>.
San Gabriel: Critical aspects of all of the construction of that spending and then if you could remind us.
So as you look.
San Gabriel: For for their move the project along.
San Gabriel: The new realities of commodity prices and cost inflation.
San Gabriel: Can you remind us a little bit on the economics that you see for that project what is the <unk>.
San Gabriel: Cost the cash cost.
San Gabriel: They also stated that you expect for the project maybe.
San Gabriel: It doesn't profitability.
San Gabriel: Or IRR for the investment.
San Gabriel: <unk> seen that.
San Gabriel: Now, having a couple of follow up questions.
Speaker Change: Thank you. Thank you <unk> for your questions for bulk with yet.
Speaker Change: I'm here with US is the range so that I can give you undoubtedly though the.
Speaker Change: The next milestones that we have in the project. Please congrats on go ahead, yes.
Yes, hi, thanks for the question.
So as you mentioned.
Speaker Change: We have all the contract dose alongside running and knowledge.
Speaker Change: Completing.
Speaker Change: So.
Speaker Change: We are starting with the first greenback commissioning.
Speaker Change: What I'm seeing the crushers to quit and Nexus is going to be there.
Speaker Change: Commissioning D. C. One is you do commissioning of the questioner here.
Speaker Change: And after that the carbon leaching makoni leaching area. So that's kind of the three main goals for the next three months.
Speaker Change: Thank you. Thank you thanks, Joe any comments on the profitability.
Speaker Change: Sure.
Speaker Change: And please.
Speaker Change: Carlos and knit one governors of these too.
Speaker Change: Sure.
Speaker Change: Thank you Kevin for the question.
Speaker Change: Yes.
Speaker Change: Youre going to be there at all.
Speaker Change: 40, <unk> hundred dollars per ounce of gold.
Speaker Change: You guys are going to be the cash Cogs for the project and we expect to produce <unk>.
Speaker Change: Full year basis.
Speaker Change: <unk> hundred 30000 ounces of gold per year.
Speaker Change: Year.
Speaker Change: So depending on the price you can play with any of the scenarios of EBITDA we.
Speaker Change: We can't generate truck area.
Speaker Change: Right fair enough. Thank you very much.
Speaker Change: The other question I had is on dividends.
Speaker Change: So we saw we saw the proposed dividend.
Speaker Change: And I will be discussing the nextgen holders maintain.
Speaker Change: Is it from management perspective is this the only dividend payment that if approved will take place in 2024, and then perhaps early in 2025 once sang.
Speaker Change: <unk> is starting to ramp up potentially you have.
Speaker Change: An increased dividend payment.
Speaker Change: Payment is that the way the way, we should think about it.
Speaker Change: Well you know our dividend policies.
Speaker Change: 20% of our at least 20% of our net profit.
Speaker Change: We are in betterment and permanently evaluation of the was it related to <unk>.
Speaker Change: There is any window that.
Speaker Change: In the following quarters to give.
Speaker Change: I will leave and we will do it and they evaluated evaluated and do it.
Speaker Change: But having you being paid less on the Orlando.
Speaker Change: Excuse me.
Speaker Change: I thought you had been paying lays under 20%.
Speaker Change: Yeah, we in the last three years, we have been being $20 million and the reason of these limited Damon was because we were engaged in the construction was hung o'dea ale, we have some operational problems that we have resolved in the.
Speaker Change: The last three years, so but now we are in the.
Speaker Change: Different position.
Speaker Change: And we have to.
Speaker Change: Reward the passions of our investors.
Speaker Change: Okay. So why didn't.
So another way do you may pay more than 20 million.
Speaker Change: Don I think dividends in 2024.
Speaker Change: Or that would only take place in 2025.
Speaker Change: If you get what I'm asking.
Speaker Change: No.
Speaker Change: In 2020, or we paid 20 million I'm, sorry, sorry, yeah.
Speaker Change: Mistake, 2025, sorry, or only 2026 75 would you pay $20 million.
Lee: Lee and then engage when you say you potentially that would be more.
Speaker Change: No no no.
Speaker Change: In the living room.
Speaker Change: The management.
Speaker Change: The board is proposing these these.
Speaker Change: These days to the general meeting is our own 80 million.
Speaker Change: Yes.
Speaker Change: 20%.
Speaker Change: Our net profit.
Speaker Change: Okay excellent and then last question.
Speaker Change: And.
Speaker Change: How is how is that relationship.
Speaker Change: Going with.
Speaker Change: And if I asked that.
Speaker Change: What are what do you think that that.
You as a management team and whenever you do that as a company.
And lever our DSA.
Speaker Change: Partnership or investment that Antofagasta data.
Speaker Change: A couple of years ago, and the two board seats that they have.
Speaker Change: Can you maybe provide some examples of initiatives or things that you could do together please.
Speaker Change: Well.
Speaker Change: Didn't mean, let me tell you that.
Speaker Change: We we as management team, we feel comfortable with it.
Speaker Change: The strategy, we have proposed to the board.
Speaker Change:
Speaker Change: <unk> asked that as part of.
Speaker Change: The award.
Speaker Change: Both of them.
Speaker Change: They are very supportive of the deemed Mr. ITG.
Speaker Change: And we are continue with the same Mr. D D.
Speaker Change: We propose a couple of years ago, a year ago. So we continue with our plan.
Speaker Change: We.
Speaker Change: Where our flagships are our effort to increase be severely D of our company.
Speaker Change: No we.
Speaker Change: We feel comfortable with them also.
Speaker Change: Hey.
Speaker Change: We feel them very supportive.
Speaker Change: Okay. Thank you very much guys.
Speaker Change: Thats very helpful.
Youre welcome.
Speaker Change: <unk>.
Speaker Change: The next question is from CSR Perez Novoa with BTG Pactual. Please go ahead.
Speaker Change: Yes. Good morning, gentlemen, just just continuing here on sungard, yet I'm, just going to piggyback on what.
Speaker Change: Carlos discussion.
Speaker Change: My question specifically is.
Speaker Change: If there is if there is any risk related to completion of the asset I know that you are well advanced in the assembly risk is is minimal.
Speaker Change: Is there anything that investors should consider in relation to to weather or perhaps reign in.
Speaker Change: As we go into the winter months that that would be my first question.
Speaker Change: My second question relates to Alberto got it your costs increased by around 36% year on year in the quarter and us.
Speaker Change: Leandro mentioned this relates to lower byproduct contributions so should we assume that cost for the copper circuit will remain at this level off throughout 2025 that is circa around $6800 per metric ton at least that's what Tal on the report.
Speaker Change: Considering of course that your silver guidance for this unit is expected to fall in.
Speaker Change: In 2025 or is there anything that will reverses.
Speaker Change: Thank you Sir.
Speaker Change: Yeah. Thank you Sir.
Well some governmental renzo, Ken can give you an idea. He is of course, our vice president of project using charge of Shanghai Odeon.
Speaker Change: Also as part of our.
Speaker Change: Management Committee risk.
Speaker Change: So so we are we continuously are evaluating their reached four four for all our abrasion and especially for some government. Please go ahead, yes.
Speaker Change: Yes.
Speaker Change: Thanks, Ron a question, yes, there is no right.
Speaker Change: There's no risk I'm on procurement because.
We see nice rainy minion intern is complete.
Speaker Change: Rain.
Speaker Change: The rainy season in breweries from December to March with the highest rain in February.
Speaker Change: So we are about to finish the renal of course there are some.
Speaker Change: Small delays due to the rain and the storm along right now.
Speaker Change: Nothing that we can meet.
Speaker Change: And then recover in the following months.
Speaker Change: Commissioning and everything.
Speaker Change: This is on the south borrow very dry so I don't foresee any problems with that with.
Speaker Change: With the winter, we past the worst part already.
Speaker Change: So.
Speaker Change: Course.
Speaker Change: The social issues is always spending more we're managing that so far we haven't seen wingstop named final corsi.
Speaker Change: Problems there.
Speaker Change: And at.
Speaker Change: And the last one is the Permian fall as soon as we finish construction, we are going to start working with the Permian.
Speaker Change: And therefore, we'd be yeah.
Speaker Change: Ross is that we need to work through as we are completing construction wise may June.
Speaker Change: So we have some time to do.
Speaker Change: The work we've done with warranty.
Turning to operate.
Speaker Change: Thank you Rachel for her.
Speaker Change: Related to Roberto Carlos.
Speaker Change: Uh huh.
Thank you for your question with respect to leave the range of 65 $100 per tonne of copper.
Speaker Change: It calls.
Speaker Change: Calls for Embraco.
Speaker Change: We are getting.
Speaker Change: Getting a stable net debt raise and additional combination of two things we are lowering our unit costs.
Speaker Change: In your mind by reducing the unit cost per tonne move from the mine and processing the processing plant.
Diane: This is diane weigh here.
Speaker Change: Closer to the average grades.
Speaker Change: However, we have remaining slightly over our <unk>.
Speaker Change: That is great in the reserve, so getting closer and closer.
Speaker Change: Catching up with Gaba that's great. So it's a balance between increasingly fairness, reducing the cost.
Speaker Change: Reducing the grade getting closer copper grade getting closer to the average our reserves to build an asset more than 15 years life of mine.
Speaker Change: So all.
Speaker Change: All of this combination of factors, we expect to <unk> $6500 per tonne of copper.
Speaker Change: Okay.
Speaker Change: Alright, Thank you very much I'm, sorry, Juan Carlos just just one more I would call malecha pardon stayed at mine plan. Our gold production in 2025 years is going to grow as you expand your leach pad how much of this expansion will translate to cost.
Speaker Change: I believe you got your average cost last year was around $600 per ounce is this going to move up.
This year.
Speaker Change: Yes.
Speaker Change: <unk> is going to keep the same for the initial three quarters of the year.
Speaker Change: To all of those had been marine which we live.
Speaker Change: Get the permitting for <unk>, you fresh ore leaching pads. So for at least nine months eight months to Bogo September when we keep reading magazine calls as we had in 2024.
Speaker Change: Thank you for the time.
Speaker Change: Placing fresh ore into the box almost September November December this year because.
Speaker Change: Cash calls we came down so this is going to be an inflection points also for quick malecha. Once we get the permit once we get the full production.
Speaker Change: Zero.
Speaker Change: This will cause our cash flows we came down in the last quarter.
San Gabriel: Alright, Thank you very much Carlos.
Speaker Change: Atlanta Salon and Andrew Thank you very much.
Speaker Change: Thank you Susan.
Speaker Change: The next question is from Tanya <unk> with Scotiabank. Please go ahead.
Great. Good morning. Thank you so much for taking my question.
Speaker Change: Just wanted to come back.
Speaker Change: Al.
Speaker Change: And thank you for the slide showing the.
Speaker Change: Progress, it's great to see I can see everything pretty much on surface.
Speaker Change: That's great, but I wanted to move to the underground if I could and maybe someone can help me.
Speaker Change: Can I just get an update on where we are on the underground and getting the scopes, Robby Mello will be ready, but I need to understand what are the stopes.
Speaker Change: In terms of population for <unk>.
Speaker Change: Uh huh.
Speaker Change: Most important I would like to understand how your ground conditions are and the testing of these four mines in Nevada can.
Speaker Change: Can you kind of give me what mine the benchmark again.
Speaker Change: Coughing, there and maybe what you are experiencing here I know you're doing a trial.
Speaker Change: Handle mile maybe you haven't done one yet.
Speaker Change: At San Gabriel, but I'm, just trying to understand how the underground is being positioned to be ready to deliver at war.
Speaker Change: Thank you Danielle. Thank you for your question please won't gutless.
Speaker Change: Sure well regarding the progress on the other remind we are on track Keith out where our plan.
Speaker Change: To.
Set of crews.
Mind will be low.
Speaker Change: Our contract with the contractor mining contractor. So we are on track or where are we back to do we already have right now like at 20000 tonnes of ore already in surface alone we develop into the ore body we are.
Speaker Change: Stockpiling mathematically.
Dave.
Speaker Change: And so for US right next to the Progressive block, we expect to grow that stockpile.
Speaker Change: To almost 300000 tonnes.
Speaker Change: October November this year.
Speaker Change: Would it be blamed deal for surface to catch up with the startup of the processing plant with a commissioning at the.
Speaker Change: Final operation of savings on April <unk>.
We are.
Speaker Change: We feel comfortable with the price and other roadmap along with that.
Speaker Change: We placed an order with a bureau to a complete fleet for a while.
Speaker Change: Sure.
Speaker Change: Development in our mind.
Speaker Change: Mining activities.
Speaker Change: That fleet is going to be delivered by a bureau.
Speaker Change: It is a July this year.
Speaker Change: In July and August of the fleet will be the lever convention I think we'd be mass transit. So we don't expect any risk we are training our people are ready.
People that were hiring around the.
Gabriel: Gabriele footprint. So all the plants are working together regarding the ground condition. We knew that this would have blue brown.
Speaker Change: Essentially that we can control right now which are.
Gabriel: There is no wider underground so.
Speaker Change: Plus on the trends that we don't need to deal with that problem.
Gabriel: Morocco neutral standpoint.
Regarding the benchmark that we make we are using all the parameters Laggy basic one mine.
Gabriel: With regards to <unk> 80.
Gabriel: Granite Creek galleries Cortez mine.
Mike: Very good thank you Mike.
Speaker Change: We are taking out the cost.
Gregg: Production Gregg <unk>, how many cards do you need to Greg with the jumbo how many pounds you need to.
Speaker Change: Paul.
Mcafee: Mcafee that no there.
Mcafee: And we use those TPI and <unk> made that <unk> were low cattle Matthew itself operating cost you have to take into consideration that and advertise, albeit eight are in the states ECB, Rachel hundred or $120000 per year.
Mcafee: In Peru.
Mcafee: Or is a fraction of that so we are taking that into consideration.
Mcafee: In order to make the lockout.
Mcafee: Rig construction.
Mcafee: Sure.
Mcafee: Gulfport talked about Rio so that's the reason we expect to be the range of 140 to $150 per tonne.
Mcafee: Thank you.
Mcafee: Hollywood you can see the mine and processing plant placement data UCB.
Mcafee: Becky.
Mcafee: System.
Mcafee: I hope I answered your question.
Mcafee: Yeah.
Mcafee: <unk> got he's got the program so you're getting a shot. Thank you said you have no water. So that's good right you said no order yes.
Mcafee: That's correct.
Mcafee: Yeah.
Mcafee: You've got that 140 to $150 per ton what do you think so.
Mcafee: In terms of had.
Mcafee: Or that you've extracted that.
Mcafee: 90000 tons, which I'd like to have the grade.
Mcafee: Got that stockpile is that 300000 tonne stockpile will also be.
Mcafee: Is the grade exactly what you expected it versus just the block model.
Mcafee: Well, we're pretty much in line, we added slightly above that level we.
Mcafee: We expect it to be running.
Running alone last week four to five grams per tonne.
Mcafee: We are more on the over the five grams range.
Mcafee: We already have in surface 420000 tons that we have in service for the whole year, which big to placing surface.
Mcafee: $4 five to almost high ground.
Speaker Change: Alright, great that we're going to extract from the mine this year.
Mcafee: And when you when you.
Speaker Change: Proposal <unk>.
Mcafee: What sort of mining dilution.
Mcafee: <unk> model is that meeting what dilution you expected.
Mcafee: I'm just looking at.
Hey.
Mcafee: So that was up that underground.
Thank you Gabrielle.
Mcafee: Yes, we will.
Mcafee: At this moment, we are not having any dilution because we are operating the refineries maybe what we'd call. The first round. One we have placed the backfill and we need to make the frequent breaks which we have waste alone.
Mcafee: On the left hand side of the World you cannot link between these two backfill areas.
Mcafee: What we are expecting to have some dilution.
Lucia: Lucia for those blocks is a figure to be around 12%.
But we need to monitor that because.
Lucia: Consequently, all similar factors really blasting control the quality of the.
Lucia: We feel it so probably we need to hide you on that at the earliest stage of the mine.
Lucia: After a few months when we have a good.
Lucia: No.
Lucia: Mark was 210% or more close to 15% right now.
Chuck: And the range of 12%. Thank you Chuck.
Chuck: Okay and can I ask also just finishing up from Gabrielle.
Chuck: Yeah, so on the reserve.
Chuck: Clark reserves Postbank Anthony Allen.
Chuck: Gary.
Chuck: Are we doing your reserves.
Chuck: I was a bit confused about that because I would have assumed all of your reserves would have been reported under a specific standard.
Speaker Change: What was it about from Gabrielle.
Speaker Change: Standard and should I be concerned that these reserves are going to go down I'm just trying to understand why.
Speaker Change: Yes.
Speaker Change: Why did you have to redo the results at only at that mine and nowhere else.
Speaker Change: Yeah remember that the senior wasn't the third quarter of 2024, we report on.
Speaker Change: Based on the operating cost in mind.
Speaker Change: That one.
Speaker Change: Material difference between the operating cost that we had a few days.
Speaker Change: Sure.
Speaker Change: Okay facilities guidance, so based on that we need to review the whole.
Speaker Change: In order to report.
Speaker Change: No.
Speaker Change: Our fresh.
Speaker Change: Report form 20-F, so we are working on that.
Speaker Change: Sure.
Speaker Change: I mentioned we are.
Speaker Change: Taking into consideration the increase operating costs.
Speaker Change: The venue locomotive, we additional infill drilling that we've made up to October last year.
Speaker Change: All the bad mirrors operational control dilution that you mentioned.
Speaker Change: Maybe dig into consideration on a more detail.
Speaker Change: Sequence. So yes, we are working on that we will report that on the 20 years, we will see it so far because he is not finished yet probably we need to make an adjustment to reduce a little bit of the.
Speaker Change: <unk> that we reported about we reported $1 9 million ounces of gold reserves and probably we will report a little below that in these updated.
Speaker Change: 20-F report.
Speaker Change: Okay and when's the report coming out.
Speaker Change: Hello D a.
Speaker Change: <unk> I think they prefer.
Speaker Change: Okay. Okay, well. Thank you so much I'm going to leave it to someone else to ask questions that very helpful. Understanding secondly, Alan Thank you for the photographs.
Speaker Change: Thank you. Thank you.
Speaker Change: Again, if you have a question. Please press Star then one please standby as we poll for questions.
Speaker Change: 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 Sebastian Valencia head of Investor Relations for any webcast questions.
Sebastian Valencia: Thank you operator, the first question comes from Andrew give it.
Speaker Change: Of Morgan Stanley.
Speaker Change: Do you expect any deviance from subtle Elliot.
Speaker Change: Danny.
Speaker Change: Yes Hello.
Speaker Change: As you know.
Speaker Change: Close to $170 million of dividends.
Speaker Change: The associated to the year 'twenty two before.
Speaker Change: For the year, but it is important we don't expect more dividends, however, Cerro Verde and a full year. He is generating in excess of $2 billion. They have no that the capex.
Speaker Change: Spend every year.
Speaker Change: <unk> $300 million to $350 million and working capital plus taxes is in the order of $700 million with these they are generating close to $1 billion of cash per year consider considering that they ended 2024.
Speaker Change: Close to $700 million, which.
Speaker Change: Which is in excess of their minimum cash we do expect this level of prices of $9000 per ton and additional dividends for 2025.
Speaker Change: Yes.
Speaker Change: And a similar amount what we received in 2024.
Speaker Change: The next question comes from <unk>.
Speaker Change: Of compulsory Europe.
Speaker Change: I was wondering if you can comment on your plans for each of the year and the coming milestones for the break also can you comment on value at all Brian you were granted by Brian battlefield.
Speaker Change: For the question, maybe Brian insulin that Luca helpless.
Speaker Change: Sure.
Entropy Chair Anne.
Speaker Change: As you remember we have an.
Speaker Change: In fact onsite column Leach in branch.
Speaker Change: We are unloading.
Speaker Change: The last set of column testing format.
Speaker Change: And we have our <unk> all the <unk> for the feasibility study in BCD and the site last month.
Speaker Change: Tom.
Speaker Change: One of the big milestone for this year.
Speaker Change: Good at 60% at balancing the final work last piece, you're going to be steady.
Speaker Change: And we also in the Permian fiction.
Speaker Change: We finish answering all the questions from the momentum impact assessment.
Speaker Change: And we're waiting for any second question, Matt if not.
Speaker Change: We're expecting to have that.
Speaker Change: Towards the end of the year and.
Speaker Change: And finally, we keep working with the communities to secured debt.
Speaker Change: The remaining 20% of the potential bauerlein.
Speaker Change: That's fine.
Speaker Change: Bob Tony here.
Speaker Change: And regarding.
Speaker Change: <unk> got rollout project.
Speaker Change: Destroy it will be executed.
Speaker Change: Transfer of an option agreement between when I went through.
Speaker Change: Prohibits young it consists in three stages the first stage.
Speaker Change: Consists of a period of three years to reach our social agreement with that community.
Speaker Change: In Buda.
Speaker Change: Once this agreement is reached.
Speaker Change: It's going to start with a period of five years.
Speaker Change: To obtain permits and optimization.
Speaker Change: Of course, we have to execute.
Speaker Change: The outbreak of water supply.
Speaker Change: It will cost $5 million approximately.
Speaker Change: Then sorry exploration and of course make a feasibility study.
Speaker Change: And then when I went to that will decide to exercise the option or not small.
Speaker Change: <unk>.
Speaker Change: The third stage will proceed consisting in the construction with the mining operation if we if we decide to exercise that option.
Speaker Change: And Capex will be between 400 on the 800 million millions.
Speaker Change: That's it.
Speaker Change: At this time there are no further questions I would like to turn the call over to a better either.
Speaker Change: 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.
Speaker Change: Thank you Brett and before we conclude today's conference call I would like to thank you for the time and effort getting joining us today.
Speaker Change: Your participation on Ebola I really appreciate it. Thank you very much have a.
Wonderful day.
Speaker Change: Ladies and gentlemen that concludes went of insurers fourth quarter 2024 earnings results Conference call. We would like to thank you again for your participation you may now disconnect.
Speaker Change: Alright.
Speaker Change: [music].
Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].