Buenaventura’s consolidated 2019 annual copper and zinc production decreased, while its lead output increased from the previous year.
Copper production decreased by 6pc to 43,578mt in 2019 compared to 46,400mt in 2018. Zinc production also declined by 5pc to 72,397mt from 76,199mt during previous year. The company saw an 11pc increase in lead production, reaching 49,803mt in 2019 from 44,972mt in 2018.
The Uchucchacua mine, which is wholly-owned by Buenaventura, had a 12pc decrease in zinc production to 19,144mt in 2019 from 21,840mt in 2018. Lead output declined by 8pc to 17,635mt in 2019 from 19,122mt in 2018. Buenaventura owns 61.43pc of the El Brocal mine, where copper production decreased by 6pc to 43,394mt in 2019 from 46,231mt from the year prior. Zinc production at El Brocal decreased by 4pc in 2019 to 43,580mt from 45,593 in 2018.
Buenaventura holds 19.58pc share in Cerro Verde, which produced 455,305mt of copper in 2019, of which 89,149mt was attributed to Buenaventura. Compared to its 2018 copper production, Cerro Verde produced a total of 476,013mt, of which 93,203mt was attributed to Buenaventura.
Consolidated net copper sales in 2019 for the firm declined by 6pc to 41,027mt from 43,770mt a year earlier, while zinc net sales decreased by 2pc to 59,953mt from 61,424mt in 2018. Lead sales saw increased by 15pc from 39,968mt in 2018 to 45,995mt in 2019.
Buenaventura’s total revenues, including precious metals like gold and silver, as well as copper, zinc and lead, fell by 25pc to $867.9mn in 2019 compared to $1.15bn in 2018. The company’s adjusted EBITDA, including associate companies, also saw a 6pc drop to $620.9mn from $662.9mn in 2018.