Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the
Company”) (NYSE:BVN; Lima Stock Exchange:BUE.LM), Peru’s largest
publicly-traded precious metals mining company, announced today results
for the fourth quarter 2013 (4Q13) and full year (FY13) periods, ended
December 31, 2013. All figures have been prepared in accordance with
IFRS (International Financial Reporting Standards), on a non GAAP basis
and stated in U.S. dollars (US$).
Comments from the Chief Executive Officer:
Mr. Roque Benavides, Buenaventura’s Chief Executive Officer, stated:
“During the fourth quarter, Buenaventura’s operating income was US$13.8
million, 84% lower than in 4Q12. Net income was negative US$288.4
million, including a US$453.3 million non-cash impairment from
Yanacocha. EBITDA from Direct Operations was US$67.3 million, 48% lower
than in 4Q12.
EBITDA including Affiliates was US$163.6 million, 42% lower than the
figure reported in 4Q12.
Financial Highlights (in millions of US$, except EPS figures):
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4Q13
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4Q12
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Var%
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FY13
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FY12
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Var%
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Total Revenues
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299.2
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424.2
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-29%
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1,285.5
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1,563.5
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-18%
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Operating Income
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13.8
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86.7
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-84%
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132.3
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422.5
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-69%
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EBITDA Direct Operations
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67.3
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130.2
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-48%
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293.8
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574.2
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-49%
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EBITDA Including Affiliates
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163.6
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281.5
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-42%
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813.3
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1,443.1
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-44%
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Net Income
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-288.4
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154.1
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-287%
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-101.7
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703.6
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-114%
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Adjusted Net Income
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164.9
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154.1
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7%
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351.7
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703.6
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-50%
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EPS
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-1.13
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0.61
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-287%
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-0.40
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2.77
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-114%
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Adjusted EPS
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0.65
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0.61
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7%
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1.38
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2.77
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-50%
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(*) as of December, 2013, Buenaventura had 254,186,867 shares
outstanding.
Operating Revenues
During 4Q13, net sales were US$292.0 million, a 29% decrease compared to
the US$411.6 million reported in 4Q12. This was explained by lower metal
prices as well as a reduction in silver and copper volumes sold.
Royalty income decreased 43%, to US$7.2 million in 4Q13 compared to the
US$12.6 million reported in 4Q12. This was due to lower revenues at
Yanacocha (42% lower QoQ).
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Operating Highlights
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4Q13
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4Q12
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Var%
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FY13
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FY12
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Var%
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Net Sales
(in millions of US$)
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292.0
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411.6
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-29%
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1,241.3
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1,496.3
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-17%
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Average Realized Gold Price (US$/oz)*
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1,270
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1,704
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-25%
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1,392
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1,678
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-17%
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Average Realized Gold Price (US$/oz) inc. Affiliates
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1,272
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1,710
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-26%
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1,408
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1,669
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-16%
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Average Realized Silver Price (US$/oz)*
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20.82
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31.94
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-35%
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22.33
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31.07
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-28%
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Average Realized Lead Price (US$/MT)*
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2,106
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2,240
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-6%
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2,105
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2,076
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1%
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Average Realized
Zinc Price (US$/MT)*
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1,885
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1,947
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-3%
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1,869
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1,919
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-3%
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Average Realized Copper Price (US$/MT)*
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7,158
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7,909
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-9%
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7,179
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7,938
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-10%
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(*) Buenaventura’s Direct Operations
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Sales Content
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4Q13
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4Q12
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Var%
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FY13
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FY12
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Var%
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Gold Oz Direct Operations
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101,442
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92,417
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10%
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458,499
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439,630
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4%
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Gold Oz inc. Affiliates
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196,342
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212,489
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-8%
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962,087
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1,078,659
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-11%
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Silver Oz
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3,980,486
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5,530,127
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-28%
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16,329,314
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17,483,490
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-7%
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Lead MT
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5,908
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5,522
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7%
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26,584
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25,587
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4%
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Zinc MT
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7,866
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5,267
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49%
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38,084
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43,149
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-12%
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Copper MT
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8,333
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12,033
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-31%
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25,406
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22,348
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14%
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Net sales for the twelve months of 2013 were US$1,241.3 million, 17%
lower than in 2012 (US$1,496.3 million), while royalty income was
US$44.2 million in 2013, a 34% decrease compared to the US$67.2 million
reported in the same period 2012.
Production and Operating Costs
Buenaventura’s equity production1 in 4Q13 was 103,868 ounces
of gold, 4% lower than the 108,489 ounces reported in 4Q12, mainly due
to the lower production from Orcopampa. Silver production, including
affiliated companies, during 4Q13 was 4.8 million ounces, 5% higher
compared to the figure reported in 4Q12 (4.6 million oz.).
Equity production1 in FY 2013 was 451,311 ounces of gold and
18.9 million ounces of silver. This represented a 1% decrease in gold
production (446,443 oz. in 2012) and a 4% increase in silver production
compared to FY 2012 (18.3 million oz.).
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Equity Production 1
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4Q13
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4Q12
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Var%
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FY13
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FY12
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Var%
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Gold (oz) Direct Operations
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103,868
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108,489
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-4%
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451,311
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446,443
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1%
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Gold (oz) inc. Affiliated
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184,323
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211,448
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-13%
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895,345
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1,033,969
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-13%
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Silver (oz) inc. Affiliated
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4,803,361
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4,593,711
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5%
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18,905,280
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18,262,156
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4%
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Lead ( MT)
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5,999
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5,844
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3%
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25,579
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25,345
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1%
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Zinc ( MT)
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7,904
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6,787
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16%
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34,980
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39,139
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-11%
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Copper (MT) inc. Affiliated
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18,685
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20,670
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-10%
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64,647
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66,221
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-2%
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Orcopampa’s (100% owned by Buenaventura) total gold
production in 4Q13 was 48,117 ounces, 20% lower than the 59,779 ounces
reported in 4Q12. Production from the Chipmo mine during 4Q13 was 45,981
ounces, 17% lower compared to the 55,652 ounces reported in 4Q12, as a
result of lower ore grade and tonnage treated in consequence of the
17-day strike in October (see Appendix 2). The old tailings treatment
produced 2,136 ounces of gold (compared to 4,128 oz. in 4Q12). Total
gold production in FY 2013 was 224,671 ounces, a 14% decrease compared
to FY 2012 (260,379 oz.).
Cost Applicable to Sales (CAS) in 4Q13 was US$830/oz, 7% higher compared
to 4Q12 (US$775/oz.). The higher cost was mainly explained by the lower
gold production. CAS for the FY 2013 was US$802/oz compared to US$604/oz
in 2012.
At Uchucchacua (100% owned by Buenaventura), total silver
production in 4Q13 was 2.9 million ounces, in line with the 3.0 million
ounces produced in 4Q12. Zinc production in 4Q13 was 2,154 MT, 27% lower
than the figure reported in 4Q12 (2,931 MT), while lead production
increased 29% (1,821 MT in 4Q13 vs. 2,556 MT in 4Q12). During 2013,
silver production was 11.4 million ounces; zinc production was 8,146 MT,
while lead production was 8,363 MT compared to 11.3 million ounces,
9,820 MT and 8,742 MT, respectively, in FY 2012.
Cost Applicable to Sales (CAS) in 4Q13 was US$12.86/oz, 8% lower than
the figure reported in 4Q12 (US$13.94/oz.) due to higher grade ore. CAS
for the FY 2013 was US$13.01/oz compared to US$13.58/oz in 2012.
At Mallay (100% owned by Buenaventura), total production in 4Q13
was 329,727 ounces of silver, 16% higher than in 4Q12 (284,161 oz), and
1.3 million ounces in FY 2013, 87% higher than the 0.7 million reported
in FY 2012. Cost Applicable to Sales (CAS) in 4Q13 was US$11.30/oz, a
decrease of 47% compared to US$21.46/oz in 4Q12. CAS for the FY 2013 was
US$14.53/oz compared to US$27.98/oz in 2012.
1 Production from Direct Operations includes 100% of
Buenaventura’s operating units, 53.06% of La Zanja, 54.07% of El Brocal
and 40.10% of Tantahuatay
At Julcani (100% owned by Buenaventura), total production in 4Q13
was 771,296 ounces of silver, 25% higher compared to 4Q12 (615,712
ounces), due to higher ore treated explained by the increase in plant
capacity (from 400 TPD to 500 TPD). During FY 2013, silver production
was 2.7 million ounces, 11% higher than the 2.4 million reported in FY
2012.
Cost Applicable to Sales (CAS) in 4Q13 was US$8.33/oz, 28% lower than
4Q12 (US$15.87/oz.), mainly explained by a reduction in exploration
activities. CAS for the FY 2013 was US$10.32/oz compared to US$12.10/oz
in 2012.
Breapampa’s (100% owned by Buenaventura) total production in 4Q13
was 21,918 ounces of gold with a CAS of US$447/oz. For the twelve months
of 2013, gold production was 81,882 oz with a CAS of US$601/oz.
La Zanja’s (53.06% owned by Buenaventura) total production in
4Q13 was 33,451 ounces of gold, a 17% increase compared to 4Q12 (28,670
oz) and was due to an increase in ore grade (0.75 g/MT in 4Q13 vs. 0.64
g/MT in 4Q12). FY 2013 gold production was 137,395 ounces, 22% higher
than in FY 2012 (112,387 oz.), in-line with La Zanja’s mining plan.
CAS in 4Q13 was US$617/oz, 29% lower than 4Q12 (US$866/oz.), due to the
higher grade. CAS for the FY 2013 was US$643/oz compared to US$713/oz in
2012.
Tantahuatay’s (40.10% owned by Buenaventura) total production in
4Q13 was 33,417 ounces of gold (13,399 oz attributable to Buenaventura)
5% lower than the figure reported in 4Q12 (35,340 oz, 14,170
attributable to Buenaventura). During FY 2013, gold production was
142,667 ounces (57,202 oz. attributable to Buenaventura) compared to
141,268 (56,641 oz attributable to Buenaventura) in 2012.
CAS in 4Q13 was US$375/oz., 40% lower than in 4Q12 (US$624/oz.) due to
the lower tonnage treated, in order to remain within the limits of its
permits. CAS for the FY 2013 was US$536/oz compared to US$502/oz in 2012.
At El Brocal (54.07% owned by Buenaventura), copper
production was 9,345 MT vs. 13,166 MT reported in 4Q12 (29% decrease).
For FY 2013, copper production increased 13% (27,174 MT in 4Q13 versus
22,785 MT in 4Q12). Copper CAS was US$2,842/MT, 27% lower than the
figure reported in 4Q12 (US$3,904/MT).
Silver production, from polymetallic and copper ores, increased 207%,
from 0.2 million ounces in 4Q12 to 0.6 million ounces in 4Q13, due to
lower tonnage treated and ore grade. During FY 2013, silver production
decreased 36% from 3.1 million oz to 2.0 million oz in 2012.
During 4Q13, total zinc production was 4,321 MT versus no production in
4Q12. In FY 2013, zinc production decreased 31% (24,220 MT in 2013
versus 34,949 MT in 2012). Zinc CAS was US$757/MT in 4Q13. CAS for the
FY 2013 was US$887/MT compared to US$903/MT in 2012.
General and Administrative Expenses
General and administrative expenses in 4Q13 were US$21.0 million, 3%
lower than the figure reported in 4Q12 (US$21.6 million) due to lower
worker’s profit sharing. For the FY 2013, general and administrative
expenses were US$77.5 million versus US$99.3 million in the same period
of 2012, representing a 22% decline.
Exploration in Non-Operating Areas
Exploration in non-operating areas during 4Q13 was US$9.4 million,
compared to US$22.3 million reported in 4Q12. During the period,
Buenaventura’s main exploration efforts were focused on the following
projects: Marcapunta Oeste (US$5.2 million), La Zanja Underground
(US$0.6 million) and Chanca (US$1.2 million). For FY 2013, exploration
in non-operating areas were US$32.8 million versus US$95.5 million in FY
2012, representing a decrease of 66%.
Operating Income
Operating income in 4Q13 was US$13.8 million, 84% lower compared to the
US$86.7 million reported in 4Q12 due to lower revenues.
During FY 2013, operating income was US$132.3 million, versus US$422.5
million in FY 2012, representing a 69% decrease.
Share in Affiliated Companies
During 4Q13, Buenaventura’s share in affiliated companies was negative
US$282.3 million (compared to the US$105.1 million reported in 4Q12).
Yanacocha’s contribution towards these results was a negative US$322.6
million due to an impairment of US$453.3. Cerro Verde’s contribution
increased 12%, from US$31.0 million in 4Q12 to US$34.6 million in 4Q13.
Coimolache’s (Tantahuatay mine) contribution decreased 35% (US$5.7
million in 4Q13 vs. US$8.8 million in 4Q12).
During FY 2013, Buenaventura’s share in affiliated companies was
negative US$108.5 million compared to the US$481.8 million reported in
2012.
YANACOCHA
At Yanacocha (43.65% owned by Buenaventura), 4Q13 gold production was
184,318 ounces of gold, 22% lower than 4Q12 production (235,875 oz).
Accumulated gold production in 2013 was 1,017,259 ounces, 24% lower than
2013 (1,345,992 oz.).
Net income, without considering the effect of the US$1.0 million
impairment, was negative US$27.8 million (compared to US$75.7 million in
4Q12) explained by lower revenues and higher costs applicable to sales
due to a US$43.1 million (cash) write-down from La Quinua, Yanacocha and
Maqui Maqui pads. Accumulated net income in 2013 was US$154.9 million,
75% lower than 2012 (US$626.5 million). During 4Q13, EBITDA totaled
US$43.5 million, a 77% decrease compared to 4Q12 (US$186.0 million).
Accumulated EBITDA in 2013 was US$602.4 million, 52% lower than 2013
(US$1.2 billion).
Capital expenditures at Yanacocha were US$48.9 million in 4Q13 (US$172.5
million in 4Q12) and US$333.4 million in FY 2013 (US$995.0 million in FY
2012).
CERRO VERDE
At Cerro Verde (19.58% owned by Buenaventura), 4Q13 copper production
was 69,318 MT (13,572 MT attributable to Buenaventura), a 1% increase
compared to 4Q12 (68,874 MT and 13,486 MT attributable to Buenaventura).
Accumulated total copper production in 2013 was 252,760 MT (49,490 MT
attributable to Buenaventura), 6% lower than 269,649 MT in 2012 (52,797
MT attributable to Buenaventura).
During 4Q13, Cerro Verde reported net income of US$196.8 million, a 35%
higher compared to US$146.2 million in 4Q12. This was mainly due to a
12% increase in sales revenues (US$562.3 million in 4Q13 versus US$501.0
million in 4Q12). Accumulated net income in 2013 was US$613.3 million,
21% lower than US$772.1 million in 2012.
Capital expenditures at Cerro Verde in 4Q13 totaled US$357.1 million and
US$1,073.2 million in 2013.
COIMOLACHE (Tantahuatay operation)
At Coimolache (40.10% owned by Buenaventura), attributable contribution
was US$5.7 million (US$8.8 million in 4Q12). During FY 2013,
attributable contribution was US$20.8 million (US$40.2 million in FY
2012).
Net Income
Buenaventura’s 4Q13 net income was a negative US$288.4 million (negative
US$1.13 per share), including a US$453.3 million (US$1.78 per share)
non-cash impairment provision from Yanacocha, compared to US$154.1
million (US$0.61 per share) reported in 4Q12. Accumulated net income in
FY 2013 was negative US$101.7 million (negative US$0.40 per share)
compared to US$703.6 million in 2012 (US$2.69 per share).
Project Development and Exploration
Rio Seco Plant (100% ownership)
The plant is in ramp-up stage. This facility will allow:
1. Mining from accessible areas with high silver and manganese content.
2. Improving the quality of lead-silver concentrates from Uchucchacua
mine by reducing manganese content.
3. Resultant manganese sulfate concentrate with commercial value.
Huanza Hydroelectric Plant (100% ownership)
Unit 2 started generating 46.3 MW, while Unit 1 will start its
commissioning in March. This plant will assure energy supply for direct
operations.
El Brocal Expansion (54.07% ownership)
El Brocal expansion from 6 ktpd to 18 ktpd was completed. Production
will start in March to treat 11 ktpd of polymetallic ore from
Colquijirca and 7 ktpd of copper ore from Marcapunta.
Tambomayo Project (100% ownership)
Advanced exploration includes drilling of new structures. Mine
development and engineering studies are in progress. Environmental
Impact Assessment and permits are expected in 2014 to initiate
production in 2016.
Board Resolutions
At the Board of Directors meeting held February 27, 2014, the following
resolutions were passed:
1. To accept the resignation of Mr. Aubrey Paverd as board member, due
to age limit, thanking him for the 12 years that he served and
contribute to Buenaventura; and to appoint Mr. Igor Gonzales as new
board member to complete the current period.
2. To modify the following requirement to qualify as independent board
member:
When the board member is an officer of a company that maintains
commercial relationship with Buenaventura:
-
Previous requirement: the company’s billing to Buenaventura
should be less than US$1 million and represent less than 2% of such
company’s revenues.
-
New requirement: the company’s billing to Buenaventura should
be less than US$1 million and represent less than 5% of such company’s
revenues.
3. To approve Buenaventura’s compliance policy:
a. Anti – Money Laundering (AML) and Counter-Terrorism Financing (CTF)
b. Anti-Bribery Policy (FCPA: Foreign Corrupt Practices Act.)
4. To call for the Annual Shareholders Meeting to be held on March 27,
2014 to:
a. Approve the Annual Report as of December, 31, 2013.
b. Approve the Financial Statements as of December, 31, 2013
c. Appoint Ernst and Young (Medina, Zaldivar, Paredes y Asociados) as
External Auditors for fiscal year 2014.
d. Ratify the dividend policy amendment, which has been proposed by the
Board of Directors.
e. Approve the payment of a cash dividend of 1.1 cents (US$) per share
or ADS according to the Company’s dividend policy.
f. Elect the new members of the board for the period 2014 – 2016.
Company Description
Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly
traded, precious metals company and a major holder of mining rights in
Peru. The Company is engaged in the mining, processing, development and
exploration of gold and silver and other metals via wholly owned mines
as well as through its participation in joint exploration projects.
Buenaventura currently operates several mines in Peru (Orcopampa*,
Uchucchacua*, Breapampa*, Mallay*, Julcani*, Recuperada*, El Brocal, La
Zanja and Coimolache.
The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with
Newmont Mining Corporation), an important precious metal producer;
19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper
producer, and 49% of Canteras del Hallazgo S.A, owner the Chucapaca
project.
For a printed version of the Company’s 2012 Form 20-F, please contact
the investor relations contacts on page 1 of this report, or download
the PDF format file from the Company’s web site at www.buenaventura.com.
(*) Operations wholly owned by Buenaventura
Note on Forward-Looking Statements
This press release may contain forward-looking information (as defined
in the U.S. Private Securities Litigation Reform Act of 1995) that
involve risks and uncertainties, including those concerning the
Company’s, Yanacocha’s and Cerro Verde’s costs and expenses, results of
exploration, the continued improving efficiency of operations,
prevailing market prices of gold, silver, copper and other metals mined,
the success of joint ventures, estimates of future explorations,
development and production, subsidiaries’ plans for capital
expenditures, estimates of reserves and Peruvian political, economic,
social and legal developments. These forward-looking statements reflect
the Company’s view with respect to the Company’s, Yanacocha’s and Cerro
Verde’s future financial performance. Actual results could differ
materially from those projected in the forward-looking statements as a
result of a variety of factors discussed elsewhere in this Press Release.
**Tables to follow**
APPENDIX 1
|
Equity Participation in
Subsidiaries and Affiliates (as of September 30, 2013)
|
|
|
|
|
BVN
|
|
|
Operating
|
|
|
|
|
Equity %
|
|
|
Mines / Business
|
|
Consorcio Energético de Huancavelica S.A*
|
|
|
100.00
|
|
|
Energy – Huanza Hydroelectrical Project
|
|
Buenaventura Ingenieros S.A*
|
|
|
100.00
|
|
|
Engineering Consultant
|
|
Processadora Industrial Rio Seco S.A*
|
|
|
100.00
|
|
|
Rio Seco chemical plant
|
|
El Molle Verde S.A.C*
|
|
|
100.00
|
|
|
Trapiche project
|
|
Minera La Zanja S.A*
|
|
|
53.06
|
|
|
La Zanja
|
|
Sociedad Minera El Brocal S.A.A*
|
|
|
54.07
|
|
|
Colquijirca and Marcapunta
|
|
Canteras del Hallazgo S.A **
|
|
|
49.00
|
|
|
Chucapaca project
|
|
Compañía Minera Coimolache S.A **
|
|
|
40.10
|
|
|
Tantahuatay
|
|
Minera Yanacocha S.R.L **
|
|
|
43.65
|
|
|
Yanacocha
|
|
Sociedad Minera Cerro Verde S.A.A **
|
|
|
19.58
|
|
|
Cerro Verde
|
(*)Consolidates
(**) Equity Accounting
APPENDIX 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GOLD PRODUCTION
|
|
|
|
|
Three Months Ended December 31
|
|
|
Full Year
|
|
|
|
|
Orcopampa
|
|
|
|
|
|
Orcopampa Old Tailings
|
|
|
|
|
|
|
|
Orcopampa
|
|
|
|
|
|
|
|
|
Orcopampa Old Tailings
|
|
|
|
|
2013
|
|
|
2012
|
|
|
%
|
|
|
2013
|
|
|
2012
|
|
|
%
|
|
|
|
|
2013
|
|
|
2012
|
|
|
%
|
|
|
2013
|
|
|
2012
|
|
|
%
|
|
Ore Milled DMT
|
|
|
99,093
|
|
|
110,783
|
|
|
-11%
|
|
|
48,125
|
|
|
106,442
|
|
|
-55%
|
|
|
|
|
443,537
|
|
|
461,436
|
|
|
-4%
|
|
|
425,639
|
|
|
446,593
|
|
|
-5%
|
|
Ore Grade OZ/MT
|
|
|
0.477
|
|
|
0.53
|
|
|
-10%
|
|
|
0.059
|
|
|
0.053
|
|
|
12%
|
|
|
|
|
0.487
|
|
|
0.543
|
|
|
-10%
|
|
|
0.048
|
|
|
0.060
|
|
|
-19%
|
|
Recovery Rate %
|
|
|
97.2%
|
|
|
95.6%
|
|
|
2%
|
|
|
75.7%
|
|
|
73.8%
|
|
|
3%
|
|
|
|
|
96.2%
|
|
|
95.9%
|
|
|
0%
|
|
|
76.1%
|
|
|
76.1%
|
|
|
0%
|
|
Ounces Produced
|
|
|
45,981
|
|
|
55,652
|
|
|
-17%
|
|
|
2,136
|
|
|
4,128
|
|
|
-48%
|
|
|
|
|
208,774
|
|
|
240,134
|
|
|
-13%
|
|
|
15,897
|
|
|
20,245
|
|
|
-21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orcopampa Total Production
|
|
|
4Q13
|
|
|
48,117
|
|
|
4Q12
|
|
|
59,780
|
|
|
FY2013
|
|
|
|
|
224,671
|
|
|
FY2012
|
|
|
260,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
La Zanja
|
|
|
|
|
Tantahuatay
|
|
|
|
|
4Q13
|
|
|
4Q12
|
|
|
%
|
|
|
FY2013
|
|
|
FY2012
|
|
|
%
|
|
|
|
|
4Q13
|
|
|
4Q12
|
|
|
%
|
|
|
FY2013
|
|
|
FY2012
|
|
|
%
|
|
Ounces Produced
|
|
|
33,451
|
|
|
28,670
|
|
|
17%
|
|
|
137,395
|
|
|
112,387
|
|
|
22%
|
|
|
|
|
33,417
|
|
|
35,340
|
|
|
-5%
|
|
|
142,667
|
|
|
141,268
|
|
|
1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Breapampa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q13
|
|
|
4Q12
|
|
|
%
|
|
|
FY2013
|
|
|
FY2012
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ounces Produced
|
|
|
21,918
|
|
|
8,817
|
|
|
149%
|
|
|
81,882
|
|
|
8,817
|
|
|
829%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SILVER PRODUCTION
|
|
|
|
|
Three Months Ended December 31
|
|
|
|
|
Full Year
|
|
|
|
|
Uchucchacua
|
|
|
Colquijirca
|
|
|
|
|
|
|
|
Uchucchacua
|
|
|
Colquijirca
|
|
|
|
|
2013
|
|
|
2012
|
|
|
%
|
|
|
2013
|
|
|
2012
|
|
|
%
|
|
|
|
|
2013
|
|
|
2012
|
|
|
%
|
|
|
2013
|
|
|
2012
|
|
|
%
|
|
Ore Milled DMT
|
|
|
238,390
|
|
|
265,335
|
|
|
-10%
|
|
|
198,885
|
|
|
|
|
|
|
|
|
|
|
1,001,102
|
|
|
1,049,301
|
|
|
-5%
|
|
|
1,268,781
|
|
|
1,689,846
|
|
|
-25%
|
|
Ore Grade OZ/MT
|
|
|
15.209
|
|
|
14.00
|
|
|
9%
|
|
|
2.89
|
|
|
|
|
|
|
|
|
|
|
14.18
|
|
|
14.33
|
|
|
-1%
|
|
|
1.41
|
|
|
1.32
|
|
|
7%
|
|
Recovery Rate %
|
|
|
79.2%
|
|
|
77.4%
|
|
|
2%
|
|
|
67.0%
|
|
|
|
|
|
|
|
|
|
|
80.6%
|
|
|
73.5%
|
|
|
10%
|
|
|
66.2%
|
|
|
63.2%
|
|
|
5%
|
|
Ounces Produced
|
|
|
2,871,959
|
|
|
3,012,187
|
|
|
-5%
|
|
|
385,221
|
|
|
|
|
|
|
|
|
|
|
11,444,751
|
|
|
11,263,322
|
|
|
2%
|
|
|
1,186,022
|
|
|
1,410,027
|
|
|
-16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ZINC PRODUCTION
|
|
|
|
|
Three Months Ended December 31
|
|
|
|
|
|
|
|
|
|
|
Full Year
|
|
|
|
|
Uchucchacua
|
|
|
Colquijirca
|
|
|
|
|
Uchucchacua
|
|
|
Colquijirca
|
|
|
|
|
2013
|
|
|
2012
|
|
|
%
|
|
|
2013
|
|
|
2012
|
|
|
%
|
|
|
|
|
2013
|
|
|
2012
|
|
|
%
|
|
|
2013
|
|
|
2012
|
|
|
%
|
|
Ore Milled DMT
|
|
|
238,390
|
|
|
265,335
|
|
|
-10%
|
|
|
198,885
|
|
|
|
|
|
|
|
|
|
|
1,001,102
|
|
|
1,049,301
|
|
|
-5%
|
|
|
1,268,781
|
|
|
1,689,846
|
|
|
-25%
|
|
Ore Grade %
|
|
|
1.32%
|
|
|
1.63%
|
|
|
-19%
|
|
|
3.40%
|
|
|
|
|
|
|
|
|
|
|
1.23%
|
|
|
1.51%
|
|
|
-18%
|
|
|
2.97%
|
|
|
2.93%
|
|
|
1%
|
|
Recovery Rate %
|
|
|
68.4%
|
|
|
67.8%
|
|
|
1%
|
|
|
63.98%
|
|
|
|
|
|
|
|
|
|
|
66.0%
|
|
|
62.0%
|
|
|
7%
|
|
|
64.26%
|
|
|
67.1%
|
|
|
-4%
|
|
MT Produced
|
|
|
2,154
|
|
|
2,931
|
|
|
-27%
|
|
|
4,321
|
|
|
|
|
|
|
|
|
|
|
8,146
|
|
|
9,820
|
|
|
-17%
|
|
|
24,219
|
|
|
33,268
|
|
|
-27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPENDIX 3: EBITDA RECONCILIATION (in thousands of US$)
|
|
|
|
4Q13
|
|
|
4Q12
|
|
|
FY 2013
|
|
|
FY 2012
|
|
Net Income
|
|
|
-280,492
|
|
|
163,323
|
|
|
-74,154
|
|
|
763,046
|
|
Add / Substract:
|
|
|
347,819
|
|
|
-33,133
|
|
|
367,985
|
|
|
-188,837
|
|
Provision for income tax, net
|
|
|
14,493
|
|
|
28,551
|
|
|
86,614
|
|
|
144,236
|
|
Share in associated companies by the equity method, net
|
|
|
282,323
|
|
|
-105,105
|
|
|
108,483
|
|
|
-481,826
|
|
Interest income
|
|
|
-4,270
|
|
|
-1,725
|
|
|
-6,623
|
|
|
-9,486
|
|
Interest expense
|
|
|
1,460
|
|
|
3,608
|
|
|
10,970
|
|
|
8,290
|
|
Loss on currency exchange difference
|
|
|
303
|
|
|
-1,969
|
|
|
7,012
|
|
|
-1,715
|
|
Long Term Compensation provision
|
|
|
4,487
|
|
|
-5,592
|
|
|
-15,979
|
|
|
1,720
|
|
Depreciation and Amortization
|
|
|
39,729
|
|
|
38,803
|
|
|
165,477
|
|
|
123,043
|
|
Workers´ participation provision
|
|
|
2,700
|
|
|
6,679
|
|
|
5,437
|
|
|
23,284
|
|
Impairment of Long-Lived Assets
|
|
|
6,594
|
|
|
3,617
|
|
|
6,594
|
|
|
3,617
|
|
EBITDA Buenaventura Direct Operations
|
|
|
67,327
|
|
|
130,190
|
|
|
293,831
|
|
|
574,209
|
|
EBITDA Yanacocha (43.65%)
|
|
|
18,986
|
|
|
81,185
|
|
|
262,837
|
|
|
542,067
|
|
EBITDA Cerro Verde (19.58%)
|
|
|
64,586
|
|
|
53,276
|
|
|
206,061
|
|
|
256,050
|
|
EBITDA Coimolache (40%)
|
|
|
12,713
|
|
|
16,836
|
|
|
50,610
|
|
|
70,793
|
|
EBITDA Buenaventura + All Associates
|
|
|
163,611
|
|
|
281,487
|
|
|
813,338
|
|
|
1,443,119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
EBITDA (Buenaventura Direct Operations) consists of earnings before net
interest, taxes, depreciation and amortization, share in affiliated
companies, net, loss on currency exchange difference, other, net,
provision for workers’ profit sharing and provision for long-term
officers’ compensation.
EBITDA (including Affiliates) consists of EBITDA (Buenaventura Direct
Operations), plus (1) Buenaventura’s equity share of EBITDA (Yanacocha)
(2) Buenaventura’s equity share of EBITDA (Cerro Verde), plus (3)
Buenaventura’s equity share of EBITDA (Coimolache). All EBITDA mentioned
were similarly calculated using financial information provided to
Buenaventura by the affiliated companies.
Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA
(including affiliates) to provide further information with respect to
its operating performance and the operating performance of its equity
investees, the affiliates. EBITDA (Buenaventura Direct Operations) and
EBITDA (including affiliates) are not a measure of financial performance
under IFRS, and may not be comparable to similarly titled measures of
other companies. You should not consider EBITDA (Buenaventura Direct
Operations) and EBITDA (including affiliates) as alternatives to
operating income or net income determined in accordance with IFRS, as an
indicator of Buenaventura’s, affiliates operating performance, or as an
alternative to cash flows from operating activities, determined in
accordance with IFRS, as an indicator of cash flows or as a measure of
liquidity.
APPENDIX 4: PROVEN AND PROBABLE RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GOLD
|
|
% Ownership
|
|
MT (000)
|
|
Grade Oz / MT
|
|
Oz (000)
|
|
Attributable
|
|
|
Orcopampa
|
|
100.00
|
|
634
|
|
0.527
|
|
334
|
|
334
|
|
|
Breapampa
|
|
100.00
|
|
2,279
|
|
0.042
|
|
96
|
|
96
|
|
|
Poracota
|
|
100.00
|
|
108
|
|
0.343
|
|
37
|
|
37
|
|
|
Antapite
|
|
100.00
|
|
37
|
|
0.335
|
|
13
|
|
13
|
|
|
Julcani
|
|
100.00
|
|
373
|
|
0.018
|
|
7
|
|
7
|
|
|
Mallay
|
|
100.00
|
|
123
|
|
0.042
|
|
5
|
|
5
|
|
|
Shila - Paula
|
|
100.00
|
|
13
|
|
0.351
|
|
4
|
|
4
|
|
|
El Brocal Marcapunta (Sulphides)
|
|
54.07
|
|
16,421
|
|
0.011
|
|
180
|
|
97
|
|
|
La Zanja
|
|
53.06
|
|
14,248
|
|
0.023
|
|
333
|
|
176
|
|
|
La Zanja (On Pads)
|
|
53.06
|
|
|
|
|
|
27
|
|
14
|
|
|
Yanacocha
|
|
44.35
|
|
199,184
|
|
0.032
|
|
5,751
|
|
2,551
|
|
|
Yanacocha (Conga)
|
|
44.35
|
|
536,015
|
|
0.023
|
|
12,582
|
|
5,580
|
|
|
Tantahuatay (Oxides)
|
|
40.10
|
|
51,955
|
|
0.014
|
|
735
|
|
295
|
|
|
Total
|
|
|
|
821,392
|
|
0.024
|
|
20,104
|
|
9,209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SILVER
|
|
% Ownership
|
|
MT (000)
|
|
Grade Oz / MT
|
|
Oz (000)
|
|
Attributable
|
|
|
Uchucchacua (Silver - Sulphides)
|
|
100.00
|
|
3,485
|
|
16.854
|
|
58,738
|
|
58,738
|
|
|
Uchucchacua (Zinc - Sulphides)
|
|
100.00
|
|
64
|
|
7.496
|
|
486
|
|
486
|
|
|
Uchucchacua (Silver - Oxides)
|
|
100.00
|
|
287
|
|
19.742
|
|
5,660
|
|
5,660
|
|
|
Julcani
|
|
100.00
|
|
373
|
|
20.249
|
|
7,555
|
|
7,555
|
|
|
Breapampa
|
|
100.00
|
|
2,279
|
|
0.823
|
|
1,876
|
|
1,876
|
|
|
Mallay
|
|
100.00
|
|
123
|
|
12.632
|
|
1,562
|
|
1,562
|
|
|
Orcopampa
|
|
100.00
|
|
634
|
|
1.389
|
|
881
|
|
881
|
|
|
Recuperada
|
|
100.00
|
|
64
|
|
9.899
|
|
630
|
|
630
|
|
|
Shila - Paula
|
|
100.00
|
|
13
|
|
0.694
|
|
9
|
|
9
|
|
|
Poracota
|
|
100.00
|
|
108
|
|
0.024
|
|
3
|
|
3
|
|
|
El Brocal (Tajo Norte - La Llave)
|
|
54.07
|
|
56,111
|
|
0.830
|
|
46,572
|
|
25,182
|
|
|
El Brocal Marcapunta (Sulphides)
|
|
54.07
|
|
16,421
|
|
0.530
|
|
8,703
|
|
4,706
|
|
|
La Zanja
|
|
53.06
|
|
14,248
|
|
0.201
|
|
2,869
|
|
1,522
|
|
|
La Zanja (On Pads and Plant)
|
|
53.06
|
|
|
|
|
|
919
|
|
487
|
|
|
Yanacocha
|
|
44.35
|
|
292,435
|
|
0.254
|
|
75,590
|
|
33,524
|
|
|
Yanacocha (Conga)
|
|
44.35
|
|
536,015
|
|
0.066
|
|
37,784
|
|
16,757
|
|
|
Tantahuatay Oxides
|
|
40.10
|
|
51,955
|
|
0.346
|
|
18,035
|
|
7,231
|
|
|
Cerro Verde (Sulphides)
|
|
19.58
|
|
4,047,372
|
|
0.047
|
|
192,860
|
|
37,762
|
|
|
Cerro Verde (Oxides)
|
|
19.58
|
|
563,840
|
|
0.010
|
|
5,430
|
|
1,063
|
|
|
Total
|
|
|
|
5,585,829
|
|
0.083
|
|
466,163
|
|
205,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prices used for Reserve calculation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold US$1,200/oz
|
|
|
|
|
|
|
|
|
|
|
|
|
Silver US$20/oz
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVEN AND PROBABLE RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ZINC
|
|
% Ownership
|
|
MT (000)
|
|
Grade Oz / MT
|
|
MT (000)
|
|
Attributable
|
|
|
Uchucchacua (Silver - Sulphides)
|
|
100.00
|
|
3,485
|
|
1.42
|
|
49
|
|
49
|
|
|
Uchucchacua (Zinc - Sulphides)
|
|
100.00
|
|
64
|
|
6.60
|
|
4
|
|
4
|
|
|
Mallay
|
|
100.00
|
|
123
|
|
8.47
|
|
10
|
|
10
|
|
|
Recuperada
|
|
100.00
|
|
64
|
|
6.49
|
|
4
|
|
4
|
|
|
El Brocal (Tajo Norte - La Llave)
|
|
54.07
|
|
56,111
|
|
2.38
|
|
1,335
|
|
722
|
|
|
Total
|
|
|
|
59,848
|
|
2.35
|
|
1,404
|
|
790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LEAD
|
|
% Ownership
|
|
MT (000)
|
|
Grade Oz / MT
|
|
MT (000)
|
|
Attributable
|
|
|
Uchucchacua (Silver - Sulphides)
|
|
100.00
|
|
3,485
|
|
1.05
|
|
37
|
|
37
|
|
|
Uchucchacua (Zinc - Sulphides)
|
|
100.00
|
|
64
|
|
5.10
|
|
3
|
|
3
|
|
|
Julcani
|
|
100.00
|
|
373
|
|
2.27
|
|
8
|
|
8
|
|
|
Mallay
|
|
100.00
|
|
123
|
|
6.64
|
|
8
|
|
8
|
|
|
Recuperada
|
|
100.00
|
|
64
|
|
3.55
|
|
2
|
|
2
|
|
|
El Brocal (Tajo Norte - La Llave)
|
|
54.07
|
|
56,111
|
|
0.78
|
|
438
|
|
237
|
|
|
Total
|
|
|
|
60,221
|
|
0.82
|
|
496
|
|
268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COPPER
|
|
% Ownership
|
|
MT (000)
|
|
Grade Oz / MT
|
|
MT (000)
|
|
Attributable
|
|
|
Julcani
|
|
100.00
|
|
373
|
|
0.44
|
|
2
|
|
2
|
|
|
El Brocal Marcapunta (Sulphides)
|
|
54.07
|
|
16,421
|
|
1.99
|
|
327
|
|
177
|
|
|
Yanacocha (Conga)
|
|
44.35
|
|
536,015
|
|
0.28
|
|
1,501
|
|
666
|
|
|
Cerro Verde (Sulphides)
|
|
19.58
|
|
4,047,372
|
|
0.37
|
|
14,975
|
|
2,932
|
|
|
Cerro Verde (Oxides)
|
|
19.58
|
|
563,840
|
|
0.49
|
|
2,763
|
|
541
|
|
|
Total
|
|
|
|
5,164,022
|
|
0.38
|
|
19,567
|
|
4,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOLYBDENUM
|
|
% Ownership
|
|
MT (000)
|
|
Grade Oz / MT
|
|
MT (000)
|
|
Attributable
|
|
|
Cerro Verde (Sulphides)
|
|
19.58
|
|
4,047,372
|
|
0.014
|
|
567
|
|
111
|
|
|
Cerro Verde (Oxides)
|
|
19.58
|
|
563,840
|
|
0.003
|
|
17
|
|
3
|
|
|
Total
|
|
|
|
4,611,213
|
|
0.013
|
|
584
|
|
114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prices used for Reserve calculation:
|
|
|
Zinc US$1,900/MT
|
|
|
Lead US$2,050/MT
|
|
|
Copper US$6,600/MT
|
|
|
|
APPENDIX 5
|
|
|
|
|
|
|
|
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
|
|
|
|
|
|
|
Consolidated Statement of Financial Position
|
|
|
|
|
|
|
As of December 31, 2013 and 2012
|
|
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
Assets
|
|
US$(000)
|
|
|
US$(000)
|
|
Current assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
61,898
|
|
|
186,712
|
|
Financial assets at fair value through profit or loss
|
|
-
|
|
|
54,509
|
|
Trade and other accounts receivable, net
|
|
260,434
|
|
|
362,904
|
|
Income tax credit
|
|
37,370
|
|
|
24,629
|
|
Prepaid expenses
|
|
14,597
|
|
|
11,837
|
|
Embedded derivatives for concentrate sales, net
|
|
1,857
|
|
|
-
|
|
Inventory, net
|
|
175,719
|
|
|
157,533
|
|
Total current assets
|
|
551,875
|
|
|
798,124
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Trade and other accounts receivable, net
|
|
20,607
|
|
|
40,079
|
|
Long-term inventory
|
|
23,366
|
|
|
40,253
|
|
Investment in associates
|
|
2,358,410
|
|
|
2,469,888
|
|
Mining concessions, development costs and property,
plant and
equipment, net
|
|
1,515,460
|
|
|
1,159,805
|
|
Deferred income tax asset, net
|
|
83,525
|
|
|
111,701
|
|
Other assets
|
|
7,132
|
|
|
5,123
|
|
Total non-current assets
|
|
4,008,500
|
|
|
3,826,849
|
|
|
|
|
|
|
|
|
Total assets
|
|
4,560,375
|
|
|
4,624,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Trade and other accounts payable
|
|
303,951
|
|
|
267,472
|
|
Provisions
|
|
69,800
|
|
|
71,780
|
|
Hedge derivatives financial instruments
|
|
1,093
|
|
|
-
|
|
Embedded derivatives for concentrate sales, net
|
|
-
|
|
|
4,939
|
|
Financial obligations
|
|
11,370
|
|
|
5,815
|
|
Total current liabilities
|
|
386,214
|
|
|
350,006
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
Trade and other accounts payable
|
|
12,229
|
|
|
731
|
|
Provisions
|
|
106,376
|
|
|
100,041
|
|
Financial obligations
|
|
223,027
|
|
|
173,489
|
|
Total non-current liabilities
|
|
341,632
|
|
|
274,261
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
727,846
|
|
|
624,267
|
|
|
|
|
|
|
|
|
Shareholders’ equity
|
|
|
|
|
|
|
Issued capital, net of treasury shares for US$(000)62,665
|
|
750,497
|
|
|
750,540
|
|
Investment shares, net of treasury shares for US$(000)765
|
|
1,396
|
|
|
1,399
|
|
Additional paid-in capital
|
|
219,055
|
|
|
219,471
|
|
Legal reserve
|
|
162,663
|
|
|
162,663
|
|
Other reserves
|
|
269
|
|
|
269
|
|
Retained earnings
|
|
2,421,238
|
|
|
2,601,792
|
|
Other equity reserves
|
|
104
|
|
|
925
|
|
|
|
3,555,222
|
|
|
3,737,059
|
|
Non-controlling interest
|
|
277,307
|
|
|
263,647
|
|
Total shareholders’ equity
|
|
3,832,529
|
|
|
4,000,706
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity
|
|
4,560,375
|
|
|
4,624,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
|
|
Consolidated Income Statement
|
|
For the three and twelve month periods ended December 31, 2013
and 2012
|
|
|
|
For the three month period ended
December, 31
|
|
|
|
For the twelve month period ended
December, 31
|
|
|
|
2013
|
|
|
2012
|
|
|
|
|
2013
|
|
|
2012
|
|
|
|
|
US$(000)
|
|
US$(000)
|
|
|
|
US$(000)
|
|
US$(000)
|
|
Operating income
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
292,001
|
|
|
411,613
|
|
|
|
|
1,241,256
|
|
|
1,496,349
|
|
|
Royalty income
|
|
7,152
|
|
|
12,557
|
|
|
|
|
44,185
|
|
|
67,178
|
|
|
Total operating income
|
|
299,153
|
|
|
424,170
|
|
|
|
|
1,285,441
|
|
|
1,563,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales, without considering depreciation and amortization
|
(159,568
|
)
|
|
(194,530
|
)
|
|
|
|
(653,536
|
)
|
|
(625,181
|
)
|
|
Exploration in operating units
|
|
(31,953
|
)
|
|
(55,865
|
)
|
|
|
|
(167,143
|
)
|
|
(153,018
|
)
|
|
Depreciation and amortization
|
|
(39,729
|
)
|
|
(38,803
|
)
|
|
|
|
(165,477
|
)
|
|
(123,043
|
)
|
|
Royalties
|
|
(6,756
|
)
|
|
(7,547
|
)
|
|
|
|
(30,623
|
)
|
|
(37,667
|
)
|
|
Total operating costs
|
|
(238,006
|
)
|
|
(296,745
|
)
|
|
|
|
(1,016,779
|
)
|
|
(938,909
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
61,147
|
|
|
127,425
|
|
|
|
|
268,662
|
|
|
624,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
(20,992
|
)
|
|
(21,643
|
)
|
|
|
|
(77,476
|
)
|
|
(99,295
|
)
|
|
Exploration in non-operating areas
|
|
(9,444
|
)
|
|
(22,262
|
)
|
|
|
|
(32,805
|
)
|
|
(95,491
|
)
|
|
Selling expenses
|
|
(3,492
|
)
|
|
(5,809
|
)
|
|
|
|
(16,035
|
)
|
|
(18,090
|
)
|
|
Long-term asset impairment
|
|
(6,594
|
)
|
|
(3,617
|
)
|
|
|
|
(6,594
|
)
|
|
(3,617
|
)
|
|
Excess of workers' profit participation
|
|
(704
|
)
|
|
(2,164
|
)
|
|
|
|
(704
|
)
|
|
(2,164
|
)
|
|
Other, net
|
|
(6,104
|
)
|
|
14,753
|
|
|
|
|
(2,746
|
)
|
|
16,584
|
|
|
Total operating expenses
|
|
(47,330
|
)
|
|
(40,742
|
)
|
|
|
|
(136,360
|
)
|
|
(202,073
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
13,817
|
|
|
86,683
|
|
|
|
|
132,302
|
|
|
422,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share in the results of associates under equity method
|
|
(282,323
|
)
|
|
105,105
|
|
|
|
|
(108,483
|
)
|
|
481,826
|
|
|
Financial income
|
|
4,270
|
|
|
1,725
|
|
|
|
|
6,623
|
|
|
9,486
|
|
|
Financial expenses
|
|
(1,460
|
)
|
|
(3,608
|
)
|
|
|
|
(10,970
|
)
|
|
(8,290
|
)
|
|
Net loss from currency exchange difference
|
|
(303
|
)
|
|
1,969
|
|
|
|
|
(7,012
|
)
|
|
1,715
|
|
|
Total other income, net
|
|
(279,816
|
)
|
|
105,191
|
|
|
|
|
(119,842
|
)
|
|
484,737
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before income taxes and non-controlling interest
|
|
(265,999
|
)
|
|
191,874
|
|
|
|
|
12,460
|
|
|
907,282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
(14,493
|
)
|
|
(28,551
|
)
|
|
|
|
(86,614
|
)
|
|
(144,236
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit (lost)
|
|
(280,492
|
)
|
|
163,323
|
|
|
|
|
(74,154
|
)
|
|
763,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the parent
|
|
(288,419
|
)
|
|
154,086
|
|
|
|
|
(101,675
|
)
|
|
703,626
|
|
|
Non-controlling interest
|
|
7,927
|
|
|
9,237
|
|
|
|
|
27,521
|
|
|
59,420
|
|
|
|
|
(280,492
|
)
|
|
163,323
|
|
|
|
|
(74,154
|
)
|
|
763,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per share attributable
|
|
|
|
|
|
|
|
|
|
|
|
to owners of the parent, stated in U.S. dollars
|
|
(1.13
|
)
|
|
0.61
|
|
|
|
|
(0.40
|
)
|
|
2.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
(common and investment), in units
|
|
254,186,867
|
|
|
254,202,571
|
|
|
|
|
254,186,867
|
|
|
254,202,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
For the three and twelve month periods ended December 31, 2013
and 2012
|
|
|
|
|
|
|
|
|
|
|
|
For the three month period ended
December, 31
|
|
For the twelve month period ended
December, 31
|
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
|
|
US$(000)
|
|
US$(000)
|
|
US$(000)
|
|
US$(000)
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
Proceeds from sales
|
|
311,879
|
|
|
352,963
|
|
|
1,351,359
|
|
|
1,410,120
|
|
|
Value Added Tax (VAT) recovered
|
|
7,815
|
|
|
10,779
|
|
|
66,921
|
|
|
40,940
|
|
|
Royalties received
|
|
10,738
|
|
|
21,035
|
|
|
50,562
|
|
|
76,106
|
|
|
Dividends received
|
|
2,027
|
|
|
5,613
|
|
|
9,803
|
|
|
16,467
|
|
|
Interest received
|
|
4,102
|
|
|
1,700
|
|
|
8,235
|
|
|
8,606
|
|
|
Payments to suppliers and third-parties
|
|
(87,594
|
)
|
|
(230,558
|
)
|
|
(742,191
|
)
|
|
(838,250
|
)
|
|
Payments to employees
|
|
(46,522
|
)
|
|
(45,973
|
)
|
|
(216,799
|
)
|
|
(201,494
|
)
|
|
Payment of income tax
|
|
(47
|
)
|
|
(29,279
|
)
|
|
(66,427
|
)
|
|
(136,336
|
)
|
|
Payment of royalties
|
|
(2,632
|
)
|
|
(9,187
|
)
|
|
(30,623
|
)
|
|
(38,985
|
)
|
|
Payment of interest
|
|
(2,936
|
)
|
|
(206
|
)
|
|
(11,494
|
)
|
|
(1,485
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents provided by operating activities
|
|
196,830
|
|
|
76,887
|
|
|
419,346
|
|
|
335,689
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
Settlement of financial assets at fair value through profit or loss
|
|
12,944
|
|
|
-
|
|
|
52,944
|
|
|
-
|
|
|
Proceeds from associate loan's collections
|
|
4,043
|
|
|
-
|
|
|
24,537
|
|
|
-
|
|
|
Proceeds from sales of mining concessions, property, plant and
equipment
|
47
|
|
|
136
|
|
|
5,010
|
|
|
255
|
|
|
Acquisitions of mining concessions, development costs, property,
plant and equipment
|
(147,494
|
)
|
|
(134,007
|
)
|
|
(503,576
|
)
|
|
(442,927
|
)
|
|
Payment for purchase of investments
|
|
-
|
|
|
32,184
|
|
|
-
|
|
|
|
|
Proceeds from sales of investments shares
|
|
-
|
|
|
3,658
|
|
|
|
|
3,658
|
|
|
Contributions to associates
|
|
(1,649
|
)
|
|
(36,633
|
)
|
|
(6,988
|
)
|
|
(58,594
|
)
|
|
Decrease in time-deposits
|
|
-
|
|
|
539
|
|
|
-
|
|
|
10,121
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
Net cash and cash equivalents used in investing activities
|
|
(132,109
|
)
|
|
(134,123
|
)
|
|
(428,073
|
)
|
|
(487,487
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
Increase in financial obligations
|
|
176,975
|
|
|
19,945
|
|
|
236,975
|
|
|
74,258
|
|
|
Bank loans received
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
|
Payment of financial obligations
|
|
(281,215
|
)
|
|
(48
|
)
|
|
(260,231
|
)
|
|
(1,068
|
)
|
|
Dividends paid
|
|
(2,567
|
)
|
|
(50,887
|
)
|
|
(78,836
|
)
|
|
(152,666
|
)
|
|
Dividends paid to non-controlling interest
|
|
-
|
|
|
(5,764
|
)
|
|
(13,533
|
)
|
|
(44,881
|
)
|
|
Purchase of treasury shares
|
|
-
|
|
|
-
|
|
|
(462
|
)
|
|
-
|
|
|
Purchase of associates' shares
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(7,980
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents provided by (used in) financing
activities
|
(106,807
|
)
|
|
(36,754
|
)
|
|
(116,087
|
)
|
|
(132,337
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents during the
period
|
(42,086
|
)
|
|
(93,990
|
)
|
|
(124,814
|
)
|
|
(284,135
|
)
|
|
Cash and cash equivalents at the beginning of the period
|
|
103,984
|
|
|
280,702
|
|
|
186,712
|
|
|
470,847
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at period-end
|
|
61,898
|
|
|
186,712
|
|
|
61,898
|
|
|
186,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPENDIX 6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAS FY2013 VS FY2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JULCANI
|
|
FY13
|
|
|
|
FY12
|
|
|
|
|
|
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales (without D&A) (US$000)
|
|
171
|
|
15,938
|
|
1,158
|
|
-
|
|
318
|
|
17,585
|
|
|
|
449
|
|
21,960
|
|
1,292
|
|
-
|
|
156
|
|
23,857
|
|
Exploration Expenses (US$000)
|
|
69
|
|
6,393
|
|
465
|
|
-
|
|
128
|
|
7,054
|
|
|
|
138
|
|
6,745
|
|
397
|
|
-
|
|
48
|
|
7,328
|
|
Selling Expenses (US$000)
|
|
7
|
|
685
|
|
50
|
|
-
|
|
14
|
|
755
|
|
|
|
12
|
|
586
|
|
34
|
|
-
|
|
4
|
|
637
|
|
Total (US$000)
|
|
247
|
|
23,015
|
|
1,673
|
|
-
|
|
460
|
|
25,395
|
|
|
|
599
|
|
29,291
|
|
1,723
|
|
-
|
|
208
|
|
31,821
|
|
Volume Sold
|
|
384
|
|
2,229,452
|
|
1,713
|
|
-
|
|
140
|
|
Not Applicable
|
|
|
|
925
|
|
2,420,785
|
|
2,120
|
|
-
|
|
69
|
|
Not Applicable
|
|
CAS
|
|
644
|
|
10.32
|
|
976
|
|
|
|
3,281
|
|
Not Applicable
|
|
|
|
648
|
|
12.10
|
|
813
|
|
|
|
3,018
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MALLAY
|
|
FY13
|
|
|
|
FY12
|
|
|
|
|
|
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
-
|
|
11,547
|
|
6,253
|
|
6,481
|
|
-
|
|
24,282
|
|
|
|
-
|
|
10,720
|
|
5,135
|
|
5,383
|
|
-
|
|
21,238
|
|
Exploration Expenses (US$000)
|
|
-
|
|
4,442
|
|
2,406
|
|
2,493
|
|
-
|
|
9,342
|
|
|
|
-
|
|
4,047
|
|
1,939
|
|
2,032
|
|
-
|
|
8,019
|
|
Selling Expenses (US$000)
|
|
-
|
|
677
|
|
366
|
|
380
|
|
-
|
|
1,423
|
|
|
|
-
|
|
470
|
|
225
|
|
236
|
|
-
|
|
932
|
|
Total (US$000)
|
|
-
|
|
16,666
|
|
9,026
|
|
9,355
|
|
-
|
|
35,046
|
|
|
|
-
|
|
15,238
|
|
7,299
|
|
7,652
|
|
-
|
|
30,188
|
|
Volume Sold
|
|
-
|
|
1,147,210
|
|
6,570
|
|
7,614
|
|
-
|
|
Not Applicable
|
|
|
|
|
|
544,509
|
|
3,883
|
|
4,438
|
|
|
|
Not Applicable
|
|
CAS
|
|
|
|
14.53
|
|
1,374
|
|
1,229
|
|
|
|
Not Applicable
|
|
|
|
|
|
27.98
|
|
1,880
|
|
1,724
|
|
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BREAPAMPA
|
|
FY13
|
|
|
|
FY12
|
|
|
|
|
|
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
46,139
|
|
3,395
|
|
-
|
|
-
|
|
-
|
|
49,535
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Exploration Expenses (US$000)
|
|
2,771
|
|
204
|
|
-
|
|
-
|
|
-
|
|
2,974
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Selling Expenses (US$000)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total (US$000)
|
|
48,910
|
|
3,599
|
|
-
|
|
-
|
|
-
|
|
52,509
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Volume Sold
|
|
81,436
|
|
373,595
|
|
-
|
|
-
|
|
-
|
|
Not Applicable
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Not Applicable
|
|
CAS
|
|
601
|
|
9.63
|
|
|
|
|
|
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECUPERADA
|
|
FY13
|
|
|
|
FY12
|
|
|
|
|
|
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
-
|
|
7,331
|
|
4,831
|
|
6,121
|
|
-
|
|
18,283
|
|
|
|
-
|
|
9,619
|
|
4,567
|
|
5,102
|
|
-
|
|
19,288
|
|
Exploration Expenses (US$000)
|
|
-
|
|
2,643
|
|
1,741
|
|
2,207
|
|
-
|
|
6,591
|
|
|
|
-
|
|
3,728
|
|
1,770
|
|
1,978
|
|
-
|
|
7,476
|
|
Selling Expenses (US$000)
|
|
-
|
|
460
|
|
303
|
|
384
|
|
-
|
|
1,148
|
|
|
|
-
|
|
563
|
|
267
|
|
298
|
|
-
|
|
1,128
|
|
Total (US$000)
|
|
-
|
|
10,434
|
|
6,875
|
|
8,713
|
|
-
|
|
26,022
|
|
|
|
-
|
|
13,910
|
|
6,604
|
|
7,378
|
|
-
|
|
27,892
|
|
Volume Sold
|
|
-
|
|
417,180
|
|
2,907
|
|
4,119
|
|
-
|
|
Not Applicable
|
|
|
|
-
|
|
432,521
|
|
3,057
|
|
3,724
|
|
-
|
|
Not Applicable
|
|
CAS
|
|
|
|
25.01
|
|
2,365
|
|
2,115
|
|
|
|
Not Applicable
|
|
|
|
|
|
32.16
|
|
2,160
|
|
1,981
|
|
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORCOPAMPA
|
|
FY13
|
|
|
|
FY12
|
|
|
|
|
|
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
124,129
|
|
5,489
|
|
-
|
|
-
|
|
-
|
|
129,617
|
|
|
|
112,054
|
|
4,750
|
|
-
|
|
-
|
|
-
|
|
116,805
|
|
Exploration Expenses (US$000)
|
|
55,420
|
|
2,450
|
|
-
|
|
-
|
|
-
|
|
57,870
|
|
|
|
47,083
|
|
1,996
|
|
-
|
|
-
|
|
-
|
|
49,079
|
|
Selling Expenses (US$000)
|
|
3
|
|
0
|
|
-
|
|
-
|
|
-
|
|
3
|
|
|
|
16
|
|
1
|
|
-
|
|
-
|
|
-
|
|
17
|
|
Total (US$000)
|
|
179,552
|
|
7,939
|
|
-
|
|
-
|
|
-
|
|
187,491
|
|
|
|
159,153
|
|
6,747
|
|
-
|
|
-
|
|
-
|
|
165,900
|
|
Volume Sold
|
|
223,998
|
|
617,433
|
|
-
|
|
-
|
|
-
|
|
Not Applicable
|
|
|
|
263,695
|
|
598,511
|
|
-
|
|
-
|
|
-
|
|
Not Applicable
|
|
CAS
|
|
802
|
|
12.86
|
|
|
|
|
|
|
|
Not Applicable
|
|
|
|
604
|
|
11.27
|
|
|
|
|
|
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UCHUCCHACUA
|
|
FY13
|
|
|
|
FY12
|
|
|
|
|
|
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
-
|
|
102,915
|
|
6,874
|
|
5,586
|
|
-
|
|
115,376
|
|
|
|
-
|
|
112,754
|
|
4,155
|
|
4,732
|
|
-
|
|
121,641
|
|
Exploration Expenses (US$000)
|
|
-
|
|
22,578
|
|
1,508
|
|
1,225
|
|
-
|
|
25,311
|
|
|
|
-
|
|
27,165
|
|
1,001
|
|
1,140
|
|
-
|
|
29,306
|
|
Selling Expenses (US$000)
|
|
-
|
|
2,985
|
|
199
|
|
162
|
|
-
|
|
3,346
|
|
|
|
-
|
|
4,661
|
|
172
|
|
196
|
|
-
|
|
5,029
|
|
Total (US$000)
|
|
-
|
|
128,478
|
|
8,582
|
|
6,973
|
|
-
|
|
144,033
|
|
|
|
-
|
|
144,580
|
|
5,328
|
|
6,067
|
|
-
|
|
155,976
|
|
Volume Sold
|
|
-
|
|
9,877,877
|
|
6,977
|
|
6,340
|
|
-
|
|
Not Applicable
|
|
|
|
-
|
|
10,646,579
|
|
5,841
|
|
7,253
|
|
-
|
|
Not Applicable
|
|
CAS
|
|
|
|
13.01
|
|
1,230
|
|
1,100
|
|
|
|
Not Applicable
|
|
|
|
|
|
13.58
|
|
912
|
|
837
|
|
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA ZANJA
|
|
FY13
|
|
|
|
FY12
|
|
|
|
|
|
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
85,063
|
|
917
|
|
-
|
|
-
|
|
-
|
|
85,981
|
|
|
|
79,469
|
|
1,175
|
|
-
|
|
-
|
|
-
|
|
80,644
|
|
Exploration Expenses (US$000)
|
|
1,222
|
|
13
|
|
-
|
|
-
|
|
-
|
|
1,236
|
|
|
|
2,481
|
|
37
|
|
-
|
|
-
|
|
-
|
|
2,517
|
|
Selling Expenses (US$000)
|
|
523
|
|
6
|
|
-
|
|
-
|
|
-
|
|
528
|
|
|
|
440
|
|
7
|
|
-
|
|
-
|
|
-
|
|
447
|
|
Total (US$000)
|
|
86,809
|
|
936
|
|
-
|
|
-
|
|
-
|
|
87,745
|
|
|
|
82,390
|
|
1,218
|
|
-
|
|
-
|
|
-
|
|
83,608
|
|
Volume Sold
|
|
135,037
|
|
90,770
|
|
-
|
|
-
|
|
-
|
|
Not Applicable
|
|
|
|
115,571
|
|
91,467
|
|
-
|
|
-
|
|
-
|
|
Not Applicable
|
|
CAS
|
|
643
|
|
10.31
|
|
|
|
|
|
|
|
Not Applicable
|
|
|
|
713
|
|
13.32
|
|
|
|
|
|
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EL BROCAL
|
|
FY13
|
|
|
|
FY12
|
|
|
|
|
|
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
2,859
|
|
14,291
|
|
7,759
|
|
16,546
|
|
78,515
|
|
119,969
|
|
|
|
5,774
|
|
36,654
|
|
9,964
|
|
23,759
|
|
77,282
|
|
153,433
|
|
Exploration Expenses (US$000)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Selling Expenses (US$000)
|
|
209
|
|
1,044
|
|
567
|
|
1,209
|
|
5,735
|
|
8,763
|
|
|
|
310
|
|
1,969
|
|
535
|
|
1,276
|
|
4,152
|
|
8,243
|
|
Total (US$000)
|
|
3,068
|
|
15,335
|
|
8,326
|
|
17,754
|
|
84,250
|
|
128,732
|
|
|
|
6,084
|
|
38,623
|
|
10,500
|
|
25,035
|
|
81,434
|
|
161,676
|
|
Volume Sold
|
|
4,690
|
|
1,461,659
|
|
8,392
|
|
20,011
|
|
25,266
|
|
Not Applicable
|
|
|
|
7,764
|
|
2,654,243
|
|
10,686
|
|
27,734
|
|
22,279
|
|
Not Applicable
|
|
CAS
|
|
654
|
|
10.49
|
|
992
|
|
887
|
|
3,335
|
|
Not Applicable
|
|
|
|
784
|
|
14.55
|
|
983
|
|
903
|
|
3,655
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER SMALL UNITS
|
|
FY13
|
|
|
|
FY12
|
|
|
|
|
|
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
13,218
|
|
1,867
|
|
39
|
|
-
|
|
-
|
|
15,124
|
|
|
|
28,278
|
|
1,007
|
|
-
|
|
-
|
|
-
|
|
29,285
|
|
Exploration Expenses (US$000)
|
|
49,611
|
|
7,009
|
|
145
|
|
-
|
|
-
|
|
56,765
|
|
|
|
47,601
|
|
1,695
|
|
-
|
|
-
|
|
-
|
|
49,295
|
|
Selling Expenses (US$000)
|
|
59
|
|
8
|
|
0
|
|
-
|
|
-
|
|
68
|
|
|
|
1,600
|
|
57
|
|
-
|
|
-
|
|
-
|
|
1,657
|
|
Total (US$000)
|
|
62,888
|
|
8,885
|
|
184
|
|
-
|
|
-
|
|
71,957
|
|
|
|
77,479
|
|
2,759
|
|
-
|
|
-
|
|
-
|
|
80,238
|
|
Volume Sold
|
|
12,955
|
|
114,138
|
|
25
|
|
|
|
|
|
Not Applicable
|
|
|
|
51,675
|
|
94,874
|
|
|
|
|
|
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON MINING COMPANIES
|
|
FY13
|
|
|
|
FY12
|
|
|
|
|
|
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
|
|
|
|
|
|
|
|
77,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANTAHUATAY (COIMOLACHE)
|
|
FY13
|
|
|
|
FY12
|
|
|
|
|
|
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
60,338
|
|
4,726
|
|
-
|
|
-
|
|
-
|
|
65,064
|
|
|
|
65,453
|
|
7,858
|
|
-
|
|
-
|
|
-
|
|
73,311
|
|
Exploration Expenses (US$000)
|
|
15,543
|
|
1,217
|
|
-
|
|
-
|
|
-
|
|
16,760
|
|
|
|
4,538
|
|
545
|
|
-
|
|
-
|
|
-
|
|
5,083
|
|
Selling Expenses (US$000)
|
|
484
|
|
38
|
|
-
|
|
-
|
|
-
|
|
522
|
|
|
|
626
|
|
75
|
|
-
|
|
-
|
|
-
|
|
701
|
|
Total (US$000)
|
|
76,365
|
|
5,981
|
|
-
|
|
-
|
|
-
|
|
82,346
|
|
|
|
70,617
|
|
8,478
|
|
-
|
|
-
|
|
-
|
|
79,095
|
|
Volume Sold
|
|
142,432
|
|
695,412
|
|
|
|
|
|
|
|
Not Applicable
|
|
|
|
140,682
|
|
904,234
|
|
|
|
|
|
|
|
Not Applicable
|
|
CAS
|
|
536
|
|
8.60
|
|
|
|
|
|
|
|
Not Applicable
|
|
|
|
502
|
|
9.38
|
|
|
|
|
|
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAS 4Q13 VS 4Q12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JULCANI
|
|
|
|
|
|
|
|
4Q13
|
|
4Q12
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
20
|
|
5,056
|
|
369
|
|
-
|
|
56
|
|
5,500
|
|
141
|
|
7,133
|
|
406
|
|
-
|
|
24
|
|
7,704
|
|
Exploration Expenses (US$000)
|
|
8
|
|
2,103
|
|
153
|
|
-
|
|
23
|
|
2,288
|
|
47
|
|
2,383
|
|
136
|
|
-
|
|
8
|
|
2,574
|
|
Selling Expenses (US$000)
|
|
1
|
|
163
|
|
12
|
|
-
|
|
2
|
|
178
|
|
3
|
|
159
|
|
9
|
|
-
|
|
1
|
|
172
|
|
Total (US$000)
|
|
28
|
|
7,322
|
|
534
|
|
-
|
|
82
|
|
7,966
|
|
192
|
|
9,675
|
|
551
|
|
-
|
|
33
|
|
10,450
|
|
Volume Sold
|
|
67
|
|
878,684
|
|
605
|
|
|
|
49
|
|
Not Applicable
|
|
230
|
|
609,749
|
|
518
|
|
-
|
|
8
|
|
Not Applicable
|
|
CAS
|
|
425
|
|
8.33
|
|
882
|
|
|
|
1,658
|
|
Not Applicable
|
|
834
|
|
15.87
|
|
1,062
|
|
|
|
3,853
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MALLAY
|
|
|
|
|
|
|
|
4Q13
|
|
4Q12
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
-
|
|
2,177
|
|
1,285
|
|
1,380
|
|
-
|
|
4,842
|
|
-
|
|
3,492
|
|
1,755
|
|
1,953
|
|
-
|
|
7,201
|
|
Exploration Expenses (US$000)
|
|
-
|
|
849
|
|
501
|
|
538
|
|
-
|
|
1,889
|
|
-
|
|
1,385
|
|
696
|
|
775
|
|
-
|
|
2,855
|
|
Selling Expenses (US$000)
|
|
-
|
|
133
|
|
79
|
|
84
|
|
-
|
|
296
|
|
-
|
|
218
|
|
110
|
|
122
|
|
-
|
|
450
|
|
Total (US$000)
|
|
-
|
|
3,160
|
|
1,865
|
|
2,003
|
|
-
|
|
7,028
|
|
-
|
|
5,095
|
|
2,561
|
|
2,850
|
|
-
|
|
10,506
|
|
Volume Sold
|
|
-
|
|
279,502
|
|
1,615
|
|
1,830
|
|
-
|
|
Not Applicable
|
|
|
|
237,430
|
|
1,762
|
|
2,219
|
|
|
|
Not Applicable
|
|
CAS
|
|
|
|
11.30
|
|
1,155
|
|
1,095
|
|
|
|
Not Applicable
|
|
|
|
21.46
|
|
1,454
|
|
1,284
|
|
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BREAPAMPA
|
|
|
|
|
|
|
|
4Q13
|
|
4Q12
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
9,055
|
|
775
|
|
-
|
|
-
|
|
-
|
|
9,830
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Exploration Expenses (US$000)
|
|
185
|
|
16
|
|
-
|
|
-
|
|
-
|
|
201
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Selling Expenses (US$000)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total (US$000)
|
|
9,240
|
|
791
|
|
-
|
|
-
|
|
-
|
|
10,031
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Volume Sold
|
|
20,679
|
|
108,665
|
|
-
|
|
-
|
|
-
|
|
Not Applicable
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Not Applicable
|
|
CAS
|
|
447
|
|
7.28
|
|
|
|
|
|
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECUPERADA
|
|
|
|
|
|
|
|
4Q13
|
|
4Q12
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
-
|
|
1,818
|
|
1,156
|
|
1,613
|
|
-
|
|
4,587
|
|
-
|
|
2,913
|
|
1,322
|
|
1,487
|
|
-
|
|
5,723
|
|
Exploration Expenses (US$000)
|
|
-
|
|
396
|
|
251
|
|
351
|
|
-
|
|
998
|
|
-
|
|
1,181
|
|
536
|
|
603
|
|
-
|
|
2,320
|
|
Selling Expenses (US$000)
|
|
-
|
|
85
|
|
54
|
|
75
|
|
-
|
|
214
|
|
-
|
|
154
|
|
70
|
|
79
|
|
-
|
|
303
|
|
Total (US$000)
|
|
-
|
|
2,299
|
|
1,461
|
|
2,039
|
|
-
|
|
5,798
|
|
-
|
|
4,249
|
|
1,928
|
|
2,169
|
|
-
|
|
8,346
|
|
Volume Sold
|
|
-
|
|
99,835
|
|
621
|
|
914
|
|
-
|
|
Not Applicable
|
|
-
|
|
113,694
|
|
762
|
|
970
|
|
-
|
|
Not Applicable
|
|
CAS
|
|
|
|
23.02
|
|
2,352
|
|
2,229
|
|
|
|
Not Applicable
|
|
|
|
37.37
|
|
2,531
|
|
2,236
|
|
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORCOPAMPA
|
|
|
|
|
|
|
|
4Q13
|
|
4Q12
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
26,809
|
|
1,295
|
|
-
|
|
-
|
|
-
|
|
28,104
|
|
28,763
|
|
1,309
|
|
-
|
|
-
|
|
-
|
|
30,073
|
|
Exploration Expenses (US$000)
|
|
11,455
|
|
553
|
|
-
|
|
-
|
|
-
|
|
12,008
|
|
13,821
|
|
629
|
|
-
|
|
-
|
|
-
|
|
14,450
|
|
Selling Expenses (US$000)
|
|
3
|
|
0
|
|
-
|
|
-
|
|
-
|
|
3
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total (US$000)
|
|
38,267
|
|
1,848
|
|
-
|
|
-
|
|
-
|
|
40,115
|
|
42,584
|
|
1,939
|
|
-
|
|
-
|
|
-
|
|
44,523
|
|
Volume Sold
|
|
46,078
|
|
136,363
|
|
-
|
|
-
|
|
-
|
|
Not Applicable
|
|
54,956
|
|
131,429
|
|
-
|
|
-
|
|
-
|
|
Not Applicable
|
|
CAS
|
|
830
|
|
13.55
|
|
|
|
|
|
|
|
Not Applicable
|
|
775
|
|
14.75
|
|
|
|
|
|
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UCHUCCHACUA
|
|
|
|
|
|
|
|
4Q13
|
|
4Q12
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
-
|
|
19,555
|
|
1,181
|
|
1,411
|
|
-
|
|
22,148
|
|
-
|
|
43,654
|
|
1,840
|
|
1,388
|
|
-
|
|
46,882
|
|
Exploration Expenses (US$000)
|
|
-
|
|
4,468
|
|
270
|
|
322
|
|
-
|
|
5,060
|
|
-
|
|
9,237
|
|
389
|
|
294
|
|
-
|
|
9,920
|
|
Selling Expenses (US$000)
|
|
-
|
|
565
|
|
34
|
|
41
|
|
-
|
|
640
|
|
-
|
|
1,628
|
|
69
|
|
52
|
|
-
|
|
1,749
|
|
Total (US$000)
|
|
-
|
|
24,589
|
|
1,485
|
|
1,775
|
|
-
|
|
27,848
|
|
-
|
|
54,519
|
|
2,298
|
|
1,734
|
|
-
|
|
58,551
|
|
Volume Sold
|
|
-
|
|
1,911,587
|
|
1,135
|
|
1,502
|
|
-
|
|
Not Applicable
|
|
-
|
|
3,909,947
|
|
2,433
|
|
2,078
|
|
-
|
|
Not Applicable
|
|
CAS
|
|
|
|
12.86
|
|
1,309
|
|
1,182
|
|
|
|
Not Applicable
|
|
|
|
13.94
|
|
944
|
|
834
|
|
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA ZANJA
|
|
|
|
|
|
|
|
4Q13
|
|
4Q12
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
20,146
|
|
259
|
|
-
|
|
-
|
|
-
|
|
20,405
|
|
23,815
|
|
519
|
|
-
|
|
-
|
|
-
|
|
24,334
|
|
Exploration Expenses (US$000)
|
|
26
|
|
0
|
|
-
|
|
-
|
|
-
|
|
26
|
|
1,118
|
|
24
|
|
-
|
|
-
|
|
-
|
|
1,142
|
|
Selling Expenses (US$000)
|
|
163
|
|
2
|
|
-
|
|
-
|
|
-
|
|
165
|
|
108
|
|
2
|
|
-
|
|
-
|
|
-
|
|
110
|
|
Total (US$000)
|
|
20,334
|
|
262
|
|
-
|
|
-
|
|
-
|
|
20,596
|
|
25,040
|
|
546
|
|
-
|
|
-
|
|
-
|
|
25,586
|
|
Volume Sold
|
|
32,975
|
|
26,031
|
|
-
|
|
-
|
|
-
|
|
Not Applicable
|
|
28,901
|
|
33,111
|
|
-
|
|
-
|
|
-
|
|
Not Applicable
|
|
CAS
|
|
617
|
|
10.05
|
|
|
|
|
|
|
|
Not Applicable
|
|
866
|
|
16.49
|
|
|
|
|
|
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EL BROCAL
|
|
|
|
|
|
|
|
4Q13
|
|
4Q12
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
574
|
|
4,177
|
|
1,522
|
|
2,576
|
|
22,117
|
|
30,967
|
|
3,131
|
|
6,892
|
|
48
|
|
-
|
|
44,511
|
|
54,582
|
|
Exploration Expenses (US$000)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Selling Expenses (US$000)
|
|
37
|
|
269
|
|
98
|
|
166
|
|
1,426
|
|
1,996
|
|
171
|
|
377
|
|
3
|
|
-
|
|
2,433
|
|
2,983
|
|
Total (US$000)
|
|
612
|
|
4,446
|
|
1,621
|
|
2,742
|
|
23,543
|
|
32,963
|
|
3,302
|
|
7,268
|
|
51
|
|
-
|
|
46,944
|
|
57,565
|
|
Volume Sold
|
|
1,210
|
|
539,368
|
|
1,932
|
|
3,620
|
|
8,284
|
|
Not Applicable
|
|
3,908
|
|
476,154
|
|
47
|
|
-
|
|
12,024
|
|
Not Applicable
|
|
CAS
|
|
505
|
|
8.24
|
|
839
|
|
757
|
|
2,842
|
|
Not Applicable
|
|
845
|
|
15.26
|
|
1,089
|
|
|
|
3,904
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER SMALL UNITS
|
|
|
|
|
|
|
|
4Q13
|
|
4Q12
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
931
|
|
16
|
|
-
|
|
-
|
|
-
|
|
947
|
|
4,519
|
|
359
|
|
-
|
|
-
|
|
-
|
|
4,878
|
|
Exploration Expenses (US$000)
|
|
9,326
|
|
157
|
|
-
|
|
-
|
|
-
|
|
9,483
|
|
20,939
|
|
1,663
|
|
-
|
|
-
|
|
-
|
|
22,602
|
|
Selling Expenses (US$000)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
39
|
|
3
|
|
-
|
|
-
|
|
-
|
|
42
|
|
Total (US$000)
|
|
10,258
|
|
172
|
|
-
|
|
-
|
|
-
|
|
10,430
|
|
25,497
|
|
2,025
|
|
-
|
|
-
|
|
-
|
|
27,522
|
|
Volume Sold
|
|
433
|
|
452
|
|
-
|
|
-
|
|
-
|
|
Not Applicable
|
|
4,422
|
|
18,613
|
|
-
|
|
-
|
|
-
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON MINING COMPANIES
|
|
|
|
|
|
|
|
4Q13
|
|
4Q12
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
|
|
|
|
|
|
|
|
|
|
32,229
|
|
|
|
|
|
|
|
|
|
|
|
13,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANTAHUATAY (COIMOLACHE)
|
|
|
|
|
|
|
|
4Q13
|
|
4Q12
|
|
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
GOLD (OZ)
|
|
SILVER (OZ)
|
|
LEAD (MT)
|
|
ZINC (MT)
|
|
COPPER (MT)
|
|
TOTAL
|
|
Cost of Sales (without D&A) (US$000)
|
|
11,869
|
|
745
|
|
-
|
|
-
|
|
-
|
|
12,613
|
|
19,930
|
|
2,694
|
|
-
|
|
-
|
|
-
|
|
22,625
|
|
Exploration Expenses (US$000)
|
|
1,079
|
|
68
|
|
-
|
|
-
|
|
-
|
|
1,147
|
|
3,448
|
|
466
|
|
-
|
|
-
|
|
-
|
|
3,915
|
|
Selling Expenses (US$000)
|
|
58
|
|
4
|
|
-
|
|
-
|
|
-
|
|
61
|
|
170
|
|
23
|
|
-
|
|
-
|
|
-
|
|
193
|
|
Total (US$000)
|
|
13,005
|
|
816
|
|
-
|
|
-
|
|
-
|
|
13,821
|
|
23,549
|
|
3,183
|
|
-
|
|
-
|
|
-
|
|
26,732
|
|
Volume Sold
|
|
34,678
|
|
133,517
|
|
|
|
|
|
|
|
Not Applicable
|
|
37,736
|
|
267,999
|
|
|
|
|
|
|
|
Not Applicable
|
|
CAS
|
|
375
|
|
6.11
|
|
|
|
|
|
|
|
Not Applicable
|
|
624
|
|
11.88
|
|
|
|
|
|
|
|
Not Applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copyright Business Wire 2014