BVN - Earnings call transcript Q3 2020 | Compañía de Minas Buenaventura S.A.A.

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Operator

Good day, ladies and gentlemen. Welcome to the Compania de Minas Buenaventura Third Quarter 2020 Earnings Conference Call. [Operator Instructions]. I would now like to introduce your host for today's call, Mr. Rodrigo Echecopar, Investor Relations. Mr. begin. may you Echecopar,

Rodrigo Echecopar

call Daniel President our Juan which Carlos and This Dominguez, third subject questions that I for Benavides, discussion factor will quarter Leandro results these within also XX, full for and joining with of Operations; be Sustainability; President press within Ortiz, our Chairman. development, confidence Business our will the led read such everyone, for cause October Mr. cautionary President various include to to uncertainties forward-looking encourage to your Vice will concerning us discuss and by and our Also we earnings Benavides, discussions. CEO. forward-looking of our XXXX disclosure statements CFO; be Any Garcia, statements Alejandro and materially thank are morning, available XXXX. joining from should release your the you today statements. statements, risk be release are today Vice of on risks Good differ actual questions results. to you Raul statement filed Hermoza, Raul conjunction could Vice available Today's considering

is expectations be of it note addition, statements which to the shared the to pandemic. include In these COVID-XX and that related important will assumptions, impact

on potential best on there business the particular, on and impact information seen results conducting safety, again, of we In available as social Leandro time when the over -- while could to which any We you this of company's distances Buenaventura light a note related effects go COVID-XX me call and the virtual approach of please occur. change results the This that of COVID-XX including in any Leandro, utilizing in significant information Slide call would At let mind pandemic. are, a ask and the in estimates financial any this time, that to the means factors, this is results. to more complemented duration could difficulties, As Garcia. date. at impact outlook based potential of the X, COVID-XX bear Please affect please risk the our provides in forward-looking ahead. uncertainty also technological on interest could that quarter. our turn exercising about statements today's is now

Leandro Garcia

thank Thank conference attending and call. Good to all, you you, this Rodrigo. morning for

health Before we presentation, start would and at your like this difficult this wish friends, family to we you, time. and well-being

Buenaventura. pleased to We the company third the from present are of results, XXXX quarter

available a our presentation, is We page. have prepared web in which PowerPoint

further, the to X. statement go pandemic. we please moment disclosure take Before a review COVID-XX related the Slide consider to cautionary down the Please on

during Moving sequential quarter. quarter highlights EBITDA Buenaventura's despite 'XX from operation 'XX. $XX.X from were COVID-XX, operations reported on EBITDA basis trend third to quarter the $XX.X $XX.X operations to on in to reached in X, positive year-on-year direct compared XXXX follows: quarter a X million the million of Third reflected and both 'XX for direct million as a effects the Slide quarter

reached 'XX. company $XXX.X compared associate $XXX.X quarter The million including quarter third million in EBITDA, third adjusted to

expenditures Third were the $XX.X XXXX. quarter compared to capital period same 'XX $XX in million for million

months XXXX. third is The This 'XX. refinanced $XXX XXXX, $XX.X the compared its extends level million preservation, Buenaventura payment effective focus on November The power in XX October released yesterday, hydroelectric of company's company at Uchucchacua to the on LIBOR million to successfully X.XX%. 'XX period quarter its for during find we plant, Tambomayo, for for at same Program million reduced XX by days was net Buenaventura's Rogala. guidance position on quarter line reached has the $X.X rate program's a plus $XXX XXXX. the full year and ongoing continued focus quarter XXXX. El XXXX. the Buenaventura XXXX updated Third income The In for million De-Bottlenecking with XX, cash the progress company's cash maturity third leasing

X. Slide XXXX Moving guidance. 'XX X X-month and and on to

decided appreciate report For matters, operating production our results. have detail the way monthly our we which COVID-XX you so in impacted of to transparency has the can

trend You of can in of see a production positive in most terms our operations.

between ounces silver million ounces. achieve as for X.X of Orcopampa, of included guidance guidance workforce the a La in gold and of at between XX,XXX Brocal, XX,XXX of In ounces. for case for Zanja, between ounces, last XX,XXX third In between XX,XXX and tons operating case and million to the ounces capacity is production the is is this XX,XXX exploration announced In between have In the guidance for we successfully and between the not year. the Yanacocha, reference. of of guidance operate Additionally, shortage copper is reduced the ounces. estimated the production XXXX case by the the silver the gold zinc. case X.X during did XXXX, for workers and for is full gold X.X results metric the the and between quarter. Tambomayo, operating guidance production quarter our XX,XXX production million obtaining your to XXX,XXX for required In the mine of ounces. X guidance for In XX,XXX In for due showing full minimum. case positive production XX,XXX guidance and the production XXX,XXX recovery a gold capacity. XXX,XXX showing guidance the is case the is In the and gold Uchucchacua, is the of case during XXXX million mainly case production of

the production, the metric range than XX,XXX quarter, tons. the shows guidance in is XX,XXX mix the that last and This will zinc. changing in focusing For copper be on we of zinc, more of

in primarily in is net volumes XXXX. of Total in in to this the ago. Slide third highlights. $XX.X quarter year quarter operations CapEx quarter is was million of comparison quarter on decreased third XXXX. XXXX third due in $XX was comparison direct XXXX to the including higher were to the quarter $XX.X decrease third third revenues quarter $XX.X which this in million, compared quarter quarter the from This The which in the in affiliates quarter in was million in cash million million has of Moving X% EBITDA to to of the income flow during $XXX.X third EBITDA, XXXX X, $XX.X financial comparison the was flow XXXX. third in a $XX.X And in lower $XXX.X cash free to of income to million to million, of million of million our silver. the XXXX. was and gold free our million $XX.X the compared of quarter compared $X.X a X% XXXX. third of net of a The to sold

mainly to comparison XXXX. the XXXX. production attributable ounces, Moving was to mainly tons This of compared a in of in on in to was X in reported Uchucchacua explained the production to of the of to Uchucchacua is quarter the production XX,XXX Coimolache. gold Slide to is XX% of production attributable compared equity due lower X,XXX quarter third In This which X zinc Silver in XX% metric a a the in reported production mainly at lower the case and third of attributable increase quarter which less of XX,XXX figure is by decrease Tambomayo work zinc million quarter the were lower third the XX% quarter production. This quarter on XX% third same mine. figure than XXXX increase X XXXX, metric previous the XXXX. for decrease XX% shows produced, In due year. which the production The our XXXX, of is quarter and lead, was ounces, third this the of mine. tons was in of quarter third

lower quarter in period tons. sales first reduction X. X-month in operations to XXXX Slide Finally, months of as for of sustaining for The cost in follows. We is cost year our sustaining USD due by the production production mainly and ounce sales. attributable in Brocal, and the our production On XX% of XX,XXX period. was copper decrease to applicable All-in X per decrease ounces silver. the metric to all-in the the This X,XXX gold, were gold to mainly year current third from costs XX% cost for explained increased at applicable direct in the

For gold than USD X% higher is per ounce, X,XXX ago. which a year

ounce, is For X,XXX XX% silver, which higher ago. USD year per a than

per which lead X% metric a For USD ago. year X,XXX lower than is ton,

in ton, metric per X% year X,XXX USD which is comparison to ago. lower copper a For

case USD sales to applied is metric than a zinc, per the in lower Finally, ton, the X,XXX cost which year ago. of XX% was

third the XX. De-Bottlenecking Moving on for Slide The to quarter XXXX. Program

gaining are of result production De-Bottlenecking Program, now. that a mining offset efficiency De-Bottlenecking we the lower particularly company's cost Program, the As

were EBITDA. see, of positive, quarter $X.X generating results As you can for million the additional

in mining the Additionally, on on efforts. cash company plan reduction high-grade areas order and focus current while maintaining to exploration a to continues enhance its focus

can details about this You of appendix the program exploration the percentage. more of see

to of project Moving pipeline update. on XX, Slide

presenting of current the for X in are our we projects. snapshot level Here, one development each

feasibility by year. to construction of on Gabriel. progress and submitted the aim for The end start be Moving by the San XXXX. and Slide is quarter XX, study expected The second approval, permit the completed construction to of we is already is at to XX%

be progress first after and prefeasibility The will the by the begin to due is Slide activities end completed the On-site at COVID feasibility restrictions. Moving -- study on 'XX The expected year. is XX, column quarter complete competition. until Trapiche. delayed to are to testing test to MX study XX% of with

to the first our project of value feasibility unlock study on of area Moving will XXXX. This is 'XX. The be The expected by the be will Slide portfolio. XX, copper concluded to for in end quarter

Slide project. case. business to on is This Moving sulfides a XX, stand-alone

reach stage XXXX. We pre-feasibility expect by to

process are initial currently preparing We the documentation.

questions. hand please already engineer. the your open operator to finished back the have to for you ahead. I line call for will We basic go Operator, attention. the Thank

Operator

will [Operator come And today first Goldman from Instructions]. Sachs. question Thiago Ojea our of

Thiago Ojea

bit going generation, and allocation allocation, looking And expectations can in and capital cash you're we improvement of from in How for regarding volumes on the on CapEx little you do if terms quarter? question your a costs first cost? is looking regarding terms expect terms in should granularity What And for dividends see more of restoration next My of forward? full for provide potential of year, the capital next what's you the ramp-up. what

Leandro Garcia

Thank you. mines. sales of in case our cost little expect In to to of reduce our cost, cash, a applicable our all the kind we

finish $X,XXX; of million, a ton per between Orcopampa, the in ounce; the expect in have per and to $X,XXX million around gas investment in in case Tambomayo, of CapEx, a reduced for in in -- $XXX; case of zinc; the to expect year $XX Tambomayo, We was year to in In per and reducing per $XX, with sustaining your Tambomayo, expect $XX around for $X,XXX $XXX our around this Uchucchacua, to for cost sorry, $XXX mine $XX finish to have our around In greenfield we between $XXX, of a copper we ton. example, in whole And around the and CapEx. case what expect a Thiago? question, $XX; Marcapunta total we second to ounce;

Thiago Ojea

more capital Sure. general about allocation the It's in terms.

what CapEx, dividends So Verde? and looking change also what but potential any cash from you of generation the do there expect to if with in terms is of Cerro you're

Leandro Garcia

the $XXX Well, year considering will our of CapEx be construction around for Gabriel San without million. this

still a Our discussion our do XXXX high to roll own cash. with our the And efforts to with increase a not that our that now, explorations be it's have to with discussed concluding -- generation in what cash cash mines. will we They of are up we cash. But this year mainly is, pending generation

Thiago Ojea

Uchucchacua, XXX% in going the on just specifically XXX% quarter on reach of now back production the Okay. fourth fourth expecting then, and are in cost, to And you the quarter?

Leandro Garcia

No.

collect trying Carlos Ortiz get almost more to Carlos give a Uchucchacua quarter. look expect can with with to actually -- be to Uchucchacua. us is Juan Maybe workforce the are has And difficult very more last like Juan -- quarter very quarter. color been to we trying We can third our our

Juan Carlos Ortiz

are we the with about site to in mine now rate due fourth putting on some and Are mine limited on at are you, development. lot we the a development with up reducing of with Leandro. focused that effort workforce delays mine there the available Thank proper production workforce, in and a Uchucchacua, particular In in quarter. the Yes. a focus XX% of -- activity catching the

XX% production almost developer. catching So be we and with at workforce will a my low with up

Operator

[Operator Instructions].

Our from next De today Alba question Morgan comes Carlos of Stanley.

Carlos De Alba

up following maybe that just to So understood sure make I correctly.

up better. a details XXXX? number performance? great, has even for this you silver yet in And think, The perform and what months, I are you company -- production, specifically third down already have is expecting. increase and particularly how it, second But see is my in the think with with it's XX%. you generated broadly, also much and in quarter mines benefit how 'XX CapEx of in X%. didn't the you reasonable, for a I regarding where if the the only was But though ballpark cost. expecting. this would of cost if yes, the the consensus can full -- When strategy again, related much be quarter, to the EBITDA and particularly question have a the we put higher different higher experienced Do Thank would above high-grading Leandro, So sense company comment, you than you full you up see figure on the the And third the that San for volumes for cost year. positively. allocated expected, better, that the can production more maybe particularly XXXX for have And CapEx the break the the that cost increase number of therefore, can at you what volume? significantly the if mention lower are year? Gabriel? you place, lower we maybe that came by be that I much Gold on will thought And the shipments I the unit looked have what in still production also more cost was surprised the that XXXX, X were

Leandro Garcia

but depend $XXX I the will terms -- Carlos, we are San we as permitting you, not any and expecting the in we of the told in XXXX. investment we expect permits quarter, and Gabriel million. $XXX -- into that taking case, quarter second million chasing with in construction the in between are Gabriel, The well, are second that government. on And invest will in begin to consideration taking Capex, San of

CapEx know around is $XXX You the million.

should be of amount So the investment. that

of terms In cost...

Carlos De Alba

for million million to $XXX XXXX. is That $XXX

Leandro Garcia

No, no, no. This from is XXXX. Yes.

to expect have and XX For XX. XXXX, we between

Carlos De Alba

Got you.

Leandro Garcia

In -- producing quarter the third and that in the our terms the you the mind cost cost we -- cost have operating please costs that all while of been registered goods to -- some units were goods the the sold, quarter, regarding not in of sold. second reassigned keep in in were in have or reaccounted of

significant the in and absorbed sold the in That's $XX a operating difference maybe is not the second make cost, amount in cannot total in gross -- of audit operating costs I registered in there our and production, the decrease it's of calculations to cost So we with first by our take figure. your from to That's the this the out move extra all margin. -- the but expenses expenses, cost why a increase And operating actual extra us the that in costs. and operating goods sorry, in discussion quarter, they the a be a the -- around million. external maybe auditors, suggest reclassification of in

Carlos De Alba

of happened million, in about And -- the those right? X.X% quarter, I third $XX remember if about correctly,

Leandro Garcia

quarter. lower the in the can be it quarter a second than in amount third was Yes,

Carlos De Alba

production see given fourth that that you year do provided? quarter how And the guidance Right. in full guidance, the you

Leandro Garcia

the of respect As cost? whole

Carlos De Alba

start. the to costs to due just No, unabsorbed production

Leandro Garcia

because mines. have provision, account all There unabsorbed in amount our we is registered were already should when When cost production this any not or have that some assigned any we cost. be don't cost absorbed this in

Carlos De Alba

final may, just X And then question. just Great. right. if I All

the point explains that related Program. explained gap? out and to you budget in Is X.X%, the progress had production the quarter, the still else the there materialize. the the still can of budgeted in Or of the that that On fell difference in X/X quarter? anything third of in is $XX.X short million. you De-Bottlenecking third about specifically What this Great ramp-up the didn't is general number disruption

Leandro Garcia

Juan give Well, the De-Bottlenecking explanation reasons. can COVID-related Delay. gap of the more maybe reason But Carlos is basically, this

Juan Carlos Ortiz

Sure, in reduction related Leandro. in year mentioned, because these COVID operations. during were basically disruptions. mostly achieve operational our The the full of overheads it's you development, quarter Yes, time mine. have we We the targets to plants a as couldn't mine as in maintenance lot

So was we big we the for Uchucchacua. couldn't mine the of during develop quarter. same the quarter The that the savings these during consolidated the change as mine third was or design the expected We high And activity was weeks workforce high mine That ore significant limited have. copper grading mine. most the the underground the new of on grading copper the that quarter. with to in this in for recovery this of focus we

was limited the workout activities in the a not particular on basically, time workforce focus the and So COVID-related mine. achieving was expectation in mines for with limited underground

Operator

question today next Our Silva LarrainVial. with is from Leopoldo

Leopoldo Silva

that sense you want if that months came to you spent Orcopampa a I So half all, can color year, on minutes XXXX exploration restrained Will far, just a how few perhaps And less in that your you particularly embedded reserve for than give successful, can comment, prices you And I I what good we for you see Tambomayo been wish ask, in ago. the those can and your you wanted Has have ask you restore all And doing go. the into higher should maybe X you of call to done? -- the regarding what from reserves? enough is can My expect or any Orcopampa? first you if a I be already be what XXXX in has of Tambomayo? have on in that will exploration. I results ask the that asked. I you your COVID release has And apologize of enough question been so to is if in than next extend spend exploration.

Leandro Garcia

Yes. you, Leopoldo. Thank

of due to this COVID work all, to clarify situation. in First exploration is mainly gap expenses difficult the of to

once could the we efforts explorations We workflow, in workforce also are get all difficulties closing exploration And with at another we very in Please our exploration the having But for we and more doing of get XXXX to to and are back the of in positive program. Juan that workforce, the have in most are results us our activity, all people, levels of Carlos year for maintain Maybe we the last also these months. to the mines. this time, can give expect we color same to on December. our the situation reserves the

Juan Carlos Ortiz

Yes, the Of Leandro. the difficulty what teams all exploration to at all activities, mine people obvious already we resume drilling now. right site have to the to bring on-site but course,

X word. plant Tambomayo, right machines have XX of to surface. X drill now, early according We drilling X and the home of underground the It's in

So There board the drill have the four Orcopampa, week. don't still working right have In of we is is -- the next we more result X bringing on holes campaign ongoing. now.

will So planned five November. Orcopampa in we have for

good end the operations. reserve work, probably this at good of we have maybe time. because nearby by some high-grade the results year But when increase We results reflecting an have resources. Orcopampa underground, in for the on impact some

year In that having results So right activity we holes for of have And in some, X In we the have working at drill around Brocal, in smooth X,XXX results. average have and X holes drill holes we we expect kind of structure, Uchucchacua, the the good drill now, ground. an are of good underground. X working to ounces getting high-grade are quarter right exploration. In a They Zanja, different X,XXX resuming XXXX machines X La working. next for in year. have month we surface, now, -- Orcopampa, or a X running

activities X ongoing are integrally Some usual, of underground. are as of part the them, them The minority exploration activities. them of work of

of by campaign. year, of the end usual, We these of more We specific reserve. the are consolidated efforts. share result of exploration the our the we can balance resource report having some good figures as ongoing results. results, a numbers on but an increase have Probably We it's don't

Leandro Garcia

government And was operations. the to the of exploration the open, beginning thing point phases, right? by that Another economy out the is after our

So there delays in exploration is of point another our program.

Leopoldo Silva

And at of let operating increase from profiting prices, perhaps higher would you prices maybe but precious metals the the rates, least some the current costs, moment? sacrificing the your

Leandro Garcia

didn't please? you I you Can repeat, hear well. very

Leopoldo Silva

sorry. Yes,

allow production to So able reserves, and your at an or on keen those gold, higher of mining you increase you resources, an these maybe higher some $X,XXX costs, would precious mines be you sacrificing to that -- would not increase but be metals our prices rates, $X,XXX costs costs? perhaps would maybe ounce, maybe at ounce be additional noneconomical would that

Leandro Garcia

I Okay. understand question. your

of And the for of which plant in always, We ore our that ore are the price November. And process ore, planning more of mining mining content we evaluate the should our there, the the and making operations the plan best in level have considers on in as available. mines. is the all we that

November, will So objective we prices in will we evaluate that in course, XXXX. EBITDA of should evaluate, the have and is and to which we like that current the

Operator

today from Jakusconek next question with is Scotiabank. Our Tanya

Tanya Jakusconek

ask I and your wanted about to resources. reserves

if used I correctly, what the I'm of be XXXX, will XXXX in that understanding? move end you at you you understand and them the assumptions up changing price So that

Leandro Garcia

reserves. This no. for plan, mining our the no, is No, Tanya.

a SEC procedures. We the to have fulfill with procedure

answer for year. next that -- regarding mining is was So plans our all

Tanya Jakusconek

done higher Yes. I'm pricing. will just understand. appreciate at be No, budgets to I the trying the

to X-year SEC the Is So going for pricing use use what that? for average and rolling you that your resources? you're reserves that format for your

Leandro Garcia

calculate Yes, Tanya. our We results.

Tanya Jakusconek

changed Okay. be And mining to I on higher have reserves grade that mine plans replacing side the that your your drilling mentioned then material. you and at this know and resources. you're you year, are going

your that does to How do what mine for So you change going you're XXXX? going in were plan after that.

Leandro Garcia

replace effort those in exploration Well, is effort to high-grade searching our searching areas. no, -- our to

our or prices more find content given the that we're can another the and from given As we the matter. Juan results we for Carlos, hear in our strategy. plan having explanation that give all Carlos in close high San activity in the maybe you very very making to We should still -- -- may XXXX, being

Juan Carlos Ortiz

strategy The high grading. Leandro. Sure, for

extend to planning are We that.

visibility the extend the We to know that around quarters, two few the that be year. have to We more. probably COVID will for in the quarters end of

see some grading, developed budget than the sort higher XXXX high So being That's not the the but is of average the also general with, ongoing if for part can of I probably of we strategy for that early continue the as strategy. as say, is third let's and quarter higher to the XXXX. in

mining We this are it's to a different, to open It's all to and mine. developing which strategy in detail plants the see sometimes there pit, do difficult. in is develop case, viable to analysis mine an very an

And a so in change bit have we where sequence. base sequence the But several more fixed demand, the can we of underground, little mining.

have that first least well. do compromise long-term half to the the of in And XXXX as volume. We will we at any try of

Tanya Jakusconek

Yes.

So sometimes, reserves compromise does and grading term. one longer some you your ore high body upfront, of you compromise your

moving be the So higher grade no to your going you're there's so basis? areas, compromise just saying underground, that are to reserve you in

Juan Carlos Ortiz

to cautious, that compromising the We as be mining for of period is correct. sequence kind the without time strategy a of That's overall of you short need very valid mine. mentioned. It's

share now. half we What the we that's yes, target that get point. generic have And team the reason of working this So that, to the of but validate keep be with the strategy back at from but up XXXX, within the The on first will we kind to try sequence. need are that need we the to very is right high-grade for

Tanya Jakusconek

showing in to be us shown in for number when Like I be ask in maybe data, mine monthly like your Uchucchacua. X the just can just monthly? forward data? just November you will then in and that you data. capacity announcing be question to quarterly the you And October us going expect reporting do it trying you XXXX be monthly reporting to I'm full -- Okay. it's for quarterly you Like Or us? will just at going back other to were on if be data then will Or November? understand

Leandro Garcia

terms In order for -- report we production year, same our this in our the of to releases, to we have decided monthly figures. transparency,

terms should month month. Carlos you by continue. our So well, production Uchucchacua, of expect And release in will

Juan Carlos Ortiz

Yes.

are and before, with at right delay a well of XX% on match basically this As We months, now as and making to probably the development exploration. I we development, production XX% mentioned share we efforts between or up we processing start the COVID point plant. the the we underground reach mine complete January, were mine to a The up having will will XX month. to XX% next in from catch can maybe ramp-up with delay where XX%, along up capacity

the having So of heavily that COVID. mines more it's the one impacted by

instability We we of have some people how many can week-to-week.

our general the we X So X, of achieve fast months. plan XX% ramp how next target around for on from development, the mine up. is we from moving basically that And doing the development, gradual start a

But XX% move in go. this up strategy uncertain fast we to from again, to the early of months how XXXX. at of the is can point, -- kind it's So it's XX%

Leandro Garcia

we Okay. are month. end report Only by of at the it the in going to to we report clarify, month are -- our sorry. to production And but figures quarter, going

Tanya Jakusconek

like you're the to November October, when monthly going just December, you're Yes. not quarter. the but report you in that at number, reporting to end of going the be I trying report was clarify to

Leandro Garcia

Yes, yes.

Tanya Jakusconek

So in the January or February, all of numbers.

Leandro Garcia

we January, information month. should by the send

Tanya Jakusconek

Yes.

Okay.

That's question. could Okay. I ask just X if maybe other

need see the just what on to do dividend? on like your to reinstate policy, Just you dividend

Leandro Garcia

that Yesterday, Board of and issue we have Directors come to discussion. the the

those is will the which in see future situation, next is months. to our the global work on We very which expect primary

-- the take should decision. we then So make

Tanya Jakusconek

you trying at that full that there's point. Uchucchacua, COVID mines see comfortable that capacity, be need it that to assess? Is no and including to the are then Would all running you at would back and up what feel you're

Leandro Garcia

Yes. Yes.

Operator

[Operator Instructions].

today Kamiyama Kita from is Paribas. Our next BNP of question

Unidentified Analyst

more compared concerning for more figures How the copper can the much it's Just Brocal. recovery one the explain one pillar grades? third higher De-Bottlenecking focused for about with Program. the El high you quarter to question, for the actual than And one, Brocal first

Leandro Garcia

we color you operating that very to plants, this X the We production, been course, communities have didn't operating has Carlos for this. was quarter of Maybe But stable. very Thank of our achieved have of production. only -- your question. stability give -- we us the given Juan our good Yes, this it Even some -- maintain have can situation. stability, have the And COVID X efforts we we we you. one period the quarter all, operating of -- a people disturbance days or for reach more for Thank and days any some maintenance stability. period our of

Juan Carlos Ortiz

X pit. In stripping the section third open quarter, the of we speed of up the

we Later, can a this to reach make finish the area we the open now. of already So that quarter. well and of in more months, from increase continue be area time mined will north operation production on was copper open we right possibly around copper pit that hybrid will switch phase of ahead in And to the of and because pit, plated. south, is south depleted, is and part we side the coming the the that another

have So this speeding reaching increase production will certain now of southern polymetallic a the that we include X% stripping pillars the from underground quarter, in by mine, So copper the copper the higher open to to northern in part of part, time we between in up and pillars, production high-grade ahead mine. production. the start in the in copper the pit polymetallic transition ore was the X% From of areas in the

-- recover lot pillars a those effort processing limited put with copper, up workforce. keep and the was increase of bring have into we the the plant. we reason that we That with production to have production even in an of the workforce with production that we So limited a

activity that particular in the price De-Bottlenecking very the in as in pillars the of mentioned, A effort copper recovery put good production. to Program, was the increase a was yes, this high-grade Regarding copper quarter. I along we

So rates increasing effect, it and was a good increasing and capture a price.

a helped Brocal. us competing So lot during in effect this a quarter

Unidentified Analyst

forecast increased? the details about the Brocal, more because Okay. XXXX? production for CapEx that the have more mix some detailed I And and instance, while one Could XXXX decreased question. for zinc year saw the about copper for full the production you production forecast especially expected And

Leandro Garcia

copper. pit $X,XXX open the mine, we expect of Well, per of mine in around in underground of the with costs, of ton in $X,XXX cash. around terms finish And

finish operating terms CapEx, for And with the have $XX don't because before, final we and In told that we for around we we the are going planning in year, million have in year you are -- to next define up this CapEx figure now our CapEx. we units. to of to estimating November, this of our as the moment, sessions all year I following

Operator

to Ladies Garcia conclude would the for time, like of gentlemen we will portion back the At over time, closing today's conference this remarks. and I question-and-answer turn to Mr. at this conference.

Leandro Garcia

Thank you.

geology for a making of in that employee great all this finish applying to areas assure months. the we to that efforts I high-grade environment. workforce to want of to we recover protocols is in call, effects working applying the maintain strategy the We're conference healthy, to all commitment units would like to those parallel safety in output you our our Before before still ore continue effort it strictest operating we COVID-XX. with first our today's will as replace was Then on transmit our upcoming the of to pandemic

want cash a you. Thank join we in a much that objective the preserve time this day. making today. confirm to have very to very you we as maintain scenario. our for Finally, important us wonderful to also And effort our Thank position

Operator

now third concludes participation, to XXXX conference call. Results We you thank that would Ladies insurers and pointed quarter like disconnect. your and you for again gentlemen, may

Compañía de Minas Buenaventura S.A.A. (BVN) 30 Oct 202020 Q3 Earnings call transcript