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BUENAVENTURA MINING CO INC

BUENAVENTURA MINING CO INCBVN決算レポート

NYSE · 素材 · 金属鉱山開採

Compañia de Minas Buenaventura is a Peruvian precious metals company engaged in the mining and exploration of gold, silver and other metals.

What changed in BUENAVENTURA MINING CO INC's 20-F — 2022 vs 2023

Top changes in BUENAVENTURA MINING CO INC's 2023 20-F

847 paragraphs added · 841 removed · 642 edited across 6 sections

Item 2. Properties

Properties — owned and leased real estate

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ITEM 2. ​ Offer Statistics and Expected Timetable ​ 8 ​ ​ ​ ​ ​ ITEM 3. ​ Key Information ​ 8 ​ ​ ​ ​ ​ ITEM 4. ​ Information on the Company ​ 28 ​ ​ ​ ​ ​
ITEM 2. ​ Offer Statistics and Expected Timetable ​ 8 ​ ​ ​ ​ ​ ITEM 3. ​ Key Information ​ 8 ​ ​ ​ ​ ​ ITEM 4. ​ Information on the Company ​ 27 ​ ​ ​ ​ ​

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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(2) BVN’s equity participation in Cerro Verde was 19.58% for all the years shown. B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. 11 Table of Contents D. Risk Factors Factors Relating to the Company We have incurred losses in the past and may incur losses in the future.
(2) BVN’s equity participation in Cerro Verde was 19.58% for all the years shown. 11 Table of Contents B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors Factors Relating to the Company We have incurred losses in the past and may incur losses in the future.
Although we believe that we are substantially in compliance and Cerro Verde has advised us that they are substantially in compliance, with all applicable environmental regulations, we cannot assure you that future legislative or regulatory developments will not have an adverse effect on our or Cerro Verde’s business or results of operations. See “Item 4. Information on the Company—Buenaventura—B.
Although we believe that we are substantially in compliance, and Cerro Verde advised us that they are substantially in compliance, with all applicable environmental regulations, we cannot assure you that future legislative or regulatory developments will not have an adverse effect on our or Cerro Verde’s business or results of operations. See “Item 4. Information on the Company—Buenaventura—B.
Although actual foreign reserves must be maintained at levels that will allow the succeeding government the ability to manage the Peruvian economy and to assure monetary stability in the near future, there can be no assurance that Peru will be able to maintain adequate foreign reserves to meet its foreign currency denominated obligations, or that Peru will not devalue its currency should its foreign reserves decline.
Although actual foreign reserves must be maintained at levels that will allow the succeeding government the ability to manage the Peruvian economy and to assure monetary stability in the near future, there can be no assurance that Peru will be able to maintain adequate foreign reserves to meet its foreign currency denominated obligations, or that Peru will not devalue its currency should its foreiggn reserves decline.
Market price fluctuations of gold, silver and other metals, as well as increased production costs or reduced recovery rates, may render proven and probable ore reserves containing relatively lower grades of mineralization uneconomic to exploit and may ultimately result in a restatement of proven and probable ore reserves.
Market price fluctuations of copper, gold, silver and other metals, as well as increased production costs or reduced recovery rates, may render proven and probable ore reserves containing relatively lower grades of mineralization uneconomic to exploit and may ultimately result in a restatement of proven and probable ore reserves.
The process relies on the quantity and quality of available data and is based on knowledge, mining experience, statistical analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available.
The process relies on the quantity and quality of available data and is based on knowledge, mining experience, statistical analysis of drilling results and industry best practices. Valid estimates made at a given time may significantly change when new information becomes available.
Mineral reserves data is only indicative of future results of operations at the time the estimates are prepared and are depleted over time as we conduct our mining operations. We use several strategies to replenish and increase our mineral reserves that are depleted, including exploration activities and the acquisition of mining concessions.
Mineral reserves data is only indicative of future results of operations at the time the estimates are prepared and are depleted over time as we conduct our mining operations. We use several strategies to replenish and increase our depleted mineral reserves, including exploration activities and the acquisition of mining concessions.
ITEM 3. Key Information A. Selected Financial Data Selected Financial Information and Operating Data This selected financial information should be read in conjunction with, and is qualified in its entirety by reference to, the Consolidated Financial Statements, including the notes thereto appearing elsewhere in this Annual Report.
ITEM 3. Key Information A. Selected Financial Data This selected financial information should be read in conjunction with, and is qualified in its entirety by reference to, the Consolidated Financial Statements, including the notes thereto appearing elsewhere in this Annual Report.
In the future, we may decide to expand or contract by acquiring other companies in Peru or abroad in order to diversify our existing portfolio of products and services and expand our geographic footprint, or alternatively by disposing of some of our assets.
In the future, we may decide to expand our business by acquiring other companies in Peru or abroad in order to diversify our existing portfolio of products and services and expand our geographic footprint, or alternatively, contract our business by disposing some of our assets.
(5) The amounts in this table reflect the total production of all of our consolidated subsidiaries, including Sociedad Minera El Brocal S.A.A., or “El Brocal,” in which we owned a 61.43% controlling equity interest as of December 31, 2022, 2021 and 2020, and Minera La Zanja S.R.L., or “La Zanja,” in which we owned a 100% controlling equity interest as of December 31, 2022, and 53.06% controlling equity interest as of December 31, 2021 and 2020.
(5) The amounts in this table reflect the total production of all of our consolidated subsidiaries, including Sociedad Minera El Brocal S.A.A., or “El Brocal,” in which we owned a 61.43% controlling equity interest as of December 31, 2023, 2022 and 2021, and Minera La Zanja S.R.L., or “La Zanja,” in which we owned a 100% controlling equity interest as of December 31, 2023 and 2022, and 53.06% controlling equity interest as of December 31, 2021.
We have in the past engaged in hedging activities, such as forward sales and option contracts, to minimize our exposure to fluctuations in the prices of gold, silver and other metals; however, we and our wholly owned subsidiaries no longer hedge the price at which our gold and silver will be sold except Brocal unit that is allowed to hedge the price of copper and zinc.
In the past, we engaged in hedging activities, such as forward sales and option contracts, to minimize our exposure to fluctuations in the prices of gold, silver and other metals; however, we and our wholly owned subsidiaries no longer hedge the price at which our gold and silver will be sold except for the Brocal unit that is allowed to hedge the price of copper and zinc.
In addition, Cerro Verde does not engage in hedging activities. As a result, the prices at which we and Cerro Verde sell gold, silver, copper and ore concentrates, as applicable, are fully exposed to the effects of changes in prevailing market prices. See “Item 11. Quantitative and Qualitative Disclosures About Market Risk” and Note 33 to the Consolidated Financial Statements.
In addition, Cerro Verde does not engage in hedging activities. As a result, the prices at which we and Cerro Verde sell gold, silver, copper and ore concentrates, as applicable, are fully exposed to the effects of changes in prevailing market prices. See “Item 11. Quantitative and Qualitative Disclosures About Market Risk” and Note 35 to the Consolidated Financial Statements.
Investment Company Act of 1940, as amended (the “Investment Company Act”), and if we were deemed an “investment company” under the Investment Company Act, applicable restrictions could make it impractical for us to operate as contemplated. As of December 31, 2022, we have a 19.58% partnership interest in Cerro Verde and no longer hold any interest in Yanacocha.
Investment Company Act of 1940, as amended (the “Investment Company Act”), and if we were deemed an “investment company” under the Investment Company Act, applicable restrictions could make it impractical for us to operate as contemplated. As of December 31, 2023, we have a 19.58% partnership interest in Cerro Verde and no longer hold any interest in Yanacocha.
The selected financial information as of December 31, 2020, 2021 and 2022 have been derived from Cerro Verde’s financial statements that are not included in this Annual Report. The report of Tanaka, Valdivia, & Asociados S. Civil de R.L. (a member firm of Ernst & Young Global Limited ) on Cerro Verde’s financial statements appears elsewhere in this Annual Report.
The selected financial information as of December 31, 2021, 2022 and 2023 have been derived from Cerro Verde’s financial statements that are not included in this Annual Report. The report of Tanaka, Valdivia, & Asociados S. Civil de R.L. (a member firm of Ernst & Young Global Limited ) on Cerro Verde’s financial statements appears elsewhere in this Annual Report.
We periodically update our mineral reserves and resources estimates based on the conclusions of the relevant qualified persons with respect to new data from exploratory and infill drilling, results from technical studies and the experience acquired during the operation of the mine and metallurgical processing, as well as changes to the assumptions used to calculate these estimates.
We periodically update our mineral reserves and resources estimates based on the guidelines of the relevant qualified persons with respect to new data from exploratory and infill drilling, results from technical studies and the experience acquired during the operation of the mine and metallurgical processing, as well as changes to the assumptions used to calculate these estimates.
Any future acquisitions and dispositions will depend on our ability to identity suitable candidates or buyers, negotiate acceptable terms, and obtain financing in the case of acquisitions. If future acquisitions or dispositions are significant, they could change the scale of our business and expose us to new geographic, political, operating and financial risks.
Any future acquisitions and dispositions will depend on our ability to identify suitable candidates or buyers, negotiate acceptable terms, and obtain financing in the case of acquisitions. If future acquisitions or dispositions are significant, they could change the scale of our business and expose us to new geographic, political, operating, and financial risks.
As of December 31, 2020, 2021 and 2022, we had 271,677 of Investment Shares (as defined below) outstanding, exclusive of 472,963 treasury shares as of December 31, 2020, 2021 and 2022. (4) We have no outstanding options, warrants or convertible securities that would have a dilutive effect on earnings per share.
As of December 31, 2021, 2022 and 2023, we had 271,677 of Investment Shares (as defined below) outstanding, exclusive of 472,963 treasury shares as of December 31, 2021, 2022 and 2023. (4) We have no outstanding options, warrants or convertible securities that would have a dilutive effect on earnings per share.
As of December 31, 2021, as a result of the advance payment mentioned above, the deferral and installment resolutions of the SUNAT tax claim have been rendered null and the letters of credit that were delivered as collateral for said disputed payments have been returned to the issuing banks.
As of December 31, 2023, as a result of the advance payment mentioned above, the deferral and installment resolutions of the SUNAT tax claim have been rendered null and the letters of credit that were delivered as collateral for said disputed payments have been returned to the issuing banks.
The selected financial information as of December 31, 2021 and 2022 and for the years ended December 31, 2020, 2021 and 2022 is derived from the consolidated statements of financial position, consolidated statements of profit or loss and consolidated statements of other comprehensive income, included in the Consolidated Financial Statements appearing elsewhere in this Annual Report.
The selected financial information as of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023 is derived from the consolidated statements of financial position, consolidated statements of profit or loss and consolidated statements of other comprehensive income, included in the Consolidated Financial Statements appearing elsewhere in this Annual Report.
This information should be read in conjunction with, and is qualified in its entirety by reference to, Cerro Verde’s audited financial statements as of December 31, 2021 and 2022 and for the years ended December 31, 2020, 2021 and 2022, or the Cerro Verde Financial Statements.
This information should be read in conjunction with, and is qualified in its entirety by reference to, Cerro Verde’s audited financial statements as of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023, or the Cerro Verde Financial Statements.
The business of mining, smelting and refining gold, silver, copper and other metals is generally subject to a number of risks and hazards, including industrial accidents, labor disputes, unavailability of materials and equipment, unusual or unexpected geological conditions, changes in the regulatory environment, environmental hazards and weather and other natural phenomena such as earthquakes, most of which are beyond our control.
The business of mining, smelting and refining gold, silver, copper and other metals is generally subject to a number of risks and hazards, including industrial accidents, labor disputes, unusual or unexpected geological conditions, changes in the regulatory environment, environmental hazards and weather and other natural phenomena such as earthquakes, most of which are beyond our control.
The statement of financial position data as of December 31, 2020 has been derived from a consolidated statement of financial position which is not included in this Annual Report. The report of Tanaka, Valdivia & Asociados S. Civil de R.L.
The statement of financial position data as of December 31, 2021 has been derived from a consolidated statement of financial position which is not included in this Annual Report. The report of Tanaka, Valdivia & Asociados S. Civil de R.L.
(6) The amounts in this table reflect the reserves of all of our consolidated subsidiaries other than Julcani and La Zanja, which are not included as disclosed under “Mining Operations—Julcani—Mineral Reserves and Mineral Resources” and “Mining Operations—La Zanja—Mineral Reserves and Mineral Resources”, and including El Brocal, in which we owned a 61.43% controlling equity interest as of December 31, 2022, 2021 and 2020.
(6) The amounts in this table reflect the reserves of all of our consolidated subsidiaries other than Julcani, La Zanja and Tambomayo, which are not included as disclosed under “Mining Operations—Julcani—Mineral Reserves and Mineral Resources”, “Mining Operations—La Zanja—Mineral Reserves and Mineral Resources” and “Mining Operations—Tambomayo—Mineral Reserves and Mineral Resources”, and including El Brocal, in which we owned a 61.43% controlling equity interest as of December 31, 2023, 2022 and 2021.
(a member firm of Ernst & Young Global Limited) on our Consolidated Financial Statements as of December 31, 2021 and 2022 and for the years ended December 31, 2020, 2021 and 2022 appears elsewhere in this Annual Report.
(a member firm of Ernst & Young Global Limited) on our Consolidated Financial Statements as of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023 appears elsewhere in this Annual Report.
The Cerro Verde Financial Statements are prepared and presented in accordance with IFRS as issued by the IASB, which differs in certain respects from U.S. GAAP, as indicated in Note 23 and Note 24 to the Cerro Verde Financial Statements.
The Cerro Verde Financial Statements are prepared and presented in accordance with IFRS as issued by the IASB, which differs in certain respects from U.S. GAAP, as indicated in Note 24 and Note 25 to the Cerro Verde Financial Statements.
The sale of a substantial number of our shares by members of the Benavides Family, or a market perception of the intention of members of the Benavides Family to sell a substantial number of shares, could materially and adversely affect prevailing market prices for the Common Shares and ADSs.
The sale of a substantial number of our shares by Antofagasta plc or members of the Benavides Family, or a market perception of the intention of Antofagasta plc or members of the Benavides Family to sell a substantial number of shares, could materially and adversely affect prevailing market prices for the Common Shares and ADSs.
In addition, future regulatory changes, changes in the interpretation of existing regulations or stricter enforcement of such regulations, including changes to our concession agreements, may increase our compliance costs and could potentially require us to alter our operations. We cannot assure you that future regulatory changes will not adversely affect our business, financial condition or results of operations.
In addition, future regulatory changes, changes in the interpretation of existing regulations or stricter enforcement of such regulations, including changes to our concession agreements, may increase our compliance costs and could potentially require us to alter our operations. We cannot guarantee that future regulatory changes will not adversely affect our business, financial condition or results of operations.
In addition, we may incur liability to third parties as a result of the actions of our contractors. The occurrence of one or more of these risks could adversely affect our results of operations and financial position. 20 Table of Contents We are exposed to behaviors incompatible with our and Cerro Verde’s ethics and compliance standards.
In addition, we may incur liability to third parties as a result of the actions of our contractors. The occurrence of one or more of these risks could adversely affect our results of operations and financial position. We are exposed to behaviors incompatible with our and Cerro Verde’s ethics and compliance standards.
These changes may also render it uneconomic to exploit some or all of our proven and probable mineral reserves and measured and indicated mineral resources and may ultimately result in a reduction of mineral reserves and resources. 15 Table of Contents In addition, inferred mineral resources have a great amount of uncertainty as to their existence and their economic and legal feasibility.
These changes may also render it uneconomic to exploit some or all of our proven and probable mineral reserves and measured and indicated mineral resources or may ultimately result in a reduction of mineral reserves and resources. In addition, inferred mineral resources have a great amount of uncertainty as to their existence and their economic and legal feasibility.
Social and political conflicts could also affect the willingness of Communities or owners to reach agreements on their lands for the development of our projects. 21 Table of Contents We have implemented extensive community relations and good practices to anticipate and manage social issues that may arise at our operations.
Social and political conflicts could also affect the willingness of Communities or owners to reach agreements on their lands for the development of our projects. We have implemented extensive community relations and good practices to anticipate and manage social issues that may arise at our operations.
Our estimates of mineral reserves and resources are based on geological interpretation and statistical inferences or assumptions drawn from drilling and sampling analysis made as of the date of such estimates.
Our estimates of mineral reserves and resources are based on geological interpretation and geostatistical inferences or assumptions drawn from drilling and sampling analysis made as of the date of such estimates.
However, to the extent that any future projects operated by us or Cerro Verde require legislative or administrative measures that impact local indigenous communities, the required prior consultation procedure may result in delays, additional expenses or failure to obtain approval for such new project. We could face geotechnical challenges, which could adversely impact our production and profitability.
However, to the extent that any future projects operated by us or Cerro Verde require legislative or administrative measures that impact local indigenous communities, the required prior consultation procedure may result in delays, additional expenses or failure to obtain approval for such new project. 19 Table of Contents We could face geotechnical challenges, which could adversely impact our production and profitability.
Our business is subject to a signifcant number of laws and regulations in Peru and the United States, including without limitation, those pertaining to anti-bribery and anti-corruption, such as Peru’s Law 30424 that regulates the Administrative Liability of Legal Entities, as amended, the Foreign Corrupt Practices Act ("FCPA") and the the applicable sanctions imposed by the United States Treasury’s Office of Foreign Assets Control (“OFAC”).
Our business is subject to a signifcant number of laws and regulations in Peru and the United States, including without limitation, those pertaining to anti-bribery and anti-corruption, such as Peru’s Law 30424 – Law that Regulates the Administrative Liability of Legal Entities in Criminal Process, as amended, the Foreign Corrupt Practices Act (“FCPA”) and the applicable sanctions imposed by the United States Treasury’s Office of Foreign Assets Control (“OFAC”).
The results of our operations are significantly affected by the market price of specific metals, which are cyclical and subject to substantial price fluctuations. Our revenues are derived primarily from the sale of gold and silver and the revenues of Cerro Verde, in which we have a material equity investment, are derived primarily from copper sales.
The results of our operations are significantly affected by the market price of specific metals, which are cyclical and subject to substantial price fluctuations. We derive our revenues primarily from the sale of gold and silver and in the case of Cerro Verde, in which we have a material equity investment, we derive revenues primarily from copper sales.
Business Overview—Regulatory Framework—Mining Royalties and Taxes.” We cannot assure you that the Peruvian government will not impose additional mining royalties or taxes in the future or that such mining royalties or taxes will not have an adverse effect on our or Cerro Verde’s results of operations or financial condition.
Business Overview—Regulatory Framework—Mining Royalties and Taxes.” We cannot guarantee that the Peruvian government will not impose additional mining royalties or taxes in the future or that such mining royalties or taxes will not have an adverse effect on our or Cerro Verde’s results of operations or financial condition.
Such political instability could have a material adverse effect on our business, prospects, financial condition, results of operations or cash flows. Environmental and other laws and regulations may increase our costs of doing business, restrict our operations or result in operational delays.
Such political instability could have a material adverse effect on our business, prospects, financial condition, results of operations or cash flows. 13 Table of Contents Environmental and other laws and regulations may increase our costs of doing business, restrict our operations or result in operational delays.
Although we consider our relationship with our employees to be positive, there can be no assurance that we will not experience strikes or other labor-related work stoppages that could have a material adverse effect on our operations and/or operating results in the future. 19 Table of Contents Our and Cerro Verde’s operations are subject to political and social risks.
Although we consider our relationship with our employees to be positive, there can be no assurance that we will not experience strikes or other labor-related work stoppages that could have a material adverse effect on our operations and/or operating results in the future. Our and Cerro Verde’s operations are subject to political and social risks.
All seven active and one of the inactive tailings dams were built using the “downstream” raising method or were raised with filtered/compacted tailings. The remaining inactive tailings dams were built using the “upstream” raising method, which could present stability risks, especially related to liquefaction.
All active and three of the inactive tailings dams were built using the “downstream” raising method or were raised with filtered/compacted tailings. The remaining inactive tailings dams were built using the “upstream” raising method, which could present stability risks, especially related to liquefaction.
If, by the terms of any rights offering or for any other reason, the Depositary is not able to make such rights or such net proceeds available to any holder of ADSs, the Depositary may allow the rights to lapse. ​ 27 Table of Contents
If, by the terms of any rights offering or for any other reason, the Depositary is not able to make such rights or such net proceeds available to any holder of ADSs, the Depositary may allow the rights to lapse. ​
Amounts for 2020, 2021 and 2022 exclude production coming from the operating mines classified as discontinued operations.
Amounts for 2021, 2022 and 2023 exclude production coming from the operating mines classified as discontinued operations.
In the political environment, on December 7, 2022, President Pedro Castillo announced the dissolution of the congress and called for new elections as soon as possible, provoking an attempted coup d’état. Subsequently, he was removed from office and arrested. On the same day, Vice President Dina Boluarte assumed the presidency of Peru, to serve the remaining presidential term until 2026.
On December 7, 2022, Peru’s former President Pedro Castillo announced the dissolution of the congress and called for new elections as soon as possible, provoking an attempted coup d’état . Subsequently, he was removed from office and arrested. On the same day, Castillo’s vice president Dina Boluarte assumed the presidency of Peru, to serve the remaining presidential term until 2026.
In making determinations about whether to advance any of our projects to development, we must rely upon estimated calculations for the mineral reserves and mineral resources and grades of mineralization on our properties. The estimation of mineral reserves and resources is a subjective process that is partially dependent upon the judgment of the qualified persons preparing such estimates.
To determine whether to advance any of our projects to development, we must rely upon estimated calculations for the mineral reserves and mineral resources and grades of mineralization on our properties. The estimation of mineral reserves and resources is a subjective process that is partially dependent upon the judgment of the qualified persons preparing such estimates.
If a significant number of our employees were affected by a natural disaster, our ability to conduct business could be impaired. 23 Table of Contents Factors Relating to Peru The political and social scenario in Peru is complex and has a direct impact on the economy and investment climate in the country.
If a significant number of our employees were affected by a natural disaster, our ability to conduct business could be impaired. Factors Relating to Peru The political and social situation in Peru is complex and has a direct impact on the economy and investment climate in the country.
The inflation rate in Peru, as measured by the Indice de Precios al Consumidor and published by Instituto Nacional de Estadística e Informática has fallen from a high of 7,649.7% in 1990 to 8.5% in 2022. Our revenues and operating expenses are primarily denominated in U.S. Dollars.
The inflation rate in Peru, as measured by the Indice de Precios al Consumidor and published by Instituto Nacional de Estadística e Informática has fallen from a high of 7,649.7% in 1990 to 3.2% in 2023. Our revenues and operating expenses are primarily denominated in U.S. Dollars.
A sale of a substantial number of shares by the Benavides Family could have an adverse impact on the price of our Common Shares and ADSs.
A sale of a substantial number of shares by the our major shareholdersBenavides Family could have an adverse impact on the price of our Common Shares and ADSs.
For the years ended December 31, 2022, 2021 and 2020, our net profit (loss) was $602.9 million $(262.8) million and $(150.3) million, respectively. We may incur losses in the future and there can be no assurance that we will be able to operate profitably during future periods.
For the years ended December 31, 2023, 2022 and 2021, our net profit (loss) was $32.7 million, $602.9 million and $(262.8) million, respectively. We may incur losses in the future and there can be no assurance that we will be able to operate profitably during future periods.
Among the economic circumstances that could lead to a devaluation would be the decline of Peruvian foreign reserves to inadequate levels. Peru’s foreign reserves at December 31, 2022 were US$71.9 billion as compared to US$78.5 billion at December 31, 2021, as per the Banco Central de Reserva.
Among the economic circumstances that could lead to a devaluation would be the decline of Peruvian foreign reserves to inadequate levels. Peru’s foreign reserves at December 31, 2023 were US$73.6 billion as compared to US$71.9 billion at December 31, 2022, as per the Banco Central de Reserva.
Buenaventura is involved in legal proceedings against the Peruvian National Customs and Tax Administration Superintendence (“SUNAT”) in connection with SUNAT’s refusal to recognize Buenaventura’s deductions with respect to contracts for physical deliveries and certain contractual payments made by the Company during the years 2007 and 2008, as well as tax loss, which was offset in 2009 and 2010.
Buenaventura is involved in legal proceedings against SUNAT in connection with SUNAT’s refusal to recognize Buenaventura’s deductions with respect to contracts for physical deliveries and certain contractual payments made by the Company during the years 2007 and 2008, as well as tax loss, which was offset in 2009 and 2010.
For fiscal year 2010, as a result of a deferral and installment, the total amount paid was S/356,691,000 (equivalent to US$93,669,000 based on the exchange rate corresponding to December 31, 2022) which included the updating the amount claimed to reflect interest accrued as of July 30, 2021, such interest amounting to S/16,762,000 (equivalent to US$4,388,000).
For fiscal year 2010, as a result of a deferral and installment, the total amount paid was S/356,691,000 (equivalent to US$96,273,000 based on the exchange rate corresponding to December 31, 2023) which included the updating the amount claimed to reflect interest accrued as of July 30, 2021, such interest amounting to S/16,762,000 (equivalent to US$4,514,000).
The exchange rate remains relatively stable and the country risk remains among the lowest in the region, said the firm. 25 Table of Contents Peruvian exchange and investment control policies could affect dividends paid to holders of Common Shares and ADRs.
The exchange rate remains relatively stable and the country risk remains among the lowest in the region. Peruvian exchange and investment control policies could affect dividends paid to holders of Common Shares and ADRs.
The claim for the years 2007, 2008, 2009 and 2010 initially amounted to 373.3 million soles (approximately US$97.7 million updated at the exchange rate of December 31, 2022) which, when accounting for alleged penalties and fees as of the date SUNAT commenced collection proceedings, and according to SUNAT’s estimations, amounted to 2,107.5 million soles (approximately US$551.5 million based on the exchange rate corresponding to December 31, 2022).
The claim for the years 2007, 2008, 2009 and 2010 initially amounted to 373.3 million soles (approximately US$100.5 million updated at the exchange rate of December 31, 2023) which, when accounting for alleged penalties and fees at the date SUNAT commenced collection proceedings, and according to SUNAT’s estimations, amounted to 2,107.5 million soles (approximately US$567.6 million based on the exchange rate corresponding to December 31, 2023).
For fiscal year 2009, total amount paid was S/193,398,000 (equivalent to US$50,787,000 based on the exchange rate corresponding to December 31, 2022) which included updating the amount claimed to reflect interest accrued as of July 30, 2021, such interest amounting to S/8,477,000 (equivalent to US$2,219,000 based on the exchange rate corresponding to December 31, 2022).
For fiscal year 2009, total amount paid was S/193,398,000 (equivalent to US$52,199,000 based on the exchange rate corresponding to December 31, 2023) which included updating the amount claimed to reflect interest accrued as of July 30, 2021, such interest amounting to S/8,477,000 (equivalent to US$2,283,000 based on the exchange rate corresponding to December 31, 2023).
Once a site is discovered with mineralization, we may require several years between initial drilling and mineral production, and the economic feasibility of production may change during such period. Substantial expenditures are required to establish proven and probable reserves and to construct mining and processing facilities.
Our exploration projects involve significant risks and are often unsuccessful. Once a site is discovered with mineralization, we may require several years between initial drilling and mineral production, and the economic feasibility of production may change during such period. Substantial expenditures are required to establish proven and probable reserves and to construct mining and processing facilities.
As we produce gold, silver, zinc and other metals, we deplete our respective ore reserves for such metals. To maintain production levels, we must replace depleted reserves by exploiting known ore bodies and locating new deposits. Exploration for gold, silver and the other metals produced is highly speculative in nature. Our exploration projects involve significant risks and are often unsuccessful.
As we produce gold, silver, zinc and other metals, we deplete our respective ore reserves for such metals. To maintain production levels, we must replace depleted reserves by exploiting known ore bodies and locating new deposits. Exploration for gold, silver and the other metals we produce is highly speculative in nature.
The escalation of popular discontent towards the politicians of the country caused one of the most serious social unrest in the republican history of Peru. Large portions of the population from nine regions of the country, concentrated particularly those in the southern and central regions, major mining operations are situated, mobilized violently and clashed with law enforcement.
The escalation of popular discontent towards country’s politicians caused one of the most serious social unrests in the republican history of Peru. Large portions of the population across nine regions of the country, concentrated in the southern and central regions where major mining operations are situated, mobilized violently and clashed with law enforcement.
For fiscal years 2007 and 2008, the total amount paid was S/1,584,227,000 (equivalent to US$416,026,000 based on the exchange rate corresponding to December 31, 2022), which included updating the debt to reflect interest accrued as of July 30, 2021, such interest amounting to S/78,279,000 (equivalent to US$20,492,000 based on the exchange rate corresponding to December 31, 2022).
For fiscal years 2007 and 2008, the total amount paid was S/1,584,227,000 (equivalent to US$426,670,000 based on the exchange rate corresponding to December 31, 2023), which included updating the debt to reflect interest accrued as of July 30, 2021, such interest amounting to S/78,279,000 (equivalent to US$21,082,000 based on the exchange rate corresponding to December 31, 2023).
Operating Results” for a summary of our and Cerro Verde’s estimated proven and probable reserves as of December 31, 2022. On February 8, 2022, Buenaventura entered into binding agreements with Newmont Mining (“Newmont”) to sell its total interest in Yanacocha.
Operating Results” for a summary of our and Cerro Verde’s estimated proven and probable reserves as of December 31, 2022. On February 8, 2022, Buenaventura entered into binding agreements with Newmont Mining (“Newmont”) to sell its total interest in Yanacocha. See detail in Note 1(e) to the Consolidated Financial Statements.
On December 31, 2022 and March 31, 2023, the London Metal Exchange Settlement Price for copper was US$8,387 per ton and US$8,935 per ton, respectively. 12 Table of Contents The world market prices of gold, silver and copper have historically fluctuated widely. We cannot predict whether metal prices will rise or fall in the future.
On December 31, 2023 and March 31, 2024, the London Metal Exchange Spot Price for copper was US$ 8,464 per tonne and US$ 8,767 per tonne, respectively. 12 Table of Contents The world market prices of gold, silver and copper have historically fluctuated widely. We cannot predict whether metal prices will rise or fall in the future.
A subsequent downgrade could adversely affect our existing financings, limit access to the capital or credit markets, or otherwise adversely affect the availability of other new financing on favorable terms, if at all, result in more restrictive covenants in agreements governing the terms of any future indebtedness that we incur, increase our borrowing costs, or otherwise impair our business, financial condition and operating results.
A subsequent downgrade could adversely affect our existing financings, limit access to the capital or credit markets, or otherwise adversely affect the availability of other new financing on favorable terms, if at all, result in more restrictive covenants in agreements governing the terms of any future indebtedness that we incur, increase our borrowing costs, or otherwise impair our business, financial condition and operating results. 21 Table of Contents Our tailings dams are subject to significant environmental, safety and engineering challenges and risks that could adversely affect our business.
For example, Peruvian law does not provide for proceedings by which non-controlling shareholders may file class action lawsuits or shareholder derivative actions against controlling shareholders or officers and directors, and the procedural requirements to file shareholder actions in Peru differ from those of the U.S.
For example, Peruvian law does not provide for proceedings by which non-controlling shareholders may file class action lawsuits or shareholder derivative actions against controlling shareholders or officers and directors, and the procedural requirements to file shareholder actions in Peru differ from those of the U.S. As a result, holders of our shares may face difficulty enforcing their rights.
On December 31, 2022 and March 31, 2023, the afternoon fixing spot price of silver on the London market, or “London Spot,” was US$23.945 per ounce and US$23.885 per ounce, respectively.
On December 31, 2023 and March 31, 2024, the afternoon fixing spot price of silver on the London market, or “London Spot,” was US$ 23.79 per ounce and US$ 24.54 per ounce, respectively.
Climatic phenomena in Peru have an impact on some economic activities and infrastructure in the country. Multiple global studies have consistently highlighted Peru as one of the nation's most susceptible to the adverse effects of climate change and water scarcity.
Climatic phenomena in Peru have an impact on some economic activities and infrastructure in the country. Multiple global studies have consistently highlighted Peru as one of the nation’s most susceptible to the adverse effects of climate change and water scarcity. In March 2023, Cyclone Yaku made landfall in Peru, mainlyaffecting regions in the northern coast of the country.
Business Overview—Environmental Matters.” 14 Table of Contents Our ability to successfully obtain key permits and approvals to explore for, develop and successfully operate mines will likely depend on our ability to do so in a manner that is consistent with the creation of social and economic benefits in the surrounding communities.
Business Overview—Regulatory Framework—Environmental Matters” and “—Permits” and “Item 4. Information on the Company—Yanacocha—B. Business Overview—Environmental Matters.” Our ability to successfully obtain key permits and approvals to explore for, develop and successfully operate mines will likely depend on our ability to do so in a manner that is consistent with the creation of social and economic benefits in the surrounding communities.
Under Peru’s current legal and regulatory regime, these mining and processing rights are maintained by meeting a minimum annual level of production or investment and by the annual payment of a concession fee. A fine is payable for the years in which minimum production or investment requirements are not met.
Under Peru’s current legal and regulatory regime, to maintain these mining and processing rights companies must meet a minimum annual level of production or investment and pay an annual concession fee. A fine is payable for the years in which minimum production or investment requirements are not met.
A significant portion of our operations and mine development projects are currently conducted by contractors.
We rely on contractors to conduct a significant portion of our operations and mine development projects. A significant portion of our operations and mine development projects are currently conducted by contractors.
We will continue to pursue appeals on this matter in Peruvian courts. These legal proceedings may be costly and time consuming and there can be no guarantee in respect of the final outcome of these proceedings or that SUNAT will not bring future claims against us.
These legal proceedings may be costly and time consuming and there can be no guarantee in respect of the final outcome of these proceedings or that SUNAT will not bring future claims against us.
(2) See Note 1(e) to the Consolidated Financial Statements. 9 Table of Contents (3) Profit (loss) per share has been calculated for each year as net profit (loss) divided by average number of shares outstanding during the year. As of December 31, 2020, 2021 and 2022, we had 253,715,190 Common Shares outstanding, exclusive of 21,174,734 treasury shares.
(3) Profit (loss) per share has been calculated for each year as net profit (loss) divided by average number of shares outstanding during the year. As of December 31, 2021, 2022 and 2023, we had 253,715,190 Common Shares outstanding, exclusive of 21,174,734 treasury shares.
Our ability to achieve our goals and objectives is dependent, in part, on maintaining good relations with our employees. A prolonged labor disruption at any of our material properties could have a material adverse impact on our results of operations.
Our ability to achieve our goals and objectives is dependent, in part, on maintaining good relations with our employees. A prolonged labor disruption at any of our material properties could have a material adverse impact on our results of operations. As of December 31, 2023, unions represented approximately 20.31% of our and our subsidiaries’ employees, including Coimolache’s employees and contractors.
A cyber-attack involving our information systems and related infrastructure, or those of our business partners, could disrupt our business and negatively impact our operations in a variety of ways, such as, among others: ● an attack on the computers which control our mining operations could cause a temporary interruption of our production while contingency manual systems are brought online; ● a cyber-attack on our accounting or accounts payable systems could expose us to liability to employees and third parties if their sensitive personal information is obtained; ● possible loss of material information, which in turn could delay productive processes and selling efforts, causing economic losses; or ● a cyber-attack on a service provider could result in supply chain disruptions, which could delay or halt our major development projects. 22 Table of Contents The laws of Peru related to anti-bribery and anti-corruption are still developing and could be less stringent than those of other jurisdictions, and our risk management and internal controls may not be successful in preventing or detecting all violations of law or of company-wide policies.
A cyber-attack involving our information systems and related infrastructure, or those of our business partners, could disrupt our business and negatively impact our operations in a variety of ways, such as, among others: ● an attack on the computers which control our mining operations could cause a temporary interruption of our production while contingency manual systems are brought online; ● a cyber-attack on our accounting or accounts payable systems could expose us to liability to employees and third parties if their sensitive personal information is obtained; ● possible loss of material information, which in turn could delay productive processes and selling efforts, causing economic losses; or ● a cyber-attack on a service provider could result in supply chain disruptions, which could delay or halt our major development projects.
The nature and dynamism of the Company's operations and the number of third parties with which it interacts, which includes public officials, requires ongoing and adequate monitoring to identify improper practices, fraud or violations of the law by our employees, contractors, managers or any other person doing business with or on behalf of the Company, and thereby the Company has continued to update its third party risks as well as other risks, reinforcing its internal processes and controls in this respect.
Given the Company’s operations and activities, the Company continues to update its Corporate Compliance Program to incorporate international best practices and aim to satisfy United States and Peru related requirements, with the objective of preventing and mitigating the risks associated with its operations and activities. 22 Table of Contents The nature and dynamism of the Company’s operations and the number of third parties with which it interacts, which includes public officials, requires ongoing and adequate monitoring to identify improper practices, fraud or violations of the law by our employees, contractors, managers or any other person doing business with or on behalf of the Company, and thereby the Company has continued to update its third party risks as well as other risks, reinforcing its internal processes and controls in this respect.
To date, national and regional authorities focus their efforts to serve the most vulnerable populations. 24 Table of Contents Inflation, reduced economic growth and fluctuations in the Sol exchange rate may adversely affect our financial condition and results of operations. Prior to 1994, Peru periodically experienced high inflation, slow or negative economic growth and substantial currency devaluation.
Inflation, reduced economic growth and fluctuations in the Sol exchange rate may adversely affect our financial condition and results of operations. Inflation, reduced economic growth and fluctuations in the Sol exchange rate may adversely affect our financial condition and results of operations. Prior to 1994, Peru periodically experienced high inflation, slow or negative economic growth and substantial currency devaluation.
Under the Investment Company Act, an investment company is defined in relevant part to include (i) any company that is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities and (ii) any company that owns or proposes to acquire investment securities having a value exceeding 40% of such company’s total assets (exclusive of certain items) on an unconsolidated basis.
As such, Yanacocha has been classified in our financial statements as of December 31, 2021 as an asset held for sale as outlined in Note 1(e) to our Consolidated Financial Statements. 20 Table of Contents Under the Investment Company Act, an investment company is defined in relevant part to include (i) any company that is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities and (ii) any company that owns or proposes to acquire investment securities having a value exceeding 40% of such company’s total assets (exclusive of certain items) on an unconsolidated basis.
Currently, the Company owns 15 tailings dams, consisting of 5 active and 10 inactive (those in the process of being closed or remediated) tailing dams, and other geotechnical structures like water dams, dumps, open pits, and leaching pads.
The rupture of a tailings dam or similar structure may cause severe damages. Currently, the Company owns 14 tailings dams, consisting of 5 active and 9 inactive (those in the process of being closed or remediated) tailing dams, and other geotechnical structures like water dams, dumps, open pits, and leaching pads.
As a result, holders of our shares may face difficulty enforcing their rights. 26 Table of Contents U.S. securities laws do not require us to disclose as much information to investors as a U.S. issuer is required to disclose, and you may receive less information about us than you might otherwise receive from a comparable U.S. company.
U.S. securities laws do not require us to disclose as much information to investors as a U.S. issuer is required to disclose, and you may receive less information about us than you might otherwise receive from a comparable U.S. company.
In addition, each transaction involves a number of risks, such as the diversion of our management’s attention from our existing business, possible adverse effects on our results of operations, our inability to achieve the intended objectives of the transaction and potential unknown liabilities associated with the acquired assets.
In addition, each transaction involves a number of risks, such as the diversion of our management’s attention from our existing business, possible adverse effects on our results of operations, our inability to achieve the intended objectives of the transaction and potential unknown liabilities associated with the acquired assets. 16 Table of Contents Estimates of proven and probable reserves are subject to uncertainties and the volume and grade of ore actually recovered may vary from our estimates.
The prices of such commodities are influenced by supply and demand trends affecting the mining industry in general and other factors outside our control, and such prices are at times subject to volatile movements.
Our production costs are also affected by the prices of commodities we consume or use in our operations, such as cyanide, reagents and explosives. The prices of such commodities are influenced by supply and demand trends affecting the mining industry in general and other factors outside our control, and such prices are at times subject to volatile movements.
SRK Consulting Perú S.A. (“SRK”), an independent consultant, audited the process used to estimate proven and probable ore reserves for Uchucchacua, Tambomayo, Orcopampa, and El Brocal. Agnitia Consulting S.A.C. (“Agnitia”), an independent consultant, audited the process used to estimate proven and probable ore reserves for San Gabriel. Mining Plus Peru S.A.C.
SRK Consulting Perú S.A. (“SRK”), an independent consultant, audited the process used to estimate proven and probable ore reserves and resources for Uchucchacua and Orcopampa. SLR Consulting (Canada) Ltd. (“SLR”), an independent consultant, audited the process used to estimate proven and probable ore reserves and resources for El Brocal and Coimolache. Agnitia Consulting S.A.C.
We may also incur debt in future periods or reduce our holdings of cash and cash equivalents in connection with funding future acquisitions, existing operations, capital expenditures or in pursuing other business opportunities.
In addition, we may require additional funds in the event of unforeseen delays, cost overruns, design changes or other unanticipated expenses. We may also incur debt in future periods or reduce our holdings of cash and cash equivalents in connection with funding future acquisitions, existing operations, capital expenditures or in pursuing other business opportunities.
Our estimates of mineral reserves and resources may be materially different from the total mineral quantities we actually recover, and changes in metal prices, operating and capital costs, and other assumptions used to calculate these estimates may render certain mineral reserves and resources uneconomical to mine.
There have also been concerns about the relationship between China and other countries, including the surrounding Asian countries, which may potentially have economic effects. ​ 14 Table of Contents Our estimates of mineral reserves and resources may be materially different from the total mineral quantities we actually recover, and changes in metal prices, operating and capital costs, and other assumptions used to calculate these estimates may render certain mineral reserves and resources uneconomical to mine.
As of March 31, 2023, two of our directors (and their families), Roque Benavides (who transferred his shares to his son) and Raul Benavides (who transferred his shares to his children), all of which are members of the immediate and extended family of the late Alberto Benavides de la Quintana, our founder and former Chairman (collectively, the “Benavides Family”) held an aggregate of 10.92% of Buenaventura’s outstanding share capital (including outstanding Common Shares and investment shares with a nominal (par) value of ten Peruvian Soles per share, which do not entitle their holders to voting rights (“Investment Shares”)).
As of March 31, 2024, Antofagasta plc and two of our directors (and their families), Roque Benavides and Raul Benavides (collectively, the “Benavides Family”) held an aggregate of approximately 35% of Buenaventura’s outstanding share capital (including outstanding Common Shares and investment shares with a nominal (par) value of ten Peruvian Soles per share, which do not entitle their holders to voting rights (“Investment Shares”)).
Cerro Verde Selected Financial Information and Operating Data The following table presents selected financial information and operating data for Cerro Verde as of the end of and for each of the periods indicated.
The total amount of reserves does not consider ounces from Pads 10 Table of Contents Cerro Verde Selected Financial Information and Operating Data The following table presents selected financial information and operating data for Cerro Verde as of the end of and for each of the periods indicated.

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Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

352 edited+104 added−81 removed203 unchanged
The total Mineral Reserves dated from December 31, 2021 considered an ownership basis of 100%. 2. The total Mineral Reserves dated from December 31, 2022 considered an ownership basis of 100%.
The total Mineral Reserves dated from December 31, 2022 considered an ownership basis of 100%. 2. The total Mineral Reserves dated from December 31, 2021 considered an ownership basis of 100%.
S-K 1300 definitions were followed for Mineral Resources. 2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 100% of this property. 3.
S-K 1300 definitions were followed for Mineral Resources. 2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 100% of this property. 3.
Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. 4. Numbers may not add due to rounding. 5. The qualified person for the Mineral Resources estimate is SRK Consulting Perú S.A.
Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. 4. Numbers may not add due to rounding. 5. The qualified person for the Mineral Resources estimate is SRK Consulting Perú S.A.
The Mineral Reserve estimate has been prepared using industry accepted practice and conforms to the disclosure requirements of S-K 1300. Mineral reserve estimates consider technical, economic, and environmental, and regulatory parameters containing inherent risks.
The Mineral Reserve estimate has been prepared using industry accepted practice and conforms to the disclosure requirements of S-K 1300. Mineral Reserve estimates consider technical, economic, and environmental, and regulatory parameters containing inherent risks.
Changes in grade and/or metal recovery estimation, realized metal prices, and operating and capital costs have a direct relationship to the cash flow and profitability of the mine. Mineral reserve and mineral resource estimates are evaluated annually, providing the opportunity to reassess the assumed conditions.
Changes in grade and/or metal recovery estimation, realized metal prices, and operating and capital costs have a direct relationship to the cash flow and profitability of the mine. Mineral Reserve and Mineral Resource estimates are evaluated annually, providing the opportunity to reassess the assumed conditions.
S-K 1300 definitions were followed for Mineral Resources. 2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 100% of this property. 3.
S-K 1300 definitions were followed for Mineral Resources. 2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 100% of this property. 3.
The Mineral Reserve estimate has been prepared using industry accepted practice and conforms to the disclosure requirements of S-K 1300. Mineral Reserve estimates consider technical, economic, and environmental, and regulatory parameters containing inherent risks.
The Mineral Reserve estimate has been prepared using industry accepted practice and conforms to the disclosure requirements of S-K 1300. Mineral Reserve estimates consider technical, economic, and environmental, and regulatory parameters containing inherent risks.
Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. 4. Numbers may not add due to rounding. 5. The qualified person for the Mineral Resources estimate is SRK Consulting Perú S.A.
Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. 4. Numbers may not add due to rounding. 5. The qualified person for the Mineral Resources estimate is SRK Consulting Perú S.A.
S-K 1300 definitions were followed for Mineral Resources. 2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 61.43% of this property. 3.
S-K 1300 definitions were followed for Mineral Resources. 2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 61.43% of this property. 3.
Drilling data from cores were combined into geological structures, copper, zinc, lead, silver, gold, and iron grades were interpolated into block models for the different mine zones using the Ordinary Kriging method in each domain. The results were visually validated through various statistical comparisons.
Drilling data from cores were combined into geological structures, copper, zinc, lead, silver, gold, and iron grades were interpolated into block models for the different mine zones using the Ordinary Kriging method in each domain. The results were visually validated through various statistical comparisons.
S-K 1300 definitions were followed for Mineral Reserves. 2. Mineral Reserves data presented in this table is reported on 61.43% Buenaventura attributable ownership. 3. Numbers may not add due to rounding. 4.
S-K 1300 definitions were followed for Mineral Reserves. 2. Mineral Reserves data presented in this table is reported on 61.43% Buenaventura attributable ownership. 3. Numbers may not add due to rounding. 4.
Mineral Reserve estimates consider technical, economic, and environmental, and regulatory parameters containing inherent risks. Changes in grade and/or metal recovery estimation, realized metal prices, and operating and capital costs have a direct relationship to the cash flow and profitability of the mine. Mineral Reserve and Mineral Resource estimates are evaluated annually, providing the opportunity to reassess the assumed conditions.
Mineral Reserve estimates consider technical, economic, and environmental, and regulatory parameters containing inherent risks. Changes in grade and/or metal recovery estimation, realized metal prices, and operating and capital costs have a direct relationship to the cash flow and profitability of the mine. Mineral Reserve and Mineral Resource estimates are evaluated annually, providing the opportunity to reassess the assumed conditions.
S-K 1300 definitions were followed for Mineral Resources. 2. Mineral Resources data presented in this table is reported on 61.43% Buenaventura attributable ownership. 3. Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. 4.
S-K 1300 definitions were followed for Mineral Resources. 2. Mineral Resources data presented in this table is reported on 61.43% Buenaventura attributable ownership. 3. Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. 4.
S-K 1300 definitions were followed for Mineral Resources. 2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 61.43% of this property. 3.
S-K 1300 definitions were followed for Mineral Resources. 2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 61.43% of this property. 3.
Mineral Reserve estimates consider technical, economic, and environmental, and regulatory parameters containing inherent risks. Changes in grade and/or metal recovery estimation, realized metal prices, and operating and capital costs have a direct relationship to the cash flow and profitability of the mine. Mineral Reserve and Mineral Resource estimates are evaluated annually, providing the opportunity to reassess the assumed conditions.
Mineral Reserve estimates consider technical, economic, and environmental, and regulatory parameters containing inherent risks. Changes in grade and/or metal recovery estimation, realized metal prices, and operating and capital costs have a direct relationship to the cash flow and profitability of the mine. Mineral Reserve and Mineral Resource estimates are evaluated annually, providing the opportunity to reassess the assumed conditions.
History First activities of the Cerro Verde porphyry copper deposit date back to the late 1800s when artisanal mining produced high-grade oxide ore. In 1917 Anaconda Copper Mining Company acquired the property and operated intermittently until 1970 when the property was nationalized.
History The first activities of the Cerro Verde porphyry copper deposit date back to the late 1800s when artisanal mining produced high-grade oxide ore. In 1917 Anaconda Copper Mining Company acquired the property and operated intermittently until 1970 when the property was nationalized.
An NSR cut-off was used in preference to a grade cut-off, since both gold and silver are contributors to the Project economics. Additional information regarding the Mineral Reserve estimates provided can be found in Section 12 of the San Gabriel Technical Report Summary.
An NSR cut-off was used in preference to a grade cut-off, since both gold and silver are contributors to the San Gabriel Project economics. Additional information regarding the Mineral Reserve estimates provided can be found in Section 12 of the San Gabriel Technical Report Summary.
S-K 1300 definitions were followed for Mineral Resources. 2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 100% of this property. 3.
S-K 1300 definitions were followed for Mineral Resources. 2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 100% of this property. 3.
History The geological prospecting work began in 1996, extending until 2000, consisting of geochemical prospecting (stream sediments), mapping and rock geochemistry, determining Cu and Mo anomalies that motivated the continuity of the explorations. In 2001-2002, a diamond drilling campaign was completed with the execution of six drill holes (2,192.95 meters).
History The geological prospecting work began in 1996, extending until 2000, consisting of geochemical prospecting (stream sediments), mapping and rock geochemistry, determining Cu and Mo anomalies that motivated the continuity of the explorations. In 2001 and 2002, a diamond drilling campaign was completed with the execution of six drill holes (2,192.95 meters).
After COVID 19 pandemic, the Peruvian Central Government did not introduce legal provisions for the use of digital tools; consequently, ongoing prior consultation processes were disrupted. However, the Peruvian Central Government managed to include additional mechanisms within the framework of established COVID 19 protocols.
After the COVID-19 pandemic, the Peruvian Central Government did not introduce legal provisions for the use of digital tools; consequently, ongoing prior consultation processes were disrupted. However, the Peruvian Central Government managed to include additional mechanisms within the framework of established COVID-19 protocols.
By 2004, the SX/EW plant capacity was at 200 million pounds of copper cathode per year (Bernal and Velarde, 2004). In 2005, SMM Cerro Verde Netherlands B.V. acquired 21 percent ownership, and Buenaventura increased their ownership to 18.3 percent while PDC retained 53.56 percent as part of construction of a primary sulfide concentrator (C1).
By 2004, the SX/EW plant capacity was at 200 million pounds of copper cathode per year (Bernal and Velarde, 2004). In 2005, SMM Cerro Verde Netherlands B.V. acquired 21 % ownership, and Buenaventura increased their ownership to 18.3 % while PDC retained 53.56 %as part of construction of a primary sulfide concentrator (C1).
Our main activities included the following: ● Relationship building with union boards of directors through awareness-raising workshops titled “Founding Alliances to Boost the Participatory Safety Strategy.” ● Refresher for BNV and contractor employees to raise awareness of disruptive activities, with a focus on the family waiting for them at home (Self-care, the Right to Say NO) as part of the “Pact for Life” Program. ● Roll-out of the “Critical Risk Management” initiative, increasing the number of risks to thirteen to reinforce efficiency and sustainability of engineering controls. ● Improvements to the efficiency of corrective actions by prioritizing engineering operational controls and the application of the ICAM accident investigation methodology. ● Improvements to operational controls: sustainability, efficiency. ● Active participation as members of the SNMPE and roundtables on contributions to the amended Mining Safety Regulations bill.
Our main activities included the following: ● Relationship building with union boards of directors through awareness-raising workshops titled “Founding Alliances to Boost the Participatory Safety Strategy.” ● Refresher for BVN and contractor employees to raise awareness of disruptive activities, with a focus on the family waiting for them at home (Self-care, the Right to Say NO) as part of the “Pact for Life” Program. ● Roll-out of the “Critical Risk Management” initiative, increasing the number of risks to thirteen to reinforce efficiency and sustainability of engineering controls. ● Improvements to the efficiency of corrective actions by prioritizing engineering operational controls and the application of the ICAM accident investigation methodology. ● Improvements to operational controls: sustainability, efficiency. ● Active participation as members of the SNMPE and roundtables on contributions to the amended Mining Safety Regulations bill.
BVN took over the administration in 1999 and carried out underground exploration for oxides with two tunnels in the deposits of Tantahuatay 2 (BISA)and Cienaga Norte, respectively and carried out diamond infill drilling in the deposits of Tantahuatay 2 (BISA) and Ciénaga Norte, Mirador Norte (CEDIMIN) during 2002 and from 2006 to 2007, for a total of 6,063 meters.
BVN took over the administration in 1999 and carried out underground exploration for oxides with two tunnels in the deposits of Tantahuatay 2 and Cienaga Norte, respectively. BVN also carried out diamond infill drilling in the deposits of Tantahuatay 2 (BISA) and Ciénaga Norte, Mirador Norte (CEDIMIN) during 2002 and from 2006 to 2007 for a total of 6,063 meters.
The NSR cut-off value is determined using mine operating costs, as well as ore treatment, general and administrative costs, off site costs and capital costs with a contingency. The NSR value is determined using reserve metal prices, refining costs, and metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources.
The NSR cut-off value is determined using mine operating costs, as well as ore treatment, general and administrative costs, off site costs and sustaining capital costs with a contingency. The NSR value is determined using reserve metal prices, refining costs, and metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources.
The site is accessible by paved highway. The Cerro Verde mine has been in operation since 1976 and was previously owned by the Peruvian government before its privatization in 1993. Freeport-McMoRan Inc. holds a majority interest in Cerro Verde.
The site is accessible by paved highway. The Cerro Verde mine has been in operation since 1976 and was previously owned by the Peruvian government before its privatization in 1993. Freeport-McMoRan Inc. (FCX) holds a majority interest in Cerro Verde.
San Gabriel – Year End Mineral Reserves as of December 31, 2022 (on a 100% ownership basis) (1)(3)(4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grade Contained Metal ​ ​ ​ ​ Tonnage (2) ​ Gold Silver ​ Gold Silver Ownership ​ Class ​ (t) ​ (g/t) ​ (g/t) ​ (Oz) ​ (Oz) ​ Proven 982,605 5.09 2.26 160,832 71,541 100% Probable 13,951,754 3.97 6.72 1,778,976 3,015,826 ​ Subtotal 14,934,359 4.04 6.43 1,939,808 3,087,367 ​ Notes: 1.
San Gabriel – Year End Mineral Reserves as of December 31, 2023 (on a 100% ownership basis) (1)(3)(4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grade Contained Metal ​ ​ ​ ​ Tonnage (2) ​ Gold Silver ​ Gold Silver Ownership ​ Class ​ (t) ​ (g/t) ​ (g/t) ​ (Oz) ​ (Oz) ​ Proven 982,605 5.09 2.26 160,832 71,541 100% Probable 13,951,754 3.97 6.72 1,778,976 3,015,826 ​ Subtotal 14,934,359 4.04 6.43 1,939,808 3,087,367 ​ Notes: 1.
In accordance with Law No. 28258, as amended by Law No. 29788, mining royalties are payable either as a specified percentage of tax operating profit or 1% of revenues, whichever is higher.
In accordance with Law No. 28258, as amended by Law No. 29788, mining royalties are payable either as a specified percentage of tax operating profit or 1% of revenues net, whichever is higher.
Mineralization The Orcopampa mine consists of an epithermal gold telluride deposit, hosted into lava flows and domes of Sarpane complex (calc-alkaline to high potassium), of early Miocene to Holocene, which forms part of the tertiary metallogenic belt of Southern Peru (Au-Ag). Operations and infrastructure Mining at Orcopampa is conducted underground using the mechanized bench-and-fill and cut-and-fill methods.
Mineralization The Orcopampa mine consists of an epithermal gold telluride deposit, hosted into lava flows and domes of Sarpane complex (calc-alkaline to high potassium), of early Miocene to Holocene, which forms part of the tertiary metallogenic belt of Southern Peru (Au-Ag). Operations and infrastructure Mining at Orcopampa is conducted underground using cut-and-fill methods.
Between 2008 and 2011, more than 200,000 meters were drilled. Construction of new, additional concentrator facilities (C2) with a nominal capacity of 240,000 metric tons of ore per day was completed in 2016. As a result, the total Cerro Verde concentrating capacity expanded to 360,000 metric tons of ore per day. Recent production trends are exceeding the designed capacities.
Between 2008 and 2011, more than 200,000 meters were drilled. Construction of new, additional concentrator facilities (C2) with a nominal capacity of 240,000 metric tonnes of ore per day was completed in 2016. As a result, the total Cerro Verde concentrating capacity expanded to 360,000 metric tonnes of ore per day. Recent production trends are exceeding the designed capacities.
The El Brocal Zinc-Lead-Silver zone of Tajo Norte (Colquijirca) Mineral Resources estimates in the table above were estimated with a 3D geological model (lithological, structural and mineralization bodies) that was elaborated with several types of data (mainly drill holes, working mapping and section interpretation) to constraint and control ore shapes and domains.
The El Brocal Zinc-Lead-Silver zone of Tajo Norte (Colquijirca) Mineral Resources estimates in the table above were estimated with a 3D geological model (lithological, structural and mineralization bodies) that was elaborated with several types of data (mainly drill holes, working mapping and section interpretation) to constrain and control ore shapes and domains.
Regulations under Law No. 29785 were approved by Supreme Decree No. 001-2012-MC, which became effective on April 2, 2012. These regulations specify the form and circumstances of the required consultation and the manner in which agreements will be formalized and provide for a consultation process that lasts no more than 120 calendar days.
Regulations under Law No. 29785 were approved by Supreme Decree No. 001-2012-MC and became effective on April 4, 2012. These regulations specify the form and circumstances of the required consultation and the manner in which agreements will be formalized and provide for a consultation process that lasts no more than 120 calendar days.
The mining method in Orcopampa’s underground mine is conventional and mechanized cut and fill (Breasting), this method is used to mine ore veins thickness from 0.8 to 5m. Mining is done by us and a service contractor. The equipment used for development and exploration includes single-arm jumbos, bolters, scaler and scoop loaders (4yd3).
The mining method in Orcopampa’s underground mine is conventional and mechanized cut and fill (Breasting), this method is used to mine ore veins thickness from 0.9 to 5m. Mining is done by us and a service contractor. The equipment used for development and exploration includes single-arm jumbos, bolters, scaler and scoop loaders (4yd3).
Water for operations in Julcani is obtained from mine drainage (that must be previously treated with lime), from seasonal streams and a small lagoon. 39 Table of Contents The mining method used in this operation is cut and fill, for which the primary equipment employed are pneumatic shovels, and locomotives.
Water for operations in Julcani is obtained from mine drainage (that must be previously treated with lime), from seasonal streams and a small lagoon. 40 Table of Contents The mining method used in this operation is cut and fill, for which the primary equipment employed are pneumatic shovels, and locomotives.
S-K 1300 definitions were followed for Mineral Resources. 2. Mineral Resources Tonnes and Contained Metal presented in this table is reported on 40.095% Buenaventura attributable ownership. 3. Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. 4.
S-K 1300 definitions were followed for Mineral Resources. 2. Mineral Resources Tonnes and Contained Metal presented in this table is reported on 40.094% Buenaventura attributable ownership. 3. Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. 4.
Finally, in 2012, Compañía de Minas Buenaventura acquired directly 100% of the Tuyumina concessions, changing its name to Tambomayo 41 Table of Contents Title, leases and options The Tambomayo mining unit comprises seven mining concessions and one beneficiation concession (concentrator). These seven concessions represent the area of mines and exploration projects.
Finally, in 2012, Compañía de Minas Buenaventura acquired directly 100% of the Tuyumina concessions, changing its name to Tambomayo. 42 Table of Contents Title, leases and options The Tambomayo mining unit comprises seven mining concessions and one beneficiation concession (concentrator). These seven concessions represent the area of mines and exploration projects.
Access to the operation site is available through the Panamericana Norte highway from Lima to Cajamarca followed by a departmental road network that leads to Chugur, where the mining concession is located. Coimolache is operated by Buenaventura, and wholly owned by Coimolache, in which we hold a 40.095% equity interest.
Access to the operation site is available through the Panamericana Norte highway from Lima to Cajamarca followed by a departmental road network that leads to Chugur, where the mining concession is located. Coimolache is operated by Buenaventura, and wholly owned by Coimolache, in which we hold a 40.094% equity interest.
In 2018, ore processing capacity of C2 was increased to 288,000 metric tons of ore per day. As a result of several efficiency initiatives implemented over the past several years, the Cerro Verde’s two concentrators were able to achieve a combined average milling rate exceeding 400,000 metric tons of ore per day in 2022.
In 2018, ore processing capacity of C2 was increased to 288,000 metric tonnes of ore per day. As a result of several efficiency initiatives implemented over the past several years, the Cerro Verde’s two concentrators were able to achieve a combined average milling rate exceeding 400,000 metric tonnes of ore per day in 2022.
The elevation of the property and deposits range from 3,900 to 4,650 meters above sea level (masl). 76 Table of Contents Two access roads are being considered for the access to the mine site from Chunchumayo. One is termed the East Access Road begins in Chunchumayo and ends in the township of Mollocco.
The elevation of the property and deposits range from 3,900 to 4,650 meters above sea level (masl). 74 Table of Contents Two access roads are being considered for the access to the mine site from Chunchumayo. One is termed the East Access Road begins in Chunchumayo and ends in the township of Mollocco.
Mines and Properties in Peru. 30 Table of Contents Orcopampa Location and means of access The Orcopampa mine is located in the province of Castilla, department of Arequipa, approximately 1,350 kilometers southeast of the city of Lima, at an altitude between 3,800 and 4,500 meters above sea level.
Mines and Properties in Peru. ​ 31 Table of Contents Orcopampa Location and means of access The Orcopampa mine is located in the province of Castilla, department of Arequipa, approximately 1,350 kilometers southeast of the city of Lima, at an altitude between 3,800 and 4,500 meters above sea level.
The qualified person for the Mineral Reserves estimate is SRK Consulting Perú S.A. 37 Table of Contents The Uchucchacua Mineral Reserves are estimated considering the modifying factors for conversion of measured and indicated resource classes into proven and probable reserves. Inferred resources are considered as waste in the LOM plan.
The qualified person for the Mineral Reserves estimate is SRK Consulting Perú S.A. 38 Table of Contents The Uchucchacua Mineral Reserves are estimated considering the modifying factors for conversion of measured and indicated resource classes into proven and probable reserves. Inferred resources are considered as waste in the LOM plan.
As in 2022, in 2023, El Brocal continued to focus on optimizing Marcapunta’s mining method, while also seeking the optimization of productivity and production costs, as well as accelerating the conversion of resources to reserves. The mining method in the Marcapunta mine (Underground) is sub-level stopping with long pillars and backfill.
As in 2022, in 2023, El Brocal continued to focus on optimizing Marcapunta’s mining method, while also seeking the optimization of productivity and production costs, as well as accelerating the conversion of resources to reserves. The mining method in the Marcapunta mine (Underground) is sub-level stopping with rib pillars and backfill.
Mining at Tambomayo is conducted underground and utilizes the sub-level toping, mechanized bench-and-fill and cut-and-fill methods. The mining method in Tambomayo’s underground mine is sub-level stopping and mechanized bench-and-fill and cut-and-fill. These methods are used to mine massive ore body (30 meters between sublevels and a 10-meter stope span).
Mining at Tambomayo is conducted underground and utilizes the sub-level stoping, mechanized bench-and-fill and cut-and-fill methods. The mining method in Tambomayo’s underground mine is sub-level stopping and mechanized bench-and-fill and cut-and-fill. These methods are used to mine massive ore body (30 meters between sublevels and a 10 meter stope span).
We have maintained our operations at the site since that date. 31 Table of Contents Title, leases and options The Orcopampa mine is wholly owned and operated by Buenaventura. We lease the rights to the mining concessions of Orcopampa from a group of private investors.
We have maintained our operations at the site since that date. 32 Table of Contents Title, leases and options The Orcopampa mine is wholly owned and operated by Buenaventura. We lease the rights to the mining concessions of Orcopampa from a group of private investors.
History The mining district of Julcani has been known since colonial times. Between 1936 and 1945 the Swiss-Peruvian Julcani Mining Company mined the veins on an industrial scale. The mine was then worked by the Cerro de Pasco Corporation until 1951.
History The mining district of Julcani has been explored since colonial times. Between 1936 and 1945 the Swiss-Peruvian Julcani Mining Company mined the veins on an industrial scale. The mine was then worked by the Cerro de Pasco Corporation until 1951.
San Gabriel – Year End Mineral Resources as of December 31, 2022 (on a 100% Buenaventura ownership basis) (1)(3)(4)(5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grade Contained Metal ​ ​ ​ ​ Tonnage (2) ​ Gold ​ Silver ​ Gold ​ Silver Ownership ​ Class ​ (t) ​ (g/t) (g/t) ​ (Oz) (Oz) ​ ​ Measured 379,898 1.65 2.78 20,185 33,902 100% Indicated 10,511,584 1.61 7.24 543,286 2,447,931 ​ Subtotal 10,891,482 1.61 7.09 563,471 2,481,923 ​ Inferred 13,971,348 2.49 9.53 1,120,104 4,280,324 ​ Notes: 1.
San Gabriel – Year End Mineral Resources as of December 31, 2023 (on a 100% Buenaventura ownership basis) (1)(3)(4)(5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grade Contained Metal ​ ​ ​ ​ Tonnage (2) ​ Gold ​ Silver ​ Gold ​ Silver Ownership ​ Class ​ (t) ​ (g/t) (g/t) ​ (Oz) (Oz) ​ ​ Measured 379,898 1.65 2.78 20,185 33,992 100% Indicated 10,511,584 1.61 7.24 543,286 2,447,931 ​ Subtotal 10,891,482 1.61 7.09 563,471 2,481,923 ​ Inferred 13,971,348 2.49 9.53 1,120,104 4,280,324 ​ Notes: 1.
Probable Mineral Reserves are the economically mineable part of an indicated and, in some cases, a measured mineral resource. 79 Table of Contents Measured Mineral Resource is that part of a mineral resource for which quantity and grade or quality are estimated based on conclusive geological evidence and sampling.
Probable Mineral Reserves are the economically mineable part of an indicated and, in some cases, a measured mineral resource. 81 Table of Contents Measured Mineral Resource is that part of a mineral resource for which quantity and grade or quality are estimated based on conclusive geological evidence and sampling.
Ore is processed at a mill located at Uchucchacua. The mill has a rated capacity of 4,200 tons per day and utilizes differential flotation to obtain a lead-silver concentrate and a zinc concentrate, using two circuits of 3,000 tons per day and 1,200 tons per day respectively.
Ore is processed at a mill located at Uchucchacua. The mill has a rated capacity of 4,200 tonnes per day and utilizes differential flotation to obtain a lead-silver concentrate and a zinc concentrate, using two circuits of 3,000 tonnes per day and 1,200 tonnes per day respectively.
The total Mineral Resources dated from December 31, 2021 considered an ownership basis of 61.43%. 2. The total Mineral Resources dated from December 31, 2022 considered an ownership basis of 61.43%.
The total Mineral Resources dated from December 31, 2022 considered an ownership basis of 61.43%. 2.
Tinka Resources Limited Buenaventura holds 19.32% of Tinka Resources Limited, an exploration and development company that owns 100% of the Ayawilca Project, located at Daniel Alcides Carrión, Pasco. 110 Table of Contents ​ ITEM 4A. Unresolved Staff Comments None. ​
Tinka Resources Limited Buenaventura holds 19.32% of Tinka Resources Limited, an exploration and development company that owns 100% of the Ayawilca Project, located at Daniel Alcides Carrión, Pasco. ​ 112 Table of Contents ITEM 4A. Unresolved Staff Comments None. ​
Production The Orcopampa mine is in the production stage and has a treatment plant capacity of 2,250 tons of ore per day. The table below summarizes the Orcopampa mine’s concentrate production, metal contained in concentrates produced and average grades for the periods indicated.
Production The Orcopampa mine is in the production stage and has a treatment plant capacity of 2,250 tonnes of ore per day. The table below summarizes the Orcopampa mine’s concentrate production, metal contained in concentrates produced and average grades for the periods indicated.
Production The Julcani mine is in the production stage and has a treatment plant capacity of 600 tons of ore per day. The table below summarizes the Julcani’s mine’s concentrate production, metal contained in concentrates produced and average grades for the periods indicated.
Production The Julcani mine is in the production stage and has a treatment plant capacity of 600 tonnes of ore per day. The table below summarizes the Julcani’s mine’s concentrate production, metal contained in concentrates produced and average grades for the periods indicated.
Production The Tambomayo mine is in the production stage and has a treatment plant capacity of 1,500 tons of ore per day. The table below summarizes the Tambomayo mine’s concentrate production, metal contained in concentrates produced, and average grades for the periods indicated.
Production The Tambomayo mine is in the production stage and has a treatment plant capacity of 1,500 tonnes of ore per day. The table below summarizes the Tambomayo mine’s concentrate production, metal contained in concentrates produced, and average grades for the periods indicated.
We periodically update our reserves and resources estimates when we have new geological data, economic assumptions or mining plans. During 2022, we performed an analysis of our reserves and resources estimates for certain operations, which is reflected in new estimates as of December 31, 2022.
We periodically update our reserves and resources estimates when we have new geological data, economic assumptions or mining plans. During 2023, we performed an analysis of our reserves and resources estimates for certain operations, which is reflected in new estimates as of December 31, 2023.
The total Mineral Reserves dated from December 31, 2021 considered an ownership basis of 100%. 2. The total Mineral Reserves dated from December 31, 2022 considered an ownership basis of 100%.
The total Mineral Reserves dated from December 31, 2022 considered an ownership basis of 100%. 2.
The total Mineral Resources dated from December 31, 2021 considered an ownership basis of 100%. 2. The total Mineral Resources dated from December 31, 2022 considered an ownership basis of 100%.
The total Mineral Resources dated from December 31, 2022 considered an ownership basis of 100%. 2.
We have sales commitments from various parties for nearly all of our estimated 2023 production; however, concentrates not sold under any of our contracts may be sold on a spot sale basis to merchants and consumers.
We have sales commitments from various parties for nearly all of our estimated 2024 production; however, concentrates not sold under any of our contracts may be sold on a spot sale basis to merchants and consumers.
Mineral Reserves are estimated using average long term metal prices of copper: 3.00 US$/lb, silver: 20 US$/oz, molybdenum: 12 US$/lb. Metallurgical recoveries based on historical processing data and are variable as a function of head grade. Recoveries at LOM is 85% for copper, 45% for silver and 54% for molybdenum. The current LOM plan continues through 2052.
Mineral Reserves are estimated using average long term metal prices of copper: 3.00 US$/lb, silver: 20 US$/oz, molybdenum: 12 US$/lb. Metallurgical recoveries are based on historical processing data and are variable as a function of head grade. Mill recoveries at LOM is 86% for copper, 45% for silver and 54% for molybdenum. The current LOM plan continues through 2052.
S-K 1300 definitions were followed for Mineral Reserves. 2. Mineral Reserves data presented in this table is reported on 40.095% Buenaventura attributable ownership. 3. Numbers may not add due to rounding. 4.
S-K 1300 definitions were followed for Mineral Reserves. 2. Mineral Reserves data presented in this table is reported on 40.094% Buenaventura attributable ownership. 3. Numbers may not add due to rounding. 4.
This resulted in new regulations for all extractive productions and services in Peru, including mining, which prioritize the material and energy recovery of solid waste through different methods, including recycling, reuse and co-generation . Regulations governing mining explorations . In May 2008, the Peruvian government enacted Supreme Decree 020-2008-EM, which governs mining exploration activities and related matters.
This resulted in new regulations for all extractive productions and services in Peru, including mining, which prioritize the material and energy recovery of solid waste through different methods, including recycling, reuse and co-generation. 104 Table of Contents Regulations governing mining explorations . In May 2008, the Peruvian government enacted Supreme Decree 020-2008-EM, which governs mining exploration activities and related matters.
Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. 86 Table of Contents *** The total tonnage and content amounts presented in this table represent Buenaventura’s attributable ownership basis. **** This table does not include Julcani and La Zanja information, as disclosed under “Mining Operations—Julcani—Mineral Reserves and Mineral Resources” and “Mining Operations—La Zanja—Mineral Reserves and Mineral Resources.
Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. *** The total tonnage and content amounts presented in this table represent Buenaventura’s attributable ownership basis. **** This table does not include Julcani, La Zanja and Tambomayo information, as disclosed under “Mining Operations—Julcani—Mineral Reserves and Mineral Resources”, “Mining Operations—La Zanja—Mineral Reserves and Mineral Resources” and “Mining Operations—Tambomayo—Mineral Reserves and Mineral Resources”.
There are two routes to access the mine site, both departing from Lima: (1) a first road starting in Lima and continuing to La Oroya followed by Huancayo and Huancavelica for a total distance of 444 kilometers; and (2) a second road starting in Lima and continuing to Pisco and then through Huancavelica which is 45 kilometers from the property for a total distance of approximately 499 kilometers.
There are two routes to access the mine site, both departing from Lima: (1) a road starting in Lima and continuing to La Oroya followed by Huancayo and Huancavelica for a total distance of 444 kilometers; and (2) another road starting in Lima and continuing to Pisco and then through Huancavelica which is 45 kilometers from the property for a total distance of approximately 499 kilometers.
The mine was expected to produce 100,000 oz Au per year over a seven-year mine life. 59 Table of Contents Title, leases and options The operation area has mining concessions assigned to La Zanja, and the surrounding area also shows the presence of other concession holders such as Buenaventura, Newmont and several other companies.
The mine was expected to produce 100,000 oz Au per year over a seven-year mine life. Title, leases and options The operation area has mining concessions assigned to La Zanja, and the surrounding area also shows the presence of other concession holders such as Buenaventura, Newmont and several other companies.
San Gabriel – Net Difference in Mineral Reserves between December 31, 2022 versus December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contained Metal ​ ​ Tonnage (1)(2) ​ Gold Silver Class ​ (t) ​ (Oz) ​ (Oz) Proven 0 0 0 Probable 0 0 0 Subtotal 0 0 0 ​ Notes: 1.
San Gabriel – Net Difference in Mineral Reserves between December 31, 2023 versus December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contained Metal ​ ​ Tonnage (1)(2) ​ Gold Silver Class ​ (t) ​ (Oz) ​ (Oz) Proven 0 0 0 Probable 0 0 0 Subtotal 0 0 0 ​ Notes: 1.
Trapiche – Net Difference in Mineral Reserves between December 31, 2022 versus December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contained Metal ​ ​ Tonnage (1)(2) ​ Gold ​ Silver ​ Copper Class ​ (t) ​ (Oz) ​ (Oz) ​ (t) Proven 0 0 0 0 Probable 0 0 0 0 Subtotal 0 0 0 0 ​ Notes: 1.
Trapiche – Net Difference in Mineral Reserves between December 31, 2023 versus December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contained Metal ​ ​ Tonnage (1)(2) ​ Gold ​ Silver ​ Copper Class ​ (t) ​ (Oz) ​ (Oz) ​ (t) Proven 0 0 0 0 Probable 0 0 0 0 Subtotal 0 0 0 0 ​ Notes: 1.
However, bearing in mind that all our future projects require the promulgation of legislative or administrative measures that impact collective rights of local indigenous communities, the required prior consultation procedure may result in delays, the result would be further delays, additional expenses or failure to obtain approval for such new project.
However, bearing in mind that all our future projects require the promulgation of legislative or administrative measures that impact collective rights of local indigenous communities, the required prior consultation procedure may result in delays, additional expenses or failure to obtain approval for such new project.
Operations and infrastructure Ore is processed by bulk flotation to obtain a concentrate of silver-lead-copper-gold. The plant has a rated capacity of 600 tons per day.
Operations and infrastructure Ore is processed by bulk flotation to obtain a concentrate of silver-lead-copper-gold. The plant has a rated capacity of 600 tonnes per day.
The NSR cut-off value is determined using mine operating costs, as well as ore treatment, general and administrative costs, off site costs and capital costs with a contingency. The NSR value is determined using reserve metal prices, refining costs, and metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources.
The NSR cut-off value is determined using mine operating costs, as well as ore treatment, general and administrative costs, off site costs and capital costs. The NSR value is determined using reserve metal prices, refining costs, and metal recoveries. Metal prices used for Mineral Reserves are based on market study and long-term consensus sources.
S-K 1300 definitions were followed for Mineral Resources. 2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 40.095% of this property. 3.
S-K 1300 definitions were followed for Mineral Resources. 2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 40.094% of this property. 3.
The Orcopampa Mineral Resources estimates in the table above were completed with high and low-grade envelops that were prepared from the generation of statistics, p-plot graph, and slope change identification that indicates the presence of high-grade ore population. Variogram was conducted in composites and estimate plan.
The Orcopampa Mineral Resources estimates in the table above were completed with high and low-grade envelops that were prepared from the generation of statistics, p-plot graph, and contact-plot identification that indicates the presence of high-grade ore population. Variogram was conducted in composites and estimate plan.
Minero Perú S.A., a government-controlled mining company, commenced mining and processing of ore with a SX/EW plant and pilot concentrator plant in 1977. The SX/EW plant was among the first in the world to be commissioned. 67 Table of Contents Minero Perú S.A. sold Cerro Verde to Cyprus Climax Metals Company in 1994.
Minero Perú S.A., a government-controlled mining company, commenced mining and processing of ore with a SX/EW plant and pilot concentrator plant in 1977. The SX/EW plant was among the first in the world to be commissioned. Minero Perú S.A. sold Cerro Verde to Cyprus Climax Metals Company in 1994.
S-K 1300 definitions were followed for Mineral Resources. 2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 100% of this property. 3.
S-K 1300 definitions were followed for Mineral Resources. 2. Mineral Resources data presented in this table represents 100% of the Mineral Resources estimates for the property. Buenaventura owns 40.094% of this property. 3.
During December 2021, Buenaventura management reclassified its negative investment held in Minera Yanacocha S.R.L for US$264,838,000 as available for sale and recognized it as a discontinued operation in the consolidated income statement for the years 2019, 2020 and 2021. See Note 1(e) and Note 2.4(w) to the Consolidated Financial Statements.
During December 2021, Buenaventura management reclassified its negative investment held in Minera Yanacocha S.R.L for US$264,838,000 as available for sale and recognized it as a discontinued operation in the consolidated income statement for the years 2019, 2020 and 2021. See Note 1(e) and Note 2.4(w) to the Consolidated Financial Statements of 2021 and 20F 2021 for further details.
Ore haulage to surface is done with 15-20 m 3 tipper trucks. Ore is taken to the process plant with 15-20 m 3 tipper trucks. Tambomayo is connected to the Peruvian electricity grid and water for its operations comes from the damming of a stream with seasonal variations in flow.
Ore haulage to surface is done with 15-20 m3 tipper trucks. Ore is taken to the process plant with 15-20 m3 tipper trucks. Tambomayo is connected to the Peruvian electricity grid and water for its operations comes from the damming of a stream with seasonal variations in flow.
Additional information regarding the Mineral Resources estimates provided can be found in Section 11 of the San Gabriel Technical Report Summary. 75 Table of Contents San Gabriel – Net Difference in Mineral Resources between December 31, 2022 versus December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contained Metal ​ ​ Tonnage (1)(2) ​ Gold Silver Class ​ (t) ​ (Oz) ​ (Oz) Measured 0 0 0 Indicated 0 0 0 Subtotal 0 0 0 Inferred 0 0 0 ​ Notes: 1.
Additional information regarding the Mineral Resources estimates provided can be found in Section 11 of the San Gabriel Technical Report Summary. 73 Table of Contents San Gabriel – Net Difference in Mineral Resources between December 31, 2023 versus December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contained Metal ​ ​ Tonnage (1)(2) ​ Gold Silver Class ​ (t) ​ (Oz) ​ (Oz) Measured 0 0 0 Indicated 0 0 0 Subtotal 0 0 0 Inferred 0 0 0 ​ Notes: 1.
The mine site is accessible through the Panamericana Norte highway, following the Lima - Huacho - Sayán - Churín - Oyón - Uchucchacua route for a distance of 283 kilometers. History Uchucchacua is a silver deposit in the central highlands discovered during the viceroyalty.
The mine site is accessible through the Panamericana Norte highway, following the Lima - Huacho - Sayán - Churín - Oyón - Uchucchacua route for a distance of 283 kilometers. 36 Table of Contents History Uchucchacua is a silver deposit in the central highlands discovered during the viceroyalty.
Electric power is obtained from the Peruvian national electricity grid, a hydroelectric plant and a diesel generator. Water for operations at Uchucchacua is obtained from three local lakes. During 2022, the manganese sulfate plant of Rio Seco did not operate due to a stoppage in the supply of concentrate from our Uchucchacua mine, which stopped operatingin 2021.
Electric power is obtained from the Peruvian national electricity grid, a hydroelectric plant and a diesel generator. Water for operations at Uchucchacua is obtained from three local lakes. During 2023, the manganese sulfate plant of Rio Seco did not operate due to a stoppage in the supply of concentrate from our Uchucchacua mine, which stopped operating in 2021.
Regarding processing concessions, Article 82 of Supreme Decree No.020-2020-EM, Mining Proceedings By-law, in force since August 9, 2020, requires holders of such concessions to own the land covering the concession or to have the authorization of the landowner. We have been actively seeking to acquire surface land rights in areas suitable for plant and/or processing facilities.
Regarding processing concessions, Article 82 of Supreme Decree No.020-2020-EM, Mining Proceedings By-law, in force since August 9, 2020, requires holders of such concessions to own the land covering the concession or to have the authorization of the landowner. We have sought to acquire surface land rights in areas suitable for plant and/or processing facilities.
This lease, which expires in 2043, requires us to pay 10% of production value, subject to certain conditions. Operations began at the Orcopampa mine in 1965. In 2021, we made lease payments of US$7.0 million. We operated Orcopampa as a silver mine until the late 1990s, when we also began to mine gold-bearing veins.
This lease, which expires in 2043, requires us to pay 10% of production value, subject to certain conditions. Operations began at the Orcopampa mine in 1965. In 2023, we made lease payments of US$6.0 million. We operated Orcopampa as a silver mine until the late 1990s, when we also began to mine gold-bearing veins.
The Brocal Copper-Silver zone of Tajo Norte-Sur (Colquijirca) Mineral Reserves are estimated at an internal NSR cut-off value of 25.95 US$/t. The NSR cut-off value is determined using mine operating costs, as well as ore treatment, general and administrative costs, off site costs and capital costs with a contingency.
The Brocal Copper-Silver zone of Tajo Norte-Sur (Colquijirca) Mineral Reserves are estimated at an internal NSR cut-off value of 28.35 US$/t. The NSR cut-off value is determined using mine operating costs, as well as ore treatment, general and administrative costs, off site costs and capital costs with a contingency.
Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. *** The total tonnage and content amounts presented in this table considered an ownership basis of 100% which represents Buenaventura's ownership as of December 31, 2022. 88 Table of Contents **** This table does not include Julcani and La Zanja information, as disclosed under “Mining Operations—Julcani—Mineral Reserves and Mineral Resources” and “Mining Operations—La Zanja—Mineral Reserves and Mineral Resources.
Mineral Resources are reported exclusive of those Mineral Resources that were converted to Mineral Reserves, and Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. *** The total tonnage and content amounts presented in this table considered an ownership basis of 100% which represents Buenaventura’s ownership as of December 31, 2023. **** This table does not include Julcani and La Zanja information, as disclosed under “Mining Operations—Julcani—Mineral Reserves and Mineral Resources”, “Mining Operations—La Zanja—Mineral Reserves and Mineral Resources” and “Mining Operations—Tambomayo—Mineral Reserves and Mineral Resources”.

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Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Critical Accounting Policies and Estimates The following is a discussion of our application of critical accounting policies that require our management, or “Management,” to make certain assumptions about matters that are highly uncertain at the time the accounting estimate is made, and where different estimates that Management reasonably could have used in the current period, or changes in the accounting estimate that are reasonably likely to occur from period to period, would have a material impact on our consolidated financial statements.
Critical Accounting Policies, Judgment and Estimates The following is a discussion of our application of critical accounting policies that require our management, or “Management,” to make certain assumptions about matters that are highly uncertain at the time the accounting estimate is made, and where different estimates that Management reasonably could have used in the current period, or changes in the accounting estimate that are reasonably likely to occur from period to period, would have a material impact on our consolidated financial statements.
See Note 1(e) and Note 2.4(v) to the Consolidated Financial Statements. As of December 31, 2021 the mining units with discontinued operations were Yanacocha and Mallay. As of December 31, 2022 the mining units with discontinued operations were Poracota and Shila-Paula. SUNAT litigation.
See Note 1(e) and Note 2.4(v) to the Consolidated Financial Statements. As of December 31, 2021 the mining units with discontinued operations were Yanacocha and Mallay. As of December 31, 2023 and 2022 the mining units with discontinued operations were Poracota and Shila-Paula. SUNAT litigation.
Trend Information Other than as disclosed in this Annual Report, Cerro Verde has informed us that it is not aware of any trends, uncertainties, demands, commitments or events which are reasonably likely to have a material effect upon Cerro Verde’s net sales or revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information to not necessarily be indicative of future operating results or financial condition. 147 Table of Contents E.
Trend Information Other than as disclosed in this Annual Report, Cerro Verde has informed us that it is not aware of any trends, uncertainties, demands, commitments or events which are reasonably likely to have a material effect upon Cerro Verde’s net sales or revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information to not necessarily be indicative of future operating results or financial condition. 149 Table of Contents E.
As discussed in Note 2(k) to the Cerro Verde Financial Statements, estimated changes in the fair value of the provision for remediation and mine closure or the useful life of the related assets are recognized as an increase or decrease in the book value of the provision and related asset retirement cost (“ARC”) in accordance with IAS 16, “Property, Plant and Equipment.” According to Cerro Verde’s accounting policies, the provision for remediation and mine closure represents the present value of the costs that are expected to be incurred in the closure period of the operating activities of Cerro Verde.
As discussed in Note 2(j) to the Cerro Verde Financial Statements, estimated changes in the fair value of the provision for remediation and mine closure or the useful life of the related assets are recognized as an increase or decrease in the book value of the provision and related asset retirement cost (“ARC”) in accordance with IAS 16, “Property, Plant and Equipment.” According to Cerro Verde’s accounting policies, the provision for remediation and mine closure represents the present value of the costs that are expected to be incurred in the closure period of the operating activities of Cerro Verde.
G. Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS, and may not be comparable to similarly titled measures of other companies.
Reconciliation of Costs Applicable to Sales and Cost Applicable to Sales per Unit Sold Cost applicable to sales and Cost applicable to sales per unit of mineral sold are not measures of financial performance under IFRS, and may not be comparable to similarly titled measures of other companies.
Additionally, the related hedging derivative financial instruments was liquidated. 5.500% Senior Notes due 2026 In order to comply with its tax obligations, the Buenaventura’s Shareholders’ Meeting held on May 21, 2021 and its board of directors meeting held on July 12, 2021 approved the issue of senior unsecured notes due 2026 (hereinafter the “Notes”) which were issued on July 23, 2021 with the following terms: - Denomination of Issue: US$550,000,000 5.500% Senior Notes due 2026. - Principal Amount: US$550,000,000. - Issue Date: July 23, 2021. - Maturity Date: July 23, 2026. - Issue Price: 99.140% of the principal amount. - Interest Rate: 5.500% per annum. - Offering Format: private placement under Rule 144A and Regulation S of the U.S.
Additionally, the related hedging derivative financial instruments was liquidated. 139 Table of Contents 5.500% Senior Notes due 2026 In order to comply with its tax obligations, the Buenaventura’s Shareholders’ Meeting held on May 21, 2021 and its board of directors meeting held on July 12, 2021 approved the issue of senior unsecured notes due 2026 (hereinafter the “Notes”) which were issued on July 23, 2021 with the following terms: - Denomination of Issue: US$550,000,000 5.500% Senior Notes due 2026. - Principal Amount: US$550,000,000. - Issue Date: July 23, 2021. - Maturity Date: July 23, 2026. - Issue Price: 99.140% of the principal amount. - Interest Rate: 5.500% per annum. - Offering Format: private placement under Rule 144A and Regulation S of the U.S.
No assessments can be issued for years after 2013, as the Company began paying royalties on all of its production in January 2014 under its new 15-year stability agreement. 143 Table of Contents Since 2017, the Company has recognized the related expense for the royalty and special mining tax assessments for the period December 2006 through the year 2013.
No assessments can be issued for years after 2013, as the Company began paying royalties on all of its production in January 2014 under its new 15-year stability agreement. 145 Table of Contents Since 2017, the Company has recognized the related expense for the royalty and special mining tax assessments for the period December 2006 through the year 2013.
These assessments require the use of estimates and assumptions, such as long-term commodity prices, discount rates, operating costs and others. 145 Table of Contents Fair value is defined as the amount that would be obtained from the sale of the asset in an arm’s-length transaction between willing and knowledgeable parties.
These assessments require the use of estimates and assumptions, such as long-term commodity prices, discount rates, operating costs and others. 147 Table of Contents Fair value is defined as the amount that would be obtained from the sale of the asset in an arm’s-length transaction between willing and knowledgeable parties.
(c) The decrease in royalties received is explained by the sale of Chaupiloma’s mining right in Yanacocha. See Note 1(d) of the Consolidated Financial Statements.
(d) The decrease in royalties received is explained by the sale of Chaupiloma’s mining right in Yanacocha. See Note 1(d) of the Consolidated Financial Statements .
The recoverable copper in mill stockpiles, once entered into the production process, can be produced into copper concentrate almost immediately. 144 Table of Contents Expected copper recovery rates for leach stockpiles are determined using small-scale laboratory tests, historical trends and other factors, including mineralogy of the ore and rock type.
The recoverable copper in mill stockpiles, once entered into the production process, can be produced into copper concentrate almost immediately. 146 Table of Contents Expected copper recovery rates for leach stockpiles are determined using small-scale laboratory tests, historical trends and other factors, including mineralogy of the ore and rock type.
See the Cerro Verde Financial Statements, including the Notes thereto, appearing elsewhere in this Annual Report. (2) Reserve calculations are derived from “Item 3. Key Information – A. Selected Financial Data.” Cerro Verde used US$ 3.00 per pound of copper to determine copper as of December 31, 2022.
See the Cerro Verde Financial Statements, including the Notes thereto, appearing elsewhere in this Annual Report. (2) Reserve calculations are derived from “Item 3. Key Information – A. Selected Financial Data.” Cerro Verde used US$ 3.00 per pound of copper to determine copper as of December 31, 2023.
Recent Accounting Pronouncements As of December 31, 2022, certain new accounting standards and interpretations have been issued but are not yet effective have not been early adopted by the Group. These standards are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions.
Recent Accounting Pronouncements As of December 31, 2023, certain new accounting standards and interpretations have been issued but are not yet effective have not been early adopted by the Group. These standards are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions.
This fleet is capable of moving an average of approximately 1,000,000 metric tons of material per day. Copper cathodes and concentrate production that are not sold locally are transported approximately 70 miles by truck and by rail to the Port of Matarani for shipment to international markets.
This fleet is capable of moving an average of approximately 1,000,000 metric tonnes of material per day. Copper cathodes and concentrate production that are not sold locally are transported approximately 70 miles by truck and by rail to the Port of Matarani for shipment to international markets.
As of December 31, 2021, as a result of the advance payment mentioned above, the deferral and installment resolutions of the SUNAT tax claim have been rendered null and the letters of credit that were delivered as collateral for said disputed payments have been returned to the issuing banks.
As of December 31, 2023, as a result of the advance payment mentioned above, the deferral and installment resolutions of the SUNAT tax claim have been rendered null and the letters of credit that were delivered as collateral for said disputed payments have been returned to the issuing banks.
As of December 31, 2022 and 2021, we had a 19.58% equity participation in Cerro Verde, which allows us to exercise significant influence over the company. As a result, we account for our investment in Cerro Verde using the equity method.
As of December 31, 2023 and 2022, we had a 19.58% equity participation in Cerro Verde, which allows us to exercise significant influence over the company. As a result, we account for our investment in Cerro Verde using the equity method.
Upon commencement of production, we amortize these costs over the expected life of the mining area, based on proven and probable reserves and other factors. 112 Table of Contents Net income and net distributable income. Under Peruvian law, each company is required to establish a legal reserve equal to at least 20% of its paid-in capital on an unconsolidated basis.
Upon commencement of production, we amortize these costs over the expected life of the mining area, based on proven and probable reserves and other factors. Net income and net distributable income. Under Peruvian law, each company is required to establish a legal reserve equal to at least 20% of its paid-in capital on an unconsolidated basis.
The cash flows are discounted by applying a discount rate that reflects the current market, the time value of money and the risks specific to the asset. Results of Operations for the Years Ended December 31, 2022 and 2021 Sales.
The cash flows are discounted by applying a discount rate that reflects the current market, the time value of money and the risks specific to the asset. Results of Operations for the Years Ended December 31, 2023 and 2022 Sales.
The Cerro Verde Financial Statements are prepared and presented in accordance with IFRS as issued by the IASB. 141 Table of Contents A. Operating Results Overview We hold a 19.58% interest in Cerro Verde, which operates an open-pit copper and molybdenum mining complex located 20 miles southwest of Arequipa, Peru. The site is accessible by paved highway.
The Cerro Verde Financial Statements are prepared and presented in accordance with IFRS as issued by the IASB. A. Operating Results Overview We hold a 19.58% interest in Cerro Verde, which operates an open-pit copper and molybdenum mining complex located 20 miles southwest of Arequipa, Peru. The site is accessible by paved highway.
In April 2020, Sumitomo filed another international arbitration proceeding against the Government of Peru under the Netherlands-Peru Bilateral Investment Treaty. The hearing on the merits was performed in February 2023. Critical Accounting Policies Cerro Verde has furnished us with a discussion of its critical accounting policies and methods used in the preparation of its financial statements.
In April 2020, Sumitomo filed another international arbitration proceeding against the Peruvian government under the Netherlands-Peru Bilateral Investment Treaty. The hearing on the merits was held in February 2023. Critical Accounting Policies Cerro Verde has furnished us with a discussion of its critical accounting policies and methods used in the preparation of its financial statements.
Results of Operations for the Years Ended December 31, 2022 and 2021 by Segment We present the operating results for each of our operating segments for the years ended December 31, 2021 and 2022 in more detail in Note 33 to the Consolidated Financial Statements.
Results of Operations for the Years Ended December 31, 2023 and 2022 by Segment We present the operating results for each of our operating segments for the years ended December 31, 2022 and 2023 in more detail in Note 33 to the Consolidated Financial Statements.
An annual contribution of at least 10% of net income must be made until such legal reserve equals 20% of paid-in capital. The legal reserve may offset losses or be capitalized. However, following any instance in which the reserve is used, Peruvian law calls for mandatory replenishment of the reserve. Royalties.
An annual contribution of at least 10% of net income must be made until such legal reserve equals 20% of paid-in capital. The legal reserve may offset losses or be capitalized. However, following any instance in which the reserve is used, Peruvian law calls for mandatory replenishment of the reserve. 114 Table of Contents Royalties.
Gold, silver, lead and copper hedging and sensitivity to market price Cerro Verde has informed us that they have generally not engaged in, and are currently not engaged in, gold or copper price hedging activities, such as forward sales or option contracts, to minimize their exposure to fluctuations in the prices of gold or copper F. Reserved ​
Gold, silver, lead and copper hedging and sensitivity to market price Cerro Verde has informed us that they have generally not engaged in, and are currently not engaged in, gold or copper price hedging activities, such as forward sales or option contracts, to minimize their exposure to fluctuations in the prices of gold or copper C.
Our consolidated financial statements comprise all of our accounts and those of our subsidiaries, which include: ● the Julcani, Tambomayo and Orcopampa mining units; ● the Uchucchacua mining unit, which is temporarily suspended; ● the Colquijirca and La Zanja mines, which are owned by our non-wholly-owned consolidated subsidiaries; ● Since February 2022, Chaupiloma receives a variable consideration for the mining rights sold to Yanacocha. ● Condesa, which is mainly a holding company for internal investments and other affiliated mining companies; ● Conenhua, which is mainly engaged in the transmission of electric power to Yanacocha and other mining companies; ● other minor subsidiaries; and ● discontinued operations.
Our consolidated financial statements comprise all of our accounts and those of our subsidiaries, which include: ● the Julcani, Tambomayo, Orcopampa and Uchucchacua mining units; ● the La Zanja and Colquijirca mines, the latter is owned by our non-wholly-owned consolidated subsidiaries; ● Since February 2022, Chaupiloma receives a variable consideration for the mining rights sold to Yanacocha. ● Condesa, which is mainly a holding company for internal investments and other affiliated mining companies; ● Conenhua, which is mainly engaged in the transmission of electric power to Yanacocha and other mining companies; ● other minor subsidiaries; and ● discontinued operations.
The primary factors affecting our results of operations are: ● the amount of gold, silver, zinc and copper produced and sold; ● prevailing world market prices for gold, silver, zinc and copper; ● commercial terms with respect to the sale of ore concentrates; and ● our operating expenses. Gold and silver price hedging.
The primary factors affecting our results of operations are: ● the amount of gold, silver, zinc and copper produced and sold; 113 Table of Contents ● prevailing world market prices for gold, silver, zinc and copper; ● commercial terms with respect to the sale of ore concentrates; and ● our operating expenses. Gold and silver price hedging.
Although Cerro Verde has no fixed dividend policy, there is an understanding that earnings not required for capital expenditures or future development projects are expected to be distributed. 111 Table of Contents Results of operations.
Although Cerro Verde has no fixed dividend policy, there is an understanding that earnings not required for capital expenditures or future development projects are expected to be distributed. Results of operations.
At each reporting date, we update our assessment of the recoverability of the book value of our long-term assets under the procedures established by IAS 36 – “Impairment of Assets” for all of our mining units. As a result, we recorded impairment losses and recoveries of the provision during 2020, 2021 and 2022.
At each reporting date, we update our assessment of the recoverability of the book value of our long-term assets under the procedures established by IAS 36 – “Impairment of Assets” for all of our mining units that had impairment indicators at each reporting date. As a result, we recorded impairment losses and recoveries of the provision during 2021 and 2022.
Additionally, the capitalized cost is depreciated and/or amortized based on the useful lives of the related assets. Any difference in the settlement of the liability is recorded in the results of the period in which such settlement occurs.
Additionally, the capitalized cost is depreciated and/or amortized based on the useful lives of the related assets. 117 Table of Contents Any difference in the settlement of the liability is recorded in the results of the period in which such settlement occurs.
The royalty is calculated using different rates applicable to the value of concentrate or its equivalent according to the international price of the commodity published by the Ministry of Energy and Mines. Prior to January 1, 2014, the Company determined that these royalties were not applicable because it operated under the 1998 Stability Agreement with the Peruvian government.
The royalty is calculated using ranging from 1% to 3% of the value of concentrate or its equivalent according to the international price of the commodity published by the Ministry of Energy and Mines. Prior to January 1, 2014, the Company determined that these royalties were not applicable because it operated under the 1998 Stability Agreement with the Peruvian government.
Following our accounting treatment, as of December 31, 2022 and 2021, we have recorded an accrual for mine closure costs of US$254.2 million and US$272.0 million, respectively, to comply with governmental requirements for environmental remediation for Buenaventura and its mining subsidiaries. Please see Note 15(b) to the Consolidated Financial Statements. We assess our provision for closure of mining units annually.
Following our accounting treatment, as of December 31, 2023 and 2022, we have recorded an accrual for mine closure costs of US$259.3 million and US$254.2 million, respectively, to comply with governmental requirements for environmental remediation for Buenaventura and its mining subsidiaries. Please see Note 15(b) to the Consolidated Financial Statements. We assess our provision for closure of mining units annually.
In the amendment of April 29, 2022, Banco de Credito del Peru and Empresa de Generación Huanza signed an addendum considering a prior amortization of outstanding principal of US$9,191,364 (Tranche I) and US$13,904,800 (Tranche II). As of December 31, 2021 and 2022, the amount outstanding under each lease was US$112.8 million and US$86.6 million, respectively.
In the amendment of April 29, 2022, Banco de Credito del Peru and Empresa de Generación Huanza signed an addendum considering a prior amortization of outstanding principal of US$9,191,364 (Tranche I) and US$13,904,800 (Tranche II). As of December 31, 2022 and 2023, the amount outstanding under each lease was US$86.6 million and US$79.4 million, respectively.
BUENAVENTURA Introduction The following discussion should be read in conjunction with the Consolidated Financial Statements as of December 31, 2021 and 2022 and for the years ended December 31, 2020, 2021 and 2022 and the related Notes thereto included elsewhere in this Annual Report, and Item 5 to our annual report for the year ended December 31, 2021 (the “202120-F”).
BUENAVENTURA Introduction The following discussion should be read in conjunction with the Consolidated Financial Statements as of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023 and the related Notes thereto included elsewhere in this Annual Report, and Item 5 to our annual report for the year ended December 31, 2022 (the “2022 20-F”).
The waste removal cost is included as part of the costs of inventory, while the production stripping costs are capitalized as asset stripping activities, part property, plant and equipment, if certain criteria are met.
The waste removal cost is included as part of the costs of inventory, while the production stripping costs are capitalized as a stripping activities asset, as part of the “property, plant and equipment, net” if certain criteria are met.
Water for Cerro Verde’s processing operations comes from renewable sources through a series of storage reservoirs on the Rio Chili watershed that collect water primarily from seasonal precipitation and from wastewater collected from the city of Arequipa and treated at a wastewater treatment plant.
Water for Cerro Verde’s processing operations comes from renewable sources through a series of storage reservoirs on the Río Chili watershed that collect water primarily from seasonal precipitation and from wastewater collected from the city of Arequipa and treated at a wastewater treatment plant operated by Cerro Verde.
For fiscal year 2010, as a result of a deferral and installment, the total amount paid was S/356,691,000 (equivalent to US$93,669,000 based on the exchange rate corresponding to December 31, 2022) which included the updating the amount claimed to reflect interest accrued as of July 30, 2021, such interest amounting to S/16,762,000 (equivalent to US$4,388,000).
For fiscal year 2010, as a result of a deferral and installment, the total amount paid was S/356,691,000 (equivalent to US$96,273,000 based on the exchange rate corresponding to December 31, 2023) which included the updating the amount claimed to reflect interest accrued as of July 30, 2021, such interest amounting to S/16,762,000 (equivalent to US$4,514,000).
Any gain or loss arising from de-recognizing an asset (calculated as the difference between the proceeds from the sale and the book value of the asset) is included in the consolidated statement of profit or loss in the year the asset is de-recognized. 117 Table of Contents Recent Developments Results of Operations for the Years Ended December 31, 2022 and 2021 Sales of goods.
Any gain or loss arising from de-recognizing an asset (calculated as the difference between the proceeds from the sale and the book value of the asset) is included in the consolidated statement of profit or loss in the year the asset is de-recognized. Results of Operations for the Years Ended December 31, 2023 and 2022 Sales of goods.
For fiscal year 2009, total amount paid was S/193,398,000 (equivalent to US$50,787,000 based on the exchange rate corresponding to December 31, 2022) which included updating the amount claimed to reflect interest accrued as of July 30, 2021, such interest amounting to S/8,477,000 (equivalent to US$2,219,000 based on the exchange rate corresponding to December 31, 2022).
For fiscal year 2009, total amount paid was S/193,398,000 (equivalent to US$52,199,000 based on the exchange rate corresponding to December 31, 2023) which included updating the amount claimed to reflect interest accrued as of July 30, 2021, such interest amounting to S/8,477,000 (equivalent to US$2,283,000 based on the exchange rate corresponding to December 31, 2023).
Trend Information Other than as disclosed in this Annual Report, we are not aware of any trends, uncertainties, demands, commitments, or events which are reasonably likely to have a material effect upon our net sales or revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information to be not necessarily indicative of future operating results or financial condition. 132 Table of Contents For our exploration activities, there is no production, sales or inventory in a conventional sense.
Trend Information Other than as disclosed in this Annual Report, we are not aware of any trends, uncertainties, demands, commitments, or events which are reasonably likely to have a material effect upon our net sales or revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information to be not necessarily indicative of future operating results or financial condition.
Our business is subject to Peruvian laws and regulations relating to the exploration and mining of mineral properties, as well as the possible effects of such activities on the environment. We conduct our operations substantially in accordance with such laws and regulations. Discontinued operations. During 2020, we sold Mallay mining unit previously classified as discontinued during 2019.
Our business is subject to Peruvian laws and regulations relating to the exploration and mining of mineral properties, as well as the possible effects of such activities on the environment. We conduct our operations substantially in accordance with such laws and regulations. Discontinued operations.
Cerro Verde believes that the operation has sufficient water resources to support current operations. 142 Table of Contents Presented in the table below are certain summary financial and operating data regarding Cerro Verde for the years ended December 31, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ As of and for the year ended December 31, ​ 2021 2022 Income statement data (1) ​ ​ ​ ​ Sales (US$ in thousands) 4,199,448 3,975,295 Profit for the year (US$ in thousands) 1,191,474 925,353 Proven and Probable Reserves (2) ​ ​ ​ ​ Proven : ​ Leachable ore reserves (metric tons in thousands) 52,000 44,000 Millable ore reserves (metric tons in thousands) 670,000 620,000 Probable : ​ Leachable ore reserves (metric tons in thousands) 58,000 82,000 Millable ore reserves (metric tons in thousands) 3,219,000 3,489,000 Average copper grade of leachable ore reserves (%) 0.33 0.27 Average copper grade of millable ore reserves (%) 0.37 0.35 Production ​ Cathodes (in thousands of recoverable pounds) 96,350 99,405 Concentrates (in thousands of recoverable pounds) 790,724 874,053 Average realized price of copper sold (US$per ton payable) 9,833 8,422 (1) Derived from Cerro Verde’s financial statements.
Cerro Verde believes that the operation has sufficient water sources to support current operations, but we are closely monitoring ongoing El Niño weather patterns. 144 Table of Contents Presented in the table below are certain summary financial and operating data regarding Cerro Verde for the years ended December 31, 2021, 2022 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the year ended December 31, ​ 2021 2022 2023 Income statement data (1) ​ ​ ​ ​ ​ ​ Sales (US$ in thousands) 4,199,448 3,975,295 ​ 4,143,228 Profit for the year (US$ in thousands) 1,191,474 925,353 ​ 778,964 Proven and Probable Reserves (2) ​ ​ ​ ​ ​ ​ Proven : ​ ​ ​ Leachable ore reserves (metric tonnes in thousands) 52,000 44,000 ​ 24,000 Millable ore reserves (metric tonnes in thousands) 670,000 620,000 ​ 655,000 Probable : ​ ​ ​ Leachable ore reserves (metric tonnes in thousands) 58,000 82,000 ​ 65,000 Millable ore reserves (metric tonnes in thousands) 3,219,000 3,489,000 ​ 3,343,000 Average copper grade of leachable ore reserves (%) 0.33 0.27 ​ 0.24 Average copper grade of millable ore reserves (%) 0.37 0.35 ​ 0.35 Production ​ ​ ​ Cathodes (in thousands of recoverable pounds) 96,350 99,405 ​ 99,962 Concentrates (in thousands of recoverable pounds) 790,724 874,053 ​ 885,580 Average realized price of copper sold (US$per ton payable) 9,833 8,422 ​ 8,532 (1) Derived from Cerro Verde’s financial statements.
Liquidity and Capital Resources As of December 31, 2022 and 2021, we had cash and cash equivalents of US$253.9 million and of US$377.0 million, respectively. 125 Table of Contents Cash provided by operating activities for the years ended December 31, 2022 and 2021.
Liquidity and Capital Resources As of December 31, 2023 and 2022, we had cash and cash equivalents of US$219.8 million and of US$253.9 million, respectively. 135 Table of Contents Cash provided by operating activities for the years ended December 31, 2023 and 2022.
Shares in the results of associates and joint venture decreased in US$64.2 million during 2022 compared to 2021 primarily explained by a decrease in our share of Sociedad Minera Cerro Verde S.A.A. See “Item 5.
Shares in the results of associates and joint venture decreased in US$24.0 million during 2023 compared to 2022 primarily explained by a decrease in our share of Sociedad Minera Cerro Verde S.A.A for US$28.7 million See “Item 5.
The following table reflects the average realized price and volume sold of copper (both cathode and copper concentrate) during the years ended December 31, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2022 Variation Average price ​ Copper (US$ per metric ton) 9,833 8,422 (14) % Volume sold (unaudited) ​ Copper (in metric tons) 401,886 439,110 9 % ​ Average realized copper prices per metric ton decreased from US$9,833 in 2021 to US$8,422 in 2022.
The following table reflects the average realized price and volume sold of copper (both cathode and copper concentrate) during the years ended December 31, 2021, 2022 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2022 2023 Variation Average price ​ ​ ​ Copper (US$ per metric ton) 9,833 8,422 ​ 8,532 1 % Volume sold (unaudited) ​ ​ ​ Copper (in metric tonnes) 401,886 439,110 ​ 450,449 3 % ​ Average realized copper prices per metric tonne increased from US$8,422 in 2022 to US$8,532 in 2023.
Changes in the exchange difference expense from an expense of US$18.7 million in 2021 to an income of US$26.9 million in 2022 are explained by the fluctuations in exchange due to a year on year weakening of the PEN relative to the US dollar (3.998 PEN/USD as of December 31, 2021 compared to 3.808 PEN/USD as of December 31, 2022).
Changes in the exchange difference from an income of US$26.9 million in 2022 to an income of US$19.4 million in 2022 are explained by the fluctuations in exchange rate due to a year on year weakening of the PEN relative to the US dollar (3.808 PEN/USD as of December 31, 2022 compared to 3.712 PEN/USD as of December 31, 2023).
In 2020, we recorded a reversal in our impairment provision related to our Julcani mining unit of US$2.1 million. In 2021, we recorded an impairment in our Río Seco unit for US$19.9 million. In addition, we recognized a reversal of impairment provision of US$5.0 million for our La Zanja mining unit.
In 2021, we recorded an impairment in our Río Seco unit for US$19.9 million. In addition, we recognized a reversal of impairment provision of US$5.0 million for our La Zanja mining unit. In 2022, we recorded a reversal of the impairment in our Río Seco unit for US$19.9 million.
Sales of goods decreased in 10% in 2022 compared to 2021 due to the net effect of a 17% decrease in the average realized silver price and a 3% increase in the quantity of silver sold at that unit. (b) Orcopampa .
Sales of goods decreased by 37% in 2023 compared to 2022 due to the net effect of a 15% increase in the average realized silver price and a 37% decrease in the quantity of silver sold at that unit. (b) Orcopampa .
A cash-generating unit is the smallest identifiable group of assets that generates cash inflows from continuing use that are independent of the cash inflow generated by other assets or groups of assets.
A cash-generating unit is the smallest identifiable group of assets that generates cash inflows from continuing use that are independent of the cash inflow generated by other assets or groups of assets. We have determined the operations of each mining unit as a single cash generating unit.
Molybdenum concentrate is transported by truck to either the Ports of Callao or Matarani for shipment. Cerro Verde currently receives electrical power, including hydro-generated power, under long-term contracts with electric utility companies.
Molybdenum concentrate is transported by truck to either the Ports of Callao or Matarani for shipment. Cerro Verde currently receives electrical power, including hydro-generated power, under long-term contracts with ElectroPeru and Engie Energia Peru S.A.
In February 2020, Freeport, on its own behalf and on behalf of the Company, requested the initiation of an international arbitration proceeding against the Government of Peru under the United States-Peru Trade Promotion Agreement. The hearing on the merits is scheduled to take place in May 2023.
In February 2020, Freeport, on its own behalf and on behalf of the Company, requested the initiation of an international arbitration proceeding against the Government of Peru under the United States-Peru Trade Promotion Agreement. The hearing on the merits was held in May 2023 and the final argument took place on July 15, 2023.
Operating and Financial Review and Prospects” in our 2021 20-F for a comparative discussion of our consolidated results of operations for the year ended December 31, 2021 and 2020. B.
Results of Operations for the Years Ended December 31, 2022 and 2021 See “Item 5. Operating and Financial Review and Prospects” in our 2023 20-F for a comparative discussion of our consolidated results of operations for the year ended December 31, 2022 and 2021.
For fiscal years 2007 and 2008, the total amount paid was S/1,584,227,000 (equivalent to US$416,026,000 based on the exchange rate corresponding to December 31, 2022), which included updating the debt to reflect interest accrued as of July 30, 2021, such interest amounting to S/78,279,000 (equivalent to US$20,492,000 based on the exchange rate corresponding to December 31, 2022).
For fiscal years 2007 and 2008, the total amount paid was S/1,583,128,000 (equivalent to US$426,374,000 based on the exchange rate corresponding to December 31, 2023), which included updating the debt to reflect interest accrued as of July 30, 2021, such interest amounting to S/78,279,000 (equivalent to US$21,082,000 based on the exchange rate corresponding to December 31, 2023).
(b) The decrease is mainly explained by a decrease in dividends received from Cerro Verde from US$137.1 million received during 2021 to US$78.3 million received in 2022 and a decrease in dividends received from Coimolache from US$11.3 million in 2021 to US$0.8 million in 2022.
(b) The /increase is mainly explained by a increase in dividends received from Cerro Verde from US$78.3 million received during 2022 to US$146.9 million received in 2023 and a decrease in dividends received from Coimolache from US$0.8 million in 2022 to US$0.4 million in 2023.
As a result of the foregoing, profit of the year decreased by 22%, from US$1,191.5 million in 2021 to US$925.4 million in 2022. As a percentage of net sales, net income was 23% in 2022, compared to 28% in 2022 146 Table of Contents Results of Operations for the Years Ended December 31, 2021 and 2022 See “Item 5.
As a result of the foregoing, profit of the year decreased by 16%, from US$925.4 million in 2022 to US$779.0 million in 2023. As a percentage of net sales, net income was 23% in 2022, compared to 19% in 2023. Results of Operations for the Years Ended December 31, 2022 and 2023 See “Item 5.
As a result of these covenants, Buenaventura must confirm that it is in compliance with the Notes Indenture if it wants to undertake any of the following transactions that involve: (i) the incurrence of additional debt; (ii) certain asset sales; (iii) the making of certain investments; (iv) the payment of dividends; (v) the purchasing of Buenaventura’s equity interests or making any principal payment prior to any scheduled final maturity or schedule repayment of any indebtedness that is subordinated to the Notes (collectively, “Restricted Payments”, as defined in the Indenture), (vi) creation of liens; or (vii) a merger, consolidation or sale of substantially all assets. 129 Table of Contents These covenants are known as “Limitations on incurrence of indebtedness”, “Limitation on Asset Sales”, “Limitation on Restricted Payments”, “Limitation on Liens” and “Limitation on Merger, Consolidation or Sale of Assets”, respectively, which also have exceptions that let the Company operate in the ordinary course of business.
As a result of these covenants, Buenaventura must confirm that it is in compliance with the Notes Indenture if it wants to undertake any of the following transactions that involve: (i) the incurrence of additional debt; (ii) certain asset sales; (iii) the making of certain investments; (iv) the payment of dividends; (v) the purchasing of Buenaventura’s equity interests or making any principal payment prior to any scheduled final maturity or schedule repayment of any indebtedness that is subordinated to the Notes (collectively, “Restricted Payments”, as defined in the Indenture), (vi) creation of liens; or (vii) a merger, consolidation or sale of substantially all assets.
(b) Impairment reversal / loss of long-lived assets. During 2022, the Group identified impairment indicators in Orcopampa, Uchucchacua, La Zanja and Río Seco. The Group evaluated and concluded a recovery of impairment of long-lived assets for US$19.9 million in Río Seco previously recorded in 2021. During 2021, the Group identified impairment indicators in Orcopampa, Uchucchacua, La Zanja and Río Seco.
The Group evaluated and concluded a recovery of impairment of long-lived assets for US$19.9 million in Río Seco previously recorded in 2021. During 20223, the Group identified impairment indicators in Uchucchacua, Julcani, Tombomayo, Colquijirca, La Zanja and Río Seco mining units.
(d) The decrease in payments to suppliers and third parties is mainly explained by the decrease in the operations and ore production by the Group, as described in Results of Operations for the Years Ended December 31, 2022 and 2021 by Segment.
(e) The decrease in payments to suppliers and third parties is mainly explained by the decrease in the exploration in operation units and operation expenses by the Group, as described in Results of Operations for the Years Ended December 31, 2023 and 2022 by Segment.
Contingent assets are not recognized in the Consolidated Financial Statements; however, they may be disclosed in notes to the Consolidated Financial Statements if it is probable that such contingent assets will be realized. See Note 31(c) and (d) to the Consolidated Financial Statements.
Contingent assets are not recognized in the Consolidated Financial Statements; however, they may be disclosed in notes to the Consolidated Financial Statements if it is probable that such contingent assets will be realized. See Note 31(c) and (d) to the Consolidated Financial Statements. Determining contingencies inherently involves the exercise of judgment and calculation of the estimated outcomes of future events.
We believe events that could result in additional impairment of our long-lived assets include, but are not limited to, (i) decreases in future metal prices, (ii) decreases in estimated recoverable proven and probable reserves and (iii) any event that might otherwise have a material effect on mine site production levels or costs.
Our December 31, 2022 and 2023 impairment evaluations were based on price assumptions reflecting prevailing metals prices for the following years. 118 Table of Contents We believe events that could result in additional impairment of our long-lived assets include, but are not limited to, (i) decreases in future metal prices, (ii) decreases in estimated recoverable proven and probable reserves and (iii) any event that might otherwise have a material effect on mine site production levels or costs.
The amendments clarify: - What is meant by a right to defer settlement. - That a right to defer must exist at the end of the reporting period. - That classification is unaffected by the likelihood that an entity will exercise its deferral right. - That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. 130 Table of Contents The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively.
The amendments clarify: - What is meant by a right to defer settlement. 141 Table of Contents - That a right to defer must exist at the end of the reporting period. - That classification is unaffected by the likelihood that an entity will exercise its deferral right. - That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification.
Sales, including mark-to-market adjustments for pounds of copper pending settlement and sales of molybdenum and silver contained in copper concentrates, decreased by 5%, from US$4,199.4 million in 2021 to US$3,975.3 million in 2022, principally due to lower copper price.
Sales, including mark-to-market adjustments for pounds of copper pending settlement and sales of molybdenum and silver contained in copper concentrates, increased by 4%, from US$3,975.3 million in 2022 to US$4,143.2 million in 2023, principally due to higher pound sold and higher copper price.
Sales of goods decreased in 6% in 2022 compared to 2021 due to the net effect of a 14% decrease in the average realized copper price and a 26% increase in the quantity of copper sold at that unit. Total operating expenses – Mining Segments .
Sales of goods increased by 12% in 2023 compared to 2022 due to the net effect of a 4% increase in the average realized copper price and a 22% increase in the quantity of copper sold at that unit. Total operating expenses – Mining Segments .
We have determined the operations of each mining unit as a single cash generating unit. 115 Table of Contents In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
Sales of goods figures are obtained by deducting the commercial deductions which corresponds to adjustments in price for treatment and refining charges. These charges can include certain penalties that, in accordance with he applicable contract, are deducted from the international fine metal spot price and that are incurred after the time of sale of the applicable concentrate.
These charges can include certain penalties that, in accordance with the applicable contract, are deducted from the international fine metal spot price and that are incurred after the time of sale of the applicable concentrate. (g) Hedge operations. Sales of goods figures are obtained by considering the effect of the hedge operations related to sales.
(c) The increase in capital expenditures was mainly due to an increase in Colquijirca and Uchucchacua mining units for US$24.3 million and US$15.1 million, respectively. See “Item 4: Information on the Company—Buenaventura—A. History and Development—Capital Expenditures.” Cash provided by (used in) financing activities for the years ended December 31 , 2022 and 2021.
(d) The increase in capital expenditures was mainly due to an increase in San Gabriel and Uchucchacua mining units for US$58.5 million and US$20.9 million, respectively. See “Item 4: Information on the Company—Buenaventura—A. History and Development—Capital Expenditures.” 137 Table of Contents Cash provided by (used in) financing activities for the years ended December 31 , 2022 and 2023.
Determining the fair value of the contingent consideration is based on a model of discounted future cash flows. The key assumptions take into account the likelihood of achieving each goal of financial performance as well as the discount factor. Contingencies and uncertain tax treatment Contingent liabilities, when identified, are assessed as either remote, possible or probable.
Determining the fair value of the contingent consideration is based on a model of discounted future cash flows. The key assumptions take into account the likelihood of achieving each goal of financial performance as well as the discount factor.
The available fleet consists of fifty-four 300-metric-ton haul trucks and ninety-three 245-metric-ton haul trucks (17 of which are currently on standby) and seven leased haul trucks (three 360 metric tons and four 363 metric tons) loaded by thirteen electric shovels with bucket sizes ranging in size from 33 to 57 cubic meters and two hydraulic shovels with a bucket size of 21 cubic meters (one of which is currently on standby).
The available fleet consists of fifty-four 300-metric-ton haul trucks (one of which is currently on standby), ninety-three 250-metric-ton haul trucks (ten of which are currently on standby) and 7 leased 380-metric-ton haul trucks loaded by 13 electric shovels with bucket sizes ranging from 33 to 57 cubic meters.
The Group also recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred tax assets and liabilities in the period in which such determination is made.
Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred tax assets and liabilities in the period in which such determination is made.
The increase in copper sales is mainly due to an increase of 26% in the volume of copper sales from the Colquijirca mining unit and a decrease of 14% in the average copper realized price. (b) Silver sales .
The increase in copper sales is mainly due to increases of 22% in the volume of copper sales of the Colquijirca mining unit, and a 4%increase in the average realized price. (b) Gold Sales.
Total costs of sales of goods increased from US$2,155.1 million in 2021 to US$2,367.8 million in 2022, mainly due to the net effect of the following: (a) Materials and supplies increased from US$698.2 million in 2021 to US$915.3 million in 2022, primarily associated with higher commodity costs from increased demand.
Total costs of sales of goods increased from US$2,367.8 million in 2022 to US$2,556.1 million in 2023, mainly due to the net effect of the following: (a) Materials and supplies increased from US$ 915.3 million in 2022 to US$982.6 million in 2023, primarily associated with higher material processed at mills, and higher metric ton mined.
Cash provided by operating activities for the years ended December 31 , 2022 and 2021. Net cash and cash equivalents provided by operating activities were US$867.1 million in 2022, compared to net cash provided by operating activities of US$1,693.3 million in 2021.
Net cash and cash equivalents provided by operating activities were US$1,367.3 million in 2023, compared to net cash provided by operating activities of US$867.1 million in 2022.
As of December 31, 2021 and 2022, the amount outstanding under this financing was US$118.1 million and US$97.0 million, respectively. The compliance with the financial ratios is monitored by El Brocal’s management. As of December 31, 2021 and 2022, El Brocal complied with the coverage and indebtedness ratios. Empresa de Generación Huanza S.A.
The compliance with the financial ratios is monitored by El Brocal’s management. As of December 31, 2022 and 2023, El Brocal complied with the coverage and indebtedness ratios. Empresa de Generación Huanza S.A.
Income tax expense, including current and deferred expense, decreased by 31%, from an expense of US$735.7 million in 2021 to an expense of US$508.5 million in 2022 primarily due to lower profit generated in 2022. Profit of the year .
Income tax . Income tax expense, including current and deferred expense, increased by 9%, from an expense of US$508.5 million in 2022 to an expense of US$551.8 million in 2023 primarily due to higher taxable profit generated in 2023. Profit of the year .
Cash used in financing activities for the years ended December 31 , 2022 and 2021 . Net cash and cash equivalents used in financing activities was US$740.8 million in 2022, compared to net cash used in financing activities of US$912.7 million in 2021.
Net cash used in investing activities increased from US$510.2 million in 2022 to US$654.0 million in 2023. Cash used in financing activities for the years ended December 31 , 2023 and 2022 . Net cash and cash equivalents used in financing activities was US$757.4 million in 2023, compared to net cash used in financing activities of US$740.8 million in 2022.
The volume of copper sold increased from 401,886 metric tons in 2021 to 439,110 metric tons in 2022. The combined effect of these changes resulted in a US$224.2 million decrease in income from sales in 2022 compared to 2021. Total costs of sales of goods .
The volume of copper sold increased from 439,110 metric tonnes in 2022 to 450,449 metric tonnes in 2023. The combined effect of these changes resulted in a US167.9 million increase in income from sales in 2023 compared to 2022. Total costs of sales of goods .
As a result of the foregoing, net loss increased in US$865.7 million in 2022 compared to 2021. Net loss was 29% of revenues in 2021 and net income was 73% of revenues in 2022.
Net income (loss) . As a result of the foregoing, net profit decreased in US$570.2 million in 2023 compared to 2022. Net profit was 73% of revenues in 2022 and 4% of revenues in 2023.
Exploration Costs and Capital Expenditures During the years ended December 31, 2022, 2021 and 2020, our expenses in exploration in non-operating areas and on exploration in operating units were as follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (US$ in thousands) Exploration in non-operating areas Emperatriz 5,243 5,742 4,600 Marcapunta 4,008 1,383 86 Ccelloccasa 1,748 405 193 San Gabriel 282 1,010 — Other, net 2,971 2,730 3,596 Total exploration in non-operating areas 14,252 11,270 8,475 ​ ​ ​ ​ ​ ​ ​ Exploration in operating areas Uchucchacua 32,592 11,090 6,731 Colquijirca 16,671 17,099 5,790 Orcopampa 11,594 11,466 5,198 Tambomayo 9,980 10,076 7,157 Julcani 6,747 6,107 3,167 La Zanja 3,212 574 1 Total exploration in operating areas 80,796 56,412 28,044 ​ We expect that we will meet our working capital, capital expenditure and exploration expense requirements for the next several years from internally generated funds, cash on hand and dividends received from our investments in non-consolidated mining operations.
These covenants are known as “Limitations on incurrence of indebtedness”, “Limitation on Asset Sales”, “Limitation on Restricted Payments”, “Limitation on Liens” and “Limitation on Merger, Consolidation or Sale of Assets”, respectively, which also have exceptions that let the Company operate in the ordinary course of business. ​ 140 Table of Contents Exploration Costs and Capital Expenditures During the years ended December 31, 2023, 2022 and 2021, our expenses in exploration in non-operating areas and on exploration in operating units were as follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ (US$ in thousands) Exploration in non-operating areas Emperatriz 3,958 5,243 5,742 Marcapunta 4,095 4,008 1,383 San Gabriel 1,148 282 1,010 Ccelloccasa 151 1,748 405 Other, net 4,100 2,971 2,730 Total exploration in non-operating areas 13,452 14,252 11,270 ​ ​ ​ ​ ​ ​ ​ Exploration in operating areas ​ ​ ​ Uchucchacua 24,423 32,592 11,090 Colquijirca 7,761 16,671 17,099 Julcani 6,990 6,747 6,107 Orcopampa 6,071 11,594 11,466 Tambomayo 3,446 9,980 10,076 La Zanja 538 3,212 574 Total exploration in operating areas 49,229 80,796 56,412 ​ We expect that we will meet our working capital, capital expenditure and exploration expense requirements for the next several years from internally generated funds, cash on hand and dividends received from our investments in non-consolidated mining operations.
This change in net cash flow provided by operating activities in 2022 compared to 2021 was mainly attributable to the following factors: A decrease in proceeds from sales from US$4,234 million in 2021 to US$3,908 million in 2022.
This change in net cash flow provided by operating activities in 2023 compared to 2022 was mainly attributable to the following factors: An increase in proceeds from sales from US$3,908 million in 2022 to US$4,273 million in 2023. Cash used in investing activities for the years ended December 31, 2023 and 2022.
Within the standalone accounts for each mining unit or subsidiary, we then allocate cost of sales (excluding depreciation and amortization), exploration in operating units and selling expenses in the proportion to each mineral’s commercial value (realized price multiplied by volume sold). 133 Table of Contents The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the years ended December 31, 2022 and 2021 and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units.
The tables below set forth (i) a reconciliation of consolidated Cost of sales, excluding depreciation and amortization to consolidated Cost applicable to sales, (ii) reconciliations of the components of Cost applicable to sales (by mine and mineral) to the corresponding consolidated line items set forth on our consolidated statements of profit or loss for the years ended December 31, 2023 and 2022 and (iii) reconciliations of Cost of sales, excluding depreciation and amortization to Cost applicable to sales for each of our mining units.
Management has discussed the development and selection of our critical accounting estimates with the Audit Committee of the Board. 114 Table of Contents Determination of mineral reserves and resources Recoverable proven and probable reserves and resources are the part of a mineral deposit than can be economically and legally extracted or produced at the time of the reserve and resources determination.
Determination of mineral reserves and resources Recoverable proven and probable reserves and resources are the part of a mineral deposit than can be economically and legally extracted or produced at the time of the reserve and resources determination.
Further, the sales value of mineralization discovered by us is largely dependent upon factors beyond our control, including the market value of the metals produced at any given time. E.
The construction and operation of such properties may take years to complete and the resulting income, if any, cannot be determined with certainty. Further, the sales value of mineralization discovered by us is largely dependent upon factors beyond our control, including the market value of the metals produced at any given time. E.
According to the lease contract mentioned above, Huanza is required to maintain the following financial ratios: - Debt service coverage ratio: Higher than 1.1. - Minimum equity of US$30,000,000. Compañía de Minas Buenaventura S.A.A. Financial obligation - On June 27, 2016, Buenaventura entered into a long-term finance contract with seven Peruvian and foreign banks for a principal amount of US$275,000,000.
Compañía de Minas Buenaventura S.A.A. Financial obligation - On June 27, 2016, Buenaventura entered into a long-term finance contract with seven Peruvian and foreign banks for a principal amount of US$275,000,000.

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Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

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These collective bargaining agreements are typically one year in length (with the exception of the Collective Agreement of Tambomayo laborers, which is valid for 3 years from July 1, 2021 to June 30, 2024 and in the case of Tambomayo clerical workers, valid from August 1, 2021 to July 31, 2024) and set wages for the applicable period and benefits such as overtime, bonuses and family benefits.
These collective bargaining agreements are typically one year in length (with the exception of the Collective Agreement of Tambomayo laborers, which is valid for years from July 1, 2021 to June 30, 2024 and in the case of Tambomayo clerical workers, valid from August 1, 2021 to July 31, 2024) and set wages for the applicable period and benefits such as overtime, bonuses and family benefits.
The Board, which must be composed of seven members, is elected at the Annual Mandatory Meeting of shareholders (the “Annual Mandatory Meeting”) for a three-year term. The most recent Board election took place in March 2023 and the next one is scheduled to take place in the Annual Mandatory Meeting to be held in March 2026. See “Item 10.
The Board, which must be composed of nine members, is elected at the Annual Mandatory Meeting of shareholders (the “Annual Mandatory Meeting”) for a three-year term. The most recent Board election took place in March 2023 and the next one is scheduled to take place in the Annual Mandatory Meeting to be held in March 2026. See “Item 10.
He is Independent Director of Cementos Pacasmayo and Fossal. He has been Independent Director at UCP Backus & Johnston, Banco Santander, among other companies. He was previously Chairman of the board of directors of the Lima Stock Exchange and the second Vice President of Confiep. Diego de la Torre, Director.
He has been Independent Director at Cementos Pacasmayo, UCP Backus & Johnston, Banco Santander, among other companies. He was previously Chairman of the board of directors of the Lima Stock Exchange and the second Vice President of Confiep. Diego de la Torre, Director.
Since then, he has been in charge of Buenaventura’s Innovation and Project Development departments. 150 Table of Contents Gulnara La Rosa , General Counsel . Ms. La Rosa received her law degree from Pontificia Universidad Católica del Perú in 1992.
Since then, he has been in charge of Buenaventura’s Innovation and Project Development departments. 152 Table of Contents Gulnara La Rosa , General Counsel . Ms. La Rosa received her law degree from Pontificia Universidad Católica del Perú in 1992.
Operations Committee The Operations Committee is responsible for supporting the Vice Presidency of Operations in meeting the goals set at the beginning of each year and providing a long-term vision to achieve the continuity of the Company’s operations. The members of the Operations Committee for 2022 were Messrs.
Operations Committee The Operations Committee is responsible for supporting the Vice Presidency of Operations in meeting the goals set at the beginning of each year and providing a long-term vision to achieve the continuity of the Company’s operations. The members of the Operations Committee for 2023 were Messrs.
There are also 8 unions for workers employed by independent contractors that were formed over the last ten years in our mines at Uchucchacua, Orcopampa, Tambomayo, Julcani, El Brocal and Coimolache. Each of the labor unions is company-based with an affiliation to a national union. Administrative personnel are not represented by unions.
There are also 6 unions for workers employed by independent contractors that were formed over the last ten years in our mines at Uchucchacua, Orcopampa, Tambomayo, Julcani, El Brocal and Coimolache. Each labor union is company-based with an affiliation to a national union. Administrative personnel are not represented by unions.
For mine and processing plant workers, benefits also include transportation services, meals or food allowances, education for children of our employees under certain special considerations and housing, hospitals and a full range of social services for our permanent employees and their families at town sites near our mines in compliance with mining regulations.
For mine and processing plant workers, benefits also include transportation services, meals or food allowances, education for children of some of our employees under certain special considerations and housing, medical services and a full range of social services for our permanent employees and their families at town sites near our mines in compliance with mining regulations.
We have sought to strengthen our workforce by implementing a qualifications-based hiring policy and, with respect to employees working in the mines, reducing the average age of the workforce. As of December 31, 2022, the average tenure of Buenaventura’s permanent laborers was approximately 10.05 years.
We have sought to strengthen our workforce by implementing a qualifications-based hiring policy and, with respect to employees working in the mines, reducing the average age of the workforce. As of December 31, 2023, the average tenure of Buenaventura’s permanent laborers was approximately 10 years.
La Rosa served as the head of the Legal Department from 1997 to 2006 and as a staff attorney from 1991 to 1997. B. Compensation During the year ended December 31, 2022, the aggregate amount of compensation that we paid to all directors and executive officers was approximately US$13.2 million, including director’s fees accrued in 2020 and paid in 2022.
La Rosa served as the head of the Legal Department from 1997 to 2006 and as a staff attorney from 1991 to 1997. B: Compensation During the year ended December 31, 2023, the aggregate amount of compensation that we paid to all directors and executive officers was approximately US$13.9 million, including director’s fees accrued in 2022 and paid in 2023.
The members of the Audit Committee are Messrs. Zaldívar, Ortiz-de-Zevallos and de la Torre. Compensation and Nominating Committee The compensation and nominating committee is responsible for evaluating executive performance and approving executive compensation, including compensation of the chief executive officer.
The members of the Audit Committee are Messrs. Zaldívar, Betzhold and de la Torre. Nominating and Compensation Committee The nominating and compensation committee is responsible for evaluating executive performance and approving executive compensation, including compensation of the chief executive officer.
F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation Not Applicable. ​ 154 Table of Contents
F. Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation Not Applicable. ​ 156 Table of Contents
It is also responsible for preparing the proposals for the General Meetings in respect of the composition of the Board along with the directors remuneration to be approved by the shareholders. The members of the Compensation Committee for 2022 were Messrs. Ortiz-de-Zevallos, Roque Benavides, Champion and de la Torre.
It is also responsible for preparing the proposals for the General Meetings in respect of the composition of the Board along with the directors’ remuneration to be approved by the shareholders. The members of the Compensation Committee for 2023 were Messrs. de la Torre, Roque Benavides and Champion.
He is also a member of the board of directors of Banco de Crédito del Perú. He was director of UNACEM from 2010 to 2020. He was previously President of the Peruvian Mining, Oil, and Energy Association (SNMPE) and the Peruvian Confederation of Private Business Institutions (CONFIEP).
He is also a member of the board of directors of Banco de Crédito del Perú. He was director of UNACEM from 2010 to 2020. He was previously President of the Peruvian Mining, Oil, and Energy Association (SNMPE) and the Peruvian Confederation of Private Business Institutions (CONFIEP). 150 Table of Contents Marco Antonio Zaldivar , Director . Mr.
Corporate Governance Committee The corporate governance committee is responsible for monitoring issues and practices related to corporate governance and proposing necessary actions in respect thereof. The members of the Corporate Governance Committee for 2022 were Messrs. Roque Benavides, Zaldivar and Ortiz-de-Zevallos.
Corporate Governance Committee The corporate governance committee is responsible for monitoring issues and practices related to corporate governance and proposing necessary actions in respect thereof. The members of the Corporate Governance Committee for 2022 were Messrs.
Innovation and Sustainability Committee The Innovation and Sustainability Committee is responsible for monitoring initiatives and practices related to Innovation and Sustainability . The members of the Innovation and Sustainability Committee for 2022 were Miss Nicole Bernex, Messrs. Roque Benavides, Raúl Benavides and de la Torre.
Roque Benavides, Zaldivar and Betzhold. ​ 153 Table of Contents Sustainability and Innovation Committee The Sustainability and Innovation Committee is responsible for monitoring initiatives and practices related to Sustainability and Innovation . The members of the Sustainability and Innovation Committee for 2023 were Miss Nicole Bernex, Messrs. Roque Benavides, Raúl Benavides and de la Torre.
Of the 2,687 permanent employees (considers employees working on an indefinite term contract) employed by Buenaventura, its subsidiaries and Coimolache, approximately 52% are members of 14 different labor unions (including 5 unions for clerical workers and 9 unions for laborers), representing all aforementioned clerical workers and laborers in collective negotiations.
Of the 2,734 permanent employees (considers employees working on an indefinite term contract) employed by Buenaventura, its subsidiaries and Coimolache, approximately 46% are members of 12 different labor unions (including 04 unions for clerical workers and 08 unions for laborers), representing all aforementioned clerical workers and laborers in collective negotiations.
Prior to this post, he served Chief Operations Officer at Compañía Minera Milpo (now part of the Nexa Resources Group), where he was responsible for the Cerro Lindo, Atacocha and El Porvenir operations. He is currently Director of the Institute of Mining Engineers of Peru. Alejandro Hermoza Maraví, Vice President of Labor, Social and Environmental Affairs . Mr.
Prior to this post, he served Chief Operations Officer at Compañía Minera Milpo (now part of the Nexa Resources Group), where he was responsible for the Cerro Lindo, Atacocha and El Porvenir operations. He is currently Director of the Institute of Mining Engineers of Peru and Sociedad Minera El Brocal.
Memorandum and Articles of Association.” Our current directors and executive officers are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Name Age Position Date First Appointed Current Term Ends Directors ​ ​ ​ ​ Roque Benavides (1) ​ 69 ​ Chairman of the Board ​ 1980 ​ March 2026 Felipe Ortiz-de-Zevallos 76 Director 2003 March 2023 (2) Marco Antonio Zaldívar 63 Director 2020 March 2026 William Champion 68 Director 2016 March 2026 Diego de la Torre 61 Director 2017 March 2026 Nicole Bernex 74 Director 2018 March 2026 Raúl Benavides (1) 68 Director 2020 March 2026 Jorge Francisco Betzhold ​ 67 ​ Director ​ 2023 ​ March 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ Executive Officers ​ ​ Leandro Garcia 56 Chief Executive Officer 2020 Daniel Dominguez 46 Vice President and Chief Financial Officer 2020 Aldo Massa 52 Vice President of Business Development and Commercial 2021 Alejandro Hermoza 62 Vice President Community Relations 2008 Juan Carlos Ortiz 53 Vice President Operations 2018 Renzo Macher ​ 49 ​ Vice President of Projects ​ 2023 ​ ​ Gulnara la Rosa 59 General Counsel 2012 (1) Roque Benavides is the brother of Raúl Benavides.
Memorandum and Articles of Association.” Our current directors and executive officers are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Name Age Position Date First Appointed Current Term Ends Directors ​ ​ ​ ​ Roque Benavides (1) ​ 70 ​ Chairman of the Board ​ 1980 ​ March 2026 Marco Antonio Zaldívar 64 Director 2020 March 2026 William Champion 69 Director 2016 March 2026 Diego de la Torre 62 Director 2017 March 2026 Nicole Bernex 75 Director 2018 March 2026 Raúl Benavides (1) 69 Director 2020 March 2026 Jorge Francisco Betzhold 68 Director 2023 March 2026 Ivan Arriagada Herrera ​ 60 ​ Director ​ 2024 ​ March 2026 Andrónico Luksic Lederer ​ 42 ​ Director ​ 2024 ​ March 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ Executive Officers ​ ​ Leandro Garcia 57 Chief Executive Officer 2020 Daniel Dominguez 47 Vice President and Chief Financial Officer 2020 Aldo Massa 53 Vice President of Business Development and Commercial 2021 Alejandro Hermoza 63 Vice President Community Relations 2008 Juan Carlos Ortiz 54 Vice President Operations 2018 Renzo Macher ​ 50 ​ Vice President of Projects ​ 2023 ​ ​ Juan Carlos Salazar ​ 52 ​ Vice President of Explorations ​ 2024 ​ ​ Gulnara la Rosa 60 General Counsel 2012 (1) Roque Benavides is the brother of Raúl Benavides.
Champion, Roque Benavides, Raúl Benavides, Leandro García, Juan Carlos Ortiz and Juan Carlos Salazar. 151 Table of Contents D. Employees As of December 31, 2022 we, including our subsidiaries and Coimolache, had 2,783 employees (including permanent and temporary employees). In addition, we have entered into arrangements with independent contractors that employed 8,407 workers at our operations.
Champion, Betzhold, Roque Benavides, Raúl Benavides, Leandro García, Juan Carlos Ortiz and Juan Carlos Salazar. D. Employees As of December 31, 2023 we, including our subsidiaries and Coimolache, had 13,759 employees (including permanent and temporary employees). In addition, we have entered into arrangements with independent contractors that employed 11,025 workers at our operations.
Share Ownership As of March 31, 2023, our directors and executive officers, as a group, owned 27,727,370 Common Shares, representing 10.92% of all 253,986,867 Common and Investment Shares outstanding. 153 Table of Contents The share ownership of the Company’s directors and executive officers on an individual basis as of March 31, 2023 is set forth below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage ​ ​ ​ ​ Percentage ​ ​ ​ Percentage ​ ​ ​ Beneficial ​ ​ ​ ​ Beneficial ​ ​ ​ Beneficial ​ Number of ​ Ownership ​ ​ Number ​ Ownership ​ ​ ​ Ownership ​ Common ​ of Common ​ ​ of ​ of ​ Number of ​ of ​ Shares and ​ Shares and ​ ​ Common ​ Common ​ Investment ​ Investment ​ Investment ​ Investment Shareholder Shares Shares Shares Shares Shares Shares Roque Benavides † ​ 13,912,006 ​ 5.48 ​ — ​ — ​ 13,912,006 ​ 5.48 William Champion ​ — ​ — ​ — ​ — ​ — ​ — Nicole Bernex — — — — — — Jorge F.
Share Ownership As of March 31, 2024, our directors and executive officers, as a group, owned 30,509,577 Common Shares, representing 12.01% of all 253,986,867 Common and Investment Shares outstanding. 155 Table of Contents The share ownership of the Company’s directors and executive officers on an individual basis as of March 31, 2024 is set forth below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage ​ ​ ​ ​ Percentage ​ ​ ​ Percentage ​ ​ ​ Beneficial ​ ​ ​ ​ Beneficial ​ ​ ​ Beneficial ​ Number of ​ Ownership ​ ​ Number ​ Ownership ​ ​ ​ Ownership ​ Common ​ of Common ​ ​ of ​ of ​ Number of ​ of ​ Shares and ​ Shares and ​ ​ Common ​ Common ​ Investment ​ Investment ​ Investment ​ Investment Shareholder Shares Shares Shares Shares Shares Shares Roque Benavides † ​ 13,913,926 ​ 5.48 ​ — ​ — ​ 13,913,926 ​ 5.48 William Champion ​ — ​ — ​ — ​ — ​ — ​ — Nicole Bernex — — — — — — Jorge F.
Maraví graduated from the University of Maryland with a bachelor’s degree in Mechanical Engineering and a Master’s in Engineering and from the Peruvian University of Applied Sciences (UPC) with a Master’s in Administration.
Alejandro Hermoza Maraví, Vice President of Labor, Social and Environmental Affairs . Mr. Maraví graduated from the University of Maryland with a bachelor’s degree in Mechanical Engineering and a Master’s in Engineering and from the Peruvian University of Applied Sciences (UPC) with a Master’s in Administration.
Betzhold — — — — — — Raúl Benavides †† 13,813,836 5.44 — — 13,813,836 5.44 Diego de la Torre 1,528 0.00 — — 1,528 0.00 Marco Antonio Zaldivar — — — — — — Leandro García ​ — ​ — ​ — ​ — ​ — ​ — Daniel Domínguez ​ — ​ — ​ — ​ — ​ — ​ — Juan Carlos Ortiz — — — — — — Alejandro Hermoza — — — — — — Aldo Massa — — — — — — Gulnara La Rosa — — — — — — Directors and Executive Officers as a Group † 27,727,370 10.92 — — 27,727,370 10.92 † Includes Common Shares owned by the applicable director or officer and his son. †† Includes Common Shares owned by the applicable director and his sons and daughters.
Betzhold — — — — — — Raúl Benavides †† 16,594,123 6.54 — — 16,594,123 6.53 Diego de la Torre 1,528 0.00 — — 1,528 0.00 Marco Antonio Zaldivar — — — — — — Leandro García ​ — ​ — ​ — ​ — ​ — ​ — Daniel Domínguez ​ — ​ — ​ — ​ — ​ — ​ — Juan Carlos Ortiz — — — — — — Alejandro Hermoza — — — — — — Aldo Massa — — — — — — Gulnara La Rosa — — — — — — Directors and Executive Officers as a Group † 30,509,577 12.02 — — 30,509,577 12.01 † Includes Common Shares owned by the applicable director or officer and his son. †† Includes Common Shares owned by the applicable director and his sons and daughters.
Since September 2020, he has been appointed as Vice President and Chief Financial Officer. Aldo Massa , Vice President of Business Development and Commercial. Mr. Massa earned his bachelor’s degree in Business Administration from the Universidad de Lima and received an MBA from Universidad del Pacifico, also in Lima. Mr. Massa served as Buenaventura’s Commercial Manager since February 2020.
Massa earned his bachelor’s degree in Business Administration from the Universidad de Lima and received an MBA from Universidad del Pacifico, also in Lima. Mr. Massa served as Buenaventura’s Commercial Manager since February 2020.
Our permanent employees receive the benefit of one of two types of pension arrangements. All workers can choose to enroll in a public pension fund managed by the state (the “ONP” system) or in a private pension fund (the AFP system).
All workers can choose to enroll in a public pension fund managed by the state (the “ONP” system) or in a private pension fund (the AFP system).
Such payment is equal to one month’s salary (including an amount assigned for the value of other benefits), for each full year worked plus the pro rata portion for any uncompleted year.
The use of this method is subject to the worker’s acceptance. Regardless of the cause for termination, all employees are entitled to a severance payment. Such payment is equal to one month’s salary (including an amount assigned for the value of other benefits), for each full year worked plus the pro rata portion for any uncompleted year.
Betzhold has 36 years practical experience in South America (Chile, Brazil, Venezuela, Argentina), Southern Africa South Africa (Botswana. Namibia, Zambia) and USA (Alaska). Mr. Betzhold studied Geoflogy at Universidad de Chile, Geostatistics at Fontainebleau Centre, Paris School of Mines, France and Management at the Graduate School of Business, University of Stellenbosch, South Africa. In addition, Mr.
Betzhold studied Geoflogy at Universidad de Chile, Geostatistics at Fontainebleau Centre, Paris School of Mines, France and Management at the Graduate School of Business, University of Stellenbosch, South Africa. In addition, Mr.
He has served as President of the IIMP and the Mining Convention (Perumin), as well as being the Founder and President of the Mining Safety Institute (ISEM). He is currently the President of the vocational mining school CETEMIN.
He has served as President of the IIMP and the Mining Convention (Perumin), as well as being the Founder and President of the Mining Safety Institute (ISEM). He is currently the President of the vocational mining school CETEMIN. He has worked at Buenaventura since 1980, and is the Director of 11 related companies. Jorge Francisco Betzhold Henzi, Director.
Prior to this role, he was the Company’s Financial Planning and Investor Relations Manager from 2016 to 2017, Director of Treasury and Financial Planning from 2012 to 2016, and Head of Treasury from 2003 to 2012. He began his career in 2000 as Head of Treasury at IMINSUR, previously a subsidiary of Buenaventura.
Dominguez has served in several positions at Buenaventura, most recently as Supply Chain Manager since 2017. Prior to this role, he was the Company’s Financial Planning and Investor Relations Manager from 2016 to 2017, Director of Treasury and Financial Planning from 2012 to 2016, and Head of Treasury from 2003 to 2012.
(2) Mr. Ortiz-de-Zevallos stepped down as a director in March 2023. Set forth below is biographical information concerning members of our board and management. 148 Table of Contents Roque Benavides, Chairman of the Board and member of the Nominating Committee. Mr.
Set forth below is biographical information concerning members of our board and management. Roque Benavides, Chairman of the Board and member of the Nominating Committee. Mr.
He completed the Management Development Program at Harvard Business School in 2017. He held the position of Treasury Head at Buenaventura from 1990 to 1997. He also worked as the finance manager at Sociedad Minera El Brocal until 2000, as general manager of Boticas BTL until 2005, and general manager of Boticas Inkafarma until June 2011.
He also worked as the finance manager at Sociedad Minera El Brocal until 2000, as general manager of Boticas BTL until 2005, and general manager of Boticas Inkafarma until June 2011. He rejoined Buenaventura as Controller General in July 2011.
Ortiz-de-Zevallos stepped down as a director in March 2023. Marco Antonio Zaldivar , Director . Mr. Zaldívar, a certified Public Accountant, graduated from the Universidad de Lima. He also graduated from PAD’s the Management Development Program at the Universidad de Piura and holds a Master of Business Administration from the Adolfo Ibáñez School of Management, USA.
Zaldívar, a certified Public Accountant, graduated from the Universidad de Lima. He also graduated from PAD’s the Management Development Program at the Universidad de Piura and holds a Master of Business Administration from the Adolfo Ibáñez School of Management, USA. He is Independent Director of Empresa Editora El Comercio, Técnica Avícola and Core Capital SAF.
Betzhold has served as Head of Resource Planning and Development at Minera Escondida Limitada - BHP Billiton from 2011 to 2017. Leandro Garcia , Chief Executive Officer. Mr. Garcia earned his bachelor’s degree in business administration and a bachelor’s degree in accounting from Universidad del Pacífico and his Master of Business Administration from the University of Miami in Florida.
Betzhold has served as Head of Resource Planning and Development at Minera Escondida Limitada - BHP Billiton from 2011 to 2017. 151 Table of Contents Leandro Garcia , Chief Executive Officer. Mr.
Currently, we have (and strictly comply with) a Wage Policy that helps ensure equitable compensation under the principle of non-discrimination. The Wage Policy meets with the parameters established by Law N°30709, which forbids salary discrimination between men and women, as well as the related Regulations approved by Supreme Decree N°002 2018 TR.
The Wage Policy meets with the parameters established by Law N°30709, which forbids salary discrimination between men and women, as well as the related Regulations approved by Supreme Decree N°002 2018 TR. 154 Table of Contents Under Peruvian law, we may dismiss workers for just cause after completing certain formal procedures.
Garcia has also served as Chief Executive Officer of Consorcio Energético de Huancavelica and a director of Sociedad Minera El Brocal, Compañía Minera Condesa y Empresa de Generación Huanza. Daniel Dominguez , Vice President and Chief Financial Officer. Mr. Dominguez earned his bachelor’s degree in Economics and a Master of Business Administration from Universidad del Pacifico.
He has also served as director of Química Suiza Retail, the business that manages the Mi Farma pharmacy chain, from January 2016 until January 2018. Mr. Garcia has also served as Chief Executive Officer of Consorcio Energético de Huancavelica and a director of Sociedad Minera El Brocal, Compañía Minera Condesa y Empresa de Generación Huanza.
Until December 31st 2023, workers may withdraw 100% of the deposited amounts. Exceptionally and until December 31 st 2023, workers may withdraw 100% of the deposited amounts. Upon termination, the remaining balance may be withdrawn by the worker for any reason. We are subject to Supreme Decree N°001-2022-TR.
Exceptionally and until December 31 2023, workers were able to withdraw 100% of the deposited amounts (Congress is currently considering an extension of said term). Upon termination, the remaining balance may be withdrawn by the worker for any reason. Our permanent employees receive the benefit of one of two types of pension arrangements.
He has worked at Buenaventura since 1980, and is the Director of 11 related companies. 149 Table of Contents Jorge Francisco Betzhold Henzi, Director. Member of the Australasian Institute of Mining and Metallurgy. Member of the Geostatistical Association of Southern Africa (GASA) with solid knowledge and experience in the mining business. Mr.
Member of the Australasian Institute of Mining and Metallurgy. Member of the Geostatistical Association of Southern Africa (GASA) with solid knowledge and experience in the mining business. Mr. Betzhold has 36 years practical experience in South America (Chile, Brazil, Venezuela, Argentina), Southern Africa South Africa (Botswana. Namibia, Zambia) and USA (Alaska). Mr.
He also successfully completed the Harvard Business School General Management Program (GMP-16) in 2015 and the London Business School Corporate Finance Program in 2010. Mr. Dominguez has served in several positions at Buenaventura, most recently as Supply Chain Manager since 2017.
Daniel Dominguez , Vice President and Chief Financial Officer. Mr. Dominguez earned his bachelor’s degree in Economics and a Master of Business Administration from Universidad del Pacifico. He also successfully completed the Harvard Business School General Management Program (GMP-16) in 2015 and the London Business School Corporate Finance Program in 2010. Mr.
Removed
Felipe Ortiz-de-Zevallos, Director and member of the Audit Committee, Compensation Committee and Nominating/Corporate Governance Committee . Mr. Ortiz-de-Zevallos has been a member of the Board since August 2003. He was the Rector of the Universidad del Pacífico from 2004 to 2006. He is the founder of Grupo APOYO and has been the president of the organization since 1977.
Added
Garcia earned his bachelor’s degree in business administration and a bachelor’s degree in accounting from Universidad del Pacífico and his Master of Business Administration from the University of Miami in Florida. He completed the Management Development Program at Harvard Business School in 2017. He held the position of Treasury Head at Buenaventura from 1990 to 1997.
Removed
He received his degree in Industrial Engineering from the National University of Engineering (UNI) and obtained his MSc in Administration and Systems from the University of Rochester. He graduated from the OPM Program at Harvard Business School in 1996. He also served as Peruvian Ambassador to the United States from September 2006 to March 2009. Mr.
Added
He began his career in 2000 as Head of Treasury at IMINSUR, previously a subsidiary of Buenaventura. Since September 2020, he has been appointed as Vice President and Chief Financial Officer. Mr. Dominguez is currently director of Sociedad Minera El Brocal. Aldo Massa , Vice President of Business Development and Commercial. Mr.
Removed
He rejoined Buenaventura as Controller General in July 2011. He has also served as director of Química Suiza Retail, the business that manages the Mi Farma pharmacy chain, from January 2016 until January 2018. Mr.
Added
Currently, we have (and strictly comply with) a Wage Policy that helps ensure equitable compensation under the principle of non-discrimination.
Removed
Under Peruvian law, we may dismiss workers for just cause after completing certain formal procedures.
Removed
The use of this method is subject to the worker’s acceptance. 152 Table of Contents Regardless of the cause for termination, all employees are entitled to a severance payment.
Removed
This decree amended the Regulations of Law N°29245, a law governing the rules regarding outsourcing services. Under the new decree, a subject company is forbidden from outsourcing all activities considered to be part of the company’s “nuclear business.” Companies may still outsource specialized activities that are not part of the company’s nuclear business.
Removed
Prior to this amendment, we were, in accordance with Law N°29245, allowed to outsource any part of the productive process.
Removed
The validity of Supreme Decree N°001-2022-TR was challenged by several employers, including the Company, with the National Institute for the Defense of the Competition and Intellectual Property – INDECOPI claiming it was a bureaucratic barrier since it collides with a regulation of a superior level such as Las N°29245 and other arguments.
Removed
INDECOPI has granted the Company with a precautionary measure authorizing it not to comply with Supreme Decree N°001 2022 TR. In addition, INDECOPI’s administrative court has ruled suspending the general effectiveness of Supreme Decree N°001 2022 TR until its legality is defined by the Courts in other lawsuits filed by different business organizations.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

9 edited+1 added−0 removed3 unchanged
(4) Percentage calculated on the basis of 253,986,867 Common Shares and Investment Shares outstanding, which excludes 21,647,697 treasury shares. (5) Common Shares owned by Roque Benavides and his son (6) Common Shares owned by Raul Benavides’ children.
(4) Percentage calculated on the basis of 253,986,867 Common Shares and Investment Shares outstanding, which excludes 21,647,697 treasury shares. (5) Common Shares owned by Roque Benavides and his son (6) Common Shares owned by Raul Benavides and his children.
As of March 31, 2023 Buenaventura held 14,474 Common Shares and 1,230 Investment Shares and our wholly owned subsidiary, Condesa, held 21,160,260 Common Shares and 471,733 Investment Shares. (2) Percentage calculated on the basis of 253,715,190 Common Shares outstanding, which excludes 21,174,734 treasury shares. (3) Percentage calculated on the basis of 271,677 Investment Shares outstanding, which excludes 472,963 treasury shares.
As of March 31, 2024 Buenaventura held 14,474 Common Shares and 1,230 Investment Shares and our wholly owned subsidiary, Condesa, held 21,160,260 Common Shares and 471,733 Investment Shares. (2) Percentage calculated on the basis of 253,715,190 Common Shares outstanding, which excludes 21,174,734 treasury shares. (3) Percentage calculated on the basis of 271,677 Investment Shares outstanding, which excludes 472,963 treasury shares.
ITEM 7. Major Shareholders and Related Party Transactions A. Major Shareholders As of March 31, 2023 we had 253,715,190 Common Shares outstanding, exclusive of 21,174,734 treasury shares, and 271,677 Investment Shares, exclusive of 472,963 treasury shares. The Common Shares are voting securities.
ITEM 7. Major Shareholders and Related Party Transactions A. Major Shareholders As of March 31, 2024 we had 253,715,190 Common Shares outstanding, exclusive of 21,174,734 treasury shares, and 271,677 Investment Shares, exclusive of 472,963 treasury shares. The Common Shares are voting securities.
Royalties amounted to US$18.6 million in 2020, US$15.9 million in 2021 and US$1.4 million in 2022 and are presented as royalty income in our consolidated statements of income. After 2022, Chaupiloma transferred to Yanacocha all the mining rights and we have ceased to receive royalty since then.
Royalties amounted to US$15.9 million in 2021 and US$1.4 million in 2022 and are presented as royalty income in our consolidated statements of income. After 2022, Chaupiloma transferred to Yanacocha all the mining rights and we have ceased to receive royalty since then.
From time to time in the ordinary course of business, we enter into management, exploration, mine construction, engineering and employment contracts with joint venture companies in which one or more of our direct or indirect subsidiaries holds equity or partnership interests. 155 Table of Contents The compensation of our key executives (including the related income taxes we assumed in connection therewith) amounted to US$13.4 million in 2020, US$12.1 million in 2021 and US$13.2 million in 2022.
From time to time in the ordinary course of business, we enter into management, exploration, mine construction, engineering and employment contracts with joint venture companies in which one or more of our direct or indirect subsidiaries holds equity or partnership interests. 157 Table of Contents The compensation of our key executives (including the related income taxes we assumed in connection therewith) amounted to US$12.1 million in 2021, US$13.2 million in 2022 and US$13.9 million in 2023.
As of March 31, 2023, we estimate that 221,301,259 Common Shares were held in the U.S., which represented approximately 87.22% of Common Shares outstanding. The number of institutional record holders of our Common Shares (or of ADSs representing our Common Shares) in the U.S. was 46 institutions. B.
As of March 31, 2024, we estimate that 221,946,406 Common Shares were held in the U.S., which represented approximately 87.48% of Common Shares outstanding. The number of institutional record holders of our Common Shares (or of ADSs representing our Common Shares) in the U.S. was 43 institutions. B.
Condesa did not receive cash dividends from its investment in Yanacocha in 2020, 2021, or 2022. In 2021 and 2022, we received cash dividends from Sociedad Minera Cerro Verde S.A.A. in an amount of US$137.01 million and US$78.3 million, respectively. We did not receive cash dividends in 2020 from this investment.
In 2021, 2022 and 2023, we received cash dividends from Sociedad Minera Cerro Verde S.A.A. in an amount of US$137.01 million, US$78.3 million and US$146.9 million, respectively. We received cash dividends from Coimolache of approximately US$11.3 million in 2021, and US$0.8 million in 2022 and US$0.4 million in 2023.
The table below sets forth certain information concerning ownership of (i) the Common Shares and Investment Shares and (ii) the aggregate Common Shares and Investment Shares, as of March 31, 2023, with respect to each shareholder known to us to own more than 2.5% of the outstanding Common Shares and with respect to all directors and executive officers as a group. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beneficial ​ ​ ​ ​ Percentage ​ ​ ​ Percentage ​ Number of ​ Ownership ​ ​ ​ ​ Beneficial ​ ​ ​ Beneficial ​ Common ​ of Common ​ ​ ​ ​ Ownership ​ Number of ​ Ownership ​ Shares and ​ Shares and ​ ​ Number of ​ of Common ​ Investment ​ of Investment ​ Investment ​ Investment Shareholder Common Shares Shares (1)(2) Shares Shares (1)(3) Shares Shares (1)(4) Van Eck Associates Corporation ​ 25,099,203 ​ 9.89 — — 25,099,203 ​ 9.88 Scotiabank Wealth Management ​ 16,091,834 ​ 6.34 — — 16,091,834 ​ 6.34 Roque Benavides Ganoza (5) ​ 13,912,006 ​ 5.48 — — 13,912,006 ​ 5.48 Raul Benavides Ganoza (6) ​ 13,813,836 ​ 5.44 — — 13,813,836 ​ 5.44 Westwood Global Investments, LLC ​ 13,730,679 ​ 5.41 — — 13,730,679 ​ 5.41 Blanca Benavides de Morales ​ 13,033,836 ​ 5.14 — — 13,033,836 ​ 5.13 Blackrock Fund Advisors ​ 9,990,054 ​ 3.94 — — 9,990,054 ​ 3.93 (1) The table above excludes treasury shares.
The table below sets forth certain information concerning ownership of (i) the Common Shares and Investment Shares and (ii) the aggregate Common Shares and Investment Shares, as of March 31, 2024, with respect to each shareholder known to us to own more than 2.5% of the outstanding Common Shares and with respect to all directors and executive officers as a group. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beneficial ​ ​ ​ ​ Percentage ​ ​ ​ Percentage ​ Number of ​ Ownership ​ ​ ​ ​ Beneficial ​ ​ ​ Beneficial ​ Common ​ of Common ​ ​ ​ ​ Ownership ​ Number of ​ Ownership ​ Shares and ​ Shares and ​ ​ Number of ​ of Common ​ Investment ​ of Investment ​ Investment ​ Investment Shareholder Common Shares Shares (1)(2) Shares Shares (1)(3) Shares Shares (1)(4) Antofagasta plc ​ 48,058,225 ​ 18.94 — — 48,058,225 ​ 18.92 Van Eck Associates Corporation ​ 27,152,986 ​ 10.70 — — 27,152,986 ​ 10.69 Citigroup Global Markets, Inc.
We received cash dividends from Coimolache of approximately US$3.6 million in 2020, and US$11.3 million in 2021 and US$0.8 million in 2022. C. Interests of Experts and Counsel Not applicable. ​
We recognized revenues of energy sales from Consorcio Energético de Huancavelica S.A. and Empresa de Generación Huanza S.A. of approximately US$5.4 million in 2021, US$5.0 million in 2022, and US$4.8 million in 2023. C. Interests of Experts and Counsel Not applicable. ​
Added
(Broker) ​ 20,672,330 ​ 8.15 — — 20,672,330 ​ 8.14 Raul Benavides Ganoza (6) ​ 16,594,123 ​ 6.54 — — 16,594,123 ​ 6.53 Roque Benavides Ganoza (5) ​ 13,913,926 ​ 5.48 — — 13,913,926 ​ 5.48 Westwood Global Investments, LLC ​ 13,644,150 ​ 5.38 — — 13,644,150 ​ 5.37 AFP Integra S.A. ​ 13,495,166 ​ 5.32 — — 13,495,166 ​ 5.31 Blanca Benavides de Morales ​ 12,112,918 ​ 4.77 — — 12,112,918 ​ 4.77 Blackrock Fund Advisors ​ 9,234,235 ​ 3.64 — — 9,234,235 3.64 Scotiabank Wealth Management 9,016,211 3.55 — — 9,016,211 3.55 (1) The table above excludes treasury shares.

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