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Buenaventura revises 2022 production guidance

Peruvian Buenaventura has updated a range of its 2022 production guidance ranges and the revisions were largely upwards with the notable exception of the El Brocal operation.
Buenaventura revises 2022 production guidance Buenaventura revises 2022 production guidance Buenaventura revises 2022 production guidance Buenaventura revises 2022 production guidance Buenaventura revises 2022 production guidance

Buenaventura

The country's largest publicly traded precious and base metals company's Tambomayo mine saw an increase in grade and metallurgical recovery which resulted in gold, lead, and zinc production beating expectations in the second quarter of the year, it said.

The Q2 gold production at the mine rose to 14,351 ounces from 13,867oz in Q1, which took the H2 production to 28,218oz. And guidance was lifted from 45,000-50,000oz to 48,000-53,000oz.

Tambomayo's lead production guidance was lifted from 4,000-6,000 tonnes to 6,000-8,000t after Q2 production of 2,823t took the H2 volume to 5,331t.

And the mine's zinc production guidance moved from 5,000-7,000t to 8,000-10,000t following Q2 production of 3,920t and H2 production of 7,464t.

An increase of treated ore and higher gold grades at the Orcopampa mine saw Q2 gold production of 17,749oz, taking the half year production to 36,780oz, and resulting in a lift in guidance from 57,000-65,000oz to 65,000-70,000oz.

A positive reconciliation of grades from the Mirador Norte open pit along with improved leaching permeability resulted in Coimolache's guidance rising from 75,000-80,000oz to 80,000-85,000oz with Q2 production of 19,930 taking the H2 volume to 39,442oz.

Tajo Norte's silver, zinc, and lead production was below expectations due to a change in the mine plan and guidance ranges for El Brocal were subsequently lowered, the company said.

El Brocal's silver production in Q2 was 806,123oz, down from 1.06 million oz in the previous quarter, and with H2 production at 1.87 million oz, guidance was lowered from 4.2 million-4.9 million oz to 3 million-3.5 million oz.

The mine's zinc production slumped quarter on quarter from 9,772t to 4,146t and with H2 production of 12,918t, guidance was dropped from 18,000-22,000oz to 16,000-20,000oz.

And lead production at El Brocal fell to 1,306t from 2,497t and guidance was lowered from 7,000-10,000t to 5,000-6,000t.

Elsewhere, guidance ranges were left unchanged.

The company, which was the first Latin American mining company to list on the New York Stock Exchange, traded at US$5.94 on July 15.