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01/11 07:59
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call highlights mixed signals: strong financial performance in Q1 2025, but production declines and increased costs in Q2 2025. The San Gabriel project shows promise, yet concerns arise due to unclear management responses and extended ramp-up timelines. Positive aspects include increased copper production and dividends from Cerro Verde. However, the market might react cautiously due to uncertainties in production and cost increases. Considering the company's market cap, these factors likely result in a neutral stock price movement.
EBITDA $130 million in Q2 2025 compared to $107 million in Q2 2024, showing an increase due to improved operational performance.
Net Income $91 million in Q2 2025 compared to $71 million in Q2 2024, reflecting a positive year-over-year change.
Silver Production 3.6 million ounces in Q2 2025, 11% lower than 4 million ounces in Q2 2024, mainly due to lower production at Yumpag, Tambomayo, and Julcani.
Copper Production Increased by 28% year-over-year in Q2 2025, primarily due to halted operations at El Brocal in Q2 2024.
Gold Production 27,345 ounces in Q2 2025 compared to 33,819 ounces in Q2 2024, primarily due to decreased production at Tambomayo and Orcopampa, partially offset by increased production at La Zanja and El Brocal.
Cerro Verde Copper Concentrate Sale 20,000 metric tonnes sold by Q2 2025 out of an expected 40,000 metric tonnes for the full year.
Dividend Distribution from Cerro Verde $59 million announced on July 24, 2025, with a total of $108 million expected in August.
Total CapEx $107 million in Q2 2025, with $82 million allocated to the San Gabriel project.
Cash Position $589 million at the end of Q2 2025.
Total Debt $860 million at the end of Q2 2025, resulting in a leverage ratio of 0.56x.
All-in Sustaining Cost (Copper) Increased by 63% year-over-year in Q2 2025, primarily driven by lower by-product credit.
Cost Applicable to Sales (Copper, Silver, Gold) Copper cash increased due to slightly lower grades. Silver cash increased due to lower production at Julcani, Tambomayo, and Yumpag. Gold cash increased due to lower volumes and rates at Tambomayo and Orcopampa.
Free Cash Flow Decreased in Q2 2025, mainly driven by net cash outflows from investing activities and dividends paid to shareholders.
San Gabriel Project: Achieved 88% overall progress by Q2 2025, with engineering, procurement, and construction nearing completion. Production of the first gold bar is expected in Q4 2025, subject to permit approvals.
Copper Concentrate Sales: Initiated the sale of Cerro Verde's copper concentrate, selling 20,000 metric tonnes by Q2 2025, with a total of 40,000 metric tonnes expected for the year.
EBITDA: Increased to $130 million in Q2 2025 from $107 million in Q2 2024.
Net Income: Increased to $91 million in Q2 2025 from $71 million in Q2 2024.
Silver Production: Decreased by 11% year-over-year to 3.6 million ounces in Q2 2025 due to lower production at Yumpag, Tambomayo, and Julcani.
Copper Production: Increased by 28% year-over-year due to resumed operations at El Brocal.
Gold Production: Decreased to 27,345 ounces in Q2 2025 from 33,819 ounces in Q2 2024, primarily due to lower production at Tambomayo and Orcopampa.
Financial Stability: Redeemed the remaining $149 million of 2026 bond, maintaining a cash position of $589 million and a leverage ratio of 0.56x.
Silver Production: Silver production decreased by 11% year-over-year, primarily due to lower production at Yumpag, Tambomayo, and Julcani.
Gold Production: Gold production decreased significantly, primarily due to reduced output at Tambomayo and Orcopampa, partially offset by increased production at La Zanja and El Brocal.
Copper Production Costs: All-in sustaining costs for copper increased by 63% year-over-year, driven by lower by-product credits and slightly lower grades.
Silver and Gold Costs: Costs applicable to sales for silver and gold increased due to lower production volumes and grades at key mines such as Julcani, Tambomayo, and Orcopampa.
San Gabriel Project: The San Gabriel project is 88% complete, but its milestones, including the production of the first gold bar, are contingent on timely permit approvals, posing a potential risk to project timelines.
Cash Flow and Debt: The company's cash position decreased due to significant CapEx investments in the San Gabriel project and dividend payments, while total debt remains high at $860 million.
San Gabriel Project: The San Gabriel project has reached 88% overall completion as of Q2 2025. The company anticipates commencing the ramp-up phase in Q3 2025, followed by the production of the first gold bar in Q4 2025, subject to timely approval of necessary permits. The total CapEx for the project has reached $588 million.
Copper Concentrate Sales: Buenaventura initiated the sale of part of Cerro Verde's copper concentrate, with approximately 20,000 metric tonnes sold by the end of Q2 2025. The company expects to sell a total of approximately 40,000 metric tonnes for the full year 2025.
Dividend Distribution: Cerro Verde announced a new dividend distribution of $59 million on July 24, 2025, corresponding to Buenaventura's equity share. These dividends will be distributed in August 2025.
Production Outlook: The company is focused on stable and continuous production at its flagship operations, with optimization efforts to increase throughput. Exploration efforts are ongoing to extend the life of mine of its assets.
Cerro Verde Dividend Distribution: Cerro Verde announced a new dividend distribution of $59 million on July 24, corresponding to Buenaventura's equity share. These dividends will be distributed in August, resulting in a total of $108 million.
Dividends Received: The $49 million in dividends received from Cerro Verde are reflected in the operating cash flow. This dividend was received in April.
The earnings call reveals mixed signals. Positive aspects include dividend resumption and a strong EBITDA increase. However, significant challenges such as decreased copper and gold production, increased costs, and a drop in net income create concerns. The San Gabriel project's near completion and expected breakeven are positives, but pending permits pose risks. The Q&A did not provide significant new insights or alleviate concerns. Given the market cap, the stock is likely to remain stable, resulting in a neutral sentiment prediction.
The earnings call highlights mixed signals: strong financial performance in Q1 2025, but production declines and increased costs in Q2 2025. The San Gabriel project shows promise, yet concerns arise due to unclear management responses and extended ramp-up timelines. Positive aspects include increased copper production and dividends from Cerro Verde. However, the market might react cautiously due to uncertainties in production and cost increases. Considering the company's market cap, these factors likely result in a neutral stock price movement.
The earnings report presents mixed signals: strong financial metrics with increased EBITDA and net income, but declining gold and copper production. The Q&A revealed concerns about CapEx overruns and unclear management responses, which may temper investor enthusiasm. Although the company has a strong cash position, increased debt and cost pressures could weigh on sentiment. Given the market cap, the stock price is likely to remain stable, resulting in a neutral sentiment prediction.
The earnings call highlights strong financial performance with increased EBITDA, net income, and a reduced net debt-to-EBITDA ratio. Despite a decrease in copper production, silver and gold production rose. Management's optimistic guidance for 2025 and efficient cost management positively influence sentiment. The Q&A section reveals some uncertainties, but the overall outlook is favorable. The market cap suggests moderate volatility, leading to a positive stock price prediction of 2% to 8% over the next two weeks.
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