Memoria Anual
/La salud e integridad de todos es nuestra prioridad
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY
Contents
ANNUAL REPORT 2021
33
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY
This document contains accurate and sufficient information
regarding the business development of Compañía de Minas
Buenaventura S.A.A. in 2021.
Without prejudice to the issuer’s liability, the undersigned is
responsible for its contents in accordance with the applicable
legal provisions.
Leandro García Raggio
General Manager
Friday, February 18, 2022
ANNUAL REPORT 2021
55
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY
LETTER TO THE SHAREHOLDERS
DEAR
SHAREHOLDERS:
WE ARE FACING THE YEAR 2022
AND, THUS, WE ARE ENTERING
THE THIRD YEAR OF THE
COVID-19 PANDEMIC.
The world is torn between the need to go on with its fundamental
activities and the restrictions due to the new variants of this virus,
which has drastically changed the way we work, learn and interact
with each other.
The scientific community continues to watch and learn about this
pandemic. Experts from the World Health Organization (WHO)
point out that the concern now is that these variants, such as those
reported in the United Kingdom and South Africa, tend to spread
more rapidly and are more contagious, although they have lower
mortality rates, so far.
The scientific community responded by designing vaccines that offer
a broad immune response, as pointed out by WHO. Vaccination,
physical distancing, wearing a mask, washing hands and avoiding
closed spaces continues to be the best strategy
recommended by the World Health Organization to
reduce infection.
This is how we start 2022, with some progress, but
still with a high degree of uncertainty.
In 2021, the world economy experienced a 5.5%
recovery, according to World Bank estimations.
The recovery in production, the resumption of
international trade, the progress made in vaccination,
and the good prices of raw materials have been critical
to this drive. This, no doubt, benefits mining countries
such as Peru.
However, said recovery is not even and it is rather
deepening the gaps between high-income and
middle and low-income economies, which now face
macroeconomic imbalances, setbacks in the progress
made in the fight against poverty, and problems in
the quality of educational services for generations of
children and adolescents isolated by the pandemic.
Two of our main commercial partners, the United
States and China, boosted the growth of the
global economy. The United States, following the
World Bank projections, closed 2021 with a 5.6%
growth and a decrease in the unemployment rate,
although the second semester was more modest
due to the slowdown in private consumption and
manufacturing production.
China, in turn, grew 8%, less than the initial estimation,
due to the restrictions caused by the pandemic,
regulatory controls in the financial sector and recession
in the real estate sector.
A 5.8% growth was registered in the Eurozone and in
Central Asia, which was basically due to the recovery
of the domestic demand and the dynamics of exports.
The World Bank points out that Latin America and the
Caribbean recovered up to an average of 6.7% in 2021,
driven by favorable external conditions, such as the
7
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 LETTER TO THE SHAREHOLDERS
exports to the United States and China, and the high prices of commodities
produced by the region.
For its part, Peru grew 13.2% in 2021. But this high-growth rate is due to
the rebound effect of an economy like the Peruvian, which fell dramatically
by -11% in 2020.
BUENAVENTURA SIGNED
DEFINITIVE AGREEMENTS WITH
NEWMONT CORPORATION
TO SELL ITS TOTAL STAKE IN
In the final stretch of 2021, the monthly growth of the country declined
sharply, and three different dynamics were observed: An
improvement in consumption, leveraged by the progress made
in the COVID-19 vaccination, and the government help to sectors
in extreme poverty (bonds); a gradual deterioration of the
total investment levels; and the reactivation of social conflicts,
especially in the south and central areas of the country, against
important mining operations.
MINERA YANACOCHA FOR A
CONSIDERATION OF
For 2022, the World Bank foresees that the global growth will
decline by 4.1% and Peru’s growth will stand at 3.2%.
US$ 300 M
In 2021, in Peru, we celebrated general elections, in which
Professor Pedro Castillo Terrones was elected for the 2021-2026
period. Additionally, our country received vaccine batches to
protect Peruvians against COVID-19, and, despite the delays at
the beginning of the process, 80% of the population was vaccinated with
at least two doses. On the other hand, there was a cycle of social demands
and conflicts, some of them including acts of violence, among other events
that marked the bicentennial.
Uncertainty about the pandemic was compounded by the political
noise, as well as the sharp increase of the exchange rate and the clashes
among the various political sectors of Peru. This situation affected the
Peruvian business environment and confidence, a fundamental basis for
generating wealth and formal employment, which
mainly benefits thousands of fellow countrymen
struggling to escape poverty.
It is urgent that the Executive and Legislative branches,
the political class, the business sector and the civil
society firmly commit to national dialogue, the only
way to move forward in the face of the country’s real
problems, such as the pandemic and inequality, which
denies opportunities for a better quality of life to
thousands of Peruvians.
As of December 31, 2021, the price of the ounce of gold
was US$ 1829, while silver closed at US$ 23.31 per
ounce, according to Bloomberg.
Meanwhile, the London Metal Exchange reported that
the ton of copper closed the year at US$ 9740, and the
ton of zinc at US$ 3590. Lead closed the year at US$
2338 per ton.
Buenaventura’s share price fell by 40% during 2021,
closing at US$7.3.
For the year under review, our company had a net loss
of US$ 278.7 M, compared to the loss of US$ 150.3 M of
2020. This was mainly due to the losses generated by
Yanacocha. Excluding those losses, the company’s net
profit amounts to US$ 127.6. The net debt/EBITDA ratio
for 2021 decreased from 6.14x to 3.58x. Additionally,
the cash position at the end of 2021 increased from
US$ 235.4 M to US$ 377.0 M and CAPEX was US$ 91 M.
As for the controversy we hold with the National
Superintendency of Customs and Tax Administration
(SUNAT), on January 29, 2021, the process of
approval of the deferral and fractionation of the
tax debt originated due to the non-recognition of
the commercial contracts for physical deliveries
of gold sales and the contractual payments made
by the company in 2007 and 2008, as well as the
non-recognition by SUNAT of the compensation of
tax losses made in 2009 and 2010, culminated on
January 29, 2021.
On July 30, 2021, Buenaventura paid in advance one
hundred percent of the amount set by SUNAT, using
funds obtained from a bond issue that was timely
disclosed to the market. Notwithstanding the above,
the company will continue to exercise its legitimate
right of defense in the corresponding legal instances
while awaiting a favorable outcome.
As part of the strategic decisions made by the
company to improve its financial position, on
February 7, 2022, Buenaventura entered into final
agreements with Newmont Corporation to sell
its total shareholding in Minera Yanacocha S.R.L.
through its subsidiary Compañía Minera Condesa
S.A. (which represents 43.65% of Yanacocha’s capital
stock) for a compensation of US$ 300 million, as well
as contingent payments related to the production
of the Sulphides Project that Yanacocha plans to
develop, and future increases in mineral prices,
payments that may amount to up to US$ 100 million.
9
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 LETTER TO THE SHAREHOLDERS
This decision will allow our company to focus
on its asset portfolio, particularly on developing
the projects in its portfolio (Yumpaq, San
Gabriel and Trapiche), and to reduce its financial
indebtedness levels, increasing the return in
favor of its shareholders.
Likewise, Newmont will transfer its shareholding in
Minera La Zanja S.R.L. to Buenaventura in exchange
for a royalty on the future production of said mining
unit. On the other hand, Newmont will pay US$ 45
million to Buenaventura to cover part of the future
costs of La Zanja closure plan.
In terms of Safety, which is a central element in
Buenaventura, it is important to mention that no
fatalities were registered in our mining activities
(production units, mining projects and closing units).
By the end of 2021, we managed to accumulate 2.5
continuous years without fatalities in the mining
activities of the company.
However, the Accident Rate increased by 2.49%,
compared to 0.16% in 2020, because of three
fatal accidents in non-mining activities, which we
deeply regret. These accidents happened in the
operations of Consorcio Energético de Huancavelica
- CONENHUA (electricity sector), in the Central
Warehouse of Campoy (industrial sector) and in the
construction project of the Huaruro Irrigation Canal
in Arequipa (civil construction sector).
These results require us to continue to make
efforts and to allocate resources to improve Safety
Management in non-mining activities and, likewise,
achieving sustainable results in the company’s
mining activities, based on the Critical Risks
approach, related to operational controls, and our
Pact for Life.
Regarding our Social Management, under our Shared
Social Responsibility approach, in which the State,
the company and civil society join efforts in favor of
the population, in 2021 we continued to approach
neighboring communities and local authorities
in our areas of influence to provide the necessary
tools in the fight against the health crisis, respecting
and promoting the protocols established by the
authorities.
Our Environmental Management focused on applying
adequate operational and preventive controls so as
to minimize the impacts on the environment and
contribute to the sustainability of our units, as well
as managing the responsible use of water, preserving
its quality and ensuring its reuse and recirculation
in all processes.
In the Human Resources area, we closed 2021 with
a total workforce of 12,303 people. This number
includes the personnel of contractor companies
(9258) who provide services to our operations.
The performance of our production units was as projected.
Tambomayo, in Caylloma (Arequipa) produced 69,554
ounces of gold and 1,815,288 ounces of silver in 2021,
compared to 63,477 ounces of gold and 1,668,582 ounces
of silver in the previous year.
IN 2021
NO FATAL ACCIDENTS WERE
Orcopampa Unit, in the Castilla province (Arequipa),
produced 50,020 ounces of gold, compared to 41,129 ounces
in 2020.
RECORDED IN OUR MINING
ACTIVITIES (PRODUCTION
La Zanja and Coimolache, open-pit mines operating in
Cajamarca, produced 22,611 and 110,575 ounces of gold
in 2021, respectively, compared to 17,228 ounces of gold
produced by La Zanja and 106,017 ounces of gold produced
by Coimolache in 2020.
UNITS, MINING PROJECTS AND
CLOSING UNITS)
Uchucchacua, silver mine in Oyón (Lima), produced 3,732,391 ounces
of silver, compared to 5,000,312 ounces produced in 2020. On October
15, 2021, we made the decision to temporarily suspend operations in
Uchucchacua due to a complex situation that caused unsustainable
losses for the operation (low ore grade, heavy capital investments,
mining of very thin veins, high costs caused by the pandemic, as well
as the impact of the operations stoppage due to a strike started by the
community of Oyón.
During the temporary suspension of mining and processing activities,
Buenaventura will implement a strategy for the 2021-2023 period that
consists of strengthening exploration in economic zones to increase
reserves, redesigning the mine to make it more efficient and enhance
community relations. The goal is to make Uchucchacua a profitable and
efficient operation.
11
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 LETTER TO THE SHAREHOLDERS
It is worth noting that the decision to suspend operations
in Uchucchacua, mine that provides raw materials for the
production activities of Procesadora Industrial Río Seco (in
Huaral), led us to request the temporary halt of operations at said
plant. During said suspension period, only essential activities
related to the facilities maintenance will be carried out.
Meanwhile, the Julcani Unit, our alma mater in Huancavelica,
produced 2,572,036 ounces of silver compared to 1,676,731
ounces of silver in the previous year.
Sociedad Minera El Brocal (61.43% BVN), subsidiary company of
Buenaventura operating the Colquijirca Unit, in Cerro de Pasco,
produced 37,914 metric tons of copper and 35,975
metric tons of zinc in 2021. In 2020, it produced 30,608
metric tons of copper and 54,909 metric tons of zinc.
IN OUR ORCOPAMPA, UCHUCCHACUA,
TAMBOMAYO, JULCANI AND EL BROCAL
UNDERGROUND UNITS, WE ADVANCED
METERS IN EXPLORATION TUNNELS AND
11,253
219,824
METERS IN DIAMOND DRILLING, WHICH
INCLUDES 39,798 METERS IN THE OPEN
PIT OF EL BROCAL
At El Brocal, lead production levels were 10,096 tons
compared to 20,066 tons in 2020. Also, it produced
6,158,981 ounces of silver, up from 3,508,585 ounces
the previous year.
Sociedad Minera Cerro Verde (19.58% BVN), an affiliated
company operating in Arequipa, produced 402,370
metric tons of copper, compared to 371,991 metric tons
the previous year.
Likewise, the effort dedicate to exploration work is
part of Buenaventura’s culture that ensures continuity
of our business. In our Orcopampa, Uchucchacua,
Tambomayo, Julcani and El Brocal underground units,
we advanced 11,253 meters in exploration tunnels and
219,824 meters in diamond drilling, which includes
39,798 meters in the open pit at El Brocal.
During 2021, at our San Gabriel Project, located in the
Ichuña area, in Moquegua, the technical consultations
related to obtaining the Benefit Concession were
resolved. The prior consultation process was
reactivated by the second half of the year due to the
pandemic restrictions. As of the date of this letter, we
have already closed the prior consultation process
with one of the neighboring communities. We expect
to begin with the construction stage and complete
the detail engineering during 2022.
At the Trapiche Project, located in Apurímac, despite
the complexities of the pandemic, we completed the
construction of the on-site metallurgical laboratory,
performing 36 of the 100 column tests scheduled
as part of the feasibility study. Additionally, we
completed the environmental baseline and the first
of two citizen participation workshops. In 2022,
we will start a drilling program to continue with
in-situ column tests and improve the certainty of
the mineral resources. Likewise, we will continue
with the community engagement with a view to
submitting the EIA in the third quarter and holding
the public hearing by the end of the year.
At the Rio Seco Industrial Plant Project, in Huaral, during
2021, we successfully completed the public hearing on
the Environmental Impact Assessment (EIA), and all
the technical remarks thereto were resolved.
As for the Coimolache Sulphides Project, located
in Cajamarca, during the year under review, we
prioritized exploration and development works,
focusing the drilling plan on the high-grade ore
area. In 2022, we will continue the drilling campaign
to assess the possibility of starting the shift to an
underground mine, and continue also with the land-
purchase process.
As for organizational changes, Mr. Aldo Massa, who
served as General Manager of Buenaventura since
February 2020, became Vice-President of Business
Development and Commercialization. The Projects,
Metallurgical Projects and Business Development
managements, as well as the commercial area, report
to him directly. Mr. Massa holds a degree in Business
Administration from Universidad de Lima and an
MBA from Universidad del Pacífico. He has more than
25 years of experience in the mining sector.
Finally, on behalf of the Board of Directors, we would
like to thank the shareholders, our suppliers and all
the stakeholders of the company, as well as to give a
very special recognition to all the collaborators of our
production units, projects and offices in eight regions
of our country for their effort and commitment to
carry our company forward in these complex times.
Lima, February 24, 2022
Roque Benavides
Chairman of the Board
13
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY
69YEARS
COPPER
SILVER
Founding of Buenaventura
Acquisition of Julcani mine
in Huancavelica
BVN lists on the
Lima Stock Exchange
BVN acquires 11% of El
Brocal. As of 2017, BVN
owns 61%
JV1:
of history and long-term view
COPPER
Privatization of Cerro Verde
(with Cyprus)
JV₃:
(1994: 30K → 2017: 450-500K Cu MT) 15 x
GOLD
La Zanja (1M oz/Au
produced to date)
JV₄:
Mn
Inauguration of
the Río Seco
chemical plant
GOLD
First dore bar
obtained at
Tambomayo
1953
1971
1979
1994
2010
2013
2016
1967
1975
1993
1996
2011
2014
GOLD
SILVER
Orcopampa
(1967: 75 → 2017: 1.5K TPD) 20x
Uchucchacua
(1975: 150 → 2017:~4K TDP) 25x
GOLD
First dore bar obtained at
Yanacocha (Over 36M
Oz/Au produced to date)
JV2:
First Latin American
mining company to list in
the New York Stock
Exchange
GOLD
Coimolache: First dore bar
obtained ( ~1 M Oz Au
produced to date)
JV₅:
Huanza: Hydroelectrical
plan: Start of commercial
operations (100 MX)
GOVERNMENTS OF PERU
ODRÍA
(1948-1956)
PRADO UGARTECHE
(1956-1962)
BELAÚNDE
(1963-1968)
VELASCO
(1968-1975)
MORALES BERMÚDEZ
(1975-1980)
BELAÚNDE
(1980-1985)
GARCÍA
(1985-1990)
FUJIMORI
(1990-2000)
TOLEDO
(2001-2006)
GARCÍA
(2006-2011)
HUMALA
(2011-2016)
KUCZYNSKI
(2016-2018)
VIZCARRA
(2018-2020)
MERINO
(2020-2020)
SAGASTI
(2020-2021)
CASTILLO
(2021-Presente)
ANNUAL REPORT 2021
15
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY
CORPORATE
CULTURE
ANNUAL REPORT 2021
17
CORPORATE CULTURE
General data
Name: Compañía de Minas
Buenaventura S.A.A
Main Office: Las Begonias 415 –
19th floor, San Isidro, Lima, Peru
Phone: (511) 419-2500
Website: www.buenaventura.com
Vision
Mission
Develop mineral resources while creating the highest
possible value for society.
Be the mining company of choice and the most
widely accepted among communities, authorities
and the general public.
Make the company as highly valued as possible
by all of its stakeholders.
Values
SAFETY
Promote respect for the life of our collaborators
in all our processes, operations and activities.
LOYALTY
Commit ourselves to our company, its mission,
vision, and values. We are all part of the same team.
HONESTY
Act in an upright and honest manner, never
lying, deceiving, or omitting the truth.
RESPECT
To be considerate and courteous to people, their
ideas, their culture and their rights.
INDUSTRIOUSNESS:
Be passionate about our work, giving our best
and acting efficiently, safely, and responsibly.
TRANSPARENCY
Manage communications and actions that are
truthful, clear, timely and unambiguous.
19
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY CORPORATE CULTURE
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY
Sustainability
Safety
Community Relations
Environment
V A L U E
G
O
L
D
S
I
L
V
E
R
B
M
A
E
S
T
E
A
L
S
G
O
L
D
S
I
L
V
E
R
B
M
A
E
S
T
E
A
L
S
Tambomayo
Orcopampa
Coimolache (JV)
La Zanja (JV)
Yanacocha (JV)
Uchucchacua
Julcani
El Brocal
Cerro Verde
San Gabriel
Yumpaq
Río Seco (Planta Química)
Yanacocha Sulfuros (JV)
Coimolache Sulfuros (JV)
Trapiche
Operations
Projects
ANNUAL REPORT 2021
21
21
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY
OPERATIONS
ANNUAL REPORT 2021
23
23
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY OPERATIONS
Tambomayo (100% BVN)
The main structure is the Mirtha vein with a NW-SE trend. The Paola and
Paola Norte veins, at its SE end; the three veins together contain 85% of
the total mineral resources of this deposit.
According to the net parts consolidate, during 2021 we processed 566,881
MT with the following grades and results:
4.35
g/t
3.63
oz/t
1.92
%
2.85
%
Au
Ag
Pb
Zn
69,554
ounces
1’815,289
ounces
9,307
TMF
13,135
TMF
Over an estimate of 75,751 ounces of gold, 1’360,681 ounces of silver, 6,582
TMF of lead, and 7,570 TMF of zinc. The metallurgical recovery of gold was
87.80% out of an 83.42% budget. The cost applied to average annual sales
was US$ 950 per ounce of gold.
Mineral reserves as of December 31, 2021, are 1’406,097 DMT:
Au
Ag
Pb
Zn
0.10 oz/t (2.99 g/t)
134,490
ounces
5.21 oz/t
7’235,698
ounces
0.94%
1.41%
13,207
MT
19,868
MT
Located in the Caylloma
province, in the Arequipa
region, Tambomayo is
an epithermal deposit
with quartz veins and
mineralization of gold
and silver, mainly, with
significant contents of lead
and zinc.
The measured and indicated exclusive resources are 566,136 DMT:
Au
Ag
Pb
Zn
0.10 oz/t (3.03 g/t)
55,778
ounces
4.30 oz/t
2’432,396
ounces
1.08%
1.82%
6,106
MT
10,294
MT
Geology
We executed 40,772 meters of diamond drilling, seeking to complete the
recognition of known structures within the operation and to recategorize
and extend the resources (infill drilling). We explored 5 targets: Mirtha
Centro, Priscila, Luciana, Carmen Tensionales and Profundización, to
start new exploration fronts around the current operation area, between
levels 4540 and 4340. During 2022, we will continue to explore these
areas, adding the Venturosa and Los Diques veins.
4947 meters of diamond drilling correspond to projects Los Diques
(4DDH) and Asunción (1DDH), with positive results in Los Diques, which
allowed us to plan a second exploration stage to the NE (Suleyka Sector)
for 2022.
We carried out two mapping and prospecting campaigns in the Soledad
and Chaska projects, over a total of 2992 ha. At Soledad, the main target
was better defined, proposing a drilling program of 1500 m (4 DDH) for
2022. At Chaska, an IP geophysical campaign is scheduled within the
NE-SW structural corridor, as well as to continue mapping to the SW
of the Chaska vein within the communities of Colca Peral and Llatica
(new concessions).
25
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 OPERATIONS
Tambomayo (100% BVN)
The mine area carried out 8269 m of mining work,
of which 899 correspond to development, 6987
to preparation and 383 to total exploration (131 m
Capex and 252 m Opex).
In 2021, we developed the stabilization process
with an investment of US$ 4.5 M, which includes
improvements to control, operation and corrective
maintenance, reaching a continuous treatment
target of 1700 TMD. Also, the standardization of the
filtered tailings deposit, with an investment of US$
1.6 M, maintaining compliance with the auditors.
The Huaruro irrigation project is socially committed
to the expansion and improvement of the Belén,
Paclla, Cosñirhua, Malata and Tapay fields in the
district of Tapay, over an area of 246 hectares. In
2021, US$ 7.1 M were invested in this project, for
IN TAMBOMAYO WERE PROCESSED
63,477
OF GOLD IN 2021
OUNCES
the completion of the works between the following
line 1+100 up to 3+835,
markers: conduction
conduction line 4+450 up to 4+650, conduction line
6+300 up to 6+650, manufacture and assembly of
the Isllirca Bridge. These include civil works such as:
Venting and purge valve boxes, concrete blocks at
each elbow, dry walls and concrete walls. Mechanical
works such as: Installation of purge and venting
valves. It is expected that, in 2022, the project will be
completed up to the delivery at Tapay (15 km) with
an investment of US$ 6.9 M.
COVID-19
In view of the health emergency, we faced an
outbreak that caused operations to stop for a week
in February. That month, we updated the prevention
protocols to take care of the health of the staff and to
ensure the continuity of the operation. The following
requirements were
included: Molecular testing,
isolation in hotels prior to entering the operation,
antigen testing for control and exit, medical personnel
in the unit destined exclusively for COVID, 50% capacity
for transportation of personnel, among other health
controls. We maintained an average occupancy of
700 people under the 14x7 system. The total cost of
these protocols in 2021 was US$ 6.8 M, out of a US$
4.9 M budget. By the beginning of 2022, 99% of the
workforce has received the second dose of the vaccine.
27
27
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY OPERATIONS
Orcopampa (100% BVN)
According to the net parts consolidate, during 2021 we treated in plant a
total of 189,265 MT, with the following grades and results:
Geology
COVID-19
0.26
oz/t
0.14
oz/t
Au
Ag
50,020
ounces
14,814
ounces
Over an estimate of 45,579 ounces of gold and 25,478 ounces of silver. The
metallurgical recovery achieved was 100% for Au and 55% for Ag. The cost
applied to average annual sales was US$ 1303/oz of gold.
The mineral reserves as of December 31, 2021, are: 516,639 DMT:
recategorization/confirmation drills
We developed an exploration program with 1364
meters of workings and 39,260 meters of diamond
drilling, mostly with exploration drills (19,761 m)
(19,499
and
m) in the Pucará Sur, Pucará Centro, Pucará Norte,
Rosario, Fátima, Sistema R4, Pucarina Este, María
Isabel, Esperanza, Prometida, Ramal 1160, Nazareno,
Prosperidad and Oliva, between levels 3690 and
3440. In 2022, explorations will be prioritized in the
sectors of Pucará Sur (Sistema R4), Pucará Sureste
and Rosario Vein.
In view of the health emergency, we continued with
the surveillance plan and the prevention protocols.
These include entry screening with molecular tests
and isolation in hotels, as well as control and exit
screening with antigen tests, and a 50% transportation
capacity. The 20x10 work system was maintained and
the number of beds in camp were increased from 580
to 805. The total cost of COVID-19 protocols in 2021
was US$ 7.1 M, out of a US$ 4.4 M budget. Starting
2022, 98% of the workforce has received the second
dose of the vaccine.
Au
Ag
0.30 oz/t (9.37 g/t)
155,690
ounces
0.57 oz/t
295,407
ounces
The mine area performed 10,022 meters of mining
working, of which 1982 correspond to development,
6554 to preparation and 1487 to exploration.
The Orcopampa Unit is
located in the province of
Castilla, Arequipa region,
150 km NW of the city of
Arequipa, in the southern
Andes of Peru, 3800 m.a.s.l.
It operates the Chipmo
mine, which contains a
system of auriferous veins
related to tellurides. It is
an epithermal deposit of
precious metals (Au and Ag),
of the phyllonean type.
Measured and indicated mineral resources exclusive of the reserve are
426,726 DMT:
Au
Ag
0.28 oz/t (8.74 g/t)
119,939
ounces
0.78 oz/t
333,795
ounces
29
29
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 OPERATIONS
Compañía Minera Coimolache S.A.
(40.095% BVN)
Mining takes place in the Tantahuatay 2, Mirador Norte, Mirador Sur and
Ciénaga Norte pits, between levels 3932 to 3884, 4028 to 3964, 3996 to
3964, and 3932 to 3900, respectively.
We shipped 10,505,027 DMT of oxide ore to the leach pads, of which
493,352 DMT come from the hauling of Gold Fields oxides, with the
following grades:
0.014 oz/t
0.270 oz/t
Au
Ag
110,575
ounces
647,486
ounces
As of December 31, proven and probable oxide ore reserves at Tantahuatay
total 65,453,541 DMT:
Au
Ag
0.010 oz/t (0.298 g/t)
626,398
ounces
8.420 oz/t
17’716,987
ounces
Buenaventura manages
Compañía Minera
Coimolache S.A. (40%
BVN, 44% SPCC and 16%
ESPRO), which operates the
Tantahuatay mine, located
in the district of Hualgayoc,
province of the same name,
50 kilometers north of the
city of Cajamarca.
Measured and indicated mineral resources in oxides excluding reserves at
December 31, 2021 represented 65,453,541 DMT:
Au
Ag
0.010 oz/t
626,398
ounces
8.420 oz/t
17’716,987
ounces
The production of fine metals amounted to 110,575 ounces of gold and
647,468 of silver, extracted from fresh ore; there was no re-leaching. At
year end, there is ore remaining in the pad, accounted for as pad inventory
totaling 3577 ounces of gold and 48,131 ounces of silver.
COVID-19
We continued with the plan for the surveillance,
prevention and control of the pandemic at work. The
work systems were 9x5 and 28x14 until we implemented
the 14x7 system. 9x5 is only for a smaller group, as
agreed with the union.
We work with reduced capacities in camps, offices and
canteens. The capacity for transportation vehicles was
increased to 100% in the last quarter of the year. We
maintained the occupancy achieved the previous year,
increasing the frequency of sanitization in common
bathrooms, tents and canteens, to prevent the increase
of isolated cases due to a positive case. We completed
and received the camp for the 104 portacamps
purchased in 2020, improving occupancy by relocating
the people who were in tents.
Coimolache and the Hualgayoc and Bambamarca Health
Network cooperated so that the Tantahuatay mining
unit managed to complete the vaccination schedule
(first and second doses against COVID-19) of more
than 2294 (90%) workers, which allowed to reduce the
severity and the number of cases within collaborators.
To achieve this, we carried out several vaccination
campaigns between June and December within the
mining unit facilities, complying with all biosafety
measures during the immunization process. As a boosting
measure, influenza vaccines were administered.
The entry process included molecular testing and
isolation in hotels, ending with an exit screening. With
the update of the protocol in the last quarter of the year,
the entry process is carried out with an initial antigen
test and a control test on the fourth day of work.
31
The extractions in the leach pad were 73% gold and 23% silver.
Cumulative extractions from the start of the operations to
December 31, 2021, are 74% and 17%, respectively.
The cost applied to average annual sales was US$ 936/
oz of Au.
Geology
We completed the construction of 3.35 ha in the Ciénaga
pad, and 7.4 ha in the Tantahuatay pad, as well as the
relocation of the Definitive Camp Antenna, necessary
to start the reconstruction of the Tantahuatay pad,
Phase 3/Stage 2 (2.3 ha).
Construction
We completed the construction of the Tantahuatay Camp
with the installation of 104 portacamps, with capacity
for 208 people.
Construction of ponds 201 (40.00 m3), 207 (130.00 m3),
215 (3500 m3), Tacamache electrical substation and pump
system (pond 215 to pond 137), as part of the management
of contact water of Tajo Mirador Colocación of 4.08 ha of
technosols in DME 2 Tantahuatay, as part of mine closure.
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021
OPERATIONS
Minera la zanja S.R.L. (100% BVN)
According to the net parts consolidate, during 2021, we treated in plant a
total of 8’363,730 DMT with the following grades and results:
Geology
COVID-19
0.011 oz/t
0.120 oz/t
Au
Ag
22,611
ounces
104,534
ounces
Fine metal production amounted to 22,611 ounces of gold and 104,534
ounces of silver; of these recovered ounces of gold, 2272 oz correspond
to re-leaching and 20,338 oz correspond to fresh ore. At year-end, there
is ore remaining in the pad, accounted for as pad inventory totaling 956
ounces of gold and 2853 ounces of silver.
For 2021, the extractions in the leach pad were 67% gold and 34% silver.
Cumulative extractions in the leach pad from the start of the operations
to December 31, 2021, are 68% and 14%, respectively. The cost applied to
average annual sales was US$ 1,697 oz of Au.
Within the exploration area, we drilled a total of 57
diamond drilling holes, totaling 18,331.50 of drilling
performed within the Emperatriz Corridor project – in
the following sectors: Escondida: 11,158.70 m., Mariela:
4,003.50 m. and Alba: 3,169.30 m. Likewise, within the
mine geology area, we drilled a total of 20 diamond
drilling holes, totaling 1803 m of drilling performed
within Tajo Pampa Verde – Phase V.
We carried out the PV pit contact water pumping
system project, which consists of the construction
of the pumping system for the derivation of contact
water generated in the PV pit to the PV treatment
plant. Finally, with respect to progressive closure,
there is an accumulated closure of 4.4 ha, of which
we have the closure of the PV Pit Chorreos - Sector 1
= 1.78 ha, PV Pit Chorreos Closure = 1.83 ha, Reactive
Wetland Closure = 0.79 ha.
In view of the health emergency, we continue with
the surveillance plan and the prevention protocols.
These included screening with molecular testing and
isolation in hotels at the beginning of the year, and the
screening with antigen tests, as well as control tests
on the fourth day in the last quarter of the year. The
14x7 work system was kept, maintaining the reduced
occupancy in camps, offices and canteens, the capacity
of vehicles being increased to 100% in the last quarter
of the year, and camp beds increased from 616 to 636
people. Starting 2022, 100% of the workforce has
received the second dose of the vaccine.
Minera La Zanja is located
in the district of Pulán,
province of Santa Cruz, 107
kilometers northwest from
the city of Cajamarca. The
operation focused on the
Pampa Verde pit, between
levels 3498 to 3354 m.a.s.l.
and San Pedro Sur between
levels 3480 to 3444 m.a.s.l.
IN LA ZANJA WERE PROCESSED
22,611 OUNCES
OF GOLD IN 2021
33
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 OPERATIONS
Uchucchacua (100% BVN)
According to the net parts consolidate, during 2021, we processed
757,945.079 DMT with the following grades and results:
6.45
oz/t
0.93
%
1.61
%
Ag
Pb
Zn
3’732,391
ounces
4,836
TMF
6,203
TMF
The mineral reserves as of December 31, 2021, are: 6’583,730 DMT:
Ag
Pb
Zn
10.28
oz/t
62’894,321
ounces
1.09
%
1.86
%
71,745
MT
122,748
MT
The measured and indicated resources as of December 31, 2021, are:
1’918,635 DMT:
Ag
Pb
Zn
8.75
oz/t
16’791,792
ounces
0.95
%
1.52
%
18,255
MT
29,094
MT
In 2021, the concentration plant carried out campaigns to treat high-grade
ore in circuit 2 due to the accumulation of ore caused by a decrease in
the head grade. On September 13, operations were stopped due to the
community strike. On October 15, operations were temporarily suspended.
Located in the district of
Oyón, province of Oyón,
Lima region, Uchucchacua
is an underground mining
operation producing silver,
lead and zinc. By the end of
2019, the Yumpaq Project
was added to our Unit.
Located 5 kilometers NE of
Uchucchacua, this project
consists of a system of veins,
mantles and bodies with
preferred NE orientation,
tensional to the Cachipampa
fault that, together with
preferred lithological
levels (Beta Horizon,
Gasteropod level), control the
mineralization.
IN UCHUCCHACUA WERE PROCESSED
3’732,391
OF SILVER IN 2021
OUNCES
35
35
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 OPERATIONS
Uchucchacua (100% BVN)
Geology
We carried out explorations advancing 1828 meters
of mining work and 37,841 meters of diamond drilling,
of which 23,170 meters correspond to infill drilling and
14,671 meters correspond to explorations, focused
mainly in the Socorro, Carmen and Casualidad sectors.
On the Exploration area, in the Yumpaq project, we
executed infill drilling in the Camila ore body for a
total of 6044 meters and, for 2022, we plan to execute
12,800 for the recategorization of resources from
inferred to measured and indicated, in addition to the
exploration at the Gasteropod level and the Candela
structure. We also executed explorations in the Tomasa
sector for a total of 9759 meters of drilling and, for
2022, we plan to drill 10,000 meters oriented towards
the Tomasa, Almendra and Coqueta structures to
generate inferred, measured and indicated resources,
in addition to the exploration of these structures in
their SW continuity up to the Cachipampa fault, which
will allow us to increase potential.
In the Yumpaq project we recovered 1.7 km of flooded
ramp (34,000 cubic meters). Also, we executed
1717 meters of underground workings: 1108 meters
horizontally and 609 meters vertically.
For 2022, we plan to execute 9958 meters: 8250
meters horizontally and 1708 meters vertically.
On the other hand, we started the construction of
surface facilities, such as camps, offices, warehouses
and gas stations.
Within the mine area of Uchucchacua we executed
19,277 meters of horizontal and vertical mining
workings
(18,499 m and 829 m, respectively),
distributed in the following stages: Development:
1117 meters; Preparation: 15,827 meters; Exploration:
2089 meters; and Infrastructure: 244 meters.
At the Uchucchacua process plant, we configured
Circuit I for the treatment of polymetallic ore with the
tailing of Mesa de Plata and treatment of high-grade
ore. In Circuit II, this ore is treated by campaigns.
The 2022 drilling campaign is aimed at exploring
bodies with economic mineralization potential, located
on the eastern flank of the Uchucchacua anticline
and placed in favorable horizons within the upper
and middle Jumasha. For short-term exploration,
drilling has been considered for the Nora-Geraldine
and Karen Rosalía corridors, aiming at generating
inferred and potential resources of 755kt@14.0 oz/t
Ag, with an average power of 1.80 m, which would
mean 10.6MOzAg; similarly, for medium and long-term
exploration, diamond drilling has been considered to
explore the Nevada, Cachipampa NE, Huantajalla and
Cachipampa Norte targets, with the objective of map
out potential resources.
Resolutions
COVID-19
Due to the health emergency, we faced an outbreak
of contagion in February, which caused a change
in the screening process from antigen testing to
molecular testing. This measure was maintained until
the last week of November. Operational controls
were maintained to mitigate the spread, including
thermographic
sinks,
infographics related to COVID-19 control, hand-
sanitizer dispensers, physical barriers on the tables
and in the cafeteria service line, and disinfection of
environments. Likewise, vaccination campaigns were
also carried out for the personnel.
cameras, pedal-operated
On August 17, 2021, through Directorial Order No.
00165-2021-SENACE-PE/DEAR, the acceptability of
the Detailed Environmental Impact Assessment of
the Yumpaq-Carama Project was confirmed, as well
as the conformity of the Citizen Participation Plan and
the Executive Summary of said assessment.
On July 23, 2021, through D.R. N°145_2021_MINEM_
DGAAM, the second modification of the Mine Closure
Plan of the Pozo Rico Mining Unit was approved.
On October 22, 2021, through D.R. N°206-2021/MINEM-
DGAAM, the second update of the Uchucchacua Mine
Closure Plan was approved.
On December 26, 2021, by Resolution N°0452-2021-
MINEM-DGM/REPORT Nº0174-2021/MINEM-DGM-
DTM-PCM, MINEM declared the partial and temporary
suspension of activities at the Uchucchacua Mining
Unit to be applicable.
37
37
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY OPERATIONS
Julcani (100% BVN)
According to the net parts consolidate, during 2021, we processed 127,925.1
DMT with the following grades and results:
Geology
0.10
g/t
20.12
oz/t
0.42
%
0.20
%
Au
Ag
Pb
Cu
188
ounces
2’506,483
ounces
478
MT
241
MT
The cost applied to average annual sales in 2021 was US$ 16.79 per ounce
of Ag. In addition, in 2021, tailings from tailing dams 1 to 5 were processed,
recovering 65,552.25 ounces of silver and 169.1 ounces of gold.
As of December 21, 2021, the mineral reserves of the Acchilla (80%) and
Estela (20%) mines are: 293,373 DMT:
Au
Ag
Pb
Cu
0.004
oz/t (0.135 g/t)
1,270
ounces
19.46
oz/t
5’708,771
ounces
1.50
%
0.42
%
4,403
MT
1,238
MT
The indicated mineral resources as of December 31, 2021, were: 178,758 t:
Ag
Pb
19.71
oz/t
3’523,096
ounces
0.86
%
1,457
MT
Located in the province
of Angaraes, department
of Huancavelica, in the
Central Andes of Peru,
Julcani is an underground
operation that produces
essentially silver with lead,
copper and gold content.
In the Acchilla mine, we executed a total of 7220 m of underground mining
work in exploration and 1586 m of diamond drilling. The new ore found
during 2021 was 119,000 t with 21.6 oz/T of silver, 0.70% of lead (2.630 M fine
oz of Ag), with a cubing ratio of 16.5 MT of advance; the veins contributing
new ore are: Leyci, Miriam, Lesly 1, Santa Fe, Santa Fe Piso, Leonor, Soledad
and the Porvenir area, and explorations at level 710 on the W end.
Additionally, the mine area carried out 7008 meters of mining workings of
which 563 meters correspond to development workings and 6445 meters
to mine preparation workings.
For 2022, exploration will be focused on the Acchilla mine, segmented in
three areas: west, center and east. In the east area, the objective is to
explore the veins of the 7B R, Providencia, Consuelo, Yamila systems and
the branches between levels 610 and 710 of Acchilla. In the central area, we
will explore the projection of the Jesús 2B Branch, Jesús 2C Branch veins at
level 710, as well as the exploration of the Soledad, Rocío, Betsy, Jesús 2C
Branch veins at level 510; we will continue with the search for veins with
Ag and Au content in the area of the Yanela, 28 and Nórdica veins between
levels 560 and 660; we will continue with the exploration of the Leonor,
Kristiana, Porvenir and Leyci veins between levels 710 and 560, where there
is mineralization in and near the San Demetrio dam. These explorations
are expected to confirm 1.5 M oz Ag as new reserves with workings (7800
m), and 2.3 M oz Ag as new resources with the diamond drilling program
(24,000 m). With this, the objective is to ensure a replenishment of more
than 80% of the ore mined during 2022.
On the other hand, during 2022, we will continue with the rehabilitation
of the main crosscut of level 610 of the Estela, and we will complete the
explorations with workings and drilling towards the NW area of the Estela
Branch vein with the objective of confirming 1.5 M oz Ag of potential ore on
structures with Ag-Pb content mainly.
COVID-19
In view of the health emergency, we
updated the surveillance plan, which
establishes the screening of incoming
and outgoing personnel with antigen
and molecular testing. The track was
opened for workers to stay overnight
at their homes, maintaining the
14x7 work system, the number of
employees was reduced to 350, and
the number of workers’ canteens
was reduced to only one. Likewise,
personnel vaccination campaigns
were also carried out with the
support of MINSA.
39
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 OPERATIONS
Sociedad Minera El Brocal S.A.A.
(61.43% BVN)
According to the net parts consolidate, during 2021, we processed
5’282,203 DMT with the following grades and results:
The proven-probable mineral reserves as of December 31, 2021, for
Marcapunta Norte, are: 35’737,790 DMT:
Ag
Au
Pb
Zn
Cu
6´158,981
ounces
17,868
ounces
10,096
MT
35,975
MT
37,914
MT
The cost applied to average annual sales in 2021 was US$ 6593/MT Cu
and US$ 1937/MT Zn.
Au
Cu
Ag
0.024
oz/t
803,588
ounces
1.27
%
453,483
MT
0.72
oz/t
23’262,117
ounces
The measured-indicated exclusive resources as of December 31, 2021, for
Tajo Norte - Smelter, (Cu-Ag) are: 1’061,042 DMT:
Ag
Cu
0.32
oz/t
1.12
%
338,939
ounces
11,833
MT
The proven-probable mineral reserves as of December 31, 2021, for Tajo
Norte - Smelter, (Cu-Ag) are: 26’187,488 DMT:
The measured-indicated exclusive resources as of December 31, 2021, for
Tajo Norte - Smelter, (Zn-Pb-Ag) are 2’470,042 DMT:
Ag
Cu
0.73 oz/t
19’225,280
ounces
1.67 %
436,978
MT
The proven-probable mineral reserves as of December 31, 2021, for Tajo Norte
(Zn-Pb-Ag area) are: 8’321,196 DMT:
Zn
Pb
Ag
2.12
%
176,794
MT
1.09
%
90,331
MT
2.92
oz/t
24’304,712 ounces
Zn
Pb
Ag
3.55
%
1.06
%
87,604
MT
26,266
MT
0.43
oz/t
1’066,403
ounces
The measured-indicated exclusive resources as of December 31, 2021, for
Marcapunta Norte are 30’559,075 DMT:
Au
Ag
Cu
0.027
oz/t
817,766
ounces
0.77
oz/t
23’469,804
ounces
1.50
%
458,639
MT
Sociedad Minera El
Brocal S.A.A. operates the
Colquijirca mining unit in
the province and region of
Cerro de Pasco, 15 km south
of the city of the same name.
It currently mines zinc, lead
and silver from the open pit
mine Tajo Norte, and copper
from the Marcapunta Norte
underground mine. Ore from
both areas are treated at the
Huaraucaca concentration
plants 1 and 2.
41
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021
OPERATIONS
Sociedad Minera El Brocal S.A.A.
(61.43% BVN)
Geology
We diamond drilled 79,009 m, both on the surface and
inside the mine 49.6% of this amount (39,212 m) was
drilled in underground mines of which 34,360 m (88 %)
had the purpose of recategorizing and confirming the
measured, indicated and inferred resources to Cu-Ag-
Au ore reserves in the central, southwest and southeast
zones with favorable results. Also, 3242 m (8%) were
drilled to explore the central and southwest zones.
Finally, 1610 m (4%) were drilled for geometallurgical
purposes in the southwest (arsenical, mixed and
chalcocitic copper mineralization) and southeast zones
(arsenical copper mineralization with
lithological
dominance of breccias and porphyritic dacites). 50.4%
of this amount (39,798 m) was in Tajo Norte, of which
35,821 m (90%) were for the purpose of recategorizing
and confirming measured,
inferred
resources to Ag-Pb-Zn-Cu ore reserves in the Phase 9,
Phase 12-13, and Tatiana zones; 3976 m (10%) were also
drilled for the purpose of exploring the South Wall -
South Dump zones.
indicated and
During 2021, we continued to control the stability of
the north wall, with the help of a radar. This practice
was replicated in the southwest wall of the pit, where
the largest volume of ore mining is concentrated, which
has allowed us to ensure the operating conditions in
this sector.
Major shutdowns were carried out at
the
concentration plants, where critical equipment was
repaired and replaced in order to improve their
availability and reliability.
In Plant 1, works were carried out: In the crushing line, the
Sandvik CJ412 crusher was replaced by a Metso C-130;
in grinding, the Comesa 7x12 N°2 mill was replaced and
the pumps were relocated to optimize their point of
operation in the 18A/B grinding pumping positions and
tailings train N°1, in order to reduce maintenance costs;
in the flotation area, cell banks were rehabilitated to
expand the Cu flotation circuit in the cleaning stage, in
order to improve the degree of recovery. In Plant 2, the
washing drum and the three Ludowici screens in the
crushing area were replaced; the rollers of the HPGR
crusher were also replaced; in the grinding area, the
6500 Kw motor, the LRS starter and the speed reducer
of the 20x30 mill were replaced.
In Planning Management, we are restructuring
strategies, frequencies and roadmaps, which help
us prepare maintenance projections for a future
intervention, with the resources that are available, and
thus we will be able to guarantee the target-production
at lower maintenance and inventory costs.
COVID-19
In view of the health emergency, we established
a surveillance plan with prevention protocols.
These include the screening of personnel entry by
using molecular testing, and reduced capacity for
transportation to and from the unit. Likewise, the
atypical work system was changed from 30x15 to 14x7,
and the occupancy within the Huaraucaca industrial
area was increased to 368 beds. Also, a kitchen was
implemented next to the canteen in the industrial area.
In February, we completed the setting up of a camp
with an occupancy of 420 beds, located in the access to
the underground mine in Marca Punta Sur. This camp
has all the occupancy conditions and a canteen fully
furnished with service facilities.
IN BROCAL WERE PROCESSED
6’158,981
OUNCES
OF SILVER IN 2021
43
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY
OPERATIONS
Minera Yanacocha S.R.L.
Production
Production of gold in 2021 was 264 thousand ounces, compared to 340
thousand ounces produced in 2020.
Production of silver was 0.24 million ounces, compared to 2.14 million in 2020.
The gold mill processed 291 thousand dry MT of ore, with an average grade of
1.25 grams per MT and a gold recovery of 57.9%, obtaining a gold production
of 8.27 thousand ounces, compared to 100 thousand ounces in 2020.
Ore discharged in the leaching piles during 2021 was 17.4 million dry MT,
up from 15.3 million in 2020, as there were no operating restrictions due to
COVID-19, so we produced 256 thousand ounces at these facilities, compared
to 240 thousand in 2020. Minera Yanacocha’s proven and probable reserves
by the end of 2021 total 6.30 million ounces of gold, 85.95 million ounces
of silver and 0.70 million MT of copper. As of the same date, resources
amounted to 7.79 million ounces of gold, 61.02 million ounces of silver and
0.52 million MT of copper.
Proyectos Capital Sostenible
In 2021, Yanacocha’s CAPEX was US$ 21.2 million. The main capital
expenditures are:
Quecher Main Project $18.4 M
Carachugo Project 14 Leach
Pad Improvement $2.1M
Mine closure spending was US$ 71.7 million, with the main expenditures on
Closure Operations ($60.3 M) and Closure Projects ($11.4 M). Quecher Main is
the project that provides continuity to Yanacocha’s operations, contributing
1.3 million ounces of gold, and includes the construction of 13.2 ha of leach
pad in December 2021. It is expected to operate until 2027.
Yanacocha is a mining
district with several
volcanic events that
have created deposits of
gold, like surface oxides,
underlain by deposits
of copper sulphide with
arsenic. It is located 54
km north of the city of
Cajamarca and is operated
by Newmont Mining.
Yanacocha has produced
around 39 million ounces of
gold since 1993 to date.
IN YANACOCHA WERE PROCESSED
264,000 OUNCES
OF GOLD IN 2021
45
45
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021
OPERATIONS
Minera Yanacocha S.R.L.
Sulphides Project
The Yanacocha Sulphides Project is located within the
current area of operation and consists of processing
sulphide ores through an integrated processing circuit,
which includes an autoclave to produce gold, copper
and silver.
The first phase of the project is focused on the mining
of the Yanacocha Verde and Chaquicocha Underground
pit deposits, extending our operations beyond 2040.
The project is in the final feasibility stage and the
investment decision will be made by the end of 2022 to
develop construction over a three-year period.
The project construction permit was approved in July
2021. However, due to the health measures resulting
from the pandemic, initial works were temporarily
halted and progressively resumed to continue until
2022. The detail engineering and the procurement of
critical equipment started in 2021 and will continue
throughout 2022.
Social and Environmental Management
During 2021, we continued to strengthen the conditions
for the continuity of operations and the viability of the
Sulphides Project with the star of the initial works.
This year, we maintained our environmental
ISO
management system, certified under
14001:2015 standard, as well as the control of process
activities, achieving recertification of the International
Cyanide Management Code.
the
Improvements were focused on water treatment
processes to continue with discharges in compliance
with the Peruvian regulations, as well as to identify the
roadmap to reduce the carbon footprint in accordance
with the targets set and complete the closure of 38 ha
in the Yanacocha leach pad.
THE DETAIL ENGINEERING AND
THE PROCUREMENT OF CRITICAL
EQUIPMENT STARTED IN 2021 AND
WILL CONTINUE THROUGHOUT
2022
47
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY
OPERATIONS
Sociedad Minera Cerro Verde S.A.A.
(19.58% BVN)
During 2021, they processed 138.8 million MT by flotation, up from 121.4
million in 2020, with a head grade of 0.310% copper, producing 1626
thousand MT of concentrates with an average grade of 23.05% copper and
a recovery of 87.26%.
Total production was:
790,724 thousand pounds of copper (358,667 tons),
20,616 thousand pounds of molybdenum (9351 tons)
3.68 million ounces of silver contained in concentrates
96.35 million pounds of copper in cathodes (43,704 tons)
The cash cost was US$ 1824 per pound of copper and the total cost was
US$ 2130 per pound of copper produced.
The mineral reserves as of December 31, 2021, are: 3,888’327,000 DMT:
0.37
% Cu
12,172
MT
0.015
% Mo
311,000
MT
0.062
oz/t Ag
108,350
oz
The leachable millable reserves as of December 31, 2021, are 110,574,000
DMT:
0.33% Cu
212,000 MT
The Cerro Verde production
unit is operated by Freeport–
McMoran and is located 30
SW of the city of Arequipa,
in the districts of Uchumayo
and Yarabamba.
In 2021, sales reached $4199 million, with a net profit
of US$ 1191 million.
The debt at the end of 2021 was classified as short-term
and was reduced from $523 million to $325 million.
Investment reached US$ 162.9 million in capital projects,
compared to US$ 179.0 million invested in 2020.
During 2021, Cerro Verde entered into union agreements
with a duration of four and three years.
Since 2017, Cerro Verde has recorded charges related
to the assessments for mining royalties and Special
Mining Tax for the period from December 2006
through December 2013. Since 2014, they have been
paying these disputed dimensioning for the period
from December 2006 through December 2013 through
through monthly
installment programs granted
schedules, all under protest.
In August 2021, the company decided to pay in
advance and under protest the total debt of the
outstanding installments. In February 2020, they
requested the initiation of arbitration proceedings
before the International Centre for Settlement of
Investment Disputes.
COVID-19
During 2021, material processing at the concentration
plants averaged 380,000 metric tons per day.
Cerro Verde continues to update their COVID-19
Surveillance, Prevention and Control Plan at work. The
implementation of these prevention, early detection
and response measures and actions helps to control
the spread risk and the health impact caused by
the COVID-19 pandemic during the development of
operational activities.
Protecting the health of your workforce and
the communities in which they operate is our
top priority, while focusing on protecting and
safeguarding the business in an uncertain economic
and public health environment.
49
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 PROJECTS
During the first half of 2021, the
combination of health measures and the
political environment due to the presidential
elections delayed the scheduled citizen
participation processes. Towards the second
half of the year, we could resume in-person
conversations and reach agreements with
the communities.
San Gabriel
The San Gabriel Project is an epithermal intermediate
sulphidation deposit with gold contents, and lower
copper and silver values. It is located in the province
of General Sánchez Cerro, in the Moquegua region.
All the technical consultations related to obtaining
the benefit concession were resolved. The prior
consultation process could only be reactivated in the
second half of the year, once the change of government
was completed and the social distancing measures
were eased. To date, we have closed the process with
one of the two communities, and we continue to work
to achieve the Benefit Concession in the first quarter of
2022. To mitigate the delay, we focused on advancing
the engineering and the procurement of goods and
services of the project.
We have updated the feasibility study to comply with the new SK1300
standard of SEC, to whom we will be reporting the following inventory:
Reserves: 14.9 MT with 4.04 g/t Au and 6.43 g/t Ag representing 1.94 million
oz Au. Excluding resources: 24.86 MT with 2.10 g/t Au and 8.46 g/t A
We expect to start construction in 2022 and to complete the detail
engineering and the placement of the main purchase and service orders.
Trapiche
The Trapiche Project is an oligocene porphyry copper-molybdenum deposit
located on the southwest bank of the Andahuaylas-Yauri belt, Antabamba
province, Apurímac region.
Despite the social distancing measures, we completed the construction
of the in-situ metallurgical laboratory and started 36 of the 100
column tests scheduled as part of the feasibility study. We completed
the environmental baseline and the first of two citizen participation
workshops, by the end of the year. Finally, we updated the pre-feasibility
study to comply with the new SK1300 standard of SEC, to whom we will
be reporting the following inventory:
Reserves: 283.2 MT with 0.51% Cu, representing 1.4 MT leachable Cu.
Excluding Resources: 283.2 mt with 0.32% Cu, representing 2.1 MT
(leachable) Cu.
In 2022, we will start a drilling program of 18,000 m to continue with in-
situ column tests and improve the certainty of the mineral resources. We
will continue with community engagement, to seeking submit the EIA in
the third quarter and holding the public hearing by the end of the year.
THE TRAPICHE PROJECT
WILL START A
18000
DRILLING PROGRAM TO
M
IMPROVE THE CERTAINTY
OF THE MINERAL
RESOURCE
51
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 PROJECTS
Río Seco Industrial Plant
The Río Seco Industrial Plant is hydrometallurgical
leaching process of Cu-As concentrates from the
El Brocal Unit. It allows the extraction of copper
cathodes, a high-grade residue of Au/Ag and As in the
stable form of scorodite crystals.
The EIA public hearing was successfully concluded,
and all the technical remarks were resolved, awaiting
the final resolution thereof.
The research team is assessing the alternatives to improve
the value of the high-grade residue, in order to broaden
the range of concentrates to apply to this process.
Tantahuatay
The Coimolache Sulphides Project consists of a
flotation plant for the treatment of copper sulphides
lying under the gold ore that is currently being
exploited In Coimolache.
Due to the social distancing measures, we prioritized
the operations regarding exploration and development,
focusing on the drilling plan for the high-degree area.
For this reason, the resource inventory is maintained
like this:
Inferred Resources: 933 MT with 0.32% Cu, 0.18 g/t Au
and 7.89 g/t Ag, representing 3 MT Cu and 5.4 million
ounces of Au.
We will continue the high-grade drilling campaign,
assessing the possibility of starting the shift to an
underground mine, and provide more time for the land-
purchase process.
THE COIMOLACHE SULFUROS
PROJECT MAINTAINED ITS
INVENTORY RESOURCE OF
5.4
MILLION
OUNCES OF GOLD IN 2021
53
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY OTHER BUSINESSES
Conenhua
Consorcio Energético de Huancavelica S.A. - CONENHUA (100% BVN)
Founded 39 years ago, this company sold a private medium voltage line
that served the Recovered Mining Unit, the ownership of which changed
in October 2021.
System
Voltage
(kV)
Length
(km)
Location
CH Ingenio – Recovered Diversion
- Totorapampa SE Line
22
19.6
Huancavelica
CONENHUA continues to operate and maintain the secondary transmission
lines and the substations that provide energy to Buenaventura’s mining
and industrial operations, both in high and medium voltage.
Said mining operations are: La Zanja, Coimolache, Uchucchacua,
Procesadora Industrial Río Seco, El Brocal, Julcani and Tambomayo.
The performance of all the aforementioned lines has been as per the
following table:
Voltage
levels
External Failure
(Hours)
Internal Failure
(Hours)
Maintenance
(Hours)
Total
(Hours)
33 kV
60 kV
138 kV
Total
0.5
0.0
0.19
0.19
0.0
0.0
3.1
3.1
0.0
0.0
14.19
14.19
58.65
61.94
72.84
76.13
THE NEXT RESULT AFTER INCOME TAX OF
US$ 29.85 MILLIONS
IN 2021
This year, they submitted for COES approval the Pre-
Operational Assessment (EPO) of the project 220 kV
Transmission Line from Lomera Substation to Planta
de Cobre Substation, commissioned by Procesadora
Industrial Río Seco S.A. This EPO should be approved
in the first months of 2022.
They also managed the final assessment and
easement management of project 220 kV
Transmission Line from Chilota Substation to San
Gabriel Substation, commissioned by Buenaventura,
up to a 93% progress in the last stage of the easement
management. They continued with the arrangement
of environmental permits.
Bahía 138 kV (CL-1703) at Carhuamayo was modernized,
including civil works, change of electromechanical
equipment, implementation of new boards and new
wiring, service commissioned by El Brocal.
The pre-feasibility and feasibility studies of the
220kV Transmission Line of the Ishcayucro Diversion
to the Raurapata Substation project, commissioned
by Minera Raura for its project of mining expansion
to 6000 TPD were carried out. In December, the
easement agreements with the communities along
the route were closed.
Huanza has continued to improve its electromechanical
facilities and equipment, obtaining a group availability
of more than 92% and generating 424.545 GWh in this
hydroelectric power plant. For the second consecutive
year, the Huanza hydroelectric power plant obtained
the 2021 Renewable Energy Certification issued by
Spanish certifier AENOR Internacional.
The small Huapa and Ingenio hydroelectric power
plants have generated a total of 10.857 GWh for the
operations of the Buenaventura Julcani mine. The
economic outturn of Consorcio Energético Huancavelica
has reported operating income of US$ 59.69 M, an
operating profit of US$ 36.20 M, and a net income after
income tax of US$ 29.85 M.
55
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021
OTHER BUSINESSES
Río Seco
Procesadora Industrial Río
Seco S.A. (100% BVN)
Procesadora Industrial Río Seco
is dedicated to the production
of manganese sulphate from
Pb-Ag-Mn concentrates of the
Uchucchacua Unit. It is located
in Huaral, 102 kilometers North
of the city of Lima.
During 2021, the acid washing plant treated 14,179.3 MT of concentrate
from the Uchucchacua unit, with the following grades:
Ag
Pb
Mn
62.3 oz/t
7.5%
28.1%
As a result of the acid washing operations, a concentrate with a higher
Ag grade and a lower Mn content is obtained. The following table shows
the results before and after washing:
Concentrate
DMT
Ag
Oz/DMT
Pb
%
Mn
%
Uchucchacua Concentrate
14,179.3
62.3
7.5
28.1
Rio Seco Concentrate
7,997.2
109.8
13.3
1.5
The sulphuric acid plant produced 9,404.6 MT of sulfuric acid with a purity
of 98% using the WSA (Wet Sulphuric Acid) technology, which is clean and
environmentally friendly. 38.2% of the acid was produced from elemental
sulphur, and 61.8% was produced from acid gas coming from the acid
washing plant.
The crystallization plant uses two dryers to produce 12,362.8 MT if Mn
sulphate monohydrate. The distribution of production per dryer was
as follows:
Manganese Sulphate Monohydrate
DMT
Spray Dryer
Spin Flash Dryer
Total
854
11,508.8
12,362.8
One of the main Río Seco projects is its copper plant, for which the feasibility
study has been completed and the EIA is in process.
Río Seco works with the highest environmental safety standards,
continuously coordinating with the communities of Huaral and Sayán, the
Lachay National Reserve and the municipalities of Huaral and Chancay, with
which the participatory environmental monitoring program is carried out
in the area.
In February of 2022, Río Seco requested the temporary halt of its operations
due to a lack of Pb-Ag concentrate, caused by the temporary suspension of
operations in Uchucchacua.
DURING 2020 THE ACID
WASHING PLANT TREATED
9,405
MT
OF CONCENTRATE
57
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021
SAFETY
We consider safety to be an inherent part of
each process; this is why we stipulate that
safety management is responsibility of the
operating officer in charge of the respective
process, this being an integral part of the
quality indicators and a cross-cutting value
throughout the company.
Durante 2021 the accident rate increased to 2.49,
more than 100% higher than the previous year (0.16).
Our main activities were as follows:
A significant factor for this increase have been the
thtee fatal accidents recorded in non-mining activities:
Approach to unions through awareness sessions
called “Internalizing Commitments for Life, Thinking
of the Family that Awaits us Home”.
Conenhua
Campoy Warehouse
Huaruro irrigation canal
(Electricity)
(Industry)
(Civil construction)
Strengthening of our collaborators and those of the
contractor companies through the activities of the A
Pact for Life program, related to personal commitment.
This year no fatal accidents were registered in mining
activities. At year-end, we accumulated 2.5 continuous
years without fatalities in these activities.
Deployment of the Critical Risk Management initiative,
focused on preventing fatal and permanently disabling
accidents through engineering controls.
These results require us to continue to make efforts and
to allocate resources to improve safety management
in non-mining activities and to achieve sustainability
in the results of mining activities, based on the critical
risk approach and on the operational controls, and the
Pact for Life (change of beliefs).
Involvement of supervisors, workers and unions
through the participatory safety approach.
More efficient corrective actions
the
prioritization of operational controls and the application
of the ICAM methodology for accident investigation.
through
We continue to work in order to achieve a safe
production culture that involves all the collaborators
of our Buenaventura family.
ANNUAL REPORT 2021
59
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY
ENVIRONMENTAL
MANAGEMENT
ANNUAL REPORT 2021
61
61
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY ENVIRONMENTAL MANAGEMENT
The Company continued developing its environmental activities amidst
the health emergency due to COVID-19, orienting its interventions to the
achievement of the environmental sustainability of its operations. Its
performance was based on an adequate and mainly-preventive monitoring
and operational control to minimize impacts on the environment, and to
achieve an adequate management of the water resources by controlling
their quality, and strengthening the reuse and recirculation of water in our
processes. Similarly, we continued to reduce the disposal of sterile material
and solid waste through recycling and the execution of mine closure works,
prioritizing progressive closure.
Throughout the year, fifty (50) environmental instruments were managed:
16
approved
14
18
are still under evaluation
are being prepared
1
1
has been withdrawn and one
has an appeal for reconsideration
The last stage of evaluation by the competent authorities of the Detailed
Environmental Impact Assessment (dEIA) continues to be managed, such
as: Trapiche, Río Seco Cobre and Yumpaq projects, which, due to the health
emergency, had to combine in-person citizen participation mechanisms
with virtual mechanisms (radio and multimedia communication). Also, they
continued with the Amendments to the Environmental Impact Assessments
of the following mining units: Colquijirca, Julcani, Tambomayo and
Tantahuatay. In the case of the San Gabriel Project, the dEIA of which had
been approved, progress was made regarding the request for the benefit
concession and the construction permit. The construction of the project’s
water dam was authorized. On the other hand, Buenaventura obtained
the approval of six (06) Supporting Technical Reports (ITS), which allow to
execute components with non-significant environmental impact. Of the
Detailed Environmental Plans (PAD) submitted to the authority, three (03)
were approved and two (02) are under evaluation.
THE RATE OF RECIRCULATION IN OPEN-PIT OPERATIONS REACHED
98.8%
AND ABOUT IN
UNDERGROUND
OPERATIONS 83.4%
It should be noted that, due to the health emergency,
we continued using the Prior Communication
procedure, issued through L.D.
1500-2020 and S.D. N° 005-2020, which allowed
the implementation of components associated with
the execution of diamond platforms, construction of
minor subway workings, installation of equipment
in the concentration plant,
in the
treatment of effluents, geotechnical drilling, among
the most important. A total of twenty-one (21) prior
communications were made in the open-pit units, and
twenty-five (25) in the case of the underground units.
improvement
the Buenaventura
We maintained
Integrated
Management System (SIB) Certification, which, in
reference to the Environmental Management System
(EMS), is based on the ISO 14001:2015 international
standard. Meanwhile, in order to emphasize the
degree of involvement in environmental processes,
the Environmental Performance Index (IDA) was used
as an evaluation tool, reaching 94% compliance, which
measures the degree of compliance of the different
areas with respect to: Commitments and action plans
resulting from the findings of inspections, audits,
supervisions and execution of the training plan.
Water is a strategic input for different economic sectors
and especially for mining. Accordingly, our operations
made efforts to use water resources efficiently by
boosting the recirculation of tailings water and other
originated during the metallurgical process. However,
it is important to note that, during the first months
of the health emergency, plant activities were partial
and, in some cases, shut down. The rate of recirculation
in open-pit operations reached 98.8%, and 83.4% in
underground operations. The water consumption
rate compared to the quantity of ore processed was
0.21 m³/MT in open pit mines and 0.84 m³/MT in
underground mines.
63
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021
ENVIRONMENTAL MANAGEMENT
This year, thirty-eight (38) operating permits for water
resources were arranged:
21
correspond to treatment system authorizations
(12 industrial discharges, 07 domestic discharges,
02 drinking water treatment systems)
07
04
06
) water-use rights, four
permits for the execution of minimum works
(hydraulic infrastructure, embankments, riverbed cleaning)
permits for hydrogeological studies
in the environment of
Water-quality monitoring
our operations was developed in our Orcopampa,
Tambomayo and Trapiche units, carrying out training
activities for the participants, monitoring performed by
accredited laboratories, and dissemination of results to
the population through radio and electronic newsletters.
At the other units, such as La Zanja and Tantahuatay, we
participated as part of the committee led by the National
Water Authority (ANA).
Throughout the year, the Environmental Assessment
(OEFA) carried out twenty
and Control Agency
in the different
(20) environmental supervisions
units and projects. Efforts were made to minimize
potential penalizing administrative procedures, acting
preventively in the field. The accumulated environmental
contingencies as of 2021, were S/ 22.8 M, higher than the
previous year, due to increases in closing units outside
our operations, mainly due to Administrative Procedures
that are still under review with the authority.
We continued to promote mine-closure works, mainly
in the Progressive Closure and Post-Closure stages.
It should be noted that, due to the health emergency
caused by COVID-19, a large part of the activities had to
be rescheduled and, therefore, the mine-closure plans
were modified. Likewise, the closure works carried out
were negatively impacted by the presence of illegal
mining, a situation we continued to communicate to
the competent authorities. As in most cases, there
was no timely response and we were forced to carry
out remediation works on already closed areas that
were disturbed.
The mine-closure allowance, for both mining units
and exploration projects and environmental liabilities,
reached US$ 468M, as of Friday, December 31, 2021.
The closure works carried out in the year totaled
US$ 15.2 M, mainly
revegetation works.
including rehabilitation and
In the field of innovation, a biotechnical innovation
projects was started mainly at our La Zanja Mining
Unit, the purpose of which is the enrichment of
“top soils” and “seeds”, through consortia of beneficial
native microorganisms, as biofertilizers, with the
purpose of improving soil fertilization and reducing
the costs of mine closure coverage. Better infiltration
values were achieved compared to other conventional
coverage systems (clay, gravel and sand). Also, at
this mining unit, we completed the construction of a
passive-treatment system for the treatment of acid
water, called “reactive wetland”. During 2022, we will
assess its efficiency and implementation for the mine-
closure stage.
CLOSURE WORKS EXECUTED DURING
THE YEAR AMOUNTED TO
US$ 15.2
MAINLY INCLUDING REHABILITATION AND
M
REVEGETATION WORKS
65
65
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY / THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY
SOCIAL
MANAGEMENT
ANNUAL REPORT 2021
67
67
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY 10. SOCIAL MANAGEMENT
Our country held general
elections for the presidency
Congress this year, while
continuing its efforts to fight
the pandemic.
Our country held general elections for the presidency Congress this year,
while continuing its efforts to fight the pandemic.
The different economic activities, including mining, continued to resume as
a result of the evolution of the health protocols and the vaccination of the
Peruvian population. In some central and southern areas of the country,
social conflicts that halted important mining operations were reactivated.
In that context, under our Shared Social Responsibility approach, in which
the State, the company and civil society join efforts in favor of the population,
we continued to approach neighboring communities and local authorities
in our areas of influence to provide the tools needed in the fight against
the health crisis, respecting and promoting the protocols established by the
government and those established our company.
In the sphere of education, teaching and connectivity reaffirmed their
importance in this new normality. To meet this challenge, we continued to
promote private initiatives and alliances with authorities to install Internet
antennae in the districts of Hualgayoc, in the Cajamarca region; Tapay, in
Arequipa; and Juan Espinoza Medrano, in Apurímac.
Through agreements entered into with radio stations in our area of influence,
we continued to support the broadcasting of the national educational
program Aprendo en Casa (Learning at Home). We continued with our
teacher-training program, adapted to the remote modality since 2020, with
the participation of 172 teachers and principals of the environment of our
operations, who were trained in the use of distance-education, planning
and pedagogical evaluation tools, as well as emotional support strategies
for the families of 2619 students in 8 districts of 4 regions (Lima, Pasco,
Huancavelica and Arequipa).
In infrastructure, we could continue with important
works under the works-for-taxes modality, which
allows the private sector to fund and execute high-
impact public projects in favor of the low-income
population. In the province of Pasco, we started paving
works in the Smelter village for S/ 2.75 million and
in the Uliachin neighborhood for S/ 710 thousand. In
Oyón, Lima region, the paving of Huánuco Avenue is
being completed, with a total cost of S/ 8.7 million.
In Cajamarca, with the studies being funded by
Coimolache, the Sub-sectoral
Irrigation Program
completed the irrigation in the town of Ruiseñor, with
an investment of S/ 2.1 million, and the Municipality
of Hualgayoc made progress in the execution of the
irrigation works of Chugurcillo, for an amount of S/ 4.3
million, funded by the Ministry of Agrarian Development
and Irrigation (MIDAGRI).
In Arequipa, with direct funding by Buenaventura for
assessments and execution, significant progress was
made in the construction of the Huaruro irrigation canal,
in the Tapay district. This work is over 15 kilometers in
length and will allow irrigation water to be brought to
the lower part of this district.
WE HAVE MADE CONSIDERABLE PROGRESS
IN THE CONSTRUCTION OF THE HUARURO
IRRIGATION CANAL, WITH MORE THAN
15 KILOMETERS
OF WATER SUPPLY FOR IRRIGATION
69
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 GESTIÓN SOCIAL
Facing the difficulties of the pandemic, in 2021, we
managed to carry out participatory processes in
environmental management instruments, like three
partially
in-
person by the communities and remotely by the
corresponding national authorities, using virtual tools
and satellite Internet.
in-person public hearings, attended
Our activities helped to stimulate small and micro-
enterprises that are linked to formal mining, helping
them to bill 450 million soles to local companies, which
provided direct services to various mining operations
of the company.
Another positive impact was the reactivation of
local agricultural and livestock producers in the
area of influence of our operations in Lima, Pasco,
Huancavelica, Arequipa and Moquegua. Through the
Program of Productive Development and Commercial
Articulation of Buenaventura (PRA Buenaventura),
local businesses and enterprises have
various
accumulated income of 56 million soles since the
program began, thanks to the sale of products in local,
regional and national markets.
A sensitive event was the temporary suspension of
activities in the Uchucchacua Production Unit, in the
province of Oyón, Lima region. In October, we had to
report that the low ore grade, the increase in costs
during the pandemic, and a strike against the operation
promoted by the community of Oyón determined said
suspension until 2023.
This has been another year of challenges that we
have faced responsibly, prioritizing the health of all,
contributing to the country’s recovery and promoting
sustainable development in the area of influence of
our operations.
71
THE REACTIVATION OF LOCAL PRODUCERS
OF THE AGRICULTURAL AND LIVESTOCK
SECTORS HAS ACCRUED INCOME OF
56
MILLION
SINCE THE BEGINNING OF THE PROGRAM
COVID-19
In this second year, the different mining units of
Buenaventura have continued to strengthen operational
strategies to protect our employees.
In addition to the health protocols implemented by the
company, we continued with the strategy started in
2020, which was to prioritize local and regional labor
hiring, seeking to reduce the contagion risk posed
by inter-provincial travel. At the end of 2021, 64%
of the employees in our mining units come from the
regions where we present, and half of them come from
neighboring communities.
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY INNOVATION
Since the Innovation
Management was created,
back in 2018, a series
of innovative projects
has been given cross-
cutting promotion in
Buenaventura. Many of
the projects that have
been worked on and
implemented have emerged
from opportunities that
were born in mining
operations and because
of the need to address
them from an innovative
approach. In addition, we
have defined the road map
that we must follow to
automate our operations,
emphasizing critical value
chain activities, such as
mine operation and plant
operation, which allows
us to bet on the benefits of
digital transformation.
2021 has continued to be a very challenging year given the circumstances
we have been engulfed in as a result of the pandemic. However, this new
reality, which has enabled changes to accelerate globally, has allowed us
as a company to identify, test and validate some technologies that may be
of great importance in the development of our operations, so that they are
increasingly carried out in a more productive and safe way.
2021
PROJECTS
La Zanja
Bioremediation Project
Develop a new alternative method for the closure of the San Pedro Sur
pit and different mining components, which would reduce costs and the
generation of acid water drainage.
We conducted the first annual survey on the Innovation Maturity Index
(IMI), with the following result: 54% Maturity, which poses us the challenge
of communicating the innovation strategy, disseminating our work process
and recognizing our people.
EL Brocal
Advanced analytical on flotation project
THE FUTURE:
“ARTICULATE CONTINUOUS
IMPROVEMENT AND INNOVATION
SO THAT THEY BECOME PART OF
THE BUENAVENTURA DNA”.
As part of the automation projects that have been working on throughout
the year, we can highlight the following:
Optimize the flotation process and increase recovery by 1%. For this
purpose, artificial intelligence and machine learning are used.
Orcopampa
Project for a battery-powered system to autonomously move scoops
inside the mine
Improve the productivity of these pieces of equipment, as well as to
improve safety by not having to use other equipment to move them.
San Gabriel
Digital mine
Operation with an efficiency and information management that reflects
a change in digital thinking and the way our employees work.
73
73
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY
ECONOMIC
AND FINANCIAL
REPORT
ANNUAL REPORT 2021
75
75
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 ECONOMIC AND FINANCIAL REPORT
The company’s net loss amounts to US$ 278.7 M, compared to the US$ 150.3 M
loss of 2020. Excluding those loss generated by Yanacocha, the company’s net
profit amounts to US$ 127.6. This increase is mainly due to an increase in net
sales caused by a greater volume and improved prices.
On a consolidated basis, the metal with the highest percentage value of our
2021 sales was gold with 35%, followed by copper with 28%, silver with 20%,
zinc with 12%, and lead with 5%.
In addition, the net debt ratio over EBITDA closed the year in 3.58x.
During 2021, the final cash position increased from US$ 235.4 million to US$
377.0 million, and the total CAPEX for the year was US$ 90.6 M.
As of December 31, 2021, we had 989 common
Of those, 19.483% correspond to
shareholders.
shareholders residing in the country and 80.517% to
non-residents.
Likewise, we had 891 shareholders holding
investment shares.
During 2021, the ADRs program of the New York
Stock Exchange (NYSE), achieved a trading volume
of US$ 2,898,876,178 (318,366,500 ADS).
Also, as of December 31, 2021, there were 221,256,081
ADS outstanding, representing 80.49% of the company’s
total shares outstanding.
AS OF DECEMBER 31, 2021,
WE HAD 989 COMMON
SHAREHOLDERS. OF THOSE
19.5%
CORRESPOND TO SHAREHOLDERS
RESIDING IN THE COUNTRY AND
80.5%
TO NON-RESIDENTS
ANNUAL REPORT 2021
77
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021
FINANCIAL STATEMENTS
Tanaka, Valdivia & Asociados
Sociedad Civil de R.L
Report of Independent Registered Public Accounting Firm
Report of Independent Registered Public Accounting Firm (continued)
To the Board of Directors and Shareholders of Compañía de Minas Buenaventura S.A.A.
We have audited the accompanying consolidated financial statements of Compañía de Minas Buenaventura S.A.A. (a Peruvian
public corporation) and subsidiaries (together the “Group”), which comprise the consolidated statements of financial position as of
December 31, 2021 and 2020, and the related consolidated statements of profit or loss, statements of other comprehensive income,
statements of changes in equity and statements of cash flows for the years ended December 31, 2021, 2020 and 2019, and a
summary of significant accounting policies and explanatory notes.
Management’s responsibility for the consolidated financial statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with
International Financial Reporting Standards issued by the International Accounting Standards Board, and for such internal control
as management determines is necessary to enable the preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
Auditors’ responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit
in accordance with International Auditing Standards approved in Peru by the Board of Deans of the Peruvian Charter of
Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit
involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material
misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the Group’s preparation and fair presentation of the consolidated financial
statements in order to design audit procedures that are appropriate for the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the consolidated financial statements.
Registered in item 11396556 of the Registry of Legal Entities of Lima and Callao
Member of Ernst & Young Global
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial
position of Compañía de Minas Buenaventura S.A.A. and Subsidiaries as of December 31, 2021 and 2020 and their financial
performance and cash flows for the years ended December 31, 2021, 2020 and 2019, in accordance with International Financial
Reporting Standards as issued by the International Accounting Standards Board (“IASB”).
Lima, Perú,
February 24, 2022
Countersigned by:
Carlos Valdivia
C.P.C.C. Matrícula N° 27255
79
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY
FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of December 31, 2021 and 2020
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
For the years ended December 31, 2021, 2020 and 2019
Assets
Current assets
Cash and cash equivalents
Trade and other receivables, net
Inventories, net
Income tax credIt
Prepaid expenses
Non-current assets
Trade and other receivables, net
Inventories, net
Investments in associates and joint venture
Mining concessions, development costs, right-of-use asset, property, plant and
equipment, net
Investment properties, net
Deferred income tax asset
Prepaid expenses
Other assets, net
Total assets
Liabilities and shareholders’ equity, net
Current liabilities
Bank loans
Trade and other payables
Provisions and contingent liabilities
Income tax payable
Financial obligations
Hedge derivative financial instruments
Liability directly associated with the investment in Yanacocha held for sale
Non-current liabilities
Trade and other payables
Provisions and contingent liabilities
Financial obligations
Contingent consideration liability
Deferred income tax liabilities
Total liabilities
Equity, net
Capital stock
Investment shares
Additional paid-in capital
Legal reserve
Other reserves
Retained earnings
Other reserves of equity
Shareholders ‘equity, net attributable to owners of the parent
Non-controlling interest
Total equity, net
Total liabilities and equity, net
2021
US$(000)
376,999
240,432
86,264
15,456
20,394
739,545
635,832
12,802
1,422,295
1,537,870
−
164,351
23,920
25,196
3,822,266
4,561,811
50,000
259,641
81,039
3,026
179,417
34 6,976
580,099
264,838
844,937
3,037
232,288
878,558
17,718
46,742
1,178,343
2,023,280
750,497
791
218,450
163,270
269
1,239,526
(4,477)
2,368,326
170,205
2,538,531
4,561,811
2020
US$(000)
235,449
230,830
77,327
19,837
25,709
589,152
102,347
23,637
1,488,775
1,650,361
186
73,850
24,806
26,503
3,390,465
3,979,617
65,793
196,140
51,816
3,162
25,086
18,439
360,436
−
360,436
2,742
249,596
506,567
22,100
38,319
819,324
1,179,760
750,497
791
218,450
163,194
269
1,503,785
(9,526)
2,627,460
172,397
2,799,857
3,979,617
2021
US$(000)
2020
US$(000)
2019
US$(000)
Continuing operations
Sales
Sales of goods
Sales of services
Royalty income
Total sales
Operating costs
Cost of sales of goods, excluding depreciation and amortization
Unabsorbed cost due to production stoppage
Cost of sales of services, excluding depreciation and amortization
Depreciation and amortization
Exploration in operating units
Mining royalties
Total operating costs
Gross profit
Operating expenses, net
Administrative expenses
Selling expenses
Exploration in non-operating areas
Write –off of stripping activity asset
Reversal (provision) of contingencies and others
Impairment recovery (loss) of long-lived assets
Other, net
Total operating expenses, net
Operating loss
Share in the results of associates and joint venture
Finance income
Finance costs
Net loss from currency exchange difference
Profit (loss) before income tax
Current income tax
Deferred income tax
Total income tax
Profit (loss) from continuing operations
Discontinued operations
863,470
21,052
15,928
900,450
(529,731)
(25,509)
(1,269)
(187,211)
(56,412)
(12,974)
(813,106)
87,344
(67,585)
(20,827)
(11,270)
(6,763)
(2,687)
(14,910)
(29,260)
(153,302)
(65,958)
240,450
5,952
(60,629)
(18,686)
101,129
(20,375)
44,046
23,671
124,800
Net loss from discontinued operations attributable to equity holders of the parent
(387,604)
Loss for the year
Attributable to:
Equity holders of the parent
Non-controlling interest
Basic and diluted loss per share attributable to equity holders of the parent,
stated in U.S. dollars
Profit (loss) for continuing operations, basic and diluted per share attributable to
equity holders of the parent, expressed in US dollars
Profit (loss) from the discontinued operations, per basic and diluted share,
express in U. S. dollars
(262,804)
(264,075)
1,271
(262,804)
(1.04)
0.49
(1.53)
637,619
20,285
18,638
676,542
(393,888)
(27,758)
(1,554)
(189,620)
(28,044)
(11,749)
(652,613)
23,929
(67,185)
(18,533)
(8,475)
(11,633)
(4,150)
2,083
2,690
(105,203)
(81,274)
62,702
2,411
(37,822)
(4,116)
(58,099)
(9,924)
(15,506)
(25,430)
(83,529)
(66,810)
(150,339)
(135,718)
(14,621)
(150,339)
(0.53)
(0.27)
(0.26)
821,930
23,661
22,297
867,888
(512,874)
−
(3,378)
(226,335)
(44,163)
(12,832)
(799,582)
68,306
(76,297)
(24,313)
(11,879)
−
2,968
(2,083)
(11,090)
(122,694)
(54,388)
89,290
6,050
(42,173)
(734)
(1,955)
(11,911)
37,501
25,590
23,635
(52,094)
(28,459)
(12,208)
(16,251)
(28,459)
(0.05)
0.16
(0.21)
81
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY
FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31, 2021, 2020 and 2019
Operating activities
Proceeds from sales
Dividends received from related parties
Recovery of taxes
Royalty received
Dividends received from other investments
Proceeds from insurance claim
Interest received
Payments to suppliers and third parties, and other net
Payments for tax litigation
Payments to employees
Income tax and Royalties paid to Peruvian State
Interest paid
Payments of royalties
Net cash and cash equivalents provided by (used in) operating
activities
Investing activities
Proceeds from sale of investments
Proceeds from sale of property, plant and equipment
Acquisition of investment in associate
Additions to property, plant and equipment
Payments for acquisition of other assets
Net cash and cash equivalents used in investing activities
Financing activities
Senior Notes bonds issued, net of emission costs
Proceeds from bank loans
Decrease (increase) of bank accounts in trust
Payments of bank loans
Short-term and low value lease payments
Increase of restricted time deposits
Payments of financial obligations
Lease payments
Dividends paid to non-controlling interest
Proceeds from financial obligations
Dividends paid to controlling interest
Net cash and cash equivalents provided by (used in)
financing activities
Increase (decrease) in cash and cash equivalents for the year, net
Cash and cash equivalents at beginning of year
Cash and cash equivalents at year-end
Financing and investing activities not affecting cash flows:
Changes in estimates of mine closures plans
Leases additions
2021
US$(000)
945,631
148,411
28,191
17,074
3,350
2,358
207
(608,689)
(552,639)
(125,773)
(34,157)
(14,504)
(6,970)
(197,510)
3,640
739
−
(90,309)
(357)
(86,287)
539,300
13 50,000
17
(65,793)
(35,985)
(29,242)
(21,585)
(5,205)
(6,160)
−
−
425,347
141,550
235,449
376,999
3,272
2,972
2020
US$(000)
2019
US$(000)
708,196
3,649
42,967
18,954
2,500
4,381
1,658
(434,591)
(22,386)
(129,353)
(25,708)
(21,653)
(6,180)
142,434
−
24,416
(13,453)
(71,546)
(1,641)
(62,224)
−
18,019
2,134
(7,197)
(19,549)
−
(38,994)
(4,080)
(5,140)
−
−
(54,807)
25,403
210,046
235,449
31,558
5,213
783,000
33,388
45,712
23,001
1,126
−
4,265
(589,852)
(36,322)
(137,300)
(24,935)
(28,266)
(4,741)
69,076
−
726
−
(102,627)
(3,700)
(105,601)
−
55,000
(166)
(95,000)
(22,011)
−
(186,152)
(7,596)
(6,500)
161,894
(22,098)
(122,629)
(159,154)
369,200
210,046
26,722
19,885
83
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY MANAGEMENT ANALYSIS AND DISCUSSION
THE MAIN VARIATIONS IN THE
CONSOLIDATED FINANCIAL
STATEMENTS FOR THE 12-MONTH
PERIODS ENDED ON DECEMBER 31,
2021 AND 2020, ARE EXPLAINED
NEXT:
(FIGURES IN US DOLLARS ARE EXPRESSED IN
THOUSANDS, EXCEPT FOR METAL QUANTITIES AND
QUOTATIONS)
1. Net Sales
In 2021, the sales of goods amounted to US$ 863,470
compared to sales of US$ 637,619 in 2020, representing
an increase of 35%. This variation is mainly explained
by the following factors:
Julcani and Tambomayo mining units by US$ 63,645,
US$ 26,965 y US$ 6,212, respectively, as a result of
the increase of the volumes sold; offset by (ii) the
decrease in sales of the Uchucchacua mining unit by
US 10,915, as a result of the decrease in the volumes
sold due to the temporary production suspension.
a. Sales of gold
c. Sales of zinc
The average sales quotation of this metal went down
from US$ 1,841.96/oz, in 2020, to US$ 1,775.37/oz in
2021, which represents a 4% price increase. However,
sales were up to 23,312 oz of gold, compared to
2020. The combined effect meant a greater sales
revenue of US$ 33,086 in 2021, compared to 2020.
The greater income corresponds mainly to the net
effect of: (i) the increase in sales of the Orcopampa,
Río Seco, Colquijirca and Tambomayo mining units
by US$ 11,461, US$ 9079, US$ 7889 and US$ 6824,
respectively, as a result of the higher volume sold
offset by (ii) the decrease in sales of La Zanja mining
unit by US$ 2529, as a result of the decrease in sales
to third parties during 2021.
b. Sales of silver
The average sales quotation of this metal went up
from US$ 2,233.55/MT, in 2020, to US$ 3,182.05/
MT in 2021, which represents a 42% price increase.
Likewise, sales were down to 8,849 MT of zinc,
compared to 2020. The combined effect meant
a greater sales revenue of US$ 23,034 in 2021,
compared to 2020. The greater income corresponds
mainly to the net effect of: (i) the increase in sales
of the Tambomayo and Uchucchacua mining units
by US$ 22,488 and US$ 6858, respectively, as a
result of the increase in volumes sold and average
quotations; offset by (ii) the decrease in sales to
the Colquijirca mining unit by US$ 6312, as a result
of the decrease in volumes sold, even though the
agreed quotations increased, due to the fact that,
during 2021, the production level for the year was
below the required standards.
The average sales quotation of this metal went up
from US$ 122.14/oz, in 2020, to US$ 25.09/oz in
2021, which represents a 13% price increase. Also,
sales went up to 2,221,414 oz of silver, compared to
2020. The combined effect meant a greater sales
revenue of US$ 86,432 in 2021, compared to 2020.
The greater income corresponds mainly to the net
effect of: (i) the increase in sales of the, Colquijirca,
d. Sale of copper
The average sales quotation of this metal went
up from US$ 6,259.49/MT, in 2019, to US$
9,455.09/MT in 2021, which represents a 51%
price increase. Also, sales went up to 7,049 MT of
copper compared to 2020. The greater income is
85
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY MANAGEMENT ANALYSIS AND DISCUSSION
mainly due to the increase in the quantities sold
and the average quotations of the Colquijirca
mining unit of US$ 159,119.
b. Costs not absorbed during
production shut down
e. Deductions
During 2021, deductions to metal prices for maquila
and penalties in concentrate sales as a whole
amounted to US$ 196,201, compared to US$ 179,748
in 2020, amounts that have been deducted from
total net sales of each year.
2. Operating expenses
In 2021, operating expenses were US$ 813,106,
compared to US$ 652,613 in 2020, which represents
an increase of 25%. This increase is mainly explained
by the effect of:
b. Cost of sales of goods, without
considering depreciation and amortization
The cost of sales of goods, without considering
depreciation or amortization, increased by US$
135,843, from US$ 393,888 in 2020 to US$ 529,731
in 2021, which represents an increase of 34%. The
increase in the cost of sales is mainly explained
by the higher production and sales in the Group’s
mining units as a result of the greater quantity of ore
mined during 2021, and the Peruvian State declared
a State of National Emergency and mandatory social
isolation in 2020.
Unabsorbed costs during the production stoppage
decreased by US$ 2249, from US$ 27,758 (net of
intercompany eliminations) in 2020 to US$ 25,509
(net of intercompany eliminations) in 2021, which
represents a decrease of 8%.
During 2021, the unabsorbed production costs of the
mining units correspond to the stoppage of production
at the Uchucchacua mining unit incurred as of October,
due to operational problems at the unit that were
aggravated by the COVID-19 pandemic. As a result
of said stoppage, the industrial activities at Río Seco
(which receives raw material from the Uchucchacua
mining unit) were suspended until operations at
Uchucchacua were resumed.
During 2020, the unabsorbed production costs of the
mining units correspond to the production stoppage
of the Group as a result of the State of National
Emergency and mandatory social isolation related to
the COVID-19 pandemic.
c. Exploration in operating units
Exploration in operating units increased by US$
28,368, from US$ 28,044 in 2020 to US$ 56,412 in
2021, mainly due to the increase in explorations in
all the units of the Group. Explorations increased
by US$ 11,310, US$ 6268, US$ 4359 and US$ 2918,
in the Colquijirca, Orcopampa, Uchucchacua and
Tambomayo units, respectively.
3. Operating expenses
Operating expenses in 2021 were US$ 153,302, compared to US$ 105,203
of 2020, which represents a 46% increase. This increase was mainly due
to the net effect of: (i) the lower expense related to the asset write-off of
the deferred stripping cost of the Colquijirca mining unit of US$ 4870 as a
result of an expense of US$ 11,633 in 2020, compared to an expense of US$
6763 in 2021; (ii) higher expenses related to the provision for impairment
of long-lived assets by US$ 16,993 from an income of US$ 2083 from the
Julcani mining unit in 2020 to an expense of US$14,910 in 2021 related to
the Río Seco provision of US$ 19.9 million offset by a reversal of the La
Zanja mining unit provision of US$ 5.0 million; and (iii) a variation in “Other,
net” from an income of US$ 2690 in 2020 compared to an expense of US$
29,260 in 2021 mainly explained by: (a) the increase in the allowance for
environmental liabilities by US$ 12,658 of the El Brocal subsidiary; (b) a
lower income related to a commercial contract cancellation agreement
with the Tambomayo mining unit by US$ 3800 generated in 2020; and (c)
the increase in the provision for impairment of spare parts and supplies of
the mining units by US$ 3624.
87
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 MANAGEMENT ANALYSIS AND DISCUSSION
4. Other income (expenses), net
The other income (expenses), net, increased by US$ 143,912, going up from a
US$ 23,175 profit in 2020 to a US$ 167,087 profit in 2021. This variation was
mainly due to the net effect of: (i) the increase in the results of associate
companies and joint ventures from a gain of US$ 62,702 in 2020, compared
to a gain of US$ 240,450 in 2021, as a consequence of a higher gain of
Sociedad Minera Cerro Verde S.A.A. by US$ 179,575 and (ii) higher financial
costs of US$ 37,822 in 2020 versus US$ 60,629 explained by interest related
to the issuance of bonds and commissions on letters of guarantee issued
to SUNAT by US$ 13,343 and US$ 12,124, respectively, partially offset by a
lower expense related to interest on loans.
5. Provision for income tax
This item is formed by the Income Tax and the Mining Royalties and the
Special Mining Tax.
a. Profits tax
This category shows a variation from an expense of US$ 23,716 in
2020 to an income of US$ 30,823 in 2021, mainly explained by an
income in the deferred portion of US$ 43,951 in 2021, compared to a
loss of US$ 15,270 in 2020.
b. Mining Royalties and
Special Mining Tax
This category shows a variation from a US$ 1,714
expense in 2020 to a greater expense of US$ 7,152
in 2021, mainly explained by an expense increase in
the current portion by US$ 5,769.
6. Minority interest
This category shows a loss increase of US$ 14,621 in 2020,
compared to an income of US$ 1271 in 2021. The increase
is mainly explained by the net effect of (i) a greater profit
in the minority interests the El Brocal subsidiary in 2021
(loss of US$ 12,895 in 2020 compared to a profit of US$
4,322 in 2021), offset by (ii) a lower profit on the minority
interest of the Chaupiloma subsidiary (US$ 5,201 profit
in 2020 compared to US$ 4,396 in 2021).
On the other hand, we declare that there have been no
changes regarding the accounting officer or the auditing
company in the last two years.
89
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021 OPERATIONS SUMMARY
Chart No.1
Operations Overview 2021
DESCRIPTION
UNID.
TAMBOMAYO ORCOPAMPA
COIMOLACHE
LA ZANJA
UCHUCCHACUA
JULCANI
EL BROCAL
CERRO VERDE
Treated head grade ore
Head grades
ag
Au
Cu
Pb
Zn
Bulk concentrate (ag-pb-cu-au)
gold-silver concentrate
Lead-silver-gold concentrate
Copper concentrate
Zinc concentrate
Py-gold concentrate
Silver ounces
Gold ounces
Metallic copper
Metallic lead
Metallic zinc
Ag recovery
Au recovery
Cu recovery
Pb recovery
Zn recovery
Cost applicable to sales Oz Ag
Cost applicable to sales Oz Au
Cost applicable to sales MT ZN
Cost applicable to sales Mt Cu
DMT
Oz/DMT
G/DMT
%
%
%
DMT
DMT
DMT
DMT
DMT
DMT
Oz
Oz
MT
MT
MT
%
%
%
%
%
US$
US$
US$
US$
566,881.02
3.63
4.35
189,264.57
0.14
8.20
10,505,026.75
0.27
0.45
2,627,252.26
0.12
0.42
1.92
2.85
21,577.09
26,097.79
801.55
1,815,288.49
69,553.76
9,307.16
13,135.07
88.25
87.80
85.44
81.31
863.41
14,813.74
50,020.46
647,468.23
110,575.21
104,533.62
22,610.54
55.04
100.19
22.80
73.18
33.24
64.12
950
1,303
1,697
936
757,945.08
6.45
0.93
1.61
53,430.31
18,567.78
3,732,390.65
4,836.08
6,202.51
76.35
68.42
50.75
27.45
DESCRIPTION
UNIT
ACCHILLA TAILINGS MARCAPUNTA
TAJO NORTE
TAJO NORTE CATHODES
CONCENTRATE
Treated Head Grade Ore
Head Grades
Ag
Au
Cu
Pb
Zn
Lead-Silver Concentrate
Copper Concentrate
Zinc Concentrate
Metallic Molybdenum
Leached Copper
Silver Ounces
Gold Ounces
Metallic Copper
Metallic Lead
Metallic Zinc
Ag Recovery
Au Recovery
Cu Recovery
Pb Recovery
Zn Recovery
Cost Applicable To Sales Oz Ag
Cost Applicable To Sales Oz Au
Cost Applicable To Sales Mt Zn
Cost Applicable To Sales Mt Cu
*Considers Cash Cost
DMT
Oz/DMT
G/DMT
%
%
%
DMT
DMT
DMT
DMT
DMT
Oz
Oz
MT
MT
MT
%
%
%
%
%
US$
US$
US$
US$
127,925.09
20.12
0.10
0.20
0.42
2,517,474.10
0.96
0.78
1.70
155,628.04
65,552.25
169.10
2,506,483.40
188.46
240.60
478.49
1,291,225.92
17,548.90
35,679.04
97.38
44.15
95.72
89.87
16.79
53.37
27.91
83.50
6,593
2,450,213.70
2.35
0.69
0.88
2.51
29,061.67
1,522.41
75,416.69
4,069,870.42
278.30
10,095.58
35,974.86
70.68
45.39
48.82
58.48
1,937
313,515.48
4.51
0.13
0.98
8,828.04
25,911,000
138,806,000
0.31
9,351
3,683,928.00
358,666
87
797,884.26
318.96
1,957.03
43,704
56.48
24.37
63.71
63.32
91
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY
OPERATIONS SUMMARY
Chart No.2
Reserves as of december 31, 2021
PROVEN AND PROBABLE RESERVES
GOLD
Orcopampa
Julcani
Tambomayo
La Zanja
Coimolache
El Brocal Marcapunta
El Brocal (Tajo Norte Smelter - Cu-Ag)
San Gabriel
Total Gold Reserves
SILVER
Uchucchacua/Yumpaq (Silver-Lead-Zinc)
Julcani
Orcopampa
Tambomayo
La Zanja
Coimolache
El Brocal (Tajo Norte Smelter - Cu-Ag)
El Brocal (Tajo Norte Smelter -Zn-Pb-Ag)
El Brocal Marcapunta
Cerro Verde (for grinding)
San Gabriel
Total Silver Reserves
BVN %
Share
100.00
100.00
100.00
100.00
40.10
61.43
61.43
100.00
BVN %
Share
100.00
100.00
100.00
100.00
100.00
40.10
61.43
61.43
61.43
19.58
100.00
DMT (000)
Oz/DMT
Ounces (000)
BVN
Ounces (000)
517
293
1,388
8,364
65,454
32,485
26,392
14,934
0.301
0.004
0.097
0.011
0.010
0.025
0.007
0.130
156
1
134
91
626
804
185
1,940
3,937
156
1
134
91
251
494
114
1,940
3,181
DMT (000)
Oz/DMT
Ounces (000)
BVN
Ounces (000)
6,119
293
517
1,388
8,364
65,454
26,392
8,459
32,485
3,888,327
14,934
10.28
19.46
0.57
5.21
0.11
0.27
0.73
2.94
0.72
0.06
0.21
62,894
5,709
295
7,235
915
17,717
19,225
24,863
23,262
108
3,087
62,894
5,709
295
7,235
915
7,104
11,810
15,273
14,290
21
3,087
165,311
128,633
ZINC
Uchucchacua/Yumpaq (Silver-Lead-Zinc)
Tambomayo
El Brocal (Tajo Norte Smelter - Zn-Pb-Ag)
Total Zinc Reserves
LEAD
Uchucchacua/Yumpaq (Silver-Lead-Zinc)
Julcani
Tambomayo
El Brocal (Tajo Norte Smelter - Zn-Pb-Ag)
Total Lead Reserves
COPPER
Julcani
El Brocal Marcapunta
El Brocal (Tajo Norte Smelter - Cu-Ag)
Trapiche
Cerro Verde (for grinding)
Cerro Verde (for leaching)
Total Copper Reserves
MOLYBDENUM
BVN %
Share
100.00
100.00
61.43
BVN %
Share
100.00
100.00
100.00
61.43
BVN %
Share
100.00
61.43
61.43
100.00
19.58
19.58
BVN %
Share
DMT (000)
% Zn
TMF (000)
6,119
1,388
8,459
1.89%
1.41%
2.19%
116
20
185
321
DMT (000)
% Pb
TMF (000)
6,119
293
1,388
8,459
1.11%
1.50%
0.94%
1.08%
68
4
13
92
177
DMT (000)
%Cu
TMF (000)
293
32,485
26,392
283,200
3,888,327
110,574
0.42%
1.32%
1.70%
0.51%
0.37%
0.33%
1
428
449
1,444
12,172
212
BVN
TMF (000)
116
20
114
249
BVN
TMF (000)
68
4
13
56
142
BVN
TMF (000)
1
263
276
1,444
2,383
42
14,707
4,409
DMT (000)
%Mo
TMF (000)
Cerro Verde (for grinding)
19.58
3,888,327
0.015%
Total Molybdenum Reserves
311
311
The prices used for the calculation of reserves: Gold 1,600 US$/Oz, Silver 25.00 US$/Oz, Zinc 2,385 US$/MT,
Lead 2,286 US$/MT and Copper 8,000 US$/MT.
BVN
TMF (000)
61
61
93
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY OPERATIONS SUMMARY
Chart No.3
Reserves as of december 31, 2020
PROVEN AND PROBABLE RESERVES
GOLD
Orcopampa
Julcani
Tambomayo
La Zanja
Coimolache
El Brocal Marcapunta
El Brocal (Tajo Norte Smelter - Cu-Ag)
San Gabriel
Total Gold Reserves
SILVER
Uchucchacua/Yumpaq (Silver-Lead-Zinc)
Julcani
Orcopampa
Tambomayo
La Zanja
Coimolache
El Brocal (Tajo Norte Smelter - Cu-Ag)
El Brocal (Tajo Norte Smelter -Zn-Pb-Ag)
El Brocal Marcapunta
Cerro Verde (for grinding)
San Gabriel
Total Silver Reserves
BVN %
Share
100.00
100.00
100.00
53.06
40.10
61.43
61.43
100.00
BVN %
Share
100.00
100.00
100.00
100.00
53.06
40.10
61.43
61.43
61.43
19.58
100.00
DMT (000)
Oz/DMT
Ounces (000)
BVN
Ounces (000)
469
269
2,339
5,197
74,617
30,530
31,760
11,576
0.299
0.007
0.107
0.012
0.010
0.021
0.007
0.150
140
2
249
65
774
655
211
1,741
140
2
249
34
310
402
130
1,741
3,837
3,010
DMT (000)
Oz/DMT
Ounces (000)
BVN
Ounces (000)
7,617
269
469
2,339
5,197
74,617
31,760
9,840
30,530
4,002,281
11,576
73,662
5,636
260
9,546
659
17,385
25,352
27,169
31,651
111,370
2,724
73,662
5,636
260
9,546
659
17,385
25,352
27,169
31,651
111,370
2,724
73,662
5,636
260
9,546
350
6,970
15,574
16,690
19,443
21,806
2,724
305,414
172,661
ZINC
Uchucchacua/Yumpaq (Silver-Lead-Zinc)
Tambomayo
El Brocal (Tajo Norte Smelter - Zn-Pb-Ag)
Total Zinc Reserves
LEAD
Uchucchacua/Yumpaq (Silver-Lead-Zinc)
Julcani
Tambomayo
El Brocal (Tajo Norte Smelter - Zn-Pb-Ag)
Total Lead Reserves
COPPER
Julcani
El Brocal Marcapunta
El Brocal (Tajo Norte Smelter - Cu-Ag)
San Gabriel
Trapiche
Cerro Verde (for grinding)
Cerro Verde (for leaching)
Total Copper Reserves
MOLYBDENUM
BVN %
Share
100.00
100.00
61.43
BVN %
Share
100.00
100.00
100.00
61.43
BVN %
Share
100.00
61.43
61.43
100.00
100.00
19.58
19.58
BVN %
Share
DMT (000)
%Zn
TMF (000)
7,617
2,339
9,840
1.93
1.50
2.15
147
35
211
393
DMT (000)
%Pb
TMF (000)
7,617
269
2,339
9,840
1.11
1.86
1.00
1.00
85
5
23
98
211
DMT (000)
%Cu
TMF (000)
269
30,530
31,760
11,610
283,200
4,002,281
75,199
0.45
1.29
1.48
0.06
0.51
0.36
0.29
1
393
469
7
1,444
12,572
148
15,035
DMT (000)
%Mo
TMF (000)
Cerro Verde (for grinding)
19.58
4,002,281
0.014
Total Molybdenum Reserves
4,002,281
312
312
BVN
TMF (000)
147
35
130
312
BVN
TMF (000)
85
5
23
60
173
BVN
TMF (000)
1
241
288
7
1,444
2,462
29
4,473
BVN
TMF (000)
61
61
Prices used to estimate reserves: Gold US$ 1,600/Oz; Silver US$ 20.00/Oz; Lead US$ 1,900/MT; Zinc US$ 2,300/MT; and
Copper US$ 6,500/MT
95
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY DMT (000)
Oz/DMT
Ounces (000)
BVN
Ounces (000)
ZINC
OPERATIONS SUMMARY
Chart No.4
Minerals with depleted reserves as of december 31, 2021
MINERALS WITH DEPLETED RESERVES (MEASURED+INDICATED RESOURCES)
GOLD
Orcopampa
Tambomayo
La Zanja
Alejandra (La Zanja)
Coimolache - oxides
El Brocal Marcapunta
El Brocal (Tajo Norte Smelter - Cu-Ag)
San Gabriel
Trapiche
Total Gold Resources
SILVER
Orcopampa
Uchucchacua/Yumpaq (Silver-Lead-Zinc)
Julcani
Tambomayo
La Zanja
Alejandra (La Zanja)
Coimolache - oxides
El Brocal (Tajo Norte Smelter - Cu-Ag)
El Brocal (Tajo Norte Smelter -Zn-Pb-Ag)
El Brocal Marcapunta
El Brocal (San Gregorio)
San Gabriel
Trapiche
Total Silver Resources
BVN %
Share
100.00
100.00
100.00
100.00
40.10
61.43
61.43
100.00
100.00
BVN %
Share
100.00
100.00
100.00
100.00
100.00
100.00
40.10
61.43
61.43
61.43
61.43
100.00
100.00
345
557
7,240
123
38,082
29,597
1,201
24,863
653,810
0.321
0.092
0.013
0.699
0.008
0.028
0.004
0.068
0.001
110
51
94
86
299
834
4
1,684
611
3,774
110
51
94
86
120
512
3
1,684
611
3,271
DMT (000)
Oz/DMT
Ounces (000)
BVN
Ounces (000)
345
2,432
179
557
7,240
123
38,082
1,201
2,381
29,597
79,934
24,863
653,810
0.76
8.59
19.71
4.68
0.34
3.73
0.44
0.92
0.88
0.81
0.31
0.27
0.08
263
20,888
3,523
2,610
2,440
459
16,725
1,100
2,091
24,094
24,620
6,762
52,491
263
20,888
3,523
2,610
2,440
459
6,706
676
1,285
14,801
15,124
6,762
52,491
158,067
128,028
Uchucchacua/Yumpaq (Silver-Lead-Zinc)
Tambomayo
El Brocal (Tajo Norte Smelter - Zn-Pb-Ag)
El Brocal (San Gregorio)
Total Zinc Resources
LEAD
Uchucchacua/Yumpaq (Silver-Lead-Zinc)
Julcani
Tambomayo
El Brocal (Tajo Norte Smelter - Zn-Pb-Ag)
El Brocal (San Gregorio)
Total Lead Resources
COPPER
Trapiche
El Brocal Marcapunta
El Brocal (Tajo Norte Smelter - Cu-Ag)
Total Copper Resources
BVN %
Share
100.00
100.00
61.43
61.43
BVN %
Share
100.00
100.00
100.00
61.43
61.43
BVN %
Share
100.00
61.43
61.43
DMT (000)
%Zn
TMF (000)
2,432
557
2,381
79,934
1.70%
1.60%
3.39%
5.22%
41
9
81
4,175
4,306
DMT (000)
%Pb
TMF (000)
2,432
179
557
2,381
79,934
1.02%
0.86%
0.99%
1.06%
1.53%
25
2
6
25
1,221
1,278
DMT (000)
%Cu
TMF (000)
653,810
29,597
1,201
0.32%
1.62%
1.75%
2,087
481
21
2,589
Prices used to estimate operations resources: Gold 1760 US$/Oz, Silver 27.50 US$/Oz, Lead 2515 US$/MT,
Zinc 2624 US$/MT and Copper 8800 US$/MT.
Prices used to estimate the resources of San Gabriel and Trapiche: Gold 1600 US$/Oz, Silver 25.00 US$/Oz
and Copper 8800 US$/MT.
BVN
TMF (000)
41
9
50
2,565
2,664
BVN
TMF (000)
25
2
6
16
750
798
BVN
TMF (000)
2,087
295
13
2,395
97
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY OPERATIONS SUMMARY
Chart No.5
Production overview 2021
TOTAL PRODUCTION
Tambomayo
Orcopampa
Uchucchacua
Julcani
El Brocal
La Zanja
Coimolache
Cerro Verde
Total Content
Ag
Oz
1,815,288
14,814
3,732,391
2,572,036
6,158,981
104,534
647,468
3,683,926
Au
Oz
69,554
50,020
358
17,868
22,611
110,575
Pb
DMT
9,307
4,836
478
10,096
Zn
DMT
13,135
6,203
35,975
Cu
DMT
240.60
37,636
402,370
18,729,437
270,985
24,717
55,312
440,247
PRODUCTION ATTRIBUTABLE TO BUENAVENTURA
Tambomayo
Orcopampa
Uchucchacua
Julcani
El Brocal
La Zanja
Coimolache
Cerro Verde
Total Content
Ag
Oz
1,815,288
14,814
3,732,391
2,572,036
3,783,462
104,534
259,602
721,313
Au
Oz
69,554
50,020
358
10,976
22,611
44,335
Pb
DMT
9,307
4,836
478
6,202
Zn
DMT
13,135
6,203
22,099
Cu
DMT
241
23,120
78,784
13,003,439
197,854
20,823
41,437
102,144
COMMERCIAL OVERVIEW
QUOTATION OF METALS SOLD
VOLUMES OF METALS SOLD
Gold (US$/Oz)
Silver (US$/Oz)
Lead (US$/MT)
Zinc (US$/MT)
Copper (US$/MT)
2021
1,775
25.09
2,291
3,182
9,455
2020
1,842
22.14
1,708
2,234
6,259
Gold (Oz)
Silver (Oz)
Lead (MT)
Zinc (MT)
Copper (MT)
2021
2020
147,956
12,631,890
22,659
45,122
36,015
124,644
10,410,477
28,348
53,971
28,966
PERSONNEL AS OF DECEMBER 31, 2021
UNITS
Management Executives
Employees
BEP
EMP.
Mine
Workers
Mine
Total
Company
Contracts
Total
General
COMPANY
Julcani
Recuperada
Orcopampa
Uchucchacua
Mallay
Poracota
Tambomayo
Shila Paula
Arequipa
San Gabriel
Lima (Proyectos)
Lima
Total Buenaventura
La Zanja
Conenhua
Molle Verde
Rio Seco
Coimolache
El Brocal
Total General
0
0
0
1
0
0
1
0
0
1
1
22
26
0
1
1
1
0
2
31
57
3
57
78
0
0
88
2
5
17
16
203
526
45
24
10
15
88
177
885
4
1
1
10
0
0
6
0
3
2
13
70
110
0
42
1
1
4
187
345
4
0
1
2
0
0
6
0
0
1
0
1
15
4
0
0
2
3
5
14
48
0
102
125
0
0
111
0
0
4
0
0
390
28
0
9
60
91
88
0
243
250
0
0
145
11
0
1
0
1
739
44
17
0
0
60
317
201
4
404
466
0
0
357
13
8
26
30
297
1,806
121
84
21
79
246
688
578
1,177
3,045
1,054
0
763
151
0
0
706
0
0
110
58
93
2,935
669
47
156
74
2,073
3,304
9,258
1,255
4
1,167
617
0
0
1,063
13
8
136
88
390
4,741
790
131
177
153
2,319
3,392
11,703
VARIATION IN THE NUMBER OF EMPLOYEES
UNIT
Julcani
Recuperada
Orcopampa
Uchucchacua
Antapite
Poracota
Mallay
Lima
Shila Paula
San Gabriel
Breapampa
Molle Verde
Rio Seco
La Zanja
Conenhua
Coimolache
Tambomayo
El Brocal
Total
2021
2020
2019
2018
2017
201
4
412
466
0
0
0
327
13
26
0
21
79
121
84
246
357
688
185
4
406
492
0
0
4
327
14
25
0
18
89
96
89
199
337
649
193
4
451
506
0
0
13
344
13
19
0
31
87
90
106
214
346
678
181
4
573
532
0
0
74
374
30
18
0
15
95
141
109
202
383
748
199
4
609
547
0
0
127
395
34
25
0
12
91
166
173
189
401
816
3,045
2,934
3,095
3,479
3,788
99
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY SHAREHOLDER STRUCTURE AND ECONOMIC GROUP
Compañía de Minas Buenaventura S.A.A. is a private
company dedicated to mining and metallurgical activities
in the country. It was incorporated on September 7, 1953,
and is registered in item N° 02136988 of the Registry of
Legal Entities of the Lima Registry Office.
As of December 31, 2021, its capital stock is S/ 2,748,899,240
(two billion seven hundred forty-eight million eight
hundred ninety-nine thousand two hundred forty and
00/100 soles), amount fully subscribed and paid, which is
represented by 274,889,924 (two hundred seventy-four
million eight hundred eighty-nine thousand nine hundred
twenty-four) common shares with a par value of S/ 10.00
(ten and 00/100 Soles) each and 744,640 (seven hundred
forty-four thousand six hundred forty and 00/100 soles)
investment shares with a par value of S/ 10.00 (ten and
00/100 Soles). On the other hand, the company has
21,160,260 (twenty-one million one hundred and sixty
thousand two hundred and sixty) common shares and
1230 (one thousand two hundred and thirty) investment
shares in portfolio.
As of December 31, 2021, we had 989 common
shareholders.
Of these, 19.483% correspond to
shareholders residing in the country and 80.517% to
non-residents.
Likewise, we had 891 shareholders holding
investment shares.
To date, it has ten (12) related companies related to
the mining-metallurgical activity; two (02) to electric
generation and transmission activities; and one (01)
dedicated to the production of high-quality manganese
sulphate monohydrate and other by-products generated
from minerals.
CIA. DE MINAS BUENAVENTURA S.A.A.
Shareholding Structure and Nationality with a Share over 5%
As of december 31, 2021
Total Common Shares
274,889,924
Name
Percentage Share
The Bank of New York Mellon DR (*) (**)
Compañía Minera Condesa S.A.
Benavides Harten, Alberto Martín (***)
Total
80.49
7.69
5.03
93.21
(*) THE BANK OF NEW YORK MELLON DR. Depository Bank, ADR holder
(**) Includes some members of the Benavides family
(***) Usufruct in favor of Benavides Ganoza, Roque Eduardo.
Nationality
USA
Peruvian
Peruvian
SHAREHOLDING STRUCTURE PER TYPE OF SHAREHOLDER - 2021
SHAREHOLDING PER TYPE OF SHAREHOLDER OR EQUITY SECURITIES COMPRISING
THE S&P PERU SELECTIVE INDEX (AT YEAR-END)
Number
of holders
Shareholding
%
1
2
3
4
5
6
7
8
9
Members of the Board of Directors and Top Management of the company, including relatives.
Company employees, not included in item 1.
Individuals, not included in items 1 and 2.
Pension funds managed by the Pension Fund Administrators under the supervision of the
Super-intendency of Banking, Insurance and AFPs.
Pension fund administered by the Pension Normalization Office (ONP).
Peruvian State entities, except for the case included in number 5.
Banks, financial companies, municipal savings banks, SMEs, rural savings banks and
savings and credit cooperatives under the supervision of the Superintendency of Banks,
Insurance and AFP.
Insurance companies under supervision of the Superintendency of Banks, Insurance and AFP
Brokerage agents under the supervision of the SMV
10
Investment funds, mutual funds and trust funds under the scope of the Securities Market
Law and the Investment Funds Law, and bank trusts under the scope of the General Law of
the Financial System.
11
Autonomous assets and foreign bank trusts, to the extent that they can be identified.
12
Foreign depositaries listed as holders of the share under ADR or ADS programs.
13
Foreign custodians listed as holders of shares not included in number 12 above
14
Foreign custodians listed as holders of shares.
15
Entities not included in the preceding numbers.
16
Shares belonging to the S&P/BVL Peru Select Index or a security representative of these
shares, in the company's portfolio.
18
0
929
1
0
1
0
0
1
0
0
1
0
0
36
0
10.11%
0.00%
1.68%
0.00%
0.00%
0.01%
0.00%
0.00%
0.00%
0.00%
0.00%
80.49%
0.00%
0.00%
0.02%
7.69%
Total
989
100.00%
HOLDING PER SHAREHOLDERS OR EQUITY SECURITY COMPRISING THE S&P/BVL PERU
SELECT INDEX, BY RESIDENCE (AT YEAR-END)
Number
of holders
Shareholding
%
Domiciled
Non-Domiciled
Total
940
49
989
19.48%
80.52%
100.00%
101
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY SHARES AND ADRS BEHAVIOR
Behavior of the Shares and ADS’s year 2021
BVN Securities- ADS QUOTATION $
Month
US$
S/.
US$
S/.
US$
S/.
US$
S/.
US$
S/.
Opening
Closure
Maximum
Minimum
Average
January
February
March
April
May
June
July
August
September
October
November
December
Month
January
February
March
April
May
June
July
August
September
October
November
December
12.45
11.33
11.20
10.32
9.86
11.70
9.05
8.20
7.47
6.74
7.67
7.41
45.12
41.26
40.95
38.78
37.39
44.78
34.99
33.16
30.52
27.88
30.62
30.13
10.50
11.01
10.00
9.73
11.58
9.01
8.21
7.48
6.80
7.80
7.25
7.30
38.29
40.18
37.63
36.92
44.76
35.43
32.22
30.50
28.08
31.04
29.43
29.13
12.70
11.70
11.75
10.85
12.06
12.40
9.05
8.54
7.70
9.15
7.90
7.71
9.84
10.00
9.96
9.48
9.49
8.70
8.12
6.17
6.63
6.56
6.28
6.50
35.89
36.40
37.09
36.12
36.19
34.21
31.98
25.36
27.24
27.13
25.28
26.39
10.80
10.96
10.97
10.23
11.22
10.65
8.55
7.35
7.17
8.06
7.04
7.09
39.39
39.99
41.28
38.81
43.37
41.88
33.55
29.97
29.61
32.08
28.58
28.30
46.02
42.78
43.18
39.31
44.36
47.80
34.99
34.68
31.70
36.12
31.80
31.50
TC
Opening
Closure
Maximum
Minimum
Average
3.62
3.64
3.66
3.76
3.79
3.83
3.87
4.04
4.09
4.14
3.99
4.07
3.65
3.65
3.76
3.79
3.87
3.93
3.92
4.08
4.13
3.98
4.06
3.99
3.62
3.66
3.68
3.62
3.68
3.86
3.87
4.06
4.12
3.95
4.03
4.09
3.65
3.64
3.72
3.81
3.81
3.93
3.94
4.11
4.11
4.14
4.03
4.06
3.65
3.65
3.76
3.79
3.87
3.93
3.92
4.08
4.13
3.98
4.06
3.99
Share Price
Month
January
February
March
April
May
June
July
August
September
October
November
December
Month
January
February
March
April
May
June
July
August
September
October
November
December
Opening
Closure
Maximum
Minimum
Average
Buenaventura Common (S/)
44.80
-
37.02
38.45
38.00
43.50
35.35
31.50
28.15
31.50
31.10
30.00
36.62
-
37.02
37.00
43.70
35.10
31.51
31.50
28.15
32.00
30.00
28.05
44.80
-
37.02
38.50
43.70
44.10
35.35
31.50
28.15
34.20
31.10
30.00
36.62
-
37.02
37.00
37.50
35.10
31.51
31.50
28.15
31.50
27.80
28.00
38.01
38.00
37.02
38.35
41.04
43.64
33.15
31.50
28.21
32.47
28.45
28.07
Opening
Closure
Maximum
Minimum
Average
Buenaventura Investment (S/)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15.80
-
-
15.80
-
-
-
9.90
15.50
ADRs
ADRs New York Programs year 2021
Also, as of December 31, 2021, there were 221,256,081
ADS outstanding, representing 80.49% of the
company’s total shares outstanding.
During 2021, the ADRs program of the New York Stock
Exchange (NYSE), achieved a trading volume of US$
2,898,876,178 (318,366,500 ADS).
Lima, January 2022
103
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY BACKGROUNG OF OUR BOARD MEMBERS
Roque Benavides,
Chairman of the Board
Civil Engineer from Pontificia
Universidad Católica del Perú
with a Master’s Degree
in
Business Administration from
Henley, University of Reading,
United Kingdom. He completed
the Management Development
Program at Harvard Business
School, United States, and the
Advanced Management Program
at Templeton College, University
of Oxford, United Kingdom. He
has worked at Buenaventura
since 1977, and is Director of
Sociedad Minera El Brocal and
Banco de Crédito del Peru (BCP).
He was Director of UNACEM from
2010 to 2020.
Confederation
He served as President of the
of
National
Private Business
Institutions
(CONFIEP, in Spanish) for two
periods, the last of which was
completed in February 2019. He
has also been Chairman of the
National Society for Mining, Oil
and Energy (SNMPE).
Council
is Dean of
the Lima
He
of
Departmental
the Peruvian Association of
Engineers for the period 2022-
2024, President of the Board of
Trustees of Universidad Nacional
de Ingeniería (UNI) since 2020
and President of the Peruvian
Institute of Economics (IPE). He is
also President of the Institute of
Mining Safety (ISEM, in Spanish)
and has been a member of the
in Peru
Fulbright Commission
since 2019.
William Champion,
Lead Director
Independent Director
Bachelor’s degree in Chemical
Engineering and Biology from
the University of Arizona. He has
been a member of the Board of
Directors since January 2016.
He is Director of PJSC Polyus,
a large Russian gold company.
He is also Director of US-based
Peabody Energy, a producer
of thermal and metallurgical
coal. More than 40 years of
executive, managerial and
operational experience in the
mining sector. He worked at
Rio Tinto PLC from 2002 to
2014, holding various positions:
CEO of Rio Tinto Coal Australia,
CEO of Rio Tinto Diamonds and
President and CEO of Kennecott
Utah Copper. He also worked at
Phelps Dodge Mining Company
from 1984 to 1995, where he
held various positions (President
of Phelps Dodge Chile). He has
been Independent Director since
August of 2003.
Felipe Ortiz de Zevallos,
Director
Industrial Engineer from UNI,
in Business
Master’s Degree
Administration by the University
of Rochester, graduate of the
at Harvard
OPM Program
University School of Business. In
addition to being an executive
member of various academic,
business, cultural and social
institutions, he is founder and
president of APOYO since 1977.
He was Senior Professor and
Rector of Universidad del Pacífico
(2004-2006), Ambassador
of
Peru to the US (2006-2009),
and President of Asociación
Civil Transparencia. He received
the IPAE award in 1990. He is a
member of the Board of Directors
since 2003.
Diego de la Torre,
Independent Director
from
Bachelor’s Degree in Business
Administration
the
Universidad del Pacífico in Lima,
and MBA from London Business
School, England. He has also taken
part of the leadership program
of Georgetown University and
the
in
immersion program
Silicon Valley of San Francisco
University. He
is co-founder
and Chairman of the Board of
Directors of La Viga, Quikrete
Peru, Aleteia Capital and Bodega
RAS. Member of the advisory
board of the David Rockefeller
Center for Latin American Studies
at Harvard University and the
international council of CEAPI in
Madrid. He has been professor
at Universidad del Pacífico and
director of PPX Mining, Endeavor
Peru, IPAE, IPE, CAPECO, Museum
of Art of Lima, and Peru 2021.
He was Chairman of the United
Nations Global Pact in Peru, from
2005 to 2021 In 2013 he received
the
Entrepreneur”
award from the Latin American
Business
(CEAL).
Council
Selected among the Top 100
Leaders by AACSB International,
among other awards. . He has
been Independent Director of
Buenaventura since 2017.
“Integral
Nicole Bernex,
Independent Director
She holds a Ph.D. in Geography
(1975) and a Master’s Degree in
Geography (1971) by the Université
Paul-Valéry, Montpellier, France.
She has been a professor in the
Department of Humanities of
Pontificia Universidad Católica
(PUCP) since 1984.
del Perú
She was founder and academic
for
director of
Research in Applied Geography
(CIGA-PUCP) from 1984 to 2018,
the Center
and founder and director of
the Institute of Environmental
Studies (IDEA-PUCP) from 1994
to 1998. Member of the Global
Water Committee of the Global
Technical Partnership
(2014-
2017) and is Emeritus President
of the Global Water Partnership
Peru. She is President of the
Geographic Society of Lima
since July 2016, member of
the Board of Directors of 2030
Water Resource Group Peru, full
member and past vice president
of the National Academy of
Sciences. She was Director for
Latin America and the Caribbean
of the Scientific Committee of
the United Nations Convention
Desertification,
to
coordinator of various research
programs and consultant to
international entities
different
(SAP-BM, UNDP, FAO and others).
She has over 160 publications.
She has been
Independent
Director of Buenaventura since
January 2018, and of SEDAPAL
since March 2021.
Combat
Marco Antonio
Zaldívar García,
Independent Director
Chartered Public Accountant
from Universidad de Lima,
PAD
from
graduated
Development
Management
the
Program at Universidad de
Piura, and MBA from Adolfo
Ibáñez School of Management,
United States. He is Independent
Director of various companies
such as Santander Consumer
Peru and Cementos Pacasmayo.
He has served as Chairman of the
Board of Directors of the Lima
Stock Exchange (BVL) and Second
Vice-Chairman
CONFIEP,
among other positions. He has
been Independent Director since
2020.
of
Raúl Benavides,
Director
He holds a Bachelor’s Degree
in Mining Engineering by the
Missouri-Rolla University. He
holds a Master’s Degree in Mining
Administration by Pennsylvania
State University and completed
the Advanced Management
Program at Harvard Business
School (AMP-160). He is currently
Director of the Institute of Mining
Engineers of Peru (IIMP). He is
also founder and President of
the Institute of Mining Safety
(ISEM). He is currently President
of CETEMIN, technical mining
school. He has worked at
Buenaventura since 1980 and
is a Director of 11 associated
companies. He joined the Board
of Directors of the company in
January, 2021.
105
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021
BACKGROUND OF THE MEMBERS OF
THE VICE-CHAIRMANSHIP AND GG 2021, BVN
Leandro García, CEO
General Manager
He holds a Bachelor’s Degree in Business Administration and Accounting
from Universidad del Pacífico and a Master’s Degree in Business
Administration from the University of Miami, Florida. He completed the
Advanced Management Program at Harvard Business School, United
States, in 2017.
He worked at Buenaventura from 1990 to 1997 as Chief of Treasury and
served as Finance Manager of Sociedad Minera El Brocal until 2000. In
2011 he rejoined the company as Comptroller General and in 2017 he
became Vice-President of Finance and Administration. He was appointed
CEO-General Manager of Buenaventura in September 2020. He is also
General Manager of Sociedad Minera El Brocal.
He was General Manager of Consorcio Energético Huancavelica (Conenhua)
and Empresa de Generación Huanza until 2020, as well as General
Manager of Boticas BTL until 2005 and Boticas Inkafarma until 2011. He
was Director of Química Suiza Retail, a business that manages Boticas Mi
Farma pharmacy chain, from 2016 to 2018.
Currently, he is Director of Compañía Minera Coimolache, Compañía
Minera Colquirrumi, Compañía Minera Condesa, Consorcio Energético
Huancavelica (Conenhua), CONTACTO Corredores de Seguros, Empresa de
Generación Huanza, Procesadora Industrial Rio Seco and Sociedad Minera
El Brocal, as well as Alternate Director of Sociedad Minera Cerro Verde
and member of the Yanacocha Executive Committee.
Daniel Domínguez,
Vice-President,
Finance and Administration
He holds a Bachelor’s Degree in Economics by Universidad
del Pacífico and a Master’s Degree
in Business
Administration by the same university. He successfully
completed the General Management Program at Harvard
Business School in 2015, and the Corporate Finance
Program at London Business School in 2010. He joined
Buenaventura 20 years ago, having started his career
at INMINSUR (former subsidiary company) as Head of
Treasury. He was then transferred to Buenaventura,
where he held various positions, such as Head of Treasury,
from 2003 to 2012; Director of Treasury and Financial
Planning, from 2012 to 2015; Manager of Financial
Planning and Investor Relations, from 2016 to 2017; and
Logistics Manager, from 2017 to 2020.
Juan Carlos Ortiz,
Vice-President, Operations
Mining Engineer from Pontificia Universidad Católica
del Perú (1992), with a Master’s Degree in Engineering
by Pennsylvania State University, United States, with
a major in Mining Engineering Management. Before
Buenaventura, he had served as Technical Central
Manager of Compañía Minera Volcan, a polymetallic
mining company and one of the largest producers of
zinc, lead and silver in the world. Previously, he had
been Corporate Operations Manager at Compañía
Minera Milpo (now part of Nexa Resources Group),
where he was in charge of operations at Cerro Lindo,
Atacocha and El Porvenir. During his professional
development he has served in different operations
and project management positions in Latin America.
He is currently Director of the Institute of Mining
Engineers of Peru.
Aldo Massa,
Vice-President, Business Development
He holds a degree in Business Administration from
Universidad de Lima and an MBA from Universidad
del Pacífico. More than 26 years of experience in the
mining sector. He was Corporate Commercial Director
for Peru, Mexico, United States and Spain of Southern
Copper Corporation (Grupo México).
Alejandro Hermoza,
Vice-President, Sustainability
Mechanical engineer from the University of Maryland,
he holds a Master’s Degree in Engineering by the same
university and a Master’s Degree in Administration
by Universidad Peruana de Ciencias Aplicadas – UPC.
He worked as Development Manager at the National
Confederation of Private Business
Institutions
(CONFIEP) and works at Buenaventura since 2003
where he has held the positions of Community
Relations Manager (2008-2011), Assistant Manager of
Administration and Human Resources (2003-2008)
and Vice-President of Sustainability (2008 to date).
He has been an alternate member of the Yanacocha
Executive Committee since 2014. In 2011 he graduated
from the Advanced Management Program at Harvard
Business School (AMP).
107
/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITYANNUAL REPORT 2021
MEMBERS OF MANAGEMENT
Management
Leandro García R.
General Manager
Since 09/01/2020
Juan Carlos Ortiz Zevallos
Alejandro Hermoza M.
Daniel Dominguez V.
Aldo Massa Peschiera
Vice-President, Operations
Vice-President, Sustainability
Vice-President, Finance and Administration
Vice-President, Business Development and Commerciali-zation
Since 05/01/2018
Since 05/01/2011
Since 09/01/2020
Since 01/01/2021
Thiago Nantes T.
Percy Ponce B.
Gary Chircca Ayesta
Technical Service Manager
Metallurgy and Business Development Manager
Operations Management Manager
Fernando Ortiz De Zevallos M.
Cecilia Puga Buse
Juan Buhytron Q.
Pedro Torres T.
Luz Campodónico A.
José Malca La Fuente
Gulnara La Rosa R.
Edgar Córdova M.
Ana María Rivera C.
Ignacio Agramunt B.
Ernesto Ladron de Guevara H.
Renzo Macher C.
Juan Carlos Salazar C.
Percy Montoya Vargas
Tomas Chaparro D.
Logistics Manager
Finance Manager
Manager of Information Technologies and Communica-tions
Accounting Manager
Internal Audit Manager
Human Resources Manager
Legal Manager
Community Outreach Manager
Social Affairs Manager
Innovation Manager
Compliance Manager
Project Manager – Projects
Geology and Explorations Manager
Manager of Environmental Management
Safety Manager
Since 01/01/2021
Since 01/01/2021
Since 01/15/2021
Since 10/01/2020
Since 09/01/2020
Since 01/01/2020
Since 05/01/2021
From 01/15/2018
From 04/08/2019
Since 09/01/2017
Since 03/01/2020
Since 03/01/2020
Since 07/19/2017
To 04/30/2021 – termination
To 12/31/2021 – termination
To 31/12/2021 – termination
Lima
Juan Ayala López
Kellyn Cristobal Paredes
Neil Mendoza Hoyos
Jorge Villanueva Samar
Miguel Infantes Quijano
José Gutierrez Ramirez
Ruben Fernanández Soto
Fernando Zeballos Zeballos
Pedro Navarro Bayona
Fredy Oscategui Salazar
Julio Velasquez Miñan
Jorge Falla Cordero
Rosemarie Boltan Atoche
Pablo Valladares Hernandez
Ronald Gallardo G.
José Luis Aquino Aquino
Luis Fernandez de Paredes Robles
Rolando Ligarda C.
José Trujillo Salcedo
César Calderón Tipiani
Miguel Diaz Romero
Augusto Bejarano Vásquez
Guillermo Chang Chag
Fernando Mayor Najera
Guillermo Shoof A.
Roger Velasquez Rosales
Rossi Marie Montalvo S.
Juan Martin Chávez L.
Rafael Guillen Llerena
Juan Carlos Vargas Byrne
Silvia Vicente León
Juan Pablo Zoeger La Hoz
Carlos Claux Mora
Process Director
Planning Director
Asset Management Reliability Director
Project Control Director
Project Development Director
Modeling and Resources Director
Planning and Project Control Director
Metallurgical Projects Director
Safety Director
Safety Director
Safety Director
Permits and Obligations Director
Environmental Management Director - Operations
Environmental Management Director – Operations
Environmental and Mine-Closure Technical Director
Geology Director
Regional Explorations Director
Regional Explorations Director
Regional Explorations Director
Regional Explorations Director
Financial Accounting Director
Tax Accounting Director
Financial Audit and Process Director
Director of Research and Compliance Audit
Legal Director
Costs and Budget Director
Service Procurement and Contract Administration Director
Procurement of Materials and Assets Director
Logistics Director
Director of Labor Relations and Personnel Management
Information Systems TIC Director
Management and Human Development Director
Social Responsibility and Development Director
Since 06/11/2021
Since 07/05/2021
Since 07/01/2021
To 04/25/2021 - Termination
109
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY MEMBERS OF MANAGEMENT
Uchucchacua
José Luis Alcalá Valencia
Waldir Guillermo Cisneros
Giovani Loayza Montenegro
Roger Ccahuana Figueroa
Edwin Arias Celis
Heider Montoya Espinoza
Martin Rodriguez Serveleon
Orlando Olarte Olivas
Vladimir Pinto Choque
César Carrasco Loayza
Hector Quispe Chahua
Freddy Soto Mori
César Rondinelli Zaga
Hector Quispe Ramos
Enrique Romero Graus
Angel Francia Meza
Washington Ccahua Q.
Mallay
Unit Manager
Plant Superintendent
Plant Superintendent
Geology Superintendent
Geology Superintendent
Mine Superintendent
Maintenance Superintendent
Planning Superintendent
Project Superintendent
Environmental Management Superintendent
Safety Superintendent
Safety Superintendent
Social Affairs Superintendent
Administration Superintendent
Human Resources Superintendent
Human Resources Superintendent
Unit Accountant
Since 01/01/2021
Since 10/01/2021
Since 01/01/2021
Since 05/01/2021
Since 12/01/2021
Since 04/19/2021
Santos Silvestre Alfaro
Local Social Affairs Coordinator
Shila
Rolando Quispe Vilcahuamán
Luis Palomino Alvarado
Head of Community Outreach
Environmental Engineer – Unit
Orcopampa
Gilmar Valenzuela Salazar
Gilmar Valenzuela Salazar
Jaime Jimenez Tuse
Edwin Mendoza Begazo
Jimmy Gabriel Espinoza
Pedro Vizcardo Martínez
Percy Quea Díaz
Eduardo Molinari Arroyo
Alex Huaraca Aylas
Production Manager
Unit Manager
Unit General Superintendent
Geology Superintendent
Environmental Management Superintendent
Administration Superintendent
Human Resources Superintendent
Head of Community Outreach
Head of Mine (Advance and Development)
To 09/05/2021 – Termination
To 09/19/2021 – Termination
To 04/31/2021 - Termination
Julcani
Jaime Jimenez Tuse
Carlos Camacho Delgado
Carlos Montes Moya
Yackson Enrique Figueroa Cruz
Mirko Martinez Neira
Ivan Carhuaz Castro
Julio Ugarte L.
Marco Molina Rosas
Jackson Arriola Céspedes
Rommer Mendoza Ramírez
Salvador Salazar Zegarra
Unit General Superintendent
Unit General Superintendent
Geology Superintendent
Plan Superintendent
Mine Superintendent
Social Affairs Superintendent
Environmental Management Superintendent
Safety Superintendent
Planning and Projects Superintendent
Head of Human Resources
Head of Administration – Unit
Since 03/15/2021
To 02/28/2021 – Transf. to Orc.
Since 01/01/2021
To 11/30/2021 - Termination
Tambomayo
Since 03/01/2021
Since 01/01/2021
Since 01/13/2021
Since 07/16/2021
To 02/28/2021 – Termination
To 01/18/2021 – Termination
To 01/31/2021 – Termination
To 03/31/2021 – Termination
Unit Manager
Unit Manager
Plant Superintendent
Plant Superintendent
Maintenance Superintendent
Maintenance Superintendent
Mine Superintendent
Geology Superintendent
Geology Superintendent
Planning and Engineering Superintendent
Safety Superintendent
Environmental Management Superintendent
Social Affairs Superintendent
Administration Superintendent
Human Resources Superintendent
Edgar Roque Ortiz
Gilmar Valenzuela Salazar
Cesar Jacobo Nolasco
Waldir Guillermo Cisneros
William Agurto Anton
Percy Ludeña Untiveros
Antonio Blanco Quiroga
Edwin Mendoza Begazo
Fernando Remigio Julián
Pedro Escudero Jaimes
Fernando Dueñas Aliaga
Jimmy Gabriel Espinoza
Segundo Salazar Silva
Pedro Vizcardo Martínez
Percy Quea Díaz
San Gabriel
Since 03/01/2021
Since 03/01/2021
To 02/28/2021
To 03/31/2021 - Termination
Ricardo Huancaya Delgado
Danny Valencia Galvan
Eduardo Cuellar Bohorquez
Alfredo Angulo S.
Huber Usuriaga Najera
Javier Rendon Lopez -Torres
Jackson Durand Liñan
Edgardo Torres Suarez
Project Manager – San Gabriel
Head of Community Outreach
Head of District Exploration
Environmental Management Superintendent
Head of Mine
Head of Mine Geology
Safety Engineer
Safety Engineer
Since 01/01/2021
111
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY MEMBERS OF MANAGEMENT
La Zanja
Alex Lobo Guillén
Jesus Guerra Molina
Manuel Aranda Villar
Robinson Paredes Abanto
Humberto Núñez Flores
Unit Manager
Unit General Superintendent
Unit General Superintendent
Plant Superintendent
Environmental Management Superintendent
Since 01/01/2021
Since 01/16/2021
To 01/15/2021 - Termination
To 05/31/2021 – Termination
CIA. Minera Coimolache
Gary Samuel Chircca Ayesta
Alex Lobo Guillén
Jesus Guerra Molina
Juan Calizaya Yufra
Segundo Velasquez Miranda
Manuel Aranda Villar
José Luis Ricaldi Calluque
César Esquivel Saavedra
Wilder Ponce Tejada
Angel Francia Meza
Enrique Romero Graus
Unit Manager
Unit Manager
Unit General Superintendent
Geology Superintendent
Plant Superintendent
Mine Superintendent
Mine Superintendent
Administration Superintendent
Administration Superintendent
Human Resources Superintendent
Human Resources Superintendent
Since 01/01/2021
Since 01/16/2021
Since 02/01/2021
Since 08/01/2021
Since 12/01/2021
To 01/14/2021 – Transf. to BVN
To 01/15/2021 – Termination
To 06/15/2021 – Termination
To 11/30/2021 – Trans. To BVN
Conenhua
Carlos Herrera B.
Mario Borda C.
David Giraldo Ch.
Christian Fernandez C.
Fabio Mallqui A.
Elsa Carbajal Y.
Cesar Cuyubamba D.
Technical Manager
Operations and Maintenance Superintendent
Operations Superintendent
Operations Superintendent
Engineering Superintendent
Head of Environmental Management – Unit
Head of Safety and Health at Work
Since 11/15/2021
To 06/26/2021 – Termination
El Molle Verde
Ruben Valer Cruces
Julio Ayquipa Tapia
Angel Fernandez Canchos
Walter Rondinelli Zaga
Ruben Fernandez Soto
George Flores Caso
Jose Luis Tafur Cabrera
Rio Seco
Jaime Díaz Yosa
José Luis Lama Manayay
Giovani Loayza Montenegro
Sandra Medina Vega
Felipe Gonzales Bernal
Javier Vasquez Delgado
Eduardo Solis Encinas
José Vega Gonzáles
SOC. Minera El Brocal
Project Manager
Head of Processes, Project
Head of Environmental Management – Unit
Social Affairs Superintendent
Project Superintendent
Head of Project Control
Head of Planning – Unit
To 06/10/2021 – Transf. to BVN
To 06/10/2021 – Transf. to BVN
To 06/10/2021 – Transf. to BVN
Unit Manager
Research and Development Superintendent
Plant Operations Superintendent
Safety Superintendent
General Maintenance Superintendent
Human Resources Coordinator – Unit
Head of Processes – Plant
Head of Processes – Plant
To 01/26/2021 – Transf. to BVN
Since 10/05/2021
To 05/26/2021 - Termination
Marco Oyanguren Leon
Roger Oswaldo Ccahuana Figueroa
Hector Alzamora Benites
Sergio Gallesi Guanilo
Moises Mascco Cotaquispe
Marco Calderon Marmanillo
Jose Martin Sasieta Honores
Ivan Monteagudo Gonzales
Raul Olivares Jurado
Hugo Araoz Zevallos
Gustavo Jeremy Salazar Acosta
Wilder Cabrera Teran
Dante Gavidia Cannon
Armando Muñoz Santillana
Marco Negron Tunjar
Ivan Turco Aliaga
Carlos Eduardo Camacho Delgado
Edgard Pavel Atencia Daga
Marco Villalobos Oliva
Edwin Javier Rios Davila
Gino Ojeda Moret
Victor Orihuela Vega
El Brocal Manager
Geology Superintendent
Process Manager
Processes Superintendent – Plant
Maintenance Superintendent - Plant
General Superintendent – Mine
Operations Superintendent – Mine, surface
General Superintendent – Development and Explorations
Optimization Projects Manager, El Brocal
Environmental Superintendent
Planning Superintendent
Project Superintendent
Planning and Engineering Superintendent
Social Affairs Superintendent
Safety Superintendent
Superintendent of Electrical and Instrumentation Maintenance
Operations Superintendent – Mine, Underground
Operations Superintendent – Mine, Underground
Maintenance Planning Superintendent
Maintenance Planning Superintendent
Administration Superintendent
Human Resources Superintendent
09/06/2021
Since 04/15/2021
Since 06/10/2021
To 07/15/2021 – Termination
To 03/31/2021 – Termination
12/31/2021 – Termination
To 03/14/2021 – Termination
To 07/13/2021 - Termination
Since 03/01/2021
Since 10/22/2021
113
ANNUAL REPORT 2021/ THE HEALTH AND INTEGRITY OF EVERYONE IS OUR PRIORITY ANNUAL REPORT 2021