FORM
6-K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report of
Foreign Issuer
Pursuant
to Rule 13a-16 or 15d-16 of the
Securities
Exchange Act of 1934
For the
month of April 2010
BUENAVENTURA
MINING COMPANY INC.
(Translation
of Registrant's Name into English)
CARLOS
VILLARAN 790
SANTA
CATALINA, LIMA 13, PERU
(Address
of Principal Executive Offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x
If "Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-________________.
 |
Compañia
de Minas Buenaventura Announces
|
|||||||||
|
First
Quarter 2010 Results
|
||||||||||
|
Lima,
Peru, April 29, 2010 – Compañia de Minas Buenaventura
S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock
Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining
company announced today its results for the first quarter 2010. All
figures have been prepared according to Peruvian GAAP and are stated in
U.S. dollars (US$).
|
||||||||||
|
Comments
from the Chief Executive Officer:
|
||||||||||
|
Mr.
Roque Benavides, Buenaventura’s Chief Executive Officer
stated:
|
||||||||||
|
“During
this quarter, the increase in gold sales, the positive results from Cerro
Verde and Yanacocha, and higher metal prices resulted in Net Income of
US$155.2 million, 55% higher than the figure reported in 1Q09 (US$100.3
million).
|
||||||||||
|
EBITDA
from Buenaventura’s Direct Operations was US$84.6 million, in-line with
the figure reported in 1Q09 (US$83.4 million), while EBITDA including
Yanacocha and Cerro Verde increased 25%, from US$223.8 million in 1Q09 to
US$280.1 million in 1Q10”.
|
||||||||||
|
Financial
Highlights (in millions of US$, except EPS figures):
|
||||||||||
|
1Q10
|
1Q09
|
Var%
|
||||||||
|
Total
Revenues
|
201.7
|
177.0
|
14
|
%
|
||||||
|
Operating
Income
|
67.6
|
59.0
|
15
|
%
|
||||||
|
EBITDA
(BVN
Direct Operations)
|
84.6
|
83.4
|
1
|
%
|
||||||
|
EBITDA
(inc.
Yanacocha and Cerro Verde)
|
280.1
|
223.8
|
25
|
%
|
||||||
|
Net
Income
|
155.2
|
100.3
|
55
|
%
|
||||||
|
EPS*
|
0.61
|
0.39
|
55
|
%
|
||||||
|
(*)
Buenaventura has a total of 254,442,328 outstanding shares.
|
||||||||||
Compañia
de Minas Buenaventura S.A.A.
First
Quarter of 2010 Results
Page 2 of
12
During
1Q10, net sales were US$187.6 million, a 15% increase when compared to the
US$163.1 million reported in 1Q09. This was explained by the higher realized
prices of all metals and an increase in the volume of gold, despite lower
silver, zinc and lead sold.
Royalty
income during 1Q10 totaled US$14.1 million, a 2% increase when compared to the
US$13.9 million reported in 1Q09 due to higher sales revenue at
Yanacocha.
|
Operating
Highlights
|
||||||||||||
|
1Q10
|
1Q09
|
Var
|
||||||||||
|
Net
Sales (millions of US$)
|
187.6 | 163.1 | 15 | % | ||||||||
|
Average
Gold Price (US$/oz) Direct Operations *
|
1,115 | 917 | 22 | % | ||||||||
|
Average
Gold Price (US$/oz) inc Yanacocha
|
1,114 | 911 | 22 | % | ||||||||
|
Average
Silver Price (US$/oz) *
|
17.06 | 12.64 | 35 | % | ||||||||
|
Average
Lead Price (US$/MT) *
|
2,186 | 1,202 | 82 | % | ||||||||
|
Average
Zinc Price (US$/MT) *
|
2,254 | 1,169 | 93 | % | ||||||||
|
Average
Copper Price (US$/MT) *
|
7,288 | 3,545 | 106 | % | ||||||||
(*)
Buenaventura’s Direct Operations
|
Sales
Content
|
||||||||||||
|
1Q10
|
1Q09
|
Var
|
||||||||||
|
Gold
Oz Direct Operations *
|
98,245 | 91,146 | 8 | % | ||||||||
|
Gold
Oz inc Yanacocha
|
278,868 | 326,451 | -15 | % | ||||||||
|
Silver
Oz *
|
2,738,939 | 3,831,620 | -29 | % | ||||||||
|
Lead
MT *
|
5,354 | 7,348 | -27 | % | ||||||||
|
Zinc
MT *
|
11,364 | 14,680 | -23 | % | ||||||||
|
Copper
MT *
|
2,105 | 1,620 | 30 | % | ||||||||
(*)
Buenaventura Direct Operations
Buenaventura’s
equity production1
during 1Q10 was 97,770 ounces of gold, 5% lower than the 102,885 ounces reported
in 1Q09 due to a decrease in production from Antapite (30%) and Orcopampa (1%).
Silver production during 1Q10 was 3.0 million ounces, a 25% decrease when
compared to the 4.0 million ounces reported in 1Q09 due to a decrease in
production from Uchucchacua (30%) and Colquijirca (43%).
Compañia
de Minas Buenaventura S.A.A.
First
Quarter of 2010 Results
Page 3
of 12
|
Equity
Production
|
||||||||||||
|
1Q10
|
1Q09
|
Var
|
||||||||||
|
Gold
Oz Direct Operations
|
97,770 | 102,885 | -5 | % | ||||||||
|
Gold
Oz inc Yanacocha
|
282,321 | 321,300 | -12 | % | ||||||||
|
Silver
Oz
|
2,988,453 | 3,994,674 | -25 | % | ||||||||
|
Lead
TM
|
4,284 | 5,008 | -14 | % | ||||||||
|
Zinc
TM
|
7,451 | 9,825 | -24 | % | ||||||||
|
Copper
inc CV MT
|
15,424 | 15,477 | 0 | % | ||||||||
Orcopampa’s (100%) results were slightly
impacted by a 13-day strike. However, despite the strike, total gold
production was 72,119 ounces, in-line with 1Q09 production (72,986 ounces).
Production from the Chipmo mine in 1Q10 was 65,130 ounces, in-line with the
65,224 ounces reported in 1Q09, which was complemented by the old tailings
treatment that produced 6,989 gold ounces, 10% lower than the 7,762 ounces
produced in 1Q09 (Appendix 2).
Cash
operating cost in 1Q10 was US$329/oz, 37% higher when compared to 1Q09
(US$240/oz). This was explained by:
|
1.
|
A
60% increase in contractor costs due to a 25% increase in development
drifting
|
|
2.
|
A
35% increase in labor costs
|
|
3.
|
An
increase in Community Relations
expenses
|
|
4.
|
Higher
royalties paid to the government (US$1.5 million in 1Q10 vs. US$0.9
million in 1Q09)
|
At
Poracota, gold production in 1Q10 was 13,929 ounces, an increase of 6% when
compared to 1Q09 (13,097 ounces), while the cash operating cost increased 42%
from US$588/oz in 1Q09 to US$837/oz in 1Q10. This increase was due to a 60%
increase in diamond drilling and 20% higher development costs.
Total
royalties paid to the government at both Orcopampa and Poracota in 1Q10 were
US$1.7 million.
At Uchucchacua (100%), total silver
production during 1Q10 was 2,037,956 ounces, 30% lower than 1Q09 (2,902,470
ounces) due to a 12% decline in ore treated, mainly explained by the 14-day
strike, a 16% lower silver grade and 5% lower recovery rate (Appendix 2). Zinc
production decreased 38% (from 2,431 MT in 1Q09 to 1,516 MT in 1Q10) and lead
production decreased 26% (1,756 MT in 1Q10 vs. 2,377 MT in 1Q09).
Cash
operating cost in 1Q10 was US$11.0/oz, a 42% increase compared to the US$7.74/oz
in 1Q09. This was mainly explained by the lower silver ounces recovered due to
the decrease in the silver grade and recovery rate mentioned above, as well as
the pursuit of improved manganese content control.
Total
royalties paid to the government at Uchucchacua in 1Q10 were US$0.4
million.
At Antapite (100%), total
production in 1Q10 was 7,069 ounces of gold, a decrease of 2% compared to 1Q09
(7,209 ounces), mainly due to a 15% decrease in ore milled, explained by the
20-day strike, despite a 12% increase in the gold grade and 3% increase in the
recovery rate (Appendix 2).
Compañia
de Minas Buenaventura S.A.A.
First
Quarter of 2010 Results
Page 4 of
12
Gold cash
operating cost in 1Q10 was US$782/oz, 10% higher than in 1Q09 (US$709/oz) due to
the impact of less ounces recovered and higher labor and community relations
expenses.
Total
royalties paid to the government at Antapite in 1Q10 totaled US$0.1
million.
At Colquijirca (El Brocal
45.97%), polymetalic ore treated decreased 17% to use plant capacity to
treat ore from Marcapunta and leverage higher copper prices. As a consequence,
total zinc production decreased 22%, from 15,220 MT reported in 1Q09 to 11,900
MT in 1Q10 (Appendix 2). Total silver production during 1Q10 was 609,867 ounces,
a 40% decrease when compared to the 1,008,701 ounces reported in 1Q09, mainly
explained by the previously mentioned decrease in tonnage treated, a 31%
decrease in the silver ore grade and an 8% lower recovery rate.
Zinc cash
cost in Colquijirca increased from US$484/MT in 1Q09 to US$1,337/MT in 1Q10.
This was due to a higher stripping ratio (22.55 in 1Q10 vs. 2.53 in 1Q09)
despite the higher silver and lead contribution due to an increase in
prices.
At
Marcapunta, copper production for 1Q10 was 2,142 MT, 8% higher than 1Q09 (1,991
MT). Cash cost was US$4,137/MT, 50% higher than the US$2,761/MT reported in
1Q09.
Total
royalties paid to the government at Colquijirca in reached 1Q10 US$0.4
million.
General
and administrative expenses for 1Q10 were US$10.6 million, 37% lower than the
figure reported in 1Q09 (US$16.7 million) due to the decrease in the long-term
compensation provision.
Exploration
costs at non-operational mining sites, which include care and maintenance,
during 1Q10 were US$7.9 million, an 8% increase compared to the US$7.2 million
reported in 1Q09. The main efforts were focused at the La Zanja (US$2.2
million), Breapampa (US$0.3 million), Marcapunta (US$1.1 million) and Mallay
(US$1.9 million) projects.
Operating
income in 1Q10 was US$67.6 million, a 15% increase compared to the US$59.0
million reported in 1Q09. This result was mainly explained by the 14% increase
in total revenues, from US$177.0 million in 1Q09 to US$201.7 million in 1Q10, in
addition to the 37% decrease in general and administrative expenses mentioned
above.
During
1Q10, Buenaventura’s income from non-consolidated affiliates was US$111.9
million, 40% higher than the US$79.9 million reported in 1Q09. Cerro Verde’s
contribution to these results increased 127%, from US$20.1 million in 1Q09 to
US$45.5 million in 1Q10. Likewise, Yanacocha’s contribution increased 18%, from
US$59.8 million in 1Q09 to US$70.6 million 1Q10.
Compañia
de Minas Buenaventura S.A.A.
First
Quarter of 2010 Results
Page 5 of
12
YANACOCHA
At
Yanacocha (43.65%), 1Q10 gold production was 422,798 ounces of gold, a decrease
of 15% compared to 1Q09 (498,917 ounces) due to lower mill grades and
recoveries, combined with lower tons placed on leach pads related to the mining
plan.
Costs
applicable to sales (CAS) at Yanacocha in 1Q10 was US$387/oz, 14% higher than
the figure reported in 1Q09 (US$338/oz) due to lower production, higher
stripping ratios and higher costs related to maintenance, workers’ participation
and royalties.
Net
income at Yanacocha during 1Q10 was US$162.5 million, an 18% increase when
compared to the 1Q09 figure (US$137.9 million). EBITDA totaled US$273.1 million,
an increase of 14% compared to 1Q09 (US$239.5 million). These positive results
were due to an 8% increase in revenues (US$460.5 million in 1Q10 vs. US$427.2
million in 1Q09) due to a 23% rise in realized gold prices despite a 12%
decrease in ounces of gold sold.
CAPEX
for 1Q10 was US$57.1 million.
CERRO
VERDE
At
Cerro Verde (19.26%) 1Q10 copper production was 74,954 MT, a 1% decrease when
compared to 1Q09 (75,713 MT).
During
1Q10, Cerro Verde reported net income of US$238.6 million, a 125% increase when
compared to the US$106.2 million reported in 1Q09, while EBITDA increased 104%,
from US$194.0 million in 1Q09 to US$396.3 million in 1Q10 mainly due to the 67%
increase in revenues.
CAPEX in
1Q10 totaled US$23.1 million.
This
quarter, Buenaventura’s net income was US$155.2 million, representing US$0.61
per share, a 55% increase when compared to the US$100.3 million reported in 1Q09
(US$0.39 per share). This was mainly explained by the 40% increase in
contributions from Yanacocha and Cerro Verde, as well as the 15% increase in
Operating Income.
ORCOPAMPA
|
•
|
2nd
stage old tailings retreatment to recover 38,000 oz of gold and 1.1 M oz
of silver. This project will be completed in 4Q10. CAPEX totals US$5.5
million. Total investment as of March, 2010 was US$2.8
million.
|
|
•
|
Tailing
Dam #4 expansion for an additional 1.8 years. This project will be
completed in 3Q10. CAPEX totals US$10.4 million. Total investment as of
March, 2010 was US$7.0 million.
|
UCHUCCHACUA
|
•
|
Manganese
sulphate plant to incorporate into reserves current ore resources with
manganese content and increase production is moving forward. The
development of the engineering is
ongoing.
|
Compañia
de Minas Buenaventura S.A.A.
First
Quarter of 2010 Results
Page 6
of 12
COLQUIJIRCA
|
•
|
Expansion
of metallurgical facilities to increase plant capacity from 6,000 TPD to
18,000 TPD, including the construction of a new tailing dam. CAPEX totals
US$200.0 million. Total investment as of March, 2010 was US$90.0
million.
|
HUANZA
HYDROELECTRICAL PLANT
|
•
|
Construction
of a 90 Mw hydro electric plant to ensure energy supplies from a clean and
renewal source for direct operations and projects. CAPEX totals US$145
million. Total investment as of March, 2010 was US$19.2
million.
|
LA
ZANJA
|
•
|
Expected
to initiate operations in July, 2010. Total revised CAPEX is US$63.0
million.
|
As of
March 31, 2010, project expenditures have totaled US$32.5 million. The mine
construction progress is summarized in the following chart:
|
Structure
|
Progress as of March 31, 2010
|
|||
|
Waste
Dam of San Pedro Sur Mine
|
24 | % | ||
|
Bramadero
Dam
|
90 | % | ||
|
Main
Access
|
100 | % | ||
|
Processes
Plant ADR
|
42 | % | ||
|
Leaching
Platform
|
49 | % | ||
|
Solution
and torment wells
|
77 | % | ||
|
Camps,
Office, and General store
|
78 | % | ||
|
Supervision
- EPCM
|
85 | % | ||
*
* *
Compañia
de Minas Buenaventura S.A.A.
First
Quarter of 2010 Results
Page 7 of
12
Company
Description
Compañía
de Minas Buenaventura S.A.A. is Peru’s largest publicly traded, precious metals
company and a major holder of mining rights in Peru. The Company is engaged in
the mining, processing, development and exploration of gold and silver and other
metals via wholly owned mines as well as through its participation in joint
exploration projects.
Buenaventura
currently operates several mines in Peru (Orcopampa, Poracota, Uchucchacua,
Antapite, Julcani, Recuperada and Caraveli). Has controlling interest in two
mining companies (CEDIMIN and El Brocal) as well as a minority interest in
several other mining companies in Peru. The Company owns 43.65% in Minera
Yanacocha S.R.L. (a partnership with Newmont Mining Corporation), an important
precious metal producer, and 19.26% in Sociedad Minera Cerro Verde, an important
Peruvian copper producer.
To
request a printed version of the Company’s 2008 Form 20-F, please contact the
persons indicated above.
Note
on Forward-Looking Statements
This
press release may contain forward-looking information (as defined in the U.S.
Private Securities Litigation Reform Act of 1995) that involve risks and
uncertainties, including those concerning the Company’s, Yanacocha and Cerro
Verde’s costs and expenses, results of exploration, the continued improving
efficiency of operations, prevailing market prices of gold, silver, copper and
other metals mined, the success of joint ventures, estimates of future
explorations, development and production, subsidiaries’ plans for capital
expenditures, estimates of reserves and Peruvian political, economical, social
and legal developments. These forward-looking statements reflect the
Company’s view with respect to the Company and Yanacocha’s future financial
performance. Actual results could differ materially from those
projected in the forward-looking statements as a result of a variety of factors
discussed elsewhere in this Press Release.
**Tables
to follow**
APPENDIX
1
|
Equity Participation
in
Subsidiaries and
Affiliates
|
|||||
|
BVN
|
Operating
|
||||
|
Equity %
|
Mines / Business
|
||||
|
Cedimin
S.A.C*
|
100.00 |
Shila
/ Paula
|
|||
|
Consorcio
Energetico de Huancavelica S.A*
|
100.00 |
Energy
|
|||
|
Buenaventura
Ingenieros S.A*
|
100.00 |
Engineering
Consultant
|
|||
|
Minera
La Zanja S.A*
|
53.06 |
La
Zanja
|
|||
|
Sociedad
Minera El Brocal S.A.A*
|
45.97 |
Colquijirca
and Marcapunta Project
|
|||
|
Minera
Yanacocha S.R.L **
|
43.65 |
Yanacocha
|
|||
|
Sociedad
Minera Cerro Verde S.A.A **
|
19.26 |
Cerro
Verde
|
|||
|
Canteras
del Hallazgo S.A **
|
49.00 |
Chucapaca
Project
|
|||
(*)Consolidates
(**)
Equity Accounting
Compañia
de Minas Buenaventura S.A.A.
First
Quarter of 2010 Results
Page 8 of
12
APPENDIX
2
|
GOLD PRODUCTION
|
||||||||||||||||||||||||
|
Three Months Ended March 31
|
||||||||||||||||||||||||
|
Orcopampa
|
Orcopampa Old Tailings
|
|||||||||||||||||||||||
|
2010
|
2009
|
%
|
2010
|
2009
|
%
|
|||||||||||||||||||
|
Ore
Milled DST
|
107,296 | 117,914 | -9 | % | 85,506 | 138,625 | -38 | % | ||||||||||||||||
|
Ore
Grade OZ/ST
|
0.61 | 0.58 | 6 | % | 0.09 | 0.07 | 30 | % | ||||||||||||||||
|
Recovery
Rate %
|
95.6 | % | 95.4 | % | 0 | % | 81 | % | 79.9 | % | 1 | % | ||||||||||||
|
Ounces
Produced
|
65,130 | 65,224 | 0 | % | 6,989 | 7,762 | -10 | % | ||||||||||||||||
|
Orcopampa
Total Production
|
1Q10
|
72,119
|
1Q09
|
72,986
|
|
Three Months Ended March 31
|
||||||||||||||||||||||||
|
Antapite
|
Poracota
|
|||||||||||||||||||||||
|
2010
|
2009
|
%
|
2010
|
2009
|
%
|
|||||||||||||||||||
|
Ore
Milled DST
|
30,005 | 35,263 | -15 | % | 54,663 | 60,102 | -9 | % | ||||||||||||||||
|
Ore
Grade OZ/ST
|
0.24 | 0.22 | 12 | % | 0.30 | 0.26 | 13 | % | ||||||||||||||||
|
Recovery
Rate %
|
96.4 | % | 94.0 | % | 3 | % | 85.3 | % | 82.4 | % | 4 | % | ||||||||||||
|
Ounces
Produced
|
7,069 | 7,209 | -2 | % | 13,929 | 13,097 | 6 | % | ||||||||||||||||
|
SILVER PRODUCTION
|
||||||||||||||||||||||||
|
Three Months Ended March 31
|
||||||||||||||||||||||||
|
Uchucchacua
|
Colquijirca
|
|||||||||||||||||||||||
|
2010
|
2009
|
%
|
2010
|
2009
|
%
|
|||||||||||||||||||
|
Ore
Milled DST
|
229,729 | 260,903 | -12 | % | 359,469 | 435,393 | -17 | % | ||||||||||||||||
|
Ore
Grade OZ/ST
|
12.63 | 15.00 | -16 | % | 2.43 | 3.53 | -31 | % | ||||||||||||||||
|
Recovery
Rate %
|
70.2 | % | 74.2 | % | -5 | % | 65.9 | % | 71.4 | % | -8 | % | ||||||||||||
|
Ounces
Produced
|
2,037,956 | 2,902,470 | -30 | % | 574,654 | 1,008,701 | -43 | % | ||||||||||||||||
|
ZINC PRODUCTION
|
||||||||||||||||||||||||
|
Three Months Ended March 31
|
||||||||||||||||||||||||
|
Uchucchacua
|
Colquijirca
|
|||||||||||||||||||||||
|
2010
|
2009
|
%
|
2010
|
2009
|
%
|
|||||||||||||||||||
|
Ore
Milled DST
|
229,729 | 260,903 | -12 | % | 359,469 | 435,393 | -17 | % | ||||||||||||||||
|
Ore
Grade %
|
1.48 | % | 1.68 | % | -11 | % | 5.00 | % | 5.31 | % | -6 | % | ||||||||||||
|
Recovery
Rate %
|
48.5 | % | 61.4 | % | -21 | % | 73.0 | % | 72.6 | % | 1 | % | ||||||||||||
|
ST
Produced
|
1,671 | 2,680 | -38 | % | 13,118 | 16,778 | -22 | % | ||||||||||||||||
Compañia
de Minas Buenaventura S.A.A.
First
Quarter of 2010 Results
Page 9 of
12
APPENDIX
3
Compañía
de Minas Buenaventura S.A.A. and subsidiaries
Consolidated
Balance sheet
As
of March, 31 2010 and December, 31 2009
|
2010
|
2009
|
|||||||
|
Assets
|
US$(000)
|
US$(000)
|
||||||
|
Current
assets
|
||||||||
|
Cash
and cash equivalents
|
508,729 | 714,454 | ||||||
|
Trade
accounts receivable, net
|
93,368 | 122,950 | ||||||
|
Embedded
derivatives for concentrates sales
|
810 | 4,838 | ||||||
|
Other
accounts receivable
|
12,895 | 14,346 | ||||||
|
Accounts
receivable from related parties
|
18,302 | 21,866 | ||||||
|
Inventory,
net
|
52,659 | 44,987 | ||||||
|
Prepaid
taxes and expenses
|
18,805 | 14,368 | ||||||
|
Total
current assets
|
705,568 | 937,809 | ||||||
|
Accounts
receivable from related parties
|
909 | - | ||||||
|
Other
accounts receivable
|
1,481 | 1,457 | ||||||
|
Prepaid
taxes and expenses
|
10,969 | 10,787 | ||||||
|
Investment
in associates
|
1,243,454 | 1,126,167 | ||||||
|
Mining
concessions and property, plant and equipment, net
|
393,941 | 351,784 | ||||||
|
Development
costs, net
|
89,811 | 91,633 | ||||||
|
Deferred
income tax and workers’ profit sharing asset
|
257,653 | 261,877 | ||||||
|
Other
assets
|
4,964 | 5,045 | ||||||
|
Total
assets
|
2,708,750 | 2,786,559 | ||||||
|
Liabilities
and shareholders’ equity, net
|
||||||||
|
Current
liabilities
|
||||||||
|
Trade
accounts payable
|
71,785 | 58,233 | ||||||
|
Income
tax payable
|
6,119 | 20,528 | ||||||
|
Dividends
|
100,132 | 781 | ||||||
|
Other
liabilities
|
56,943 | 86,344 | ||||||
|
Embedded
derivatives for concentrates sales
|
390 | 292 | ||||||
|
Hedge
derivative financial instruments
|
1,824 | 1,468 | ||||||
|
Financial
obligations
|
11,410 | 79,452 | ||||||
|
Total
current liabilities
|
248,603 | 247,098 | ||||||
|
Other liabilities
|
95,276 | 102,053 | ||||||
|
Hedge
derivative financial instruments
|
4,522 | 5,375 | ||||||
|
Deferred
income tax and workers’ profit sharing liabilities
|
17,625 | 18,158 | ||||||
|
Financial
obligations
|
14,987 | 150,555 | ||||||
|
Total
liabilities
|
381,013 | 523,239 | ||||||
|
Shareholders’
equity net
|
||||||||
|
Capital
stock, net of treasury shares of US$62,622,000 in the year 2010 y
2009
|
750,540 | 750,540 | ||||||
|
Investments
shares, net of treasury shares of US$142,000 in the year 2010 y
2009
|
2,019 | 2,019 | ||||||
|
Additional paid-in
capital
|
225,978 | 225,978 | ||||||
|
Legal
reserve
|
112,390 | 112,363 | ||||||
|
Other
reserves
|
269 | 269 | ||||||
|
Retained
earnings
|
1,089,926 | 1,011,077 | ||||||
|
Cumulative
translation loss
|
(34,075 | ) | (34,075 | ) | ||||
|
Unrealized
loss
|
(3,260 | ) | (3,916 | ) | ||||
| 2,143,787 | 2,064,255 | |||||||
|
Minority
interest
|
183,950 | 199,065 | ||||||
|
Total
shareholders’ equity, net
|
2,327,737 | 2,263,320 | ||||||
|
Total
liabilities and shareholders’ equity, net
|
2,708,750 | 2,786,559 | ||||||
Compañia
de Minas Buenaventura S.A.A.
First
Quarter of 2010 Results
Page 10 of
12
Compañía
de Minas Buenaventura S.A.A. and subsidiaries
Consolidated
Statements of income
For
the three month period ended March 31, 2010 and March 31, 2009
|
For the three month period
|
||||||||
|
ended March, 31
|
||||||||
|
2010
|
2009
|
|||||||
|
US$(000)
|
US$(000)
|
|||||||
|
Operating
income
|
||||||||
|
Net
sales
|
187,609 | 163,105 | ||||||
|
Royalty
income
|
14,127 | 13,866 | ||||||
|
Total
income
|
201,736 | 176,971 | ||||||
|
Operating
costs
|
||||||||
|
Cost
of sales, excluding depreciation and amortization
|
70,072 | 56,940 | ||||||
|
Exploration
in units in operation
|
18,334 | 11,964 | ||||||
|
Depreciation
and amortization
|
16,559 | 17,947 | ||||||
|
Total
operating costs
|
104,965 | 86,851 | ||||||
|
Gross
income
|
96,771 | 90,120 | ||||||
|
Operating
expenses
|
||||||||
|
Administrative
expenses
|
10,603 | 16,707 | ||||||
|
Exploration
in non-operating areas
|
7,855 | 7,243 | ||||||
|
Royalties
|
8,654 | 5,193 | ||||||
|
Selling
expenses
|
2,062 | 1,968 | ||||||
|
Total
operating expenses
|
29,174 | 31,111 | ||||||
|
Operating
income
|
67,597 | 59,009 | ||||||
|
Other
income (expenses), net
|
||||||||
|
Share
in associates companies by the equity method, net
|
111,910 | 79,907 | ||||||
|
Interest
income
|
3,695 | 1,481 | ||||||
|
Interest
expense
|
(2,486 | ) | (4,843 | ) | ||||
|
Loss
on currency exchange difference
|
(754 | ) | (530 | ) | ||||
|
Other,
net
|
3,164 | 1,651 | ||||||
|
Total
other income, net
|
115,529 | 77,666 | ||||||
|
Income
before workers’ profit sharing, income tax
|
||||||||
|
and
minority interest
|
183,126 | 136,675 | ||||||
|
Provision
for workers’ profit sharing, net
|
(3,206 | ) | (5,076 | ) | ||||
|
Provision
for income tax, net
|
(15,675 | ) | (22,062 | ) | ||||
|
Net
income
|
164,245 | 109,537 | ||||||
|
Net
income attributable to minority interest
|
(9,064 | ) | (9,247 | ) | ||||
|
Net
income attributable to Buenaventura
|
155,181 | 100,290 | ||||||
|
Net
income per basic and diluted share, stated in
|
||||||||
|
U.S.
dollars.
|
0.61 | 0.39 | ||||||
|
Weighted
average number of shares outstanding (in units)
|
254,442,328 | 254,442,328 | ||||||
Compañia
de Minas Buenaventura S.A.A.
First
Quarter of 2010 Results
Page 11 of
12
Compañía
de Minas Buenaventura S.A.A. and subsidiaries
Consolidated
Statements of cash flows
For
the three month period ended March 31, 2010 and March 31, 2009
|
For the three month period
|
||||||||
|
ended March, 31
|
||||||||
|
2010
|
2009
|
|||||||
|
US$(000)
|
US$(000)
|
|||||||
|
Operating
activities
|
||||||||
|
Proceeds
from sales
|
222,166 | 144,530 | ||||||
|
Royalties
received
|
17,672 | 9,082 | ||||||
|
Interest
received
|
1,048 | 1,987 | ||||||
|
Value
Added Tax recovered
|
2,301 | 6,467 | ||||||
|
Payments
to suppliers and third parties
|
(104,741 | ) | (78,825 | ) | ||||
|
Payments
to employees
|
(41,406 | ) | (34,095 | ) | ||||
|
Payment
of royalties
|
(11,340 | ) | (8,035 | ) | ||||
|
Income
tax paid
|
(17,996 | ) | (7,206 | ) | ||||
|
Payments
of interest
|
(2,478 | ) | (3,966 | ) | ||||
|
Net
cash and cash equivalents provided by operating activities
|
65,226 | 29,939 | ||||||
|
Investment
activities
|
||||||||
|
Increase
in time deposit
|
(18,930 | ) | (3,527 | ) | ||||
|
Collections
from sales of equipment
|
601 | 180 | ||||||
|
Additions
to mining concessions, property, plant and equipment
|
(54,452 | ) | (18,223 | ) | ||||
|
Disbursements
for development activities
|
(2,458 | ) | (11,152 | ) | ||||
|
Acquisition
of investments in shares
|
(5,302 | ) | (34,914 | ) | ||||
|
Other
investment activities
|
(890 | ) | (2,661 | ) | ||||
|
Net
cash and cash equivalents used in invesment activities
|
(81,431 | ) | (70,297 | ) | ||||
|
Financing
activities
|
||||||||
|
Increase
in financial obligations
|
11,606 | - | ||||||
|
Dividens
paid to minority shareholders of subsidiary
|
(4,840 | ) | ||||||
|
Payments
of long-term debt
|
(215,216 | ) | (24,545 | ) | ||||
|
Net
cash and cash equivalents used in financing activities
|
(208,450 | ) | (24,545 | ) | ||||
|
Decrease
in cash and cash equivalents during the period, net
|
(224,655 | ) | (64,903 | ) | ||||
|
Cash
and cash equivalents at beginning of period
|
714,454 | 532,027 | ||||||
|
Cash
and cash equivalents at period-end
|
489,799 | 467,124 | ||||||
Compañia
de Minas Buenaventura S.A.A.
First
Quarter of 2010 Results
Page 12 of
12
|
For the three month period
|
||||||||
|
ended March, 31
|
||||||||
|
2010
|
2009
|
|||||||
|
US$(000)
|
US$(000)
|
|||||||
|
Reconciliation
of net income to cash and cash equivalents provided by (used in)
operating
|
||||||||
|
activities
|
||||||||
|
Net
income
|
155,181 | 100,290 | ||||||
|
Add
(less)
|
||||||||
|
Share
in associates companies by the equity method, net of dividends received in
cash
|
(111,910 | ) | (79,907 | ) | ||||
|
Net
income attributable to minority interest
|
9,064 | 9,247 | ||||||
|
Depreciation
and amortization
|
16,559 | 17,947 | ||||||
|
Deferred
income tax and workers' profit sharing benefit
|
3,514 | 13,576 | ||||||
|
Provision
for long term officers’ compensation
|
423 | 6,423 | ||||||
|
Accretion
expense of the provision for closure of mining units
|
(2,071 | ) | 1,313 | |||||
|
Loss
on currency exchange differences
|
754 | 530 | ||||||
|
Provision
for estimated fair value of embedded derivatives related to sales of
contentrates
|
4,126 | (3,002 | ) | |||||
|
Net
cost of equipment sold
|
370 | 128 | ||||||
|
Increase
(decrease) of allowance for impairment of inventories
|
(105 | ) | (320 | ) | ||||
|
Net
changes in operating assets and liabilities accounts
|
||||||||
|
Decrease
(increase) of operating assets
|
||||||||
|
Trade
accounts receivable
|
29,582 | (7,709 | ) | |||||
|
Other
accounts receivable
|
5,634 | (967 | ) | |||||
|
Accounts
receivable from associate
|
3,545 | (4,784 | ) | |||||
|
Inventory
|
(7,672 | ) | (3,839 | ) | ||||
|
Prepaid
taxes and expenses
|
(4,619 | ) | 2,027 | |||||
|
Increase
(decrease) of operating liabilities
|
||||||||
|
Trade
accounts payable
|
13,552 | 333 | ||||||
|
Income
tax payable
|
(14,409 | ) | 1,095 | |||||
|
Other
liabilities
|
(36,292 | ) | (22,442 | ) | ||||
|
Net
cash and cash equivalents provided by operating activities
|
65,226 | 29,939 | ||||||
Signature
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Compañía
de Minas Buenaventura S.A.A.
/s/
CARLOS E. GALVEZ PINILLOS
Carlos E.
Gálvez Pinillos
Chief
Financial Officer
Date:
April 29, 2010