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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 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.
Copper production 12,800 tonnes, down 24% year-on-year. This is mainly explained because in the third quarter of the last year, all the ore stockpile during the El Brocal's voluntary temporary suspension in the second quarter of 2024 was processed.
Silver production 4.3 million ounces, 3% lower compared to 4.4 million ounces produced during the same period last year. The decrease was mainly due to lower production at Uchucchacua and Yumpag in line with expectations, partially offset by increased production at El Brocal and Julcani.
Gold production 30,894 ounces, down 21% year-on-year, mainly due to lower output at Orcompapa and Tambomayo, consistent with the 2025 planned mining sequence.
EBITDA from direct operations $202.1 million, which represents a 48% increase compared to the $136.5 million in the same quarter last year.
Net income $167.1 million compared to $236.9 million in the third quarter of 2024, which include $157.3 million from the sale of Chaupiloma.
Cash position $486 million and a total debt of USD 711, resulting in a leverage ratio of 0.41x.
CapEx for San Gabriel project $92 million allocated to completing the construction of the processing plant to enable the start of commercial production in the fourth quarter of 2025.
San Gabriel's total CapEx $681 million as of September 2025.
San Gabriel Project: Achieved 96% overall progress with 95% construction completion. CapEx for Q3 2025 was $92 million, with total CapEx reaching $681 million. The project is on track to begin production in Q4 2025, with commissioning plans underway and key mechanical works completed.
Coimolache Operating Permit: Received a new operating permit on September 5, 2025, enabling full capacity production at the mine and leach pad. Expected to produce over 8,000 ounces of gold next year, contributing to higher cash flow.
Copper Production: Decreased by 24% year-on-year to 12,800 tonnes due to prior year's stockpile processing.
Silver Production: Decreased by 3% year-on-year to 4.3 million ounces due to lower production at Uchucchacua and Yumpag, partially offset by increases at El Brocal and Julcani.
Gold Production: Decreased by 21% year-on-year to 30,894 ounces due to lower output at Orcompapa and Tambomayo.
Cost Trends: Copper cash costs decreased due to byproduct contributions at El Brocal. Silver cash costs increased due to higher commercial deductions and lower ore grades. Gold cash costs decreased due to higher volumes sold.
Dividend Policy: Resumed dividend payments with $0.1446 per share ADS approved by the Board of Directors.
Debt Management: Redeemed $149 million of 2026 notes at par, improving financial stability.
Copper Production: Copper production decreased by 24% year-on-year due to the processing of ore stockpile from a previous temporary suspension in 2024, indicating potential challenges in maintaining consistent production levels.
Silver Production: Silver production decreased by 3% year-on-year due to lower production at Uchucchacua and Yumpag, highlighting operational challenges in these mines.
Gold Production: Gold production decreased by 21% year-on-year due to lower output at Orcompapa and Tambomayo, reflecting challenges in planned mining sequences.
Net Income: Net income decreased from $236.9 million in Q3 2024 to $167.1 million in Q3 2025, partly due to the absence of one-time gains from asset sales, indicating potential financial pressure.
San Gabriel Project: The San Gabriel project is 96% complete but remains subject to timely approval of necessary permits, posing a risk to the planned production timeline.
Cash Position: The cash position decreased in Q3 2025 due to net cash outflows from investing and financing activities, which could impact liquidity.
Silver Cash Costs: Silver cash costs increased due to higher commercial deductions and lower ore grades, indicating cost pressures in silver production.
San Gabriel Project: The San Gabriel project has achieved 96% overall progress, with construction 95% complete. The company is on track to begin production in the fourth quarter of 2025, subject to timely approval of necessary permits. The Ministry of Energy and Mines has granted a power transmission concession, and commissioning plans are being implemented. The first gold bar is expected by the fourth quarter of 2025.
Coimolache Operations: A new operating permit has been received, enabling full capacity production at the mine and leach pad. The company expects to produce over 8,000 ounces of gold in 2026, leading to higher cash flow in the coming quarters.
Dividend Policy: The Board of Directors has approved a dividend payment of $0.1446 per share ADS, reflecting strong cash flow generation and a solid balance sheet.
Dividend Payment: Buenaventura Board of Directors has approved a dividend payment of $0.1446 per share ADS.
Dividend Policy Resumption: Buenaventura has resumed its dividend policy, supported by strong cash flow generation and a solid balance sheet.
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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