INTEGRATED
ANNUAL REPORT
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WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 Buenaventura
INTEGRATED ANNUAL REPORT
2023
T
N
E
T
N
O
C
STATEMENT OF
LIABILITY
ABOUT THE ANNUAL
REPORT
03
04
MESSAGE FROM OUR
BOARD OF DIRECTORS
05
WE ARE
BUENAVENTURA
10
Corporate Profile:
Mission and Vision
General Data
Values
History
Initiatives and Memberships
CORPORATE
GOVERNANCE
14
Shareholding Structure
and Economic Group
Board of Directors
Senior Management
Ethical Conduct: Policies
and Regulations
Compliance
Legal actions
OPERATIONS,
PROJECTS AND NEW
BUSINESSES
22
Operations
Projects
Other businesses
53
59
63
SUSTAINABILITY
Sustainability
Strategy
Our Materiality
Human Rights
Acknowledgements
PERFORMANCE
Buenaventura
Integrated Management
System (SIB)
Cybersecurity
Innovation
Supplier and contractor
management
HUMAN CAPITAL
Composition of our
talent
Welfare and Benefits
Work Environment and
Engagement
Training and
Development
WE DO MORE THAN MINING
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2
SOCIAL MANAGEMENT
74
ANNEXES
114
Summary of Operations
Share and ADR behavior
Background of Board
Members
Background of the
members of the Vice-
Presidency and General
Management
Members of the
Management
Outreach and
communications
Boosting of the local
economy
Infrastructure
Human Development
Other social indicators
Contributions and
donations
ENVIRONMENTAL
MANAGEMENT
82
Environmental Management
Instruments
Water Management
Blue Certificate
Climate Governance and Emissions
Biodiversity
Environmental Innovation
Mine Closure
Other environmental indicators
FINANCIAL
RESULTS
93
Financial
Statements
Management Analysis
and Discussion
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023
Buenaventura
INTEGRATED ANNUAL REPORT
2023
WE DO MORE THAN MINING
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3
STATEMENT
OF LIABILITY
This document contains true and sufficient information
regarding the business development of Compañía de Minas
Buenaventura S.A.A. during 2023.
Notwithstanding the issuer’s liability, the undersigned is
responsible for its content, in accordance with the applicable
legal provisions.
Leandro García Raggio
General Manager
Buenaventura
Lima, March 27, 2024
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023
ABOUT THE ANNUAL
REPORT
4
ABOUT THE ANNUAL
REPORT
Our Integrated Annual Report 2023 adheres to the
guidelines established by the Peruvian Securities and
Exchange Commission (SMV), in accordance with the
Regulations for the Preparation and Presentation
of Annual Reports (CONASEV Resolution 141-98-
EF/94.10, as amended), as well as the Manual for the
Preparation of Annual Reports and Common Standards
(CONASEV General Management Resolution 211-98-
EF/94.11, as amended). This Annual Report discloses
information about Compañía de Minas Buenaventura
SAA (hereinafter Buenaventura).
This detailed edition covers both financial and non-
financial aspects related to the environmental, social
and governance aspects of our operations for the
period from January 1 to December 31, 2023. It has
also been prepared with reference to the Global
Reporting Initiative (GRI) standards and aligned with
the Corporate Sustainability Assessment (CSA) of the
Dow Jones Sustainability Indices (DJSI).
The information provided is structured based on our materiality
defined in 2021. During this period, we identified issues that
have a significant influence on our operations, which has
allowed us to strategically plan our management, assess risks
based on the prioritization of ESG issues, make informed
decisions, and be accountable for the results obtained.
It is worth mentioning that, throughout this
document, various conversion factors will be
presented and reported in each relevant instance.
These factors will provide a clear and accurate
guide to facilitate the proper understanding of the
data and measurements presented.
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 MESSAGE FROM OUR
BOARD OF DIRECTORS
5
MESSAGE FROM OUR
BOARD OF DIRECTORS
On Saturday, February 3, 2024, José Miguel
Morales Dasso, former member of the Board of
Directors of Compañía de Minas Buenaventura,
Chairman of the Board of Directors of Sociedad
Minera El Brocal, as well as Lead Counsel and
General Counsel of the company for many years,
passed away.
José Miguel Morales began his professional
career at Buenaventura in 1970. Throughout his
extensive career, he played a key role in several
milestones of the company’s history, working
closely with our Founding President, Alberto
Benavides de la Quintana, and advising various
areas of the organization.
His integrity and people skills, as well as his
social sensitivity and tireless commitment to
Buenaventura, El Brocal and Peru are only
part of his legacy. We will miss his leadership
and guidance, both on the Board and in our
daily work.
The Directors, Management and employees of
Buenaventura and El Brocal express our deepest
condolences to the family.
in a context of uncertainty
and economic recession in the
country.
The year 2023 was marked by a series of events that
had a profound impact on our country’s agenda and
determined one of the most important drops in the
Gross Domestic Product (GDP) in recent decades.
From the beginning of her government, the President
of the Republic, Dina Boluarte, had to face political
tensions, social mobilizations, economic challenges,
and climate events that tested not only the response
capacity of the current administration, but also the
resilience of companies and the population in general.
At the beginning of 2023, our country was practically
paralyzed by a serious social upheaval led by sectors
of the population in the departments of Puno,
Arequipa, Cusco, Huancavelica, Lima and other
parts of the country, who demonstrated against
the government of President Dina Boluarte and
demanded early elections.
The Congress of the Republic was also at the center of
public scrutiny throughout the year due to the lack of
leadership, partisan disputes and populist measures
This was in addition to
droughts in the Andean areas
of the country that affected
agriculture and livestock, which
led the government to declare
a state of emergency in more
than 500 districts due to the
risk of water shortages.
By the end of 2023, two
political situations polarized
the country: the Constitutional
Court ordered the release
of former President Alberto
Fujimori, and the Peruvian
judicial system was involved
in one of its most serious
institutional crises, which
resulted in the suspension
of Patricia Benavides, then
Attorney General.
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MESSAGE FROM OUR
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On the economic front, globally,
growth in 2023 was around
2.1%, a setback compared to
2022 (3.1%) and 2021 (6%),
according to the World Bank.
The international setting of
the past year was marked by
the war between Russia and
Ukraine, the armed conflict
between Israel and the
terrorist group Hamas and the
end of the health crisis caused
by COVID-19.
The World Bank also noted that
the U.S. economy grew 1.1% in
2023. However, in Europe, the
economy grew 0.4% in 2023,
well below the 3.5% of 2022,
as a result of the tightening
of monetary policy and the
increase in energy prices.
In Latin America and the
Caribbean, the World Bank
indicated that growth
decreased to 1.5% in 2023.
In Peru, GDP fell 0.5% at the
end of 2023, according to the
Central Reserve Bank (BCR, in
Sanish). This was mainly due to the low confidence of
businessmen, micro-entrepreneurs and consumers, as
a consequence of social unrest, climate anomalies and
the severe citizen insecurity experienced in almost all
of the cities of the country.
In the mining sector, the Ministry of Energy and Mines
stated that, in 2023, the portfolio of investment
projects, made up of 46 projects, amounted to
more than 53 billion dollars. However, we must
acknowledge that only a few projects are maturing
due to factors such as social conflicts, red tape and
illegal mining, which in several areas of the country is
making dangerous alliances with organized crime.
Illegal miners violently attacked the camp of Compañía
Minera Poderosa, an unfortunate event that happened
in the north of the country by the end of 2023. The
camp of this gold mining company suffered a series
of attacks that resulted in the death of nine workers,
a fact that we, Buenaventura and the mining sector
affiliated to the National Society of Mining, Petroleum
and Energy (SNMPE), deeply regret and condemn.
The intervention of the Peruvian Police Force was
necessary to regain control of the area.
Illegal mining has positioned itself as the number
one illicit activity in Peru, so the government must
strengthen its policies to fight these criminal networks
According to MINEM, in Peru we
have 46 mining projects with an
investment of 53 billion dollars.
that affect the security and
economy of the country.
Regarding projections for 2024,
the World Bank estimates that
the world economy will grow by
2.4%.
The World Bank forecasts
that the U.S. economy will
decelerate its growth by 0.8%,
mainly due to the impact of
the increase in interest rates
during the last year and a half.
In Europe and Central Asia,
the World Bank indicates that
economic growth will increase
to 2.7% in 2024, while Latin
America and the Caribbean will
have an economic growth that
will reach 2%.
And in Peru, the Central
Reserve Bank maintains
its Gross Domestic Product
growth projection at 3% for
2024, despite the presence of
the El Niño phenomenon.
According to experts from
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7
the National Civil Defense
Institute (INDECI) and the
National Center for Estimation,
Prevention and Reduction of
Disaster Risk (CENEPRED), the
El Niño phenomenon could
trigger climate anomalies in
northern and central regions of
the country early this year.
The prices of metals such
as gold, silver, copper and
zinc experienced variations
throughout 2023, which had
implications for the Peruvian
economy. As of December 31,
the prices per ounce of gold
was US$ 2,063 while silver
closed at US$ 23.80 per ounce,
according to Bloomberg.
Meanwhile, the London Metal
Exchange reported that the ton
of copper closed the year at
US$ 8,476, and the ton of zinc,
at US$ 2,641. Lead closed the
year at US$ 2,031 per ton.
Buenaventura’s share price
increased by 106% during 2023,
closing at US$ 15.24.
BUENAVENTURA’S
STOCK PRICE
INCREASED BY
106%
DURING 2023.
In the year under review, our company had a net
profit of US$ 32.7 million, compared to the US$ 602.9
million profit in 2022. The 2022 profit considers US$
478.5 million, mainly related to the transaction with
Newmont. Excluding said benefit, the company’s net
profit amounts to US$ 124.4 million. The net debt/
EBITDA ratio in 2023 decreased from 2.80x to 2.05x.
The cash position at the end of 2023 decreased from
US$ 253.9 million to US$ 219.8 million and CAPEX
was US$ 238.7 million. On December 15, 2023, as we
communicated through a Significant Event to the
Peruvian Securities and Exchange Commission (SMV),
Chilean company Antofagasta PLC acquired about 19%
of the shareholding (ADSs) of Buenaventura through
a subsidiary and in successive purchases in the
secondary market.
This transaction is a positive sign that reflects the
strong confidence of the market in the management
and future of our operations.
The Board of Directors and
Management are confident
that Antofagasta will bring
its experience and proven
expertise in the responsible
development and operation of
world-class projects to enhance
the value of our businesses.
On the other hand, in
November we announced
the agreement to sell 100%
of Contacto Corredores de
Seguros S.A., a company that
has been acquired by Howden
Holdco Perú S.A.C., a subsidiary
of Howden Broking Group
Limited. This transaction of
a non-core asset reflects our
goal to strengthen our balance
and, at the same time, increase
Buenaventura’s liquidity, which
will allow us to accelerate
deleveraging and support
the financing of our project
portfolio.
In 2023, we celebrated
our 70th anniversary of
establishment (1953-2023)
with the slogan “Doing More
than Mining”, which reflects our firm commitment
to responsible mining that generates value for
everyone: Employees, their families, our neighboring
communities, the provinces and regions where we
operate, and the country as a whole.
Throughout the year, we carried out an extensive
program of commemorative activities at each of our
mining units and projects, celebrating these first
seven decades with our people, who are and will
continue to be the backbone of the company.
Regarding Occupational Safety, on Thursday, September
28, 2023, an accident occurred at the Tambomayo Unit,
in Arequipa, which caused the death of a co-worker of
THE CHILEAN COMPANY
ANTOFAGASTA PLC, THROUGH
A SUBSIDIARY AND IN
SUCCESSIVE PURCHASES IN
THE SECONDARY MARKET,
ACQUIRED APPROXIMATELY
19% OF THE
SHAREHOLDING (ADSS) OF BVN.
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 MESSAGE FROM OUR
BOARD OF DIRECTORS
8
one of our contractors. This unfortunate event saddened
all of us who are part of the company. Subsequently,
we have taken corrective measures to prevent such an
accident from happening again.
It is worth remembering that, as of the date of this
painful event, we had achieved 18 months without
fatal accidents in all our business units. We will
continue working to reach and surpass this goal for
the future and make Buenaventura an accident-free
company.
As for Sustainability, through our Social Management,
we continue to promote projects and initiatives in
favor of the sustainable development of the country,
with decentralization and inclusion of the populations
located in the regions where we are present.
Similarly, our Environmental Management focused
on continuing to apply preventive and operational
controls to minimize any impact on the environment
of our units and to promote the sustainability of
mining activities, managing water responsibly as
an elemental resource, preserving its quality and
ensuring its recirculation and reuse in each of the
mining processes.
In terms of People Management, we ended 2023 with
a total workforce of 13,759 employees, including the
personnel of contractor companies. Of this number,
67% corresponds to contracted labor from the regions
Personnel
management
concluded in 2023:
13,759
employees
and communities in our areas of influence. Likewise,
we have procured services and products from local
companies for more than US$ 174 million in all the
regions where we operate.
The operating performance of our production units
was as projected.
Tambomayo, in Caylloma (Arequipa) produced 41,675
ounces of gold and 1,590,784 ounces of silver in 2023,
compared to 54,320 ounces of gold and 1,863,411
ounces of silver in the previous year.
67%
local workforce
The Orcopampa Unit, in the Castilla province
(Arequipa), produced 83,239 ounces of gold, compared
to 74,478 ounces in 2022.
We acquired
products and
services from
local companies
for more than
US$ 174 million.
La Zanja and Coimolache, open-pit mines operating in
Cajamarca, produced 9,080 and 67,140 ounces of gold
in 2023, respectively, compared to 29,616 ounces of
gold produced by La Zanja and 82,408 ounces of gold
produced by Coimolache in 2022.
Operations at La Zanja were limited to leaching
the pad during 2023, while we continued with
explorations related to the underground copper and
gold sulfides project.
In September we resumed mining and processing
operations that had been temporarily suspended since
October 2021 at Uchucchacua,
in Oyon. Uchucchacua
produced 278,538 ounces of
silver and Yumpag produced
2,316,499 ounces of silver (from
the pilot pit alone) in 2023.
The Julcani Unit, our alma
mater in Huancavelica, where
we celebrated our 70th
anniversary in 2023, produced
1,670,679 ounces of silver
compared to 2,640,689 ounces
the previous year.
Sociedad Minera El Brocal
(61.43% BVN), subsidiary
company of Buenaventura
operating the Colquijirca Unit,
in Cerro de Pasco, produced
57,707 metric tons of copper
and 17,153 metric tons of zinc,
in 2023. In 2022, it produced
47,352 metric tons of copper
and 23,359 metric tons of zinc.
At El Brocal, lead production
levels were 5,026 tons,
compared to 6,791 tons in 2022.
It also produced 3,264,859
ounces of silver, compared to
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9
3,556,829 ounces in the previous year. The production
of lead, silver and zinc decreased compared to 2022 as
part of the planned transition from polymetallic ore to
copper ore, as well as the need to temporarily suspend
mining activities at Tajo Norte due to the delay in the
processing and approval of the Environmental Impact
Assessment modification.
Sociedad Minera Cerro Verde (19.58% BVN), an
affiliated company operating in Arequipa, produced
447,034 metric tons of copper, compared to 441,554
metric tons the previous year.
The effort dedicated to exploration work is part of
Buenaventura’s culture that ensures the continuity of
our business. In our Orcopampa, Tambomayo, Julcani,
Uchucchacua, Coimolache and El Brocal units, 10,503
meters of progress was recorded in exploration tunnels
and 188,397 meters in diamond drilling. The meters of
diamond drilling include 3,167 meters at Yumpag.
At our San Gabriel Project, the next gold mine located
in Moquegua, by the end of 2023 we reached 94%
progress in engineering, 86% in procurement and 24%
in construction. This year 2024 we expect to reach 80%
progress in construction, 80% in operational readiness
efforts and have commissioning equipment ready to
start testing systems and subsystems by early 2025.
In Project Yumpag, in Pasco, we are pleased to inform
that in March 2024, the Ministry of Energy and Mines
granted us the final operating permit, a milestone
that reflects our competence in managing mining
projects as well as regulatory processes efficiently
and effectively. We are very excited about Yumpag’s
future prospects to produce high-grade silver
resources, with promising exploration campaigns.
It is worth noting that the project also has the
Environmental Impact Study approved by the National
Service of Environmental Certification for Sustainable
Investments (SENACE).
evaluate the start of the feasibility process.
Finally, the Board of Directors would like
to thank our Management, shareholders,
suppliers and all of the company’s
stakeholders. We would especially like
to recognize the effort and commitment
of the employees in all our production
units, projects and offices located in eight
regions of Peru, who continue to work with
determination and dedication to help their
families, our company and the country.
At Trapiche, copper project in Apurimac, we achieved
50% progress in drilling for feasibility engineering
in 2023. In addition, we completed the pilot plant
optimization tests with good results, and submitted
the Environmental Impact Assessment, among other
progresses detailed in this report. We will continue
to work with our communities to close the citizen
participation processes and start the construction
of the entrance road to the project on which the
definitive access will be built.
We invite you to carefully review this
Integrated Report, where you can obtain
detailed information about our achievements
and challenges during the year 2023. This
report reflects our responsibility to people
and to the environment, renewing our
commitment to sustainable, decentralized
and inclusive development in the regions
where we operate and throughout Peru.
At the Coimolache Sulfides Project, in Cajamarca,
underlying the currently exploited gold ore, we have
had favorable results following the drilling campaign
and the development of the underground stage. This
2024, we will execute a new drilling campaign and
Roque Benavides
Chairman of the Board
Lima, March 27, 2024
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BUENAVENTURA
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WE ARE
BUENAVENTURA
CORPORATE PROFILE
Buenaventura was founded 70
years ago with the acquisition of the
Julcani mine in Huancavelica and has
evolved to become one of the most
prominent mining companies in Peru.
We specialize in the extraction of gold,
silver, copper and other base metals,
covering all stages from exploration,
development, construction, operation
and ore processing.
Our corporate culture is focused on
creating the greatest possible value for
society. To achieve this, we implement
the best practices to ensure the health
and safety of our workers, preserve
the environment, and promote
responsible investments for community
development and diligence in relation
to our shareholders.
We have also recorded the following
number of people in our organization,
categorized as officers, employees and
workers, both with indeterminate and
fixed-term employment relationships,
whose composition as of the year 2021
is detailed in the following charts:
Indeterminate Personnel
2021
2022
2023
Fixed-Term Personnel
2021
2022
2023
532
521
536
430
438
496
689
661
736
32
25
18
18
11
18
11
6
3
Indeterminate
Officer
Indeterminate
Employee
Indeterminate
Worker
Temporary
Officer
Temporary
Employee
Temporary
Worker
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 WE ARE
BUENAVENTURA
HACEMOS MÁS QUE MINERÍA
11
VISION
To extract mineral resources while creating the highest
possible value for society.
VALUES
MISSION
To be the mining company of choice and the most widely accepted by
the communities, authorities and general public.
To make the company as highly valued as possible by all of its
stakeholders.
GENERAL DATA
Name:
Objective:
Compañía de Minas Buenaventura S.A.A.
Private company engaged in mining and metallurgical
Incorporation:
September 07, 1953
activities in Peru.
Registration:
Item No. 02136988 of the Registry of Legal Entities of the
ISIC*:
Lima Registry Office, the term of the Company being
indefinite.
1320 Mining of non-ferrous metal ores, except uranium and
thorium.
Headquarters:
Calle Las Begonias 415 – piso 19, San Isidro, Lima, Perú
Telephone number:
(511) 419-2500
Website:
* International Standard Industrial Classification
www.buenaventura.com
Safety:
Promoting respect for the lives of
our collaborators in all our processes,
operations and activities.
Loyalty:
Committing ourselves to our
company, its mission, vision, and
values. We are all part of the same
team.
Honesty:
Acting in an upright and honest manner,
never lying, deceiving, or omitting the
truth.
Respect:
Being considerate and courteous
to people, their ideas, their culture,
and their rights.
Industriousness:
Being passionate about our work, giving
our best and acting efficiently, safely, and
responsibly.
Transparency:
Managing communications and
actions that are truthful, clear,
timely and unambiguous.
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 WE ARE
BUENAVENTURA
HISTORY 2023 Driving the country’s development since 1953.
SILVER
Founding of Buenaventura
Acquisition of Julcani mine in
Huancavelica
BVN lists on the
Lima Stock Exchange
COPPER
BVN acquires 11% of El Brocal.
As of 2017, BVN owns 61%
JV1:
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
12
BVN announces the
approval of the Yumpag
Project EIA
BVN announces the restart
of activities at Uchucchacua
Insurance Brokers Contact
Sale
1953
1971
1979
1994
2010
2013
2016
2023
1967
1975
1993
1996
2011
2014
2022
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)
BVN sold the total of
its shares in
Yanacocha to
Newmont and
purchased 100%
ownership of La Zanja
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
(2021-2022)
BOLUARTE
(2022-Presente)
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BUENAVENTURA
13
INITIATIVES AND MEMBERSHIPS
THE EXTRACTIVE INDUSTRY
TRANSPARENCY INITIATIVE
(EITI) is an international alliance of 52 countries that brings
together governments, extractive companies (mining,
oil and gas) and civil society to make payments made by
companies to governments transparent, in order to ensure
proper accountability and that the resources obtained from
extractive activities promote the development of member
countries.
Buenaventura has been part of this initiative since
2011, seeking to promote public awareness regarding
the government management of mining resources,
influencing satisfactory progress that benefits the country’s
development.
UNITED NATIONS GLOBAL COMPACT
Buenaventura has been a member of the Global Compact
since 2004, being the first Peruvian mining company to
do so. This encourages our firm commitment to respect
human rights, to work on the basis of labor standards, to
have policies and procedures for environmental care, and to
promote the fight against corruption in all sectors.
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 CORPORATE
GOVERNANCE
WE DO MORE THAN MINING
14
14
STATEMENT
OF LIABILITY
ABOUT THE ANNUAL REPORT
MESSAGE FROM OUR BOARD
OF DIRECTORS
WE ARE BUENAVENTURA
CORPORATE
GOVERNANCE
OPERATIONS, PROJECTS
AND NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL MANAGEMENT
ENVIRONMENTAL MANAGEMENT
FINANCIAL RESULTS
ANNEXES
CORPORATE
GOVERNANCE
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 CORPORATE
GOVERNANCE
15
SHAREHOLDING STRUCTURE
AND ECONOMIC GROUP
As of December 31, 2023, Buenaventura’s
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), 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).
In addition, the Company has 21,174,734
(twenty-one million one hundred seventy-four
thousand seven hundred thirty-four) common
shares and 472,963 (four hundred seventy-two
thousand nine hundred sixty-three) portfolio
investment shares. It is worth noting that, as of
December 31, 2023, we held:
948
common
shareholders
Of these,
18.132% belong
to shareholders
domiciled in
the country and
81.868%
894
non-domiciled shareholders
holding investment shares
To date, it has ten (10) mining operations/projects;
two (02) dedicated to power generation and
transmission activities; and one (01) dedicated to
the production of high-quality manganese sulfate
monohydrate and other by-products generated
from ore.
The structure of our Corporate Governance is based on principles and
regulations that rule the functioning of our management bodies and
guide our operating practices. We transparently share our standards
annually through the report on compliance with the Code of Good
Corporate Governance for Peruvian companies, which is approved by the
Board of Directors.
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023
CORPORATE
GOVERNANCE
16
Shareholding Structure and Nationality
Total, Common Shares
Shareholding structure
Shareholding over 5% as of
December 31, 2023
Name
The Bank of New York Mellon Dr. (*)(**)
Compañía Minera Condesa S.A.
Benavides Harten, Alberto Martín (***)
TOTAL
274,889,924
Common Voting Shares as of December 31
Shareholding
percentage
80.59
7.69
5.03
93.31
Nationality
USA
Peruvian
Peruvian
Shareholding
Under 1%
1% - 5%
5% - 10%
Over 10%
TOTAL
Number of
shareholders
Shareholding
percentage
941
4
2
1
948
1.67
5.03
12.71
80.59
100
(*) THE BANK OF NEW YORK MELLON DR. Depository Bank, ADR holders
(**) Includes some members of the Benavides family
(**) Includes share of Grupo Antofagasta Plc
(***) Usufruct in favor of Benavides Ganoza, Roque Eduardo
Shareholding structure
Total Investment Shares:
Investment Shares as of December 31, 2023
744,640
Shareholding
Under 1%
1% - 5%
5% - 10%
Over 10%
TOTAL
Number of
shareholders
Shareholding
percentage
889
3
1
1
894
27.83%
3.37%
5.45%
63.35%
100
THE TOTAL PARTICIPATION
UNTIL DECEMBER 31, 2023, IS
93.31%.
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 CORPORATE
GOVERNANCE
17
Shareholding structure per type of investor as of December 31, 2023 - SHARE: PEP612001003
Holding by type of shareholder or equity securities of the shareholding composing
the S&P Peru Selective Index (at year end)
Number of
shareholders
Shareholding % (3)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Members of the Board of Directors and the Senior Management, including family members (1).
Corporation employees, not included in item 1.
Individuals, not included in items 1 and 2.
Pension funds managed by Pension Fund Administrators under the supervision of the
Superintendence of Banking, Insurance and Pension Fund Administrators
Pension fund administered by the Peruvian Social Security Administration (ONP, in Spanish)
Peruvian State entities, except for the case mentioned in item 5.
Banks, financial institutions, municipal savings banks, small and micro enterprise
development agencies (edpymes, in Spanish), rural banks and credit unions under the
supervision of the Superintendence of Banking, Insurance and Pension Fund Administrators
Insurance companies under the supervision of the Superintendence of Banking, Insurance
and Pension Fund Administrators
Brokerage agents, under the supervision of the SMV
Investment funds, mutual funds and equity trusts under the Securities Market Law and the
Investment Funds and Banking Trusts Law under the General Law of the Financial System
Autonomous assets and foreign bank trusts, to the extent that they can be identified.
Foreign depositories listed as shareholders under ADR or ADS programs.
Foreign depositories listed as shareholders not included in item 12.
Foreign custodians listed as shareholders.
Entities not included in the preceding items (2).
Shares belonging to the S&P/BVL Peru Select Index or to the equity securities of these
shares, in the portfolio of the company.
TOTAL
18
0
894
1
0
1
0
0
1
0
0
1
0
0
30
2
948
10.11%
0.00%
1.59%
0.00%
0.00%
0.01%
0.00%
0.00%
0.00%
0.00%
0.00%
80.59%
0.00%
0.00%
0.01%
7.69%
100.00%
With
100%
participation,
there were a
total of 980
shareholders.
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 CORPORATE
GOVERNANCE
Holding by shareholders or the equity securities of the shares
composing the S&P/BVL Peru Select Index, by residence (at
year end)
Number of
shareholders
Shareholding % (3)
Domiciled
Non-Domiciled
TOTAL
904
44
948
18.13%
81.87%
100.00%
(1) Term “Relatives” according to the Indirect Ownership, Linkage and Economic Groups Regulations.
(2) Term “Entities” according to the Indirect Ownership, Linkage and Economic Groups Regulations.
(3) Two decimal places.
See the performance of shares and ADRs in annexes
BOARD OF DIRECTORS
Our Board of Directors is made up of 7 members, 5 of which are
independent. The performance of the Board of Directors as a
governing body and that of each of its members is objectively
evaluated on an annual basis. Their average term is 4 years.
In 2023, attendance to board meetings was 100%. Also, the
Board of Directors Regulations were updated and are published
on our website.
The Board of Directors has the
following committees:
Audit
Corporate Governance
Nominations and
Compensations
Sustainability and Innovation
Operations
The duties of the committees are regulated in the Board of Directors Regulations. Through their
chairperson, each committee will regularly inform the Board of Directors in full about the duties
fulfilled.
See the career of the members of the Board of Directors in the Annexes.
SENIOR MANAGEMENT
/LA SALUD E INTEGRIDAD DE
TODOS ES NUESTRA PRIORIDAD
18
18
18
The Senior Management has autonomy to fulfill their duties
in continuous alignment with the policies and guidelines
defined by the Board of Directors. They are also responsible for
complying with and enforcing an efficient, sound, responsible
and transparent management.
They are evaluated annually by the Compensation Committee
of the Board of Directors under the Balance Score Card
methodology.
See the career of the members of the Vice-Presidency and General
Management.
100% WAS
THE ATTENDANCE
OF THE BOARD IN
2023.
ETHICAL CONDUCT: POLICIES AND REGULATIONS
We are proud to point out that our company
operates under high integrity standards set
forth in Buenaventura’s Code of Ethics and
Good Conduct, making us an active actor in
the fight against corruption, bribery or money
laundering, among other illegal acts.
To such end, Buenaventura has a series of
policies and procedures in place, among which
we highlight the following:
Conflict of Interest Management Policy
Anticorruption Policy
Handbook and Code of Conduct for
the Prevention and Management
of Money Laundering and Terrorist
Financing Risks
Code of Conduct of Business Partners
Code of Conduct for Suppliers
Gift Policy
Human Rights Policy
Prevention Model Handbook
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 CORPORATE
GOVERNANCE
19
We are also affiliated to the Code of Conduct of the National Society
of Mining, Petroleum and Energy (SNMPE) and subject to its audit.
TYPE OF COMPLAINTS WE ADDRESSED
In 2023, we experienced a significant increase in the reporting of
complaints related to possible violations of our Code of Ethics and
Good Conduct. We went from 68 complaints registered in 2022 to a
total of 108 complaints in 2023, that is, to levels in line with 2019 (pre-
pandemic), mainly explained in a significant disclosure of the complaint
channels. It should be noted that each of these complaints was dealt
with diligently, resulting in the implementation of corrective actions
and penalties proportional to the seriousness of the offense.
These measures were established after thorough investigations carried
out by the Incidents Committee, and were applied in strict compliance
with our Internal Labor Regulations.
2022
2023
12
13
13
5
6
4
Corruption or
bribery
Discrimination
or harassment
Conflict of
interest
It is important to note that, during 2023, no complaints related to
personal data privacy, money laundering and/or malicious insider
trading were reported.
COMPLAINTS BY
LOCATION
The localities that filed the
most complaints during 2023
were El Brocal with 23%,
Arequipa with 21% and Oyon
with 14%.
20%
2
3
%
9 %
1
4
%
1
3
%
2 1 %
Brocal
Arequipa
Cajamarca
Oyon
Lima
Others
LEVEL OF ATTENTION TO COMPLAINTS
42% were closed complaints.
45% were referred to Occupational Safety and Human
Resources
5% are still under investigation.
4% are at the stage of penalty evaluation by the Committee.
5% were dismissed due to lack of evidence.
In 2023, we provided training on the Code of Ethics and
Good Conduct:
100% of the executive employees received the Code
of Ethics and Good Conduct, of which 100% have been
trained on its scope.
100% of suppliers and contractors received access to the
Code of Ethics and Good Conduct.
30
20
10
0
0
8
0
15
3
13
14
15
1
7
13
4
9
1T 2023
2T 2023
3T 2023
4T 2023
Closed
Dismissed
Under investigation
Referred / Dismissed
Evaluation by the Committee
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 CORPORATE
GOVERNANCE
COMPLIANCE
As part of the execution of our Corporate Compliance Program
(“PCC”, in Spanish), Buenaventura has been implementing
improvements in our corporate policies and procedures, in
compliance with the guidelines and provisions contained in the
applicable (national and international) legal framework and in
accordance with good corporate governance and compliance
practices.
In 2023, the Risk Prevention and Management Handbook related
to Money Laundering and Financing of Terrorism (“ML/FT”) was
updated. This Handbook reinforces the Company’s strategy for the
prevention and control of ML/FT, for which more rigorous controls,
mechanisms and procedures have been included in Buenaventura’s
frontal fight against ML/FT.
Thus, in 2023, Buenaventura developed a new mechanism for the
handling and management of requests for social support, charitable
contributions, donations and sponsorships, promoting a culture of
transparency and continuous improvement.
Looking ahead to 2024, we will implement a Comprehensive
Corporate Compliance Policy. This policy summarizes the main
corporate compliance commitments of Buenaventura and its
subsidiaries, and will clearly and simply integrate all policies and
procedures under the coordination of the Compliance department.
Also, a new Ethics Hotline will be put in place, which will be available
for all our stakeholders to report any breach of our Code of Ethics
and Good Conduct and/or Comprehensive Corporate Compliance
Policy, the following being the means to enter the complaints:
20
Through the
Mobile App -
EthicsGlobal/
Buenaventura
Through the Web
Assistant
Through e-mail:
lineaeticabuenaventura@
ethicsglobal.com
Finally, we will continue to
consolidate the PCC through the
permanent execution of the different
elements that comprise it, thus
reaffirming our commitment to
the culture of compliance and to
transparency and ethical behavior in
the performance of our activities.
LEGAL ACTIONS
As a result of the auditing processes of the annual tax
returns for fiscal years 2007 and 2008 of Compañía
de Minas Buenaventura S.A.A, the Tax Administration
does not recognize the commercial contracts for
physical deliveries and the contractual payments
made by the Company in those years, and considers
that those payments correspond to an early financial
settlement of Derivative Financial Instrument
Contracts, and that the Company did not confirm the
hedging purpose and the covered risks. Likewise, the
Tax Administration does not recognize the offset of tax
losses realized during fiscal years 2009, 2009, 2010,
2013, 2014, 2017, and 2018, which originated in fiscal
years 2007 and 2008.
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 CORPORATE
GOVERNANCE
21
In accordance with the legal framework, on July
30 of 2021, the Company paid said tax debt
related to the legal actions of years 2007 to 2010.
Notwithstanding the foregoing, the Company will
continue to exercise its legitimate right of defense in
the corresponding administrative and judicial courts,
where it expects to obtain a favorable result in line
with the opinion of the attorneys responsible for the
tax proceedings.
In the case of Sociedad Minera El Brocal SAA, the
Tax Administration does not recognize the loss
on derivative financial instruments and royalty
expense for 2011 and is currently in court pending
a final result. Also, the Tax Administration does not
recognize the depreciation of two tailings dams in
2014 and 2015, and the deduction for the investment
in development costs in 2016. Currently, we are
exercising the right of defense in administrative and
judicial courts and, as per the attorneys’ opinion, a
favorable outcome is expected. Finally, as a result
of the auditing process of fiscal year 2017, the Tax
Administration questions the loss on Derivative
Financial Instruments because the specific risks
would not have been accredited and they would
not have been held in recognized markets. The
Administration also questions the depreciation of the
tailing dams, the cost of development and operating
expenses, and that the Company –together with its
tax advisors– is exercising its right
to claim.
As for subsidiary Zanja SRL, the Tax
Administration does not recognize
the foreign exchange loss from the
provision for mine closure for the
years 2013 and 2015. Currently,
the controversy is in court and the
ruling will also influence the tax
results of the following years in the
carryforward of tax credits and tax
losses that the Tax Administration
has also questioned. As a result of
the audit of fiscal year 2021, the
depreciation rate of the leaching
pads has also been questioned and,
in the opinion of the tax advisors, it
is unsubstantiated, for which reason
the claim process has been initiated.
In the case of subsidiary Huanza
SA, the Tax Administration does not
recognize part of the depreciation
of the fixed assets acquired through
a leasing contract. This, in the
attorneys’ opinion, has no support
and is being addressed in judicial
courts, the ruling of which will
influence the tax results of fiscal year 2020 that the Tax
Administration has audited and questioned regarding
the tax loss carryforward.
As for subsidiary Río Seco SA, the Customs Division
has determined an alleged omission in the payment
of sales tax on an importation of machinery and
equipment made in 2012 for the construction of plants
and that, in the attorneys’ opinion, is not supported;
therefore, we are exercising our right of defense in
court. Also, as a result of the audit of fiscal year 2020,
the Tax Administration has disregarded part of the
depreciation of the fixed assets, which the Company,
with the support of its tax advisors, is discussing in
administrative courts to enforce its rights.
2001, 2005, 2008, 2009, 2010,
2011, and 2013. The lawsuits related
to 2005, 2008, 2009, and 2010
have been closed with favorable
results for Chaupilloma, and the
2011 and 2013 legal actions have
had favorable results for the Tax
Administration, being closed
throughout 2023. With respect to
fiscal year 2001, Chaupilloma has
started legal actions for statute of
limitations and, in the attorneys’
opinion, a favorable result is
expected.
Regarding Chaupilloma SRL, the Tax Administration
does not recognize the amortization of mining
concessions in the audit it carried out for the years
THE RIGHT TO DEFENSE IS BEING
EXERCISED IN ADMINISTRATIVE AND
JUDICIAL INSTANCES AND ACCORDING TO
THE SPONSORING LAWYERS, FAVORABLE
RESULTS SHOULD BE OBTAINED.
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 OPERATIONS, PROJECTS
AND NEW BUSINESSES
WE DO MORE THAN MINING
22
22
STATEMENT
OF LIABILITY
ABOUT THE ANNUAL REPORT
MESSAGE FROM OUR BOARD
OF DIRECTORS
WE ARE BUENAVENTURA
CORPORATE
GOVERNANCE
OPERATIONS, PROJECTS
AND NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL MANAGEMENT
ENVIRONMENTAL MANAGEMENT
FINANCIAL RESULTS
ANNEXES
OPERATIONS, PROJECTS
AND NEW BUSINESSES
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 OPERATIONS, PROJECTS
AND NEW BUSINESSES
23
Business strategy
Safety
Corporate Matters
Environment
V alu 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 Oxidos (JV)
Uchucchacua
Julcani
El Brocal
Cerro Verde (JV)
San Gabriel
Yumpag
Río Seco (Planta Química)
La Zanja Sulfuros
Coimolache Sulfuros (JV)
Trapiche
Operations
Projects
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 OPERATIONS, PROJECTS
AND NEW BUSINESSES
24
District
Province
Altitude
Ownership
Tapay
Caylloma, Arequipa
4,800 msnm
100% BVN
Operation
Extracts
Discovered By
Start Date
Underground
Gold and silver
Buenaventura
2016
OPERATIONS
During 2023, 584,246 TMS were processed
with 2.66 g/t Au, 3.14 oz/t Ag, 0.78 %Pb and
1.11 %Zn, recovering in fines: 41,675 ounces
of gold; 1,590,783 ounces of silver; 3,877
FMT of lead and 5,092 FMT of zinc; meeting
the budget of 35.0k - 40.0k ounces of gold;
1.6M - 1.8M ounces of silver; 2.9k - 3.2k
FMT of lead and 4.8k - 5.3k FMT of zinc. The
metallurgical recovery achieved for gold was
83.4%. The cost applied to average annual
sales (CAS) was US$ 1,364 oz of Au.
During 2023, Tambomayo maintained
a wide-ranging agenda of continuous
operational improvement projects that have
allowed us to maintain the cost applied to
sales in line with previous years despite
processing ore with lower metal content.
These initiatives have focused on dilution
control in mining, optimization of the
mining method, increasing productivity
in the execution of tunnels for mine
preparation/development, and maximizing
metallurgical recovery in the plant.
The ore reserves as of December 31 of
2023 are: 572,960 DMT with 0.073 oz/t of
gold (2.28 g/t), 5.72 oz/t of silver, 0.61%
of lead, and 1.04% of zinc, representing
41,973 ounces of gold; 3,277,224 ounces of
silver; 3,479 MT of lead; and 5,983 MT of
zinc. The excluding measured and indicated
resources are 444,606 DMT with 0.107 oz/t
of gold (3.33 g/t), 5.57 oz/t of silver, 0.73%
of lead, and 1.25% of zinc, representing
47,590 ounces of gold, 2,474,282 ounces
of silver, 3,243 MT of lead, and 5,568 MT
of zinc.
TAMBOMAYO
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 The main structure is the Mirtha
vein with a NW-SE strike; the
Paola and Paola Norte veins are at
its SE end; the Camila vein is at its
lower level; and the main strike of
the vein is N45°E and dip of 70ºSE.
The length of the ore shoots is 70
m horizontal and 160 m vertical.
To the north, it borders with the
Carmen hanging wall and to the
south it is dextrally displaced by
the Carmen footwall and bordered
by the north fault. The vein
thickness ranges from a minimum
of 1 m to a maximum thickness
of 5 m. Diamond drillings were
carried out, the most relevant
being: TMB23-0056 (4.00 m wide
with 5.76 g/t, 2.83 oz/t, 2.48 %Pb,
7.43 %Zn, 0.64 %Cu).
The mining department executed
10,513 meters of mine workings,
of which 339 meters were for
development; 10,087 meters, for
preparation; and 59 meters, for
total exploration for Opex.
OPERATIONS, PROJECTS
AND NEW BUSINESSES
The geology department executed 7,984
meters of diamond drilling aimed at
completing the recognition of structures
within the operation, at recategorizing
and to extending the resources (infill
drilling). Three targets were explored,
mainly the Venturosa area, the vertical
veins and the deepening (Camila), the
purposes of which are to start new
exploration fronts around the current
operation area, between levels 4,440
and 4,290. During 2024, we will continue
to explore these same areas, with a
greater emphasis on deepening, looking
for structures similar to the Erika, Talía
and Dalila veins that are within a fault-
controlled corridor.
10,513
meters were
executed in
mining labors.
25
APPROVAL OF ENVIRONMENTAL
INSTRUMENTS AND PERMITS
Since 2023, the third Modification of the Semi-Detailed Environmental Impact
Assessment (MEIA-sd) has been in place, referring to the authorization to deepen the
exploration ramp to the 4,040 level. In addition, it includes the surface platforms for
DDH in the area of Diques and Soledad. By 2024, the IGO for the Start of Activities of
the 3rd MEIA-sd must also be approved. In 2023, the MEIA-d was submitted to SENACE
and its approval is expected by 2024; the second modification of the schedule for the
Operations Closure Plan was approved; and the third modification of the Mine Closure
Plan (PDC) was submitted. For 2024, the fourth MEIA-sd for exploration in the Chaska
area is expected to be submitted to the DGAAM. Additionally, authorizations were
obtained for the installation of piezometers for hydrogeological studies through the
National Water Authority (ANA, in Spanish).
INVESTMENTS
The compaction of the filtered tailings of 422 km³ was completed, reaching altitudes
between 4,449.7 and 4,447.9 m.a.s.l. The quality control parameters were met.
Assets were acquired to improve controls in mine operations, such as the JETANOL 75 kg
ANFO 3/4 Loader, and Gas Detection Equipment were replaced, with an investment of US$
0.02M. The Overhaul Scoop ST7-2 was also completed with an investment of US$ 0.30M.
Start-up of the Huaruro irrigation canal project piping system, where, in 2023, repairs were
made to the line due to damage caused by the rainy season. An investment of US$ 0.70M
was made. The complete project is 15,000 m of water conduction line, for a flow of 140 l/s.
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 OPERATIONS, PROJECTS
AND NEW BUSINESSES
26
SAFETY
EXPLORATIONS
The safety management of 2023 included one fatal accident associated
with Critical Risk 9.2 Operation of Vehicles and Mobile Machinery for
Transportation and Hauling of Ore, where: “The operator of low-profile
machinery, when climbing into the cab of his scoop is trapped between the
door of the machine and the cab by the activation of the central articulation”.
As a result of this event, corrective actions were put in place to verify the
safety locking controls on all the articulated machinery in our operation
and thus avoid the recurrence of this type of event. The verification of these
blocking controls is carried out jointly with Buenaventura officials, specialized
companies and scoop suppliers.
SOCIAL MATTERS
In terms of fulfillment of commitments, workings were completed on the
300-m repair to the damage caused by the rainy season at the beginning
of the year to one of the most important projects for Buenaventura, the
Huaruro Irrigation Canal, which will supply 140 l/s for the expansion and
improvement of the countryside of Belen, Paclla, Cosñirhua, Malata, San Juan
de Chuccho, and Tapay.
In the Chaska Project, we were able to obtain authorizations from four
landowners for four (pz. 03) and five years (pz. 01, 02, and 04) to execute
the piezometers, including the access under responsibility of the Exploration
department. Likewise, an out-of-court settlement has been signed with
Guillermo Huanca for the Talta property and with the Salas family for the
Quenqqo property, in response to their claim for easement of the main access
to the Unit.
For 2023 we carried out two mapping and prospecting
campaigns in the Dorita (350 ha) and Salhuaque Sur (1,400
ha) projects, over a total of 1,750 ha. There were no relevant
results.
The Chaska project continued with the review of the 4th
MEIA-sd Tambomayo, completing a total of 90% progress in
the preparation of the docket. Also, the surface permit was
obtained for accesses and platforms for the drilling of four
piezometers in the Tocallo area, to complete the hydrological
study carried out for the 4th MEIA-sd.
At the Soledad project we are still waiting for the approval of
the start of activities of the 3rd MEIA-sd, submitted in May
2023 in order to start the drilling campaign (1,500 m).
The Gaby and Mayra projects are on hold due to the lack of
agreement with political authorities and some grassroots
organizations. Therefore, it has been deemed necessary to lift
the Suspension to the Start of Activities of both projects so as
not to lose the Environmental Instrument for them.
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 OPERATIONS, PROJECTS
AND NEW BUSINESSES
27
District
Province
Altitude
Ownership
Orcopampa
Castilla, Arequipa
3,800 msnm
100% BVN
Operation
Extracts
Discovered By
Start Date
Underground
Gold and silver
Buenaventura
1967
OPERATIONS
During 2023, the plant treated 288,104
t of ore with a grade of 0.30 oz/t of gold
(9.34 g/t) and 0.14 oz/t of silver, recovering
the following in fines: 83,239 ounces of
gold and 30,164 ounces of silver, of an
estimate of 72.0k - 80.0k ounces of gold. The
metallurgical recovery achieved was 96.2%
for Au and 73.7% for Ag. The cost applied to
average annual sales was US$ 951 oz of Au.
The underground operation focused on the
Pucara Branch-4 vein and Ocoruro sectors
and, to a lesser extent, on the remaining
blocks of the Prometida and Nazareno veins.
Approximately 65% of the production was
carried out directly by company crews and
the balance from exploration/development by
contractor Incimmet.
The ore reserves as of December 31 of 2023
are: 222,336 DMT with 0.314 oz/t of gold
(9.75 g/t), 0.16 oz/t of silver, representing
69,721 ounces of gold and 35,741 ounces
of silver. The excluding measured and
indicated mineral resources of the reserve
report: 324,388 DMT with 0.177 oz/t of gold
(5.51 g/t Au) 0.54 oz/t of silver, representing
57,472 ounces of gold and 175,742 ounces
of silver.
The mine area executed 11,560 meters
of mine workings, of which 885 meters
were for development; 10,525 meters,
for preparation; and 1,064 meters, for
exploration in Opex.
ORCOPAMPA
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 OPERATIONS, PROJECTS
AND NEW BUSINESSES
28
The geology department developed a
26,250-meter diamond drilling program
divided into exploration holes (10,034
m) on the Ariana, Prometida SW,
Melissa, and Melissa East veins; and
recategorization/confirmation holes
(16,216 m) on the veins of the Nazareno,
Prometida, Ocoruro, and R4 systems
executed at 3,810 - 3440 m.a.s.l. In 2024,
the exploration will be prioritized in the
Prometida NE, Prometida SW, Melissa East
and Ocoruro sectors.
APPROVAL OF ENVIRONMENTAL
INSTRUMENTS AND PERMITS
INVESTMENTS
The R4A tailings dam expansion from 3,809 m.a.s.l. to 3,811.4 m.a.s.l.
was completed, complying with the scheduled times and quality control
parameters, investing US$ 1M.
The RB 690-1 with a length of 190 m for the ventilation circuit of the
Ocoruro Zone and the RB 690-2 with a length of 160 m for the ventilation
circuit of the María Isabel Zone were completed, with an investment of US$
1.22 M for the two RBs.
Regarding equipment management: Assets were acquired to improve
controls in mine operations, such as the front loader for ore material to
replace the front loader with the most use over the years (10 years) with an
investment of US$ 0.25M. Likewise, the Overhaul Scoop ST7 was completed
with an investment of US$ 0.29M.
process all the operating permits in advance.
As a long-term project, the 2nd MEIAd will
be submitted to SENACE in 2024, which
includes the R5 Tailings Deposit component
(Capacity of 1.2 M m³).
SAFETY
During the year
2023, the dam
was raised to
elevation 3,811.4.
During the safety management of 2023, there was one high-potential event
related to the critical risk of stability to the rock massif for which action
plans focused on engineering controls were implemented to prevent its
recurrence. It should also be noted that based on statistics, the year ended
with eight disabling accidents and 14 minor accidents, which occurred
mainly in the months of May and December with 6 and 5 accidents,
respectively.
By the end of 2023, the 3rd Mine Closure
Plan Update was approved by MINEM,
with the main objective of disposing of
0.5 million m³ of waste material over the
R4 tailings deposit.
Regarding the R4A tailings deposit with
a storage capacity of 275,514 m³ at
3,809 m.a.s.l., during 2023, the dam was
raised to 3,811.4 m.a.s.l., with which it is
projected to store an additional 254,552
m³ of tailings for a period of 18 months
more; however, for 2024, it is planned to
make the final increase to an elevation of
3,813.50 in order to have enough time to
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SOCIAL MATTERS
DISTRICT EXPLORATIONS
Agreements were entered into with the peasant communities of
Huancarama, Misahuanca, and Umachulco:
Public deed “Private Agreement - Calle Cusco” (passage through the
main road of Huancarama for heavy-duty vehicles of the operation).
Public deed “Extrajudicial Transaction” for the execution of works
corresponding to the closure plan for pitheads 3955, 4225 and
components adjacent to the Misahuanca community.
Public deed “Extrajudicial Transaction” that allowed to enter into the
agreements related to round table 2014, referred to the Poracota Unit
and the Umachulco community. Also, the community granted 1 ha in
easement for the electroduct and access roads allowing to connect
Delta – Pampaquila, as well as the authorization for survey and
prospection.
Social viability was achieved for the entry of consulting firms (INSIDEO,
SGS, AMPHOS, Biota) to collect environmental and social information
within the framework of the MEIA update and compliance monitoring.
Social viability was achieved for the R4A tailings dam expansion work,
despite the fact that several community leaders from Tintaymarca and
Orcopampa were trying to stop the work under the argument that they
should grant permits prior to the agreements.
In 2023, 1,875.7 m (05 DDH) were diamond-drilled with the objective of in-
depth exploring the Brecha 5 structure (hydrothermal breccia measuring
~200 x 30 m., standing out surface sampling channels of 2.4 m @ 7.3 g/t
Au and 0.7m @ 6 g/t Au). Among the significant results, two structures
were intercepted in the Alhuire Zone (located 5 km from the Chipmo Mine
operation), Brecha Lucy and Brecha 5:
Brecha Lucy: Hidden, polymictic, matrix support breccia. Two phases of
alteration and mineralization were recognized: The first one is located at site,
in a magmatic-hydrothermal breccia with gray silica matrix and dissemination
of pyrite, covered in breccia (second phase) by whitish quartz veinlets with
carbonates (rhodochrosite-calcite), pyrite, sphalerite, galena and traces of
native gold.
Brecha 5: Outcropping vein-breccia, polymictic matrix of silica, oxides and
rock dust, has surface channels of 2.4m@7.3 g/t Au and 1.5m@5.1 g/t Au, 2 oz
Ag; with no continuity at depth. The mineralization recorded in drilling holes
shows Ag associated with silica veinlets, gray copper, chalcopyrite, and pyrite.
The geochemical results show grades < 13 oz/t Ag over widths < 1.0 m.
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District
Province
Altitude
Ownership
Hualgayoc
Hualgayoc
3,800 msnm
40% BVN, 44% SPCC y
16% ESPRO
Operation
Extracts
Open Pit
Gold
Discovered By
Buenaventura
Start Date
2011
OPERATIONS
Mining was carried out in the Tantahuatay
2 NW Extension, Tantahuatay 2, Mirador
Norte, Mirador Sur and Ciénaga Norte pits,
between banks 3988 to 3916, 3964 to 3884,
3956 to 3892, 3972 to 3924, and 3956 to
3884, respectively. A total of 6,939,705 DMT
of oxide ore with grades of 0.477 g/t of gold
and 0.33 oz/t of silver were sent to the leach
PADs.
As of December 31 of 2023, the proven and
probable oxide ore reserves at Tantahuatay
add up to 43,692,243 DMT with grades of
0.009 oz/t of gold (0.282 g/t) and 0.3090
oz/t of silver (9.610 g/t), which represent
396,498 ounces of gold and 13,499,907
ounces of silver.
The excluding measured and indicated oxide
ore resources as of December 31 of 2023
add up to 25,513,332 DMT with 0.008 oz/t
gold (0.254 g/t) and 0.4368 oz/t silver (13.59
g/t), which represent 208,643 ounces of
gold and 11,144,841 ounces of silver.
The extraction plan was restricted by the
capacity of the leach PADs, which was
reduced because of the lack of approval of
the 3rd MEIA-d, which was offset by the
variable cut-off grade strategy to maximize
the grade of the ore processed.
Extractions in the leach PADs for 2023 were
63% in gold and 12% in silver. Likewise,
cumulative extractions in the leach PAD
from the start of operations to December 31
COIMOLACHE OXIDOS (JV)
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of 2023 are: 74% gold and 17% silver.
The extraction of fine metals reached
67,140 ounces of gold and 264,835 ounces
of silver.
The cost applied to average annual sales
was US$ 1,376 per ounce of Au.
Regarding the Mine Closure Plan,
revegetation has been carried out around
the pits Tantahuatay 02 (14,555 m²),
Tantahuatay 02 Northwest Extension
(45,226 m²), Waste Material Dump 01 (492
m2), Waste Material Dump 02 (4,823 m2),
Waste Material Dump 03 (4,402 m²) and
Unsuitable Material Deposit Swamp (12,092
m²).
The aggregates platform was closed,
considering the activities of physical
stability (refining and leveling), geochemical
stability and revegetation (transplanting
and planting of seeds and seedlings).
It is worth mentioning that, in September
2023, the 3rd Modification of the Mine
Closure Plan was approved, where all
closure activities have been rescheduled for
the years 2025 and 2026.
APPROVAL OF ENVIRONMENTAL
INSTRUMENTS AND PERMITS
THE APPROVAL
OF THE 3RD
MEIA-D FOR THE
EXPANSION OF THE
TANTAHUATAY
PAD HAS BEEN
FORESEEN.
In January, the Operating Permit for
the expansion of Lifts 17 and 18 at the
Tantahuatay PAD was approved. The
approval of the 3rd MEIA-d for the
expansion of the Tantahuatay PAD is
scheduled for 1Q2024; the construction
permit is expected to be obtained by
3Q2024 and the operation permit in
1Q2025, allowing operation and expansion
by 2Q2025.
INVESTMENTS
The executed CAPEX was US$ 20.8 million, mainly in the construction of
the safety berm reinforcement (including a re-pumping station) at the
Tantahuatay PAD. Also, coal columns were added to the PTEC THY (5
tanks) and the construction of environmental monitoring stations at the
Tacamache and Tres Amigos ravines was completed. Water management was
implemented at the Tantahuatay 2 NW Extension pit. Finally, 71.85 ha of land
were purchased.
SAFETY
During 2023, there were 1,342 reports on substandard conditions and
actions, 23 property damages, 19 incidents, 8 minor accidents, 1 disabling
accident, and 0 fatalities. The Frequency Rate (IF) of 2023 was 0.38. The
Basic Involvement Index (IBI) for 2023 was 94.44% compliance. The program
of Critical Risks associated with critical activities in the unit has been 100%
complied with. For 2023, the occupational hygiene monitoring program
projected 149 samples, exceeding the goal for all agents, as follows: Chemical
Agents 105%, Physical Agents 163%, Biological Agents 100%, Ergonomic
Evaluations 121%.
The DME CN Stabilization Plan submitted to Osinergmin was 100%
completed with the Phase 01 works (relocation of ponds and waste material
from the unstable area, installation of raincoat) Additionally, the installation
of the pump system of ponds 103 to 137, the relocation of the medium
voltage line and the construction of the Sub-Station, corresponding to Phase
02 of the plan, were 100% completed. We are currently awaiting a response
from Osinergmin for the closure of ponds 110 and 122.
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OPERATIONS, PROJECTS
AND NEW BUSINESSES
SOCIAL MATTERS
In the district of Chugur, the construction of the health center
infrastructure was completed and the year ended with an 80%
progress with the implementation of equipment for this facility.
Also, in the El Chencho and Ramírez village, the livestock
development project was implemented, jointly managed to
improve the quality of life of the villagers.
The main access road to the operations was recovered in June,
and the negotiations were completed with the four remaining
owners.
At the community of El Tingo, in the district of Hualgayoc, a
livestock development project and the maintenance of the
community’s main road were carried out.
EXPLORATIONS
In 2023, priority was given to exploration works on the sulfide
project, focusing the drilling plan on the high-grade zone,
carrying out 5,634 m of diamond drilling. At the same time,
the company continues to analyze the feasibility of the Sulfide
Project.
In 2023, 5,634 meters of diamond
drilling were carried out.
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OPERATIONS, PROJECTS
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District
Province
Altitude
Ownership
Pulán
Santa Cruz, Cajamarca
Operation
Extracts
Open Pit
Gold
3,500 msnm
100% BVN*
Discovered By
Buenaventura
Start Date
2010
*On February 08 of 2022, the acquisition by Buenaventura of 100% of the shares of Minera La Zanja as part of the agreement between
Buenaventura and Newmont for Minera Yanacocha, was announced.
OPERATIONS
None of the unit pits were mined during 2023. The plant operating activity was focused on the
generation of furrows and irrigation of 23 hectares in Lifts 8 and 9 of the leach PAD, with the
objective of recovering ounces of gold remaining in the deposit.
The extraction of fine metals reached 9.080 ounces of gold and 20,589 ounces of silver. The
extractions accumulated in the leach pad from the start of the operations to December 31 of 2023
are 68% for gold and 14% for silver.
The cost applied to average annual sales was US$ 1,772 oz of Au.
Regarding the Progressive Closure, in 2023, 2.40 hectares (0.23 ha of the Pampa Verde Waste
Material Deposit and 2.17 ha in the surroundings of the Pampa Verde Pit) were executed. Meanwhile,
17.8 ha of backfills were covered to reduce the contribution of contact water during the rainy season.
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APPROVAL OF ENVIRONMENTAL
INSTRUMENTS AND PERMITS
SAFETY
Regarding the environmental permits, in 2023, the 10th
MEIA-sd was approved, which includes 597 platforms, the
Olga-Isabel ramp, and modifies the 10-year exploration
schedule. Regarding the 5th Modification of the Mine
Closure Plan: The schedule for the progressive closure
to 2029, final closure to 2037 and post-closure to 2042
was updated. The reconsideration of the Detailed
Environmental Plan was also approved to regularize the
Macarena sector and its auxiliary components.
Regarding operating permits, in 2023 the Authorization
for the SPS leach PAD Expansion, the Mining Plan for the
Tajo PV and BF 4 PV Expansion, the Alejandra Mining
Reschedule 2025-2027, and the Continuity of Surface
Exploration Activities of the 10th MEIA-sd were approved.
INVESTMENTS
The construction of the 2nd Press Filter at the San Pedro
Sur Acid Water Treatment Plant was completed, including
civil and electromechanical works, pre-commissioning,
commissioning and start-up. This work has made it possible
to centralize the treatment of contact water in a single
treatment plant, which will result in efficiency savings and a
reduction in personnel.
During 2023, there were: 0 fatalities, 1 disabling accident, 2 minor accidents, 6 accidents with property damage
and 2 incidents. OHS Committee meetings were held on a monthly basis and the election process for the new
employees’ representatives for the 2024 to 2025 fiscal year was carried out.
SOCIAL MATTERS
The technical file for the project “Trafficability Improvement of the San Miguel, Santa Rosa, El Agrario, La
Colpa, Gordillos, El Empalme Minor Roads, in the Districts of San Miguel, Calquis, Catilluc, Llapa, Province
of San Miguel, Cajamarca”. As a result of this undertaking, works will begin on January 9, 2024.
The Enseña Perú [Teach Peru] educational project was financed, two teachers were appointed in the area
of direct social influence, and campaigns that benefited approximately 630 students in kindergarten,
primary and secondary schools in the areas of social influence of MLZ were carried out.
Effective health actions were carried out through medical campaigns that benefited the inhabitants of
La Zanja village, Pisit village and Pulán district, providing 636 dental, optometry and general health care
treatments. We also financed the hiring of a registered nurse for the health post in Caserío La Zanja. On
the other hand, we managed the recognition of the category 1 health post in the village of La Zanja.
DISTRICT EXPLORATIONS
In terms of sulfide exploration, in 2023, a total of 21 diamond drills were performed with a total
of 11,081.95 m drilled within the Corredor Emperatriz project, evaluating breccias associated with
the Cu-Au porphyry system (Alba with 1,497.20 m, Cedrillo with 324.60 m, Emperatriz Central with
4,157.10 m, and Amanda with 5,103.05 m).
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District
Province
Altitude
Ownership
Oyón
Oyón, Lima
4,500 msnm
100% BVN
Operation
Extracts
Underground
Silver, lead and zinc
Discovered By
Buenaventura
Start Date
1975
OPERATIONS
During the first half of 2023, down-the-mine
exploration works continued at Uchucchacua,
as well as care and maintenance of the surface
facilities. Exploration results were quite
favorable, especially in the sectors of the
Sonia, Vanessa, and Cachipampa polymetallic
veins, where preparation and development
efforts were also focused on becoming a
productive base for the restart of operations
of the Uchucchacua concentrator plant.
Similarly, exploration and construction works
continued at the Yumpag project. Based on
these works and the permits for a pilot test,
approximately 102,000 DMT of ore were
extracted and processed at the Uchucchacua
concentrator plant during 4Q2023, where
the metallurgical parameters of the Yumpag
ore were validated at an industrial scale,
and concentrates were obtained to outline
marketing strategies.
Compañía de Minas Buenaventura S.A.A.
was notified on August 22, 2023, with
resolution N°0440-2023-MINEM-DGM/V,
of the lifting of the suspension of mining
and smelting activities at the “Uchucchacua”
mining unit.
The process plant resumed operations in
October, after carrying out the maintenance
and testing phase in September 2023.
UCHUCCHACUA
Y YUMPAG
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During 2023 the process plant treated
171,471 t of ore with a grade of 16.69
oz/t silver, 1.85% Pb and 3.04% Zn.
(Uchucchacua: 70,104 t of ore with a grade
of 4.85 oz/t Ag, 3. 13% Pb, 5.36% Zn and
1.32% Mn; and Yumpag: 101,367 t of ore with
a grade of 24.87 oz/t silver, 0.97% Pb, 1.44%
Zn and 16.87 % Mn), 2,595,038 oz silver,
2,907 FMT Lead and 2,763 FMT Zinc. The
metallurgical recovery achieved was 90.7%
for Ag, 91.5% for Pb, and 73.5% for Zn.
The mineral reserves of Uchucchacua and
Yumpag together, as of December 31 of
2023, are 5,322,420 DMT with 14.32 oz/t
silver, 1.36% lead, 2.20% zinc and 7.63%
manganese, representing a content of
76,238,922 ounces of silver, 72,285 MT of
lead and 116,904 MT of zinc. (Uchucchacua:
3,052,166 DMT with 8.63 oz/t silver, 1.97%
lead, 3.24% zinc and 4.67% manganese
representing 26,344,313 oz/t silver, 60,272
MT lead and 98,791 MT zinc, and Yumpag
contributes 2,270,254 DMT with 21.98 oz/t
silver, 0.53% lead, 0.80% zinc and 11.62%
manganese, representing contents of
49,894,609 oz silver, 12,013 MT lead and
18,112 MT zinc).
At Uchucchacua, 67,091 meters of
diamond drilling were performed,
divided into exploration holes (16,136
m) in the following targets: Huantajalla
E (skarn bodies with Zn-Pb-Ag
mineralization) and Luz Norte (veins
with Zn-Pb-Ag mineralization); and
recategorization/confirmation holes
(50,955 m) on the Cachipampa, Vanessa,
Sonia Norte, Rosa, Rosa2, Gina Lilia, and
Rita veins at 3,990-3,920 m.a.s.l., veins at
4,360-4,450 m.a.s.l., and veins at 3,610-
3,990 and 3,810-3,440 m.a.s.l. By 2024,
explorations will be prioritized in the Luz
Norte, Huantajalla E and Bonnie sectors.
Also, 1,212 meters of exploration tunnels
and 5,096 meters of preparation
works were executed; all progresses
were made with Buenaventura’s own
personnel and resources.
Regarding the R3, the detail engineering
of the buttress at 4,411 m.a.s.l and its
expansion at 4,416 m.a.s.l. was updated,
considering the information from the
geotechnical investigation campaign carried
out during the first months of the year.
In Yumpag, in 2023, 8,975 meters of
horizontal workings were advanced in line
with the project’s current permit. With
respect to vertical workings, 386 meters
were completed in 2023.
In Yumpag, 3,212.40 m of infill drilling were
executed, achieving a better definition
in terms of the geometry of the Camila
village.
As part of the restart of operations at
Uchucchacua, the Rio Seco industrial
plant underwent comprehensive
maintenance to restart processing in
December 2023, including the tonnage
of leached concentrate.
APPROVAL OF ENVIRONMENTAL
INSTRUMENTS AND PERMITS
In Uchucchacua, on August 22,
2023, by means of Resolution No.
0440-2023-MINEM-DGM/V the General
Mining Directorate communicates that
Compañía de Minas Buenaventura S.A.A.
has complied with the lifting of the
suspension of exploitation and smelting
activities at the “Uchucchacua” mining
unit, in accordance with the provisions of
Article 109 of Supreme Decree No. 020-
2020-EM.
On November 27, 2023, through
Directorial Resolution No.
00163-2023-SENACE-PE/DEAR, SENACE
approved the “Fourth Technical Report
Supporting the Modification of the
Environmental Impact Assessment” of the
Uchucchacua Economic Administrative
Unit (U.E.A., in Spanish), submitted
by Compañía de Minas Buenaventura
S.A.A. in accordance with the grounds
and conclusions of report No.
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01011-2023-SENACE-PE/DEAR, which
extends useful life by 02 years and 08
months.
In Yumpag, through D.R. No.
010-2023-MINEM-DGAAM -
03/03/2023, approval was obtained
for the 3rd Modification of the semi-
detailed Environmental Impact
Study, the main objective of which
is the expansion of underground
workings, pilot pit (125k tons) and
the expansion of the DME, among
others. The respective operating
permit (continuity of activities) was
submitted on 02/16/2023 and its
approval was obtained through D.R.
No. 0313-2023-MINEM-DGM/V, dated
06/06/2023.
Also, through D.R. No.
00120-2023-SENACE-PE/DEAR dated
09/06/23, the detailed Environmental
Impact Assessment (EIA-d) of the
“Yumpag Carama” project was
approved, its main objective being
to start production at 1,000 TPD
among other mining and auxiliary
components. The respective
operating permit (Start of F1
Huachus activities) was filed on
09/11/23, which to date is still
under evaluation by the DGM.
On 09/08/23, the Mine Closure
Plan of the EIA-d of the Yumpag
Carama Project was submitted and
is currently under evaluation.
The Environmental Impact
Statement (EIS) of the project
“Diversion of the LT 138 kV Paragsha
II-Uchucchacua (L-1123) to Yumpag
Substation” was approved through
D.R. No. 40-2023-GRP-GGR-GRDE/
DREMH dated 09/15/23, which
allowed the start of the works
for the diversion of LT-138 kV and
138/10 kV.
SAFETY
In 2023, Uchucchacua had 0 fatal accidents, 7 disabling accidents, 8 minor
accidents, and 1 high-potential incident, which, compared to 2022, represents a
38% increase in the safety indicators.
In 2023, Yumpag had 0 fatal accidents, 6 disabling accidents, 9 minor accidents,
and 2 high-potential events (property damage).
SOCIAL MATTERS
The most significant social aspect of 2023 in Uchucchacua was the favorable
social climate, which allowed for the restart of operations without conflicts. This
has ensured that the operating schedule is not delayed due to social matters.
The work of the social team was to build a relationship based on trust with the
community and its board of directors, strategically managing the expectation
regarding local employment and strengthening the community agenda on
productive issues.
The social team’s work consisted of
building a trusting relationship with
the community and its directors.
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OPERATIONS, PROJECTS
AND NEW BUSINESSES
EXPLORATIONS
During 2023, in the Tomasa corridor, a total resource of
2.76 MT @ 22.0 oz/t Ag, (60.7 Moz Ag), was determined
thanks to the execution of 35 drill holes, which together
totaled 9,416 m. The best ore strike encountered so far
was 107.20 m @ 54.5 oz/t Ag.
In addition, a new structure called Condor, with the same
mineral assemblage as Tomasa (pyrite, Ag sulfosalts, ruby
silver, rhodonite-rhodochrosite +- galena-sphalerite), was
identified, which is located 100 m NW of Tomasa and has
a N60°E strike (similar and parallel to Tomasa and Camila).
This new zone is approximately 100 m in recognized
length and has several points with great potential for
mineralization in the Beta and Gasteropod levels. The best
strike in this zone was 15.24 m @ 107.0 oz/t.
In the Camila zone, we were able to expand the recognized
extension by 150 m more, totaling almost 2 km of
identified structure. In this area, there were significant ore
impacts, the best being 26.55 m @ 57.0 oz/t Ag.
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District
Province
Altitude
Ownership
Ccochaccasa
Angaraes, Huancavelica
Operation
Extracts
Underground
Silver
4,200 msnm
100% BVN
Discovered By
Buenaventura
Start Date
1953
OPERATIONS
During 2023, we processed 108,148 DMT of
ore from the Acchilla mine, with a head grade
of 15.70 oz/t of silver, and 0.55% of lead,
recovering 1,635,541 oz of silver and 544 MT
of lead In addition, we processed 4,886 DMT
of ore from the Rosario sector with a head
grade of 8.10 oz/t of silver, 2.09 g/t of gold,
and 0.32% of copper, recovering 35,138 oz of
silver, 237 oz of gold, and 14 MT of copper.
The cost applied to average annual sales in
2023 was US$ 23.83 US$/oz of Ag.
In 2023, there was a reduction in the grade
of the silver fed to the plant compared to
previous years due to the fact that a sub-
aqueous volcanic horizon cropped up,
impoverishing mineralization, in the Achilla
sector. Consequently, throughout the year,
exploration and development works were
intensified in areas where these horizons
are not present. As part of this strategy,
we also increased the pace of exploration
and development in the new Rosario zone
(Lv.610), where high-grade gold, silver and
copper has been found and which will
gradually come into operation during 2024.
As of December 31 of 2023, the ore reserves
between mines Acchilla and Estela totaled
218,597 DMT with 18.39 oz/t of silver, 0.94
oz/t of gold, 2.43% of lead, and 0.55% of
copper, representing 4,020,216 oz of silver,
6,608 oz of gold, 5,311 MT of lead, and 1,199
MT of copper. Of the total of these reserves,
JULCANI
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70% belong to Acchilla mine, 21% to Estela
mine and 9% to Rosario mine.
During 2023, in the Acchilla mine, a
total of 8,052 m of underground mining
exploration works, 22,040 m of diamond
drilling and 6,001 m of infill were executed.
Additionally, the mining department
carried out 8,072 meters of mining
workings, of which 968 meters correspond
to development workings and 7,104 meters
to mine preparation workings.
In 2023, the closure activities of the R8
tailings dam consisted of the transfer of
44,732 m³ of tailings to the Herminia pit
(with 12,000 m³ to be removed in 2024)
and the relocation of the pumping system.
The engineering for the final closure of the
Herminia pit is under development. For
the remediation work at R6, 2,734 m³ of
improved soil were prepared, of which 429
m3 were transported to the R6 slopes; also,
revegetation activities are being carried out.
In May, the moving of the improved soil will
resume, finishing by July 2024.
At the closure of the Torre de Babel waste
disposal site, 135,676 m³ of waste material
were transported to the Herminia pit,
leaving 70,000 m3 to be removed as from
May 2024.
APPROVAL OF ENVIRONMENTAL
INSTRUMENTS AND PERMITS
During 2023, we continued with the
preparation of the MEIA-d in order to
expand the R9 tailings dam, as well
as to expand underground workings.
Also, we submitted supplementary
information to the Integrated Plan
for Adaptation to MPLs and EQS that
centralizes the unit’s water treatment at
the Julcani Acid Water Treatment Plant. In
addition, approval was obtained for Julcani
4th ITS, within which the new magazines
were approved, which give continuity to
the operation. On the other hand, the 8th
Modification of the Mine Closure Plan was
approved by the DGAAM-MINEM, extending
the unit’s closure schedule.
INVESTMENTS
Completion of the deepening of shaft 487, including the metal-mechanical
assembly of the chute station at shaft 487 Lv. 730.
Purchase of the Falk Mill 8x10 gearbox (engaged in 2021) considered in CAPEX
O-10010006500. This will guarantee the operability of the 8x10 mill, avoiding
unforeseen events due to gearbox failures.
At the Julcani unit, there is the SUB-01 Julcani substation, where the 22 kV
power is received at the main busbar of the SEIN (National Interconnection
Electrical System) and the Huapa and Ingenio switchboards, from where
the 22 KV power is distributed to the Acchilla mine, Concentrator Plant,
Compressor House, Estela Mine, Surface Pumping, Ccochaccasa Camps,
offices, Julcani camp. Therefore, the power protection system was
modernized, changing the switch for an OVR-38 VACUUM RECONNECTOR
FOR POST INSTALLATION, 38 KV, 1200 A, 16 KA, 170KVBIL for this purpose.
Replacement of a front loader that, according to the operating hours and
manufacturer’s evaluation, had 21 K HM.
Purchase of three electric storm shelters that comply with the principle of
the Faraday cage covered by electrically conductive materials that work as a
shield against the effects of an electric field coming from the outside. Inside,
the electric field is zero. In compliance the S.D. 024-EM-2016 and the standard
for electrical storms.
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41
SAFETY
In 2023, there were 02 high-potential events related to works at high
altitudes and gassing. The most relevant incidents were related to the
critical risk of explosives, for which improvement actions are being
considered to prevent recurrence. Compliance with IBI was 92.91%.
SOCIAL MATTERS
In February, as part of nationwide protests, there was a social incident
with violent entry by a group of residents of the Anchonga district who
demanded the resignation of the President of the Republic, Dina Boluarte,
and wanted the employees and the company to join their protest. Faced
with these events, the communities of Ccochaccasa and Palcas (AID), chose
to defend the Unit and to ensure the restart of activities.
DISTRICT EXPLORATIONS
The geological mapping of 165 hectares in the Rita-Manto area was carried
out.
In 2023, the compliance with the IBI
was 92.91%.
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42
District
Province
Altitude
Tinyahuarco
Cerro de Pasco
4,300 msnm
Ownership
61.43%
Operation
Extracts
Tajo Norte – Marcapunta Norte
Underground Mine
Zinc, lead, silver, copper, and gold
Discovered By
Start Date
SMEB
1956
OPERATION
During 2023, 959,442 DMT of lead and zinc
from Tajo Norte were processed, recovering
858,469 ounces of silver, 5,026 MT of lead,
and 17,153 MT of zinc. Also, 478,455 DMT
of copper from Tajo Norte were processed,
recovering 600,569 ounces of silver, and
7,104 tons of copper. Likewise, 3,456,535
DMT of copper from Marcapunta Norte were
processed, recovering 1,733,686 ounces of
silver, 20,442 ounces of gold, and 49,472 MT
of copper. In addition, 10,001 MT of high-
grade copper from pit were sold, recovering
72,135 ounces of silver, 13.73 ounces of gold,
and 1,131 MT of copper.
The operation achieved a total processing
volume of 4,894,432 DMT, representing
an average daily processing of 13,409
DMT. The accumulated production of fines
during 2023 was 3,264,859 ounces of
silver, 20,456 ounces of gold, 5,026 MT of
lead, 17,152 MT of zinc, and 57,707 MT of
copper, contained in the three produced
concentrates. The cost applied to average
annual sales in 2023 was 5,962 US$/MT of
Cu and 1,918 US$/MT of Zn.
As of December 31 of 2023, the proven
and probable ore reserves at Tajo Norte
EL BROCAL
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43
- Smelter, (Cu-Ag) are 22,244,920 DMT,
with 0.69 oz/t of silver and 1.82% of Cu,
representing 15,398,436 ounces of silver
and 404,175 MT of copper. As of December
31 of 2022, the proven and probable ore
reserves at Tajo Norte, Zn-Pb-Ag area) are
2,077,399 DMT, with 3.67% of Zn, 1.70%
of Pb, and 3.61 oz/of silver, representing
76,193 DMT of zinc, 35,279 MT of lead,
and 7,504,584 ounces of silver. As of
December 31 of 2022, the proven and
probable ore reserves at Marcapunta
Norte, are 28’280,616 DMT, with 0.02 oz/t
of gold, 1.27% of copper, 0.67 oz/t of silver,
representing 592,219 oz of gold, 360,168
MT of copper, and 19,078,637 ounces
of silver.
In September, regarding operations at
Tajo Norte, the remediation activities as a
consequence of the landslide that occurred
in March 2022 in phases 12 and 13 were
completed. Mining was completed during
3Q2023, with which the main earthmoving
contractor of the pit was demobilized. Part
of the extracted ore was processed during
2023, and the remaining 242,000 tons will
be processed during 1Q2024.
In the 3Q, a partial temporary suspension
of mining activities at Tajo Norte, in the
Colquijirca Mining Unit, was requested for
a period of three years. Such suspension
of extraction activities is a consequence of
the delay in the processing and approval
of the Environmental Impact Assessment
Modification to 25,000 DMT, caused by
events such as the declaration of the
Pandemic Characterization by the WHO and
the subsequent Declaration of Emergency
enacted by the State in 2020, as well
as regulatory changes existing in 2022,
referred to the processing of environmental
assessments.
The Marcapunta underground mine
successfully continued its expansion
plan, reaching peaks close to 11,500 TPD
by the end of 2023, and is preparing to
reach 12,000 TPD to compensate for the
production suspension of Tajo Norte. The
underground mining of the Marcapunta
Norte deposit (arsenical copper mantles) is
being carried out with the sub level stoping
method, leaving pillars in place to guarantee
the stability of the roof of the mined pits.
This method allows mass mechanized
production at low costs.
It is worth pointing out that we had six
diamond drilling rigs: One in the Colquijirca
pit, which drilled 7,109 m (exploration of
2,225 m, confirmation and recategorization
of 4,884 m) and five in the Marcapunta mine,
which drilled 41,879 m (exploration of 14,608
m, confirmation and recategorization of
27,271 m) towards the center, southwest 2
and southeast sectors, with favorable results.
As part of the ventilation infrastructure, six
RB stacks (739 m) of a total of six (739 m),
located in the southwest area (two fresh
air intakes and one stale air outlet) and the
south area (three stale air outlets), were
executed.
The 300,000 CFM fan was installed in RB15
and the stale air extraction system of RB14
is put into operation.
With the execution of these projects, the
overall coverage of the mine is 118%. In the
southwest sector, coverage is 113% and in
the southeast zone coverage is 112%.
Mining continued through the north and
south ramps. Through the south ramp, the
average extraction rate was 6,728 MT/day
with ore going directly to the industrial
area of Plant 01. On the north ramp, the
average extraction rate was 3,164 MT/day
sent to the Marcapunta Norte yards.
In the second quarter of 2023, the second
segment of the twin tunnel was connected
to the south pithead and the first segment
of the Esperanza 2 ramp, which connects
the southeast and southwest sectors.
With this, the traffic lines for the entry
and exit of dump trucks in the southwest
and southeast zones were made
independent, which allowed to increase
extraction through the south mine, where
an average extraction of 7,317 MT/day was
reached during the semester, and through
the north ramp the average extraction
was 2,487 MT/day.
6 RB’S CHIMNEYS (739 M) HAVE
BEEN EXECUTED OUT OF A
TOTAL OF 6 (739 M) LOCATED IN
THE SOUTHWEST AREAS.
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APPROVAL OF ENVIRONMENTAL
INSTRUMENTS AND PERMITS
During February of 2023, the Environmental Impact
Assessment Modification for the Expansion of
Concentrator Plant Operations to 25,000 MTD (MEIA 25K)
was submitted through the EVA platform of the National
Environmental Certification Service for Sustainable
Investments SENACE; also, the citizen participation
plan was executed. The MEIA 25K file is currently
being evaluated by SENACE, and it is expected that the
observations will be available by the first half of 2024.
The Second Mine Closure Plan Update (2nd APDC) for the
Colquijirca Unit has been under development during 2023,
the entry period of which has been estimated for the first
quarter of 2024.
On June 2, 2023, the Soil Decontamination Plan (PDS,
in Spanish) of the Colquijirca Unit was submitted to the
Ministry of Energy and Mines (MINEM) and approved.
As part of the PDS, we are currently in the process of
assessing the Remediation Plan, which is being assessed
by MINEM and DIGESA.
In 2023, the Soil Decontamination
Plan for Colquijirca Unit was
submitted.
44
The operating permits processed in 2023 are:
On January 20, 2023, the discharge permit renewal for
the industrial wastewater treatment plant (IWWTP)
was obtained with a flow rate of 240 l/s, approved
through D.R. 0018-2023-ANA-DCERH.
On March 13, 2023, the file for the discharge of the
industrial wastewater treatment plant (IWWTP) with
a flow of 710 l/s was submitted to the National Water
Authority for assessment.
During the 4Q2023, the filie for the discharge of the
Huaraucaca domestic wastewater treatment plant
(PTARD) has been under preparation, considering a
flow of 1.08 l/s. The entry period for assessment is
estimated for the first half of 2024.
Archaeological rescue project with excavations in the
Marcapunta archaeological site
Directorial Resolution No. 406-2021-DGPA/MC, dated
November 3, 2022, authorized the modification of the
execution schedule of the “Archaeological Rescue
Project with Excavations in the Marcapunta
Archaeological Site”, approved by Directorial
Resolution No. 220-2020-DGPA/MC, of August 25,
2020, in the modality of archaeological rescue project
with archaeological excavations, located in the district
of Tinyahuarco, province and department of Pasco, to
be carried out in the Marcapunta Archaeological Site,
over a total area of 881,206.61 m2 (88.12 ha) and a
perimeter of 3,606.44 m, for a period of 16 months.
To date, this archaeological rescue has been carried
out in accordance with the development of the work
plan of field activities authorized by the Ministry
of Culture, and in compliance with the provisions
of the aforementioned Directorial Resolutions and
the recommendations made by the Supervision of
the Decentralized Directorate of Culture of Pasco.
However, due to operational and climatological
factors in the work area, we have been forced
to temporarily suspend the execution of the
Archaeological Rescue Project with Excavations in the
Archaeological Site of Marcapunta, restarting the field
activities during the second semester of 2024. During
2024. monitoring works will be carried out in the
rescued sector.
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45
SAFETY
Throughout the year, there were no fatal accidents, preventive controls were
reviewed to minimize the occurrence of accidents and incidents, achieving an
accident rate of 0.16 by the end of the year. In order to strengthen safe work,
critical risk audit, monitoring of corrective actions closure and development of
recreational workshops were performed. On the other hand, the management
of the SIB – Buenaventura Integrated System at Sociedad Minera El Brocal
was reinforced in order to maintain good safety and occupational health
practices in all operating and administrative areas. Weekly safety meetings
led by management and superintendents were held to review compliance with
the different action plans associated with the annual safety and occupational
health program to ensure the implementation of the proposed activities within
the defined deadlines.
SOCIAL MATTERS
Social Matters: Land procurement
Agreements are yet to be entered into with the Santa Rosa de Colquijirca
community for 545 hectares, which we expect to sign during the current
year 2024
In 2023, agreements were entered into with the Smelter community for 14
replacement works (urban equipment) that derive from commitments dated
back from 2013 for the transfer of the old Smelter to the new Smelter, agreed
through an extrajudicial settlement. This opportunity will allow us to negotiate
new land with Smelter in the short term. In line with this commitment to
replacement works, the construction of the Smelter Health Center has
been completed and will be handed over to the Health Ministry (MINSA)
administration by the beginning of 2024. Regarding the construction
of the R4 dam, this year, the construction of the extension of this dam
was completed with the community company ECOSEM Smelter up to
level 4217 and progress was made at the foundation level of the R5 dam,
leaving the dam at level 4214.
Regarding the negotiation of 540 hectares of land with the Santa Rosa
Colquijirca CC, progress was made with the presentation of proposals
and counter-proposals from both representations, without reaching
agreements, but it is estimated that agreements will be reached by
mid-2024.
In 2023, there were two 8-day partial shutdowns in some sectors of
the operation because the roads to access the unit were blocked by
neighboring communities due to commercial claims related to demands
for better service opportunities for the respective community businesses.
The social environment at SMEB operations has been favorable with
the communities directly and indirectly influenced, which has facilitated
the smooth execution of the MEIA 25k workshops and public hearings.
Likewise, we have managed to obtain community permits for the
execution of trial pits, which are requirements demanded by SENACE to
process the approval of the MEIA 25k.
We secured the purchase of two houses in old Smelter for the expansion
of the south pit; likewise, we purchased two houses in the Lourdes
neighborhood in HCCA in the buffer zone of our Process Plant operations.
In 2023,
agreements were
successfully
reached
with Smelter
community for
14
replacement
works.
Foundation
work on the R5
dam progressed,
leaving the dam
at elevation
4214.
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OPERATIONS, PROJECTS
AND NEW BUSINESSES
EXPLORATIONS
During 2023, 48,988 m of diamond drilling were executed,
both on the surface and down the mine. At the Marcapunta
mine (UG), 27,270 meters (56%) of confirmation and
recategorization drillings were performed with the
purpose of replenishing resources mined throughout
the year and ensuring the certainty of the mineral
programmed in the pits; this was performed in the areas
of Marcapunta Norte, Marcapunta SW and Marcapunta
SE (underground). 14,609 meters (30%) of exploration
holes were drilled with the purpose of generating new
inferred resources in the areas of geological potential such
as: Marcapunta SW, Marcapunta SE, and Marcapunta S. In
the Colquijirca pit (OP), 4,884 meters (10%) of confirmation
and recategorization drill holes were executed with the
purpose of carrying out metallurgical surveys in phases 13
and 15, respectively. Also, 2,225 meters (5%) of exploration
holes were drilled towards the zone of geological potential
in the Condorcayan gravimetry anomaly and in phase W of
the Colquijirca pit south expansion plan.
A total of 48,988 meters
of diamond drilling were
carried out both on the
surface and inside the mine.
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PROJECTS
SAN GABRIEL
The San Gabriel Project is characterized as an intermediate
sulphidation epithermal deposit, with significant concentrations of
gold and lower values copper and silver. This project is located in the
province of General Sánchez Cerro, in the Moquegua region.
During 2023, significant progress was
made in several key areas of the project.
Engineering development, crucial at this
stage, achieved an impressive 94% progress
rate, demonstrating substantial progress. At
the same time, procurement and contracts
achieved an efficient 86%, proving an
effective administration of resources and
contractual agreements. In addition, key
contracts were awarded, including those for
Mine Development, Concrete and Assembly.
In construction, a 24% progress was
achieved, with contracts related to
earthmoving, temporary works and the
establishment of the definitive camp leading
the way in this area.
Regarding the permits associated with
the transmission line, all the easements
were completed, the public participation
processes were finalized and the
Environmental Impact Assessment (EIA)
was submitted.
Over the course of 2024, we will focus
on finalizing the definitive project
estimate and starting construction of
the transmission line, with a goal of 85%
progress by year-end. We also plan to
achieve an 80% progress in the operational
readiness efforts. At the same time, we will
establish a commissioning team ready to
start testing the systems and sub-systems
by the beginning of 2025.
47
RESERVES
14.9 MT with
4.04 g/t of Au
and 6.43 g/t Ag,
representing
1.94MOz Au.
EXCLUDING
RESOURCES
24.86 MT with
2.10 g/t of Au
and 8.46 g/t of
Ag representing
1.7Moz of Au.
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TRAPICHE
48
RESERVES
283.2 MT with
0.51% of Cu,
representing 1.4
MT of leachable
Cu.
EXCLUDING
RESOURCES
653.8 MT with
0.32% of Cu,
representing 2.1
MT of (float) Cu.
The Trapiche Project is an oligocene porphyry copper-molybdenum
deposit located on the southwest bank of the Andahuaylas-Yauri
belt, Antabamba province, Apurímac region.
In the social scope, development agreements were entered into with three
communities close to the project. In addition, easement agreements were signed
with three communities close to the project.
During 2023, the drilling campaign was successfully completed
in the pit, thus achieving the necessary certainty regarding the
mineral resource. Also, 50% of the drilling for the components
with engineering objectives was completed. Regarding the
leaching tests, the optimization campaign was completed and
the ore variability campaign (ORE) was started, simultaneously
initiating the ROM leaching tests. Despite the circumstantial
delays, the Detailed Environmental Impact Assessment (EIAd)
file was successfully submitted to the National Environmental
Certification Service for Sustainable Investments (SENACE).
DURING THE YEAR 2023,
THE DRILLING CAMPAIGN IN
THE PIT WAS SUCCESSFULLY
COMPLETED.
Also noteworthy was the signing of the tripartite agreement between the
community of Mollebamba, the District Municipality of Juan Espinoza Medrano,
and the company El Molle Verde (EMV). This agreement provides for the
handover of land by the community for the construction of the public road
that will connect Mollebamba with Chunchumayo, thus consolidating a crucial
trilateral commitment for the development of the project.
Finally, in 2024, drilling will be completed on the components for engineering
purposes. At the same time, variability testing of the ORE leach columns will
continue in the on-site laboratory, consolidating the necessary studies to
optimize the process.
In addition, we plan to implement a citizen participation plan, as well as public
hearings for the Detailed Environmental Impact Assessment (EIAd) process.
This transparent and participatory approach underscores our commitment to
the community and reinforces the importance of inclusion in decision-making.
In the social scope, we will continue to actively seek development agreements
with the surrounding communities, prioritizing dialogue and collaboration
to ensure a sustainable and beneficial development for all. Likewise, we will
continue to work on signing agreements that strengthen the relationship
between the project and local communities, fostering mutual cooperation and
shared development.
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AND NEW BUSINESSES
RÍO SECO
TANTAHUATAY
The Rio Seco Industrial Plant project consists of a
hydrometallurgical process to leach Cu-As concentrates from El
Brocal unit, which allows for the extraction of copper cathodes,
a high-grade Au/Ag and As residue in the stable form of
scorodite crystals.
In 2023, DGAAM issued observations to the Closure Plan,
which were addressed by submitting the corresponding file to
lift them. This Closure Plan was approved by the competent
authorities during the first days of January 2024.
Finally, in 2024, a thorough evaluation will be carried out on
the possibility of restarting the operations at the pilot plant of
arsenical copper. This analysis is carried out in consideration
of the interest shown by third parties in the treatment of their
complex copper concentrates. As part of this process, two Non-
Disclosure Agreements (NDAs) have been signed, allowing the
exchange of confidential information and the joint progress on a
detailed testing program.
The Coimolache Sulphides Project consists of a flotation plant for the
treatment of copper sulphides lying under the Coimolache gold ore that is
currently being mined.
In 2023, the infill drilling campaign was successfully completed in the
economic pit Phase 1 area. As an additional option for start-up, the 10k
underground case opportunity was explored.
Additionally, the purchase of 60 hectares in the Tacamache area was
completed, destined to house the tailings deposit necessary to support the
implementation of the underground case. This strategic step strengthens
the planning and development of operations, ensuring comprehensive and
sustainable management of the project resources.
Finally, in 2024, a focused drilling campaign will be conducted on the 10k
underground case, marking the beginning of the pre-feasibility stage of the
project. This strategic step reflects our ongoing commitment to detailed
evaluation and meticulous planning, laying the groundwork for the
successful development of the initiative.
IN 2024, A FOCUSED
DRILLING CAMPAIGN WILL
BE CARRIED OUT IN THE 10K
UNDERGROUND CASE.
49
RESERVES
63 MT with
1.37% of Cu, 0.57
g/t of Au, 16.51
g/t of Ag, 0.28% of
As, representing
0.8 MT of Cu and
0.5 Moz of Au.
EXCLUDING
RESOURCES
1,691 MT with
0.43% of Cu, 0.24
g/t of Au, 7.98 g/t
of Ag, 0.09% of
As, representing
7.3 MT of Cu and
14 Moz of Au.
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50
OTHER BUSINESSES
CONSORCIO ENERGÉTICO DE HUANCAVELICA S.A. –
CONENHUA (100 % BVN)
It is a company belonging to the BVN Group
that, for more than 40 years, has been engaged
in the activity of hydraulic generation and
electricity transmission through authorizations
and concessions granted by the Ministry of
Energy and Mines, as well as the management of
feasibility studies and support in the execution
of electricity transmission system projects for
the mining operations of the BVN Group.
After the commercial operation of the power
transmission projects, Conenhua provides
the operation and maintenance service of the
transmission systems in operation for the
mining operations of the BVN Group.
To date, CONENHUA holds the following lines of
business:
CONENHUA
1. Projects and
Engineering
2. O&M
Transmission
3. O&M
Generation
4.
Transmission
Yumpag
(EPCM)
Brocal
Tantahuatay
Huapa and Ingenio stations
(Hvca)
Cajamarca
Norte-GoldMill
San Gabriel
(Feasibility and BOOT Support)
Uchucchacua
La Zanja
Huanza HEPP
Trapiche
(Feasibility)
Río Seco
Tambomayo
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51
PROJECTS AND ENGINEERING
LINE OF BUSINESS:
During 2023, Conenhua continued with the execution of the
contracts in progress for the following electricity projects:
Feasibility study for the “220 kV transmission line from
Chilota SE to San Gabriel SE” (contract in progress)
During 2023, the activities foreseen in the schedule
continued, mainly achieving the conclusion of the
workshops and hearings established in the Citizen
Participation Plan approved as part of the process
to obtain the EIA sd. Likewise, negotiations with the
Chucapaca and Lloque Campesino Communities have
concluded, with which the easement rights for the route
of the line were obtained.
Social and environmental accompaniment to the
Buenaventura BOOT (contract in progress):
BOOT Tender management (contract concluded). The
activities of social accompaniment, management and
control of the project owned by Consorcio Transmantaro
S.A. under the Contract for the Provision of Electricity
Transmission Services began in 2023. Conenhua
specializes in electricity support for Buenaventura.
Feasibility Study and EPCM Supervision of the “Paragsha
II - Uchucchacua (L-1123) to Yumpag Substation LT 138kV
Derivation” Project (contract in progress):
During 2023, the Project procurement and construction
activities started, the Yumpag Sub-Station was
implemented, and progress was made in tower
installation in the Buenaventura area. The Pre-
Operational Study was completed and the Operational
Study is in progress.
Feasibility study for the Cotaruse to Trapiche SE 220 kV
transmission line” (contract in progress):
Social management and closing of negotiations with
three rural communities was completed in 2023, in
accordance with the roadmap defined in April 2023.
ELECTRICITY LINE
OF BUSINESS:
Within this sector, Conenhua continues to operate and
maintain the transmission systems serving the La Zanja,
Coimolache, Uchucchacua, Procesadora Industrial Río
Seco, El Brocal, Julcani and Tambomayo mining units.
POWER GENERATION
LINE OF BUSINESS:
In this industry, Conenhua holds ownership of the generation
concessions corresponding to the Huapa and Ingenio
hydroelectric power plants, located in the Huancavelica
region, with a total power generation capacity of 11.111 GWh.
This generation capacity plays a crucial role in the energy
supply of the Julcani Mining Unit.
CONENHUA also owns 100% of the shares of Empresa de
Generación Huanza S.A. (EMGHUANZA), owner of the Huanza
Hydroelectric Power Plant, which generated 324 GWh in 2023.
EMGHUANZA holds energy and power supply contracts
with BUENAVENTURA and SOCIEDAD MINERA EL BROCAL,
which have been developed pursuant to their scopes and the
responsibilities of the parties.
The Huapa and Ingenio
hydroelectric plants hold
the concessions with a total
electricity generation capacity
of 11,111 GWh.
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SOCIAL AND ENVIRONMENTAL ASPECTS
52
Conenhua continues to comply with its environmental
responsibilities as set forth in the environmental
certifications it holds for both electricity generation and
transmission.
reporting. PCS has validated that the only eligible project category
is “Renewable Energy - including production, transmission, devices
and products”, directly impacting SDG 9 - Industry, Innovation and
Infrastructure, and SDG 13 - Climate Action.
Electricity from renewable sources has enabled the following mining
units to be certified:
In the systems in which it provides operating services,
it is responsible for compliance with environmental
management instruments.
In the same way, it maintains a social outreach with the
communities and private owners of the areas where it
operates.
On the other hand, within the framework of the
negotiation for the reprofiling of the BCP loan for the
Huanza Hydroelectric Power Plant, Pacific Corporate
Sustainability (PCS) developed the first Report for the
qualification of the Green Loan granted by the Banco de
Crédito del Perú (BCP).
Green loans are a type of lending instrument available
exclusively to finance or refinance, in whole or in part,
projects with clear environmental benefits associated with
these instruments. Green loans should be aligned with
the main four components of the Loan Market Association
(LMA) Principles: use of resources, project evaluation
and selection process, resource management, and
PCS congratulated us for innovating in the energy sector with the
Green Loan.
On the other hand, being an electricity generator from renewable
energy sources, the Huanza Hydroelectric Power Plant obtained
the Verification Report of Renewable Energy Origin from Water
Sources from AENOR, which certifies that the verified electricity
from water sources for the period of January 1 to December 31,
2022, measured in 2023, is 358,104 MWh.
Green loans are a type of
loan available exclusively to
finance projects with clear
environmental benefits.
CERTIFIED ENERGY (MWH)
356,738 - 68%
Soc. Minera el Brocal – Carhuamayo 138 kV
El Brocal
270,046
Minería La Zanja – Guadalupe 60 Kv
La Zanja
22,416
Cia. Minera Coimolache
Coimolache
40,180
Procesadora Industrial Río Seco
Cia. De Minas Buenaventura – Huancavelica
60 kV
Rio Seco
Julcani
963
23,133
ECONOMIC OUTTURN:
The economic outturn of Consorcio Energético Huancavelica,
in consolidated terms, has reported a total operating income
of US$ 53.03 M, an operating profit of US$ 6.15 M, and a net
income after income tax of US$ 2.63 M.
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WE DO MORE THAN MINING
53
53
STATEMENT
OF LIABILITY
ABOUT THE ANNUAL REPORT
MESSAGE FROM OUR BOARD
OF DIRECTORS
WE ARE BUENAVENTURA
CORPORATE
GOVERNANCE
OPERATIONS, PROJECTS
AND NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL MANAGEMENT
ENVIRONMENTAL MANAGEMENT
FINANCIAL RESULTS
ANNEXES
SUSTAINABILITY
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54
OUR MATERIALITY
The information we provide is organized
according to our materiality, defined in 2021
based on internal work, as well as with
external stakeholders, with the support of
the consulting firm Responde. In said year,
we were able to identify issues having a
substantial influence on the operation. This
allowed us to plan our management, identify
risks based on the prioritization of ESG
issues, make decisions with a strategic vision,
report our main indicators, and report our
management results.
In order to prioritize our ESG issues, we
performed a materiality assessment, which
allows us to identify the environmental, social
and corporate governance issues that are
most critical to manage in the organization
and that are material or central to the nature
of our industry and the company in particular.
Buenaventura’s last materiality analysis was
conducted in 2021, and we plan to conduct a
materiality analysis every three years or more.
As a result, we obtained 10 highly material
SUSTAINABILITY
STRATEGY
Our sustainability strategy is integrated
into our business strategy and adds
value to our company, to the market and
to our stakeholders. It is based on the
management of Environmental, Social &
Corporate Governance issues as an integral
part of our business culture and identity. It
is not a trend, but part of our essence and
our purpose
Our sustainability management is framed
by the parameters identified in the
environmental, social and governance
aspects (ESG) starts from our vision and
contributes to our mission, that seeks to
generate the highest value for society, the
company and all its stakeholders.
We implement specific policies and actions
on topics such as climate adaptation,
renewable energy, diversity and inclusion,
transparency and corporate responsibility,
among other, which allows us to:
Be more efficient
Give visibility to our
best sustainability
practices
Consolidate our
reputation in the
market
Work under the shared
social responsibility
approach.
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55
topics (three corporate governance topics, four social
topics and three environmental topics). These issues
were identified based on the internal prioritization
of the organization, external consulting with our
stakeholders without losing sight of global trends
and frameworks. For each issue we have goals,
objectives, strategies and annual and medium-term
action plans that allow us to manage them in a timely
manner. In addition, the results were validated by the
Sustainability Committee of the Board of Directors.
WE OBTAINED
10 HIGHLY
MATERIAL
TOPICS AS A
RESULT.
Economic
Environmental
Social
Respect for
Human
rights
Fulfillment of
social
commitments
Responsible
use of water
Health and
safety
S
R
E
D
L
O
H
E
K
A
T
S
R
O
F
E
C
N
A
T
R
O
P
M
I
Biodiversity
protection
Climate change
and energy use
Tailings
management
Standars in the
supply chain
Air
quality
Responsible waste
management
Corporate
governance
Business ethics
and compliance
Contribution to
community
development
Value
generation
Risk and crisis
management
Access
to land
Mine closure and
rehabilitation
Talent
management
Research, innovation
and technology
Important
Material
Highly material
IMPORTANCE FOR THE COMPANY
SHARED SOCIAL RESPONSIBILITY
At Buenaventura, we believe in shared social responsibility
as an effective way to address the social and environmental
challenges at local and global levels. Therefore, our
sustainability strategy is based on collaboration with
the State and society, in order to promote sustainable
and inclusive development for both the surrounding
communities and the country as a whole.
The Shared Social Responsibility approach is materialized
in our specific policies and actions in scopes such as
education, employment, health, and environment. We work
closely with local communities and the government to
identify their needs and to improve their living conditions.
Our ESG perspective is not limited to internal
implementation, but also involves our suppliers and
employees in this joint venture. We collaborate with our
customers, suppliers and partners to promote an ESG
culture throughout the industry and contribute to the
achievement of the UN Sustainable Development Goals.
OUR SUSTAINABILITY
STRATEGY IS BASED
ON COLLABORATION
WITH THE STATE AND
SOCIETY.
We are actively committed
to the personal development
and economic growth
of the country through
the generation of value.
Therefore, we are committed
to advancing in the
compliance with the United
Nations 17 Sustainable
Development Goals and
their objectives for 2030.
Our actions are aligned with
these goals, contributing as
much as possible to their
realization.
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SUSTAINABILITY
56
HUMAN RIGHTS
We are committed to respecting and promoting
human rights in our scope of action in order to
identify, prevent, mitigate, and respond to the
negative consequences that could arise. We align
our management with our Human Rights Policy and
our Code of Ethics and Good Conduct and identify
potential human rights risks arising from our
operations. Also, our Human Rights Policy applies to
all levels of the company, its subsidiaries, as well as
associated companies, business partners, contractors,
and suppliers.
Throughout 2023, we started
our Human Rights Due Diligence
Process in order to identify gaps
and risks related to health and
safety, working conditions, impact
on communities and environment.
We will continue to improve our
management based on these results.
Our process considered the
following steps:
1
2
3
4
Identification of
due diligence
gaps
Risk
evaluation
Participation
Feedboack and
final report
Understanding the
company dynamics and
the context of its main
operations.
Prioritizing actions and resources based on a
social and human-rights risk map with field
evidence.
Sytematization of the
advances and action
plans for continuous
improvement.
Our due diligence began with delivery of a “Basic
Course on Companies and Human Rights”. This
course was intended for the personnel responsible
for the most critical areas where potential risks on
this matter are identified. It was delivered in April
and 22 company leaders took part in it.
We also ensure respect for the
sustainability rights of vulnerable groups
such as indigenous peoples, women
and children, firmly reject any type of
discrimination, labor harassment, forced
labor and exploitation.
We continued with the identification of potential
risks and gaps in terms of human rights with the
participation of representatives from different
areas of the company. The topics identified were:
harassment, environment, use of force, relocation of
the population and access to land, corruption, health
and safety.
We continue to promote participation in order to
identify how we are performing in the fulfillment of
human rights and ways in which we can improve. To
this end, a qualitative study was carried out using
semi-structured interviews and focus groups as
information-gathering tools.
Based on the analysis of our results, we started
the process of establishing action plans to mitigate
risks that could infringe our stakeholders’ rights.
In line with this process, we ratify our respect to
labor rights, to freedom of association and collective
bargaining, to equal opportunities for men and
women for both our employees and our contractors.
WE INITIATED OUR
DUE DILIGENCE
PROCESS TO
IDENTIFY GAPS AND
RISKS RELATED
TO SAFETY AND
HEALTH.
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57
We seek to geographically cover our scope of action and the
mining units where we have better access to information.
Therefore, we selected one unit in the north, one in the
center and one in the south to have the first pilot. Thus, the
scope of our due diligence involved three of our mining units:
El Brocal, Coimolache, and Tambomayo. It also involved
stakeholders such as: strategic suppliers, community, civil
society, unions and local state.
It should be noted that although the scope of our due
diligence did not include suppliers, we do seek to share good
practices with them. Therefore, we ask them to comply
with a comprehensive Supplier Code of Conduct, which
establishes the guiding principles that govern the conduct of
those who collaborate with us.
Similarly, in the supplier selection
process, we carefully review those
suppliers that demonstrate practices
aligned with the guidelines of this
code, urging them to review and
comply with all the established
guidelines. This commitment extends
to the promotion of Human Rights,
with specific requirements based on
the Universal Declaration of Human
Rights and the Conventions of the
International Labor Organization (ILO).
At the same time, we rely on our Supplier Master
to evaluate and select suppliers with adequate
operational and financial capacity, implementing
procedures to remove those that may represent a risk.
The Supplier Performance Evaluation is conducted
periodically at the end of the contractual relationship
and addresses fundamental criteria such as safety,
environment, social responsibility, labor relations,
operations, innovation and other contractual aspects.
After the evaluation, we inform suppliers of the results
and ask them to develop improvement
plans, if necessary, to ensure standards
in their operations.
We take all these steps to ensure
consistent compliance with established
standards of conduct and maintain
consistency with respect for the
communities and populations in our
areas of influence, actively monitoring
our suppliers for safety.
We are currently in the process of reviewing
and validating our due diligence to align it
with the new human rights due diligence
guide being prepared by the National Society
of Mining, Petroleum and Energy. Therefore,
we have postponed the publication of our final
report to 2024.
International Labor Organization (ILO).
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58
ACKNOWLEDGEMENTS
We have been included in the S&P/BVL Peru General ESG Index, the first
sustainability index of the Peruvian stock market, which brings together
17 companies with the best environmental, social and good corporate
governance indicators, under the Dow Jones Sustainability Index
methodology.
Being part of the ESG Index motivates us to continue promoting a
responsible mining industry committed to the sustainable development of
the country, generating well-being and opportunities for all Peruvians.
SECURITY FORCES
An essential element as part of our human rights
management is our approach to the management
of both public and private security forces. In
this sense, we have clear guidelines for our
interaction, supervision and evaluation of our
performance.
We interact with private security as a form of
internal control in our operations.
We interact with public security only when
they must fulfill their control responsibilities
on behalf of the authority before the law.
We supervise our security providers to ensure
that they comply with their obligation to
provide security in a manner consistent with
the rules of conduct described by our company
and aligned with respect for the communities
and people in our areas of influence.
We have grievance mechanisms in place
to report complaints regarding security
forces through internal channels in the
units and our ethics hotline.
We conduct audits and evaluations of
our security providers on an ongoing
basis in order to maintain their
alignment with the company’s line
of conduct towards the population
and the communities in our areas of
influence.
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59
59
STATEMENT
OF LIABILITY
ABOUT THE ANNUAL REPORT
MESSAGE FROM OUR BOARD
OF DIRECTORS
WE ARE BUENAVENTURA
CORPORATE
GOVERNANCE
OPERATIONS, PROJECTS
AND NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL MANAGEMENT
ENVIRONMENTAL MANAGEMENT
FINANCIAL RESULTS
ANNEXES
PERFORMANCE
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 PERFORMANCE
60
BUENAVENTURA INTEGRATED MANAGEMENT SYSTEM (SIB)
CYBERSECURITY
Our Integrated Management System covering
Quality, Environment, Safety and Occupational
Health is a tool that allows us to manage both
operational and support processes, with the
purpose of optimizing their efficiency. This
approach focuses on guaranteeing product
quality, improving customer satisfaction and
supervising activities to prevent environmental
impacts and risks to the health and safety of
our employees.
The Integrated Management System (SIB)
encompasses aspects such as organizational
structure, activity planning, responsibilities,
processes, procedures and necessary resources.
Its objective is to develop, implement, review,
maintain and improve performance in
environmental, quality and safety areas.
Our frame of reference is based on the ISO
9001 (Quality Management), ISO 14001
(Environmental Management) and ISO 45001
(Occupational Health and Safety Management)
standards. These standards provide systematic
guidelines for environmental, quality and
safety performance, allowing the company’s
performance to be evaluated according to
internationally accepted criteria.
Information security is a critical
factor in our operations. In this
sense, we have an Information
and Communications Technologies
(ICT) department that works
on the identification, detection,
protection, response and recovery
of security incidents, managing
risks and preventing attacks on
our information systems. This
team is led by the ICT Manager
and an Infrastructure and Security
department with its own analysts
and technological partners
that guarantee the availability,
confidentiality and integrity of the
information and communications
infrastructure services provided.
INNOVATION
The Vice-Presidency of Projects and
Innovation was founded in 2023
in Buenaventura to maintain the
momentum of innovative projects
within the organization.
Additionally, we persist in the
execution of our Innovaventura
program, which seeks the
participation of all employees in
order to generate initiatives that
strengthen both operations and
projects, while encouraging the
development of a creative and
cutting-edge culture.
As part of the Innovation projects
that were also carried out
throughout 2023, we can highlight
the following:
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61
La Zanja:
Bioremediation Project: Percolation reduction
covers
Phase 2 of the project was initiated, involving
pilot-scale tests. Ten types of soils were
designed and produced using mining and agro-
industrial wastes with different compositions
and two types of microbial consortia were
applied to each one to evaluate vegetative
growth, runoff chemistry and percolation.
The results obtained confirmed the inverse
relationship between vegetative growth
and percolation, as well as improved water
quality at both runoff and percolation levels.
The development of plots will continue to be
monitored in 2024 to complete the pilot.
Orcopampa:
Battery-Grade Manganese Sulfate Pilot Plant
During 2023, pilot tests of the new process
were completed with favorable results
in all specifications except for Na and K
content. Laboratory tests were conducted
and modifications to the initial process were
defined, which will be carried out in 2024.
Also, as part of the Continuous
Improvement projects that were also
carried out in 2023, we can highlight the
following:
El Brocal
Project to optimize mine preparation
ratios
Redesign of preparation workings, which
implied the use of 30 m long drills and
heavy bolting cable support, allowing to
increase the preparation ratio from 219
t/m to 286 t/m (+31%) and consequently
lowering the mine costs by 3.6%.
Coimolache
PAD peak re-leaching project
During 2023, at the Tantahuatay leach
PAD, we carried out geophysical analysis
and sampling of the remaining zones
where we obtained good metallic values
and with the re-leaching we were able to
recover +28% in Au and +48% in Ag above
expectations.
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62
SUPPLIER AND CONTRACTOR MANAGEMENT
In our supply-chain strategy we consider
environmental, social and governance
(ESG) criteria. Therefore, we focus on
identifying, selecting, evaluating, developing
and monitoring the performance of the
companies that are part of our supply
chain under compliance with applicable
regulations, transparent and honest
business management, preservation of
health and safety, respect for human rights,
the environment and communities through our
Supplier Code of Conduct.
We mainly conducted an analysis of our supply
chain expenses, linked to the transportation of
cargo to the Mining Units, contracted directly by
Buenaventura.
2023
Weight (T)
Julcani
Orcopampa
Uchucchacua
Tambomayo
San Gabriel
La Zanja
Tantahuatay
Colquijirca
TOTAL
Total Cost
(U$)
93,696
875,146
505,269
828,492
239,722
104,970
347,239
341,514
831
5,943
3,378
3,950
2,518
1,988
5,244
7,989
S/. / T
S/. / T-Km
417
545
553
776
352
195
245
158
388
0.67
0.58
0.98
0.52
0.38
0.50
0.62
0.45
0.47
31,841
3,336,047
* Conversion factor: 1USD=S/3.7
THE TOTAL COST OF OUR SUPPLY
CHAIN IN 2023 WAS
3,336,047 USD.
We define critical suppliers as those that supply us
with inputs or services that are highly necessary
for the continuity of our operations and the
achievement of our objectives. And we segment
our material suppliers based on the type of input
they supply us with, as follows: critical, strategic,
regular and non-regular.
After that, we carry out a homologation process
that comprehensively assesses the ESG criteria and
allows us to ensure our suppliers’ compliance:
Planning
Improvement plans are implemented with
those suppliers with high sustainability risk
and we monitor them periodically.
Evaluation
Our suppliers’ performance is evaluated on
an annual basis, and the grade obtained by
each supplier as a result of their evaluation
falls within the following levels:
Document evaluation
The documents submitted by our
suppliers are reviewed in detail to
analyze their accuracy and ensure a fair
selection of suppliers.
Analysis of operating capacities
We identify those suppliers that have
the appropriate operating, safety,
occupational health, environmental,
social responsibility and financial
support capabilities to work with our
company.
TYPE
A
TYPE
B
TYPE
C
Grade: 90.1%
to 100%
Grade: 75.1%
to 90%
Grade: 50.1%
to 75%
TYPE
D
25.1% to 50%
TYPE
E
A grade below
25% is not
recommended
The logistics area evaluates
continuity as supplier
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CAPITAL
WE DO MORE THAN MINING
63
63
STATEMENT
OF LIABILITY
ABOUT THE ANNUAL REPORT
MESSAGE FROM OUR BOARD
OF DIRECTORS
WE ARE BUENAVENTURA
CORPORATE
GOVERNANCE
OPERATIONS, PROJECTS
AND NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL MANAGEMENT
ENVIRONMENTAL MANAGEMENT
FINANCIAL RESULTS
ANNEXES
HUMAN
CAPITAL
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 HUMAN
CAPITAL
COMPOSITION OF OUR TALENT
The successes we have achieved and the challenges
we have chosen to face would not be possible
without the invaluable contribution of our human
talent. Consequently, we reaffirm our commitment
to the development, safety and well-being of our
extensive labor community, composed of 13,759
employees linked to Buenaventura, its subsidiaries
and contractors, who come from different areas of
the country, especially from the regions where we
carry out our operations.
64
Composition of employees in operations
Company
employees
Contractor
employees
TOTAL
8.5%
%
9.8
1
Tambomayo
Orcopampa
Coimolache
La Zanja
El Brocal
Uchucchacua
Julcani
309
381
203
62
685
497
182
562
702
1287
322
2456
1258
1002
417
545
553
776
352
195
245
158
Under 30 years old
30-50 years old
Older than 50 years old
71.7%
Composition of employees in projects
San Gabriel
Molle Verde
Conenhua
Río Seco
Lima
Otros
Company
employees
Contractor
employees
TOTAL
60
28
79
74
269
47
2467
291
38
78
292
128
417
545
553
776
352
195
Also, the composition of our total employees by age group is as follows:
It is relevant to note that Buenaventura has 14 unions covering
both the main group and its subsidiaries, in addition to six
unions associated with contractor companies. These unions
adequately represent 50% of our workforce.
THESE UNIONS
REPRESENT
ADEQUATELY
50%
OF OUR WORKFORCE.
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CAPITAL
65
Turnover Rate
2021
2022
2023
Total employee turnover rate
12.2
12.8
10.7
Total voluntary employee turnover rate
4.7
5
4.3
Hiring of employees in the last three years
experience and level of responsibility. We present the
average of our female-to-male pay ratio indicators by job
category for 2023.1
1At each level, only salary categories with female and male
personnel will be considered. Salary categories with only male
personnel are removed from the analysis.
Salary by level - expressed in US$*
Women
Men
300k
250k
200k
242,400.00
237,200.00
Indicator / Year
2021
2022
2023
145,333.33
150k
142,266.67
Total number of new employees hired
257
222
357
Number of open positions filled by
internal candidates (internal hires)
57
94
82
Average hiring cost (US$) *
607.41
277.63
880
* Conversion factor: 1USD=S/3.75
100k
50k
0
151,466.67
146,533.33
90,800.00
87,866.67
41,466.67
41,466.97
Executive Level
(Basic Salary)
Executive Level
(Basic + others)
Management Level
(Basic)
Management Level
(Basic + others)
Non-Management
Level
Diversity and inclusion are important
elements for Buenaventura, which is why
we make efforts to have practices aimed
at equal opportunities between men and
women. During 2023, out of the total
number of employees in our workforce,
8.6% were women. Of these, 11.3% of
women occupy management
positions, 22.8% occupy top
management positions and 7.89%
are in STEM positions.
Our employees’ compensation
is based on their performance,
Indicator / Year
Ratio (W vs M)
Executive Level (Basic Salary)
Executive Level (Basic + others)
Management Level (Basic)
Management Level (Basic + others)
Non-management Level
* Conversion factor: 1USD=S/3.75
0.98
0.98
0.97
0.97
0.99
11.3%
OF WOMEN OCCUPY
MANAGEMENT
POSITIONS.
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CAPITAL
66
WELFARE
AND BENEFITS
The wellbeing and health of our employees, their
families and our contractors are fundamental, which
is why we focus significant efforts on improving
the work environment, integration, positive mental
health, corporate benefits, working conditions, and the
promotion of healthy habits for self-care.
Measurement and management
of the work enviroment and
enfagemenrt
Integration, recreation and culture
Mental health management
Benefit management
Health promotion and prevention
Work conditions and wellbeing
Information and advice to
employees
MEASUREMENT AND MANAGEMENT OF THE WORK
ENVIRONMENT AND ENGAGEMENT
Based on the Work Environment and Engagement
Survey 2022, in 2023 the objectives were oriented
towards improving leadership management and
working conditions (occupancy and comfort in our
camps).
Based on these results, the organizational
culture was strengthened, positive
leadership was promoted and work teams
were reinforced through leadership
workshops.
In June, the Leadership Survey was conducted,
the results of which provided information on the
management of our leaders in terms of commitment,
empathy, empowerment, recognition, business strategy,
process planning and control, and social responsibility.
Throughout the year, works were carried
out to improve the living conditions
provided in our camps (food, housing,
recreational areas, dressing rooms, among
others).
INTEGRATION, RECREATION AND CULTURE
We carried events for integration, recreation, sports
(championships), culture, and festive activities.
In 2023 we celebrated our 70th anniversary in all
our operations. It was a special occasion to recognize
the legacy of our founders, the work and daily
efforts of our employees, and the contribution of our
communities and all our stakeholders.
We also celebrated Mother’s Day, Father’s
Day, Labor Day, Independence Day,
Miners’ Day, Christmas, New Year’s Day,
among others. Our employees were given
special lunches in the camp dining rooms,
accompanied by sports, cultural and
religious activities.
In each level, only the salary categories with both male and female personnel will be considered. Salary
categories with only male personnel will be excluded from the analysis.
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67
MENTAL HEALTH MANAGEMENT
BENEFIT MANAGEMENT
We managed our corporate benefits according to law and
those granted by the company: Flexible benefits (flexible
schedules, remote work, day off on birthdays, flexible hours
to celebrate children’s birthdays, integration afternoons,
summer hours, among others.) Benefits regarding labor
and working conditions, benefits through agreements to
achieve special corporate rates in health, education, family
recreation, insurance plans, women’s benefits (PPE for
women, rest for women’s health, delivery of medicines and
health and feminine hygiene products).
Informative talks on benefits were held with more than 600
participants.
Occupational risk insurance
July
Renewal of EPS insurance policy
(change of provider Oncosalud)
September
Homeowner’s insurance, vehicle
insurance, domestic workers
insurance, SOAT.
November
In 2023, we continued to promote positive
mental health with our Cuenta Conmigo
[Count on Me] program, which offers
ongoing, unlimited, free, and confidential
counseling and psychological support. This
program is aimed at employees of our
company, subsidiaries, and contractors, as
well as their family members.
This year, the program provided counseling
and psychological support to more than
1100 people.
THIS YEAR, THE
PROGRAM PROVIDED
COUNSELING AND
PSYCHOLOGICAL
SUPPORT TO
OVER 1100
INDIVIDUALS.
The main reasons for attention were stress,
anxiety, personal, family, and work problems.
In compliance with a preventive education in
the aspects that most affect our employees,
educational sessions were held with the
participation of more than 2,500 employees:
Social-emotional skills
April
Life project and happiness
June
Prevention of domestic violence
July
Prevention and detection of
post-traumatic stress disorder
September
Likewise, in partnership with the Ministry
of Women and Vulnerable Populations, in
December, a virtual talk on the Prevention
of Gender Violence and Harassment in the
Workplace was held as part of the joint effort
to promote a safe and violence-free work
environment.
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HEALTH PROMOTION AND PREVENTION
INFORMATION AND ADVICE TO EMPLOYEES
Vaccination campaigns
Throughout the year, we maintained partnerships
and coordination with the Ministry of Health and
ESSALUD nationwide to carry out vaccination
campaigns for the employees of our company,
subsidiaries and contractors. To comply with
prevention, employees were vaccinated
-according to their ages- for pneumococcus,
influenza, tetanus, COVID boosters, among
others, in all our Units.
Preventive educational sessions
Sessions were held on the prevention of
breast, cervical, prostate, and colon cancer.
Healthy eating habits were reinforced for our
employees through nutritional consultations
and recommendations for healthy school
lunches.
In 2023, we continued with the permanent attention to 100% of social cases, providing:
Support for health cases at the national
level for workers, former employees,
third parties (communities) aimed at self-
care and empowerment.
Timely social assistance to 100% of
employees in personal, family, labor,
insurance and leave-of-absence matters,
among others.
Advice on retirement and pensions,
and informative sessions on judicial
withholding for alimony, and the
advantages and disadvantages of
withdrawing pension funds from AFPs to
more than 650 participants.
WORK CONDITIONS AND WELLBEING
Each year, we prioritize our efforts to improve
working and living conditions. The Welfare
Department prepares an occupancy diagnosis
(infrastructure, service and comfort) that includes
food services, locker rooms, housing, recreational
areas, toilets, offices and laundry to prepare an action
plan for each Unit and service.
For this diagnosis, in 2023, a new management
tool was designed to automate the process of
collecting information, generating reports on
working conditions in real time, following up on the
improvement opportunities detected, and comparing
current values with those obtained previously.
On the other hand, in 2023, a diagnosis of the
food transported in the Coimolache, El Brocal,
Orcopampa, Julcani, Uchucchacua - Yumpag
units was carried out for the 2024 action plan.
In February and July, we applied the food
service satisfaction survey to 100% of the
dining rooms to identify opportunities for
improvement that allowed immediate action
plans to be implemented in coordination
with the Administration area and food
concessionaires.
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WORK ENVIRONMENT
AND ENGAGEMENT
In 2022, the ECO2022 survey on commitment and
organizational environment was conducted with the
support of the consulting firm MANDU, achieving a
participation of 4,143 people, including employees
from our contractor companies, with an overall
response rate of 82%.
Strengths
Opportunities
for improvement
7 6 %
57%
6
7
%
Level of satisfaction with work environment
Work Environment (% of engaged employees)
%
6
7
Relationship with the
team (companionship)
Impact (achievements
and focus at work)
55%
Leadership
Recognition
Opportunities for
development
70
2019
76
77
2020
2022
* During 2021, we measured the types of internal leadership.
Besides the level of satisfaction, the following results
were obtained:
Based on the findings of our Organizational
Environment and Engagement Survey (ECO2022),
we are deploying action plans aimed at addressing
opportunities for improvement in the teams of all
our units and support areas.
The Organizational Environment and Engagement
Survey was not conducted in 2023. However, we
plan on conducting it in 2024 so as to show the
results of the Action Plan implementation.
TRAINING AND
DEVELOPMENT
In 2023, Buenaventura employees grew
professionally according to the enhancement of their
skills and competencies based on the company’s
strategic objectives.
A total of 18 executive training programs (master’s
degrees, diplomas, coaching, leadership programs)
and 103 technical training programs (courses,
workshops) were carried out, with an investment of
approximately US$ 192,000.
Mandatory trainings were 100% delivered at the
production units (Annex 4, Annex 6, Environment),
with a total investment of around US$ 600,000.
61.5%
OF KEY POSITION
VACANCIES WERE
FILLED BY INTERNAL
WORKERS.
Specialized programs were also
developed for multiple-operator
employees, serving a total of 66
people (for six projects) with an
investment of approximately US$
256,000.
According to the strengthening of
competence, 61.5% of openings in
key positions were filled by internal
employees. We firmly believe in our
employees’ growth; therefore, we
promote refreshing, improvement,
and specialization academic activities
in various modalities: synchronous,
asynchronous and in-person.
Some of the academic activities
carried out throughout the year were:
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Subject
Professional studies
Legal basis
Training
03 master’s degrees / Senior Management Program
46 courses or workshops
1.Occupational health and safety management in accordance
with Law 29783 and its regulations
2.Hazard identification, risk assessment and control measures –
IPERC
3.Safety Inspections
S.D.023-2017-em
Law 29783
3 courses
Target group
Selected employees
Course 1
Company: 1881
Mining contractor company: 8064
Course 2
Company: 1983
Mining contractor company: 8276
Course 3
Company: 89
Mining contractor company: 39
Reducing accidents and incidents, as well as controlling and
minimizing environmental impacts
D.S. 023-2017 em
D.S. 040-2014 em
224,116 training hours
In, approximately, 40 courses taught
100% of company employees at our mining units
100% of employees from mining contractors at
our mining units
Leadership workshop for supervisors
Sexual harassment
Manual or mechanized load handling
Code of ethics and good conduct
Prevention of money laundering and terrorist financing
Bribery and corruption prevention system
Basic safety induction
Course given by four consulting firms at all our
mining units
670 supervisors trained, approximately
D.S.023-2017-em
Law 29783
D.S.023-2017-em
Law 29783
Virtual/in-person course
Virtual course
Decree-Law No. 25475
and its amendments
Virtual course
Decree-Law No. 25475
and its amendments
Virtual course
Decree-Law No. 25475
and its amendments
Virtual course
El D.S..023-2017-em
Law 29783
Virtual course
100% of our employees
Company employees: 9
Mining contractor company employees: 9
960 employees, approximately
960 employees, approximately
960 employees, approximately
New temporary and permanent employees
562 company employees
17,820 contractor employees
144,753 training hours
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HEALTH
AND SAFETY
Safety is an inherent part of our operations.
Therefore, its management is the responsibility of all
the employees and supervision levels, considering
that their results are part of the quality indicators
and value generation within the framework of a safe
and sustainable production culture at Buenaventura.
Main activities carried out:
Outreach to union boards of directors through
experiential workshops called “100% Attitude
that transforms, an alliance to strengthen the
participatory safety strategy”.
Development of disruptive activities called
“Safety Route” aimed at workers and contractors,
focused on creating awareness on safe behaviors,
applying techniques in soft/hard skills and thus
getting home for the family.
Deployment of the “Critical Risk
Management” initiative focused on
increasing up to 13 risks, so as to
reinforce the efficiency and sustainability
of engineering-type controls, and
reinforcement of Critical Risk Audits by
specialized corporate professionals.
Application of the ICAM methodology
for the investigation of high-potential
accidents.
Improvement of operational controls:
Sustainability and efficiency, prioritizing
the implementation of engineering-type
operational controls.
Participation as members to the SNMPE
in the round tables for contributions to the
project for the modification of the Mining
Safety Regulations.
During 2023, the accident rate was reduced
to 0.97, which represents a reduction of
approximately 50% compared to 2022
(2.04); however, the number of disabling
accidents in 2023 was 101, which corresponds
to a 20% increase compared to 2022. This
increase in accidents is due to the increase
in the reportability of events related to
musculoskeletal disorders, as well as the
number of days lost and the number of Hours
Worked by Men (HHT) in 2023 which were
lower compared to 2022, which has a direct
influence on the frequency, severity and
accident rates.
However, we regret to report the death of a
contractor at the Tambomayo Mining Unit. As
a result, we have reinforced our prevention
communication and strengthened our
control measures. Undoubtedly, these events
require us to deploy greater efforts and to
effectively implement resources to transfer
to and monitor compliance with our safety
policy and standards among our suppliers and
contractors.
Additionally, detailed information on the
operating units and specific projects,
including Uchucchacua, Julcani, Orcopampa,
Tambomayo, Brocal, La Zanja, Tantahuatay,
Pyo Yumpag, Trapiche, and San Gabriel, will be
provided in the tables below.
Casualties
2
3
1
2019
2020
2021
2022
2023
Contractors
Employees
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Lost Time Injury Frequency
Rate (LTIFR)
Total Recordable Injury Frequency
Rate (TRIFR)
Level 1 Process Safety
Events
8.4
7
5.7
4.8
3.8
2.1
2.2
3.1
2.7
2.8
9.6
23.2
8.6
10.7
16.4
14.8
9.9
12.8
8.26
18.64
23
26
19
9
24
10
2019
2020
2021
2022
2023
2019
2020
2021
2022
2023
2019
2020
2021
Employees
Contractors
14
4
2022
13
5
2023
*High-potential
events
Finally, we have an Occupational Health
Program that covers the following subjects:
ISO 45001:2018.
We have the valid verification of the
international standard for occupational
health and safety management systems.
Hazard Identification, Risk Assessment
and Controls (IPERC):
We have the guidelines for a systematic
process of continuous identification
of hazards, risk assessment and
determination of controls related to
Occupational Health and Safety
Contingency plan:
We establish emergency-response plans
that are effective and help to minimize
the impact of accidents once they occur.
Health risk assessment:
We present guidelines for the
assessment of health risks and the
determination of the necessary controls.
Safety meetings:
We establish rules to communicate
occupational health and safety issues
so that employees are trained, and
misunderstandings and accidents are
reduced.
Safety Committees and Safety
Representatives:
We have an Occupational Health and
Safety Committee that promotes a safe
and healthy work environment based on
rules established by the company.
Safe work Analysis
We have a procedure in place to
investigate the causes of workplace
accidents and establish the necessary
controls to ensure that this does not
happen again. We share best practices
with our teams.
Supplier evaluation:
We require our suppliers and contractors
to have a strict occupational health and
safety management, so we evaluate this
criterion when selecting them.
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Improvements in the health service of the following mining units
and projects:
UM Orcopampa
Uchucchacua MU
San Gabriel Project
Update of the digital infrastructure:
replacement of 8 desktop computers
and 1 laptop.
Implementation of ophthalmology,
dentistry and pediatrics campaigns.
Benefiting: 1,100 employees
Reactivation of the dentistry service.
Implementation of health campaigns
in gastroenterology, ophthalmology,
and urology.
Remodeling of the laboratory area
and women’s restroom.
Benefiting 370 employees
Increase in personnel: addition of 2
nurses and 1 paramedic.
Purchase of medical equipment:
electrocardiograph and renovation of
computer equipment.
Benefiting 170 employees
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74
STATEMENT
OF LIABILITY
ABOUT THE ANNUAL REPORT
MESSAGE FROM OUR BOARD
OF DIRECTORS
WE ARE BUENAVENTURA
CORPORATE
GOVERNANCE
OPERATIONS, PROJECTS
AND NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL MANAGEMENT
ENVIRONMENTAL MANAGEMENT
FINANCIAL RESULTS
ANNEXES
SOCIAL
MANAGEMENT
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At Buenaventura, we focus our efforts on generating shared value
and influencing the development of the communities in which we
operate, mainly because we are aware of the social impact generated
by our operations and because we are convinced that sustainable
local development is necessary. Based on that, our management is
based on four areas:
OUTREACH AND
COMMUNICATIONS
Outreach and
communications
Boosting of the
local economy
Infraestructura
Desarrollo
Humano
We operate under a policy of open doors and constant
communication to inform and clarify doubts about our
operations and performance. In addition, we are committed to
being a good neighbor, which is why we respect and actively
participate in the social and cultural manifestations of the
communities. All of this has allowed us to build bonds of trust
with the community and its leaders, as well as to provide
effectiveness to the social investment projects we promote
aiming at local development.
Likewise, as part of our strategy, we prioritize community
outreach spaces to listen to the communities and communicate
our messages more effectively. We have 20 Permanent
Information Offices (PIO) in the areas of influence of our
mining units from where, throughout 2023, we served 7,237
people who have approached us seeking information. Also, we
continued with our door-to-door visits, reaching 4,750 Houses
throughout the year.
Another action that is part of this strategy are the guided
tours of our operations, which comply with the corresponding
health and safety protocols. We establish groups of people
who are part of the communities in which we have influence,
as well as regional and district authorities, students and/
or journalists, who take a tour of the mining unit and
learn about our processes and activities in a transparent
manner. Fifty-seven guided tours were conducted in all our
operations, in 2023.
Finally, we have a printed and digital newsletter called
Willaspa (communicate in Quechua) that disseminates each
of our social activities to workers and the general population.
We have published 54 newsletters during the year at all
operations.
DURING 2023,
WE ASSISTED
7,237 PEOPLE
SEEKING INFORMATION.
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BOOSTING OF THE
LOCAL ECONOMY
The generation of formal employment and the hiring
of local companies are the main engine that we
activate to boost the local economy and to promote
knowledge and production, as we seek that the
communities generate their own development.
Accordingly, in 2023, 67% of the labor hired came
from the regions and communities in our area of
influence. Likewise, we have procured services and
products from local companies for more than US$ 174
million in all the regions where we operate.
On the other hand, we have a Productive
Development and Business Articulation Program in
our mining units, known as the PRA Buenaventura.
This emblematic program seeks to improve the
traditional productive capacities of the local
population to place them in a previously identified
market, promoting business in our areas of influence.
76
OUR RESULTS.
2014–2023
80
accumulated
projects
JULCANI
HUANCAVELICA
Distritos: Ccachaccasa y
Lincay.
TRAPICHE
APURÍMAC
Distritos: Juan Espinoza
Medrano.
PRA Buenaventura
Lines of action:
3
4
Market
focus
Strengthening
of capacities
Business
articulation
Complementary
financing
UCHUCCHACUA
LIMA Y PASCO
Distritos: Oyón y
Yanahuarca.
$ 20,711,751.69
in sales*
SAN GABRIEL
MOQUEGUA
Distritos: Ichuña.
1.
2.
3.
4.
We identified productive activities with a market
potential, based on the characteristics of each
community.
We trained the producers in productive management,
business management and associativity in
order to generate competitive and sustainable
entrepreneurships.
We facilitated articulation to more and better markets,
creating bonds of trust between producers and
companies.
We promote access to reimbursable and non-
reimbursable funds that contribute to business
improvement.
ORCOPAMPA
AREQUIPA
Distritos: Orcopampa
y Chilcaymarca.
TAMBOMAYO
AREQUIPA
Distritos: Tapay,
Caylloma y Lari.
Beneficiaries:
We operate in six regions of the country through
Economic Service Centers (ESC), benefitting 1,504
producers in 2023, 890 men and 614 women of
the communities in our area of influence, located
between 2,800 and 4,600 m.a.s.l.
1,362,625
accumulated
day wages
$ 5,962,886.06
Accumulated
leverage and
credits*
* Conversion factor:
1USD=S/3.9
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INFRASTRUCTURE
We are aware of the State’s efforts to close
infrastructure gaps in the country. In this sense, we
collaborate with local and regional governments in
our area of influence through the financing of studies,
works or under the modality of works for taxes.
In 2023, we completed the construction of the Chugur
Health Center with an investment of US$ 2.7 million,
which will benefit 3,550 people, and the construction
of the Smelter Health Center with an investment of
US$ 1.08 million, which will benefit 1,399 people.
Also, the technical file for 21 streets and sidewalks
in Antabamba was approved. This work will be
executed in 2024 and will have an investment
of US$ 5.5 million through the works for taxes
method, and will benefit 1,767 inhabitants by
paving 6.6 kilometers of roads.
In addition, we have contributed to the
maintenance and improvement of more than
235 kilometers of access roads in our areas of
influence, benefiting more than 25 thousand
inhabitants.
HUMAN
DEVELOPMENT
Education is one of the fundamental pillars for human
development and, possibly, the most affected by the pandemic,
followed by health, and which has affected our children
nationwide.
In this sense, we have continued with our “Aprender para Crecer”
project, which is responsible for teacher-training and has been
adapted to the remote modality since 2020. Throughout 2023,
93 teachers and 23 schools were benefitted, impacting 1,193
students in 4 regions: Lima, Pasco, Huancavelica, and Arequipa.
We know that one class is not enough to enhance capabilities,
therefore our training strategy is to develop workshops,
demonstration and group sessions, personalized counseling,
and ad hoc activities. In addition to this, we held workshops with
parents, fundamental actors in the educational development of
children.
OUR ACTIONS IN FIGURES
Training workshops per teacher
Pedagogical support/accompaniment
School reinforcement sessions
Workshops with parents
N° 12
N° 593
N° 570
N° 18
Throughout
2023,
93 teachers
and 23 schools
were benefitted,
impacting
1,193
students in
4 regions:
Lima, Pasco,
Huancavelica y
Arequipa.
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OTHER SOCIAL
INDICATORS
CONTRIBUTIONS
AND DONATIONS
In 2023, we executed the Citizen Participation Plans in the
following units and/or projects: El Brocal, Tambomayo, Yumpag-
Carama, San Gabriel, and Trapiche. Citizen Participation Plans
were executed in 5 out of 10 mining units and projects, which
represents 50% of the total.
The following social indicators cover 100% of the scope of
the following mining units: Uchucchacua, Julcani, Orcopampa,
Tambomayo, Coimolache – Tantahuatay, La Zanja, and El Brocal
– Colquijirca.
CITIZEN PARTICIPATION
PLANS WERE CARRIED
OUT IN 5 OUT OF
10 MINING UNITS
AND PROJECTS,
REPRESENTING
50% OF THE TOTAL.
In summary, during 2023, Buenaventura contributed
to the development of its areas of influence through
donations and strategic social investments that
have been distributed mainly in the following areas:
health, through the delivery of two health centers
and the implementation of medical campaigns;
education, through the implementation of the
Learning to Grow [Aprender para Crecer] program
and the implementation of school campaigns; road
and urban matters, through the progress made in
the technical file for the paving of Antabamba and
through various supports for the improvement and
maintenance of roads in our area of influence.
The relevance and impact of three of the
aforementioned projects will be detailed below.
These projects seek to improve the traditional
productive capacities of the local population and to
position them in a previously identified market, thus
encouraging business development in our areas of
influence.
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PROJECT:
FORAGE AND SANITATION BUSINESS PLAN
LOCATION
OBJETIVE
SUMMARY
ACHIEVEMENTS SINCE 2014 AND 2023
Region: Lima
Province: Oyón
District: Oyón
Communities: Quichas, Oyón, San
Sebastián de Tinta
Region: Pasco
Province: Daniel Alcides Carrión
District: Yanahuanca
Communities: San Juan de
Yanacocha, San Juan Baños de Rabi,
Huachus, and Chinche Tingo.
Contribute to improving the
quality of life of the families of
Oyón and Yanahuanca by
promoting competitive and
sustainable livestock farming,
based on improving the
forage floor.
The transformation story of 187
families in Oyón and Yanahuanca
has been driven by the PRA
Buenaventura program since
2014.
By introducing alfalfa and
associated pastures, livestock
feeding is improved, thereby
increasing milk and meat
productivity, as well as the quality
of alpaca fiber.
This initiative, supported by
training and technical assistance,
lays the foundation for
competitive livestock farming that
improves the quality of life of the
communities.
187 cattle-raising families have implemented improved
pastures in collaboration with the program, which has
improved cattle feeding and increased production and yields
of meat, milk and fiber.
A total of 66,110 tons of tons of green alfalfa forage and
1,390 tons of forage with associated grasses have been
produced.
A total of 5,133 bales of alfalfa and oat hay have been
produced, as well as 145.9 tons of silage for drought periods.
The haymaking technique has been adopted by other
producers in the district as an alternative solution to forage
shortages.
There has been a notable increase in average milk
production, from 3.5 to 7 liters per cow per day, thanks to
the intervention of the program.
During the program intervention period, 1,422 tons of
bokashi compost have been produced.
439.25 hectares of permanent pasture (alfalfa) and 59.77
hectares of associated pasture (Italian rye grass, English rye
grass, dactylis and clover) have been installed from 2014 to
date.
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PROJECT:
TROUT BUSINESS PLAN
LOCATION
OBJETIVE
SUMMARY
ACHIEVEMENTS
Region: Lima
Province: Oyón
District: Oyón
Communities: Quichas, Oyón, San
Sebastián de Tinta
Contribute to improving the
quality of life of families in Oyón
and Yanahuanca, through the
production and competitive
trading of fresh gutted trout.
Region: Pasco
Province: Daniel Alcides Carrión
District: Yanahuanca
Communities: San Juan de Yanacocha,
Huachus.
Improvement in the quality of life of 17 families in Oyón and
Yanahuanca, through the production and competitive trading
of trout.
Production and commercialization of 1,483 tons of whole
trout, 777.5 tons of gutted trout, and 15,616 thousand
juvenile fish since 2014.
Generation of 18,172 daily wages in the production and
processing of trout since the same year.
Implementation of good aquaculture and manufacturing
practices by 17 producers, reducing production time by 2
months and guaranteeing product safety.
Formalization of almost 80% of the beneficiaries, which
includes obtaining authorizations and sanitary registrations
for an organization that has a primary processing plant.
The stories of 17 families from
Oyón and Yanahuanca highlight
their improved quality of life
through the production and
trading of fresh gutted trout since
2014.
Thanks to the PRA Buenaventura
program, they have managed to
produce 1,483 tons of whole trout,
777.5 tons of gutted trout and
15,616 thousand juvenile fish,
generating 18,172 daily wages.
Despite challenges during the
pandemic in 2020, sales recovered
in 2021 and 2022, generating
remarkable revenues.
In 2023, they are focused on
generating greater added value
with products such as trout fillet
and smoked trout, with quality
testing to ensure market
acceptance.
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PROJECT:
HEALTH CENTER AT CHUGUR, HUALGAYOC, CAJAMARCA
The main objective of the “Chugur Health Services
Expansion and Improvement Project”, integrated into the
Health Services Network of the province of Hualgayoc, is
to significantly improve the health of approximately 3,000
inhabitants of the district of Chugur, located in Cajamarca.
This project was possible thanks to an agreement
between the Regional Government of Cajamarca,
responsible for health care in the region, Asociación Los
Andes de Cajamarca - ALAC, in charge of the project
administration, and the mining company Coimolache -
CMC, which is financing the project in its entirety. The
project components include land acquisition and
reclamation, technical studies, infrastructure construction,
personnel training, and the implementation of furniture,
as well as medical and computer equipment. By the end of
2023, components 1, 2, 3, and 4 were completed, while
medical equipment is in the process of being imported.
Donation and transfer to the Regional Government, as
well as commissioning, are expected to take place in the
first months of 2024. The budget, a 100% donation from
the mining company Coimolache SA, amounts to around
10.2 million Soles.
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MANAGEMENT
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82
82
STATEMENT
OF LIABILITY
ABOUT THE ANNUAL REPORT
MESSAGE FROM OUR BOARD
OF DIRECTORS
WE ARE BUENAVENTURA
CORPORATE
GOVERNANCE
OPERATIONS, PROJECTS
AND NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL MANAGEMENT
ENVIRONMENTAL MANAGEMENT
FINANCIAL RESULTS
ANNEXES
ENVIRONMENTAL
MANAGEMENT
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 Our environmental performance
is focused on operating under
an adequate monitoring and
control of a preventive nature,
allowing us to minimize significant
environmental impacts on the
surrounding area of our operations.
In accordance with our corporate
environmental policy, we prioritize
sustainable water management in
our operations with a watershed
vision, ensuring compliance with
effluent quality, promoting reuse
and recirculation in our processes.
In addition, we continued to
manage the disposal of waste
material and solid waste through
recycling, as well as the execution
of mine closure works.
ENVIRONMENTAL
MANAGEMENT
83
ENVIRONMENTAL
MANAGEMENT INSTRUMENTS
All our operations are based on environmental
management instruments duly approved
by the competent authority, which outline
the environmental management plans and
compliance with environmental obligations in
each operating unit. In 2023, we managed 46
environmental instruments, as follows:
17
were
approved
12
are still
under
evaluation
15 are being
prepared
02 are under
review
The development and evaluation of important
Environmental Impact Assessments and
Modifications of Environmental Impact
Assessments continued, as well as the
approval of the detailed Environmental Impact
Assessment of the Yumpag Carama Project,
five Supporting Technical Reports (ITS) to
execute components of non-significant impact,
seven Mine Closure Plan Modifications/
Updates for the rescheduling of closure
activities and modification in the closure design
of some major components, and two Semi-
Detailed Environmental Impact Assessment
Modifications for Tambomayo and Yumpag, as
well as the Detailed Environmental Plan for the
regularization of components at La Zanja.
EIA
• Trapiche Project (under evaluation)
• Yumpag (approved)
MEIA
• Colquijirca (under evaluation)
• Tantahuatay (under evaluation)
• Julcani (under preparation)
• Tambomayo (under evaluation)
• Orcopampa (under preparation)
• Uchucchacua (under preparation)
• San Gabriel (under preparation)
• Yumpag (under preparation)
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Finally, the IPA - Integrated Plan for Adaptation to the
Maximum Permissible Limits (MPL) and the Environmental
Quality Standards (EQS) of the Uchucchacua mining unit
were approved. This same environmental instrument is in the
process of being evaluated for the Julcani and La Zanja mining
units and its approval will allow us to adapt our discharges
to the new national and sectorial standards related to water
quality.
The Environmental Performance Index (EPI) is an indicator
calculated based on the KPIs of the areas of responsibility.
In 2023, the EPI had a target of 90% and we obtained a level
of 92.1%. This allows us to demonstrate the proactivity of
employees and contractors with respect to environmental
management, as well as the degree of compliance of the
different areas with respect to the fulfillment of commitments
and action plans resulting from the findings of inspections,
audits, supervisions and execution of the training plan.
Nevertheless, since this is an average, it is understood that
there are also opportunities for improvement and weaknesses
in environmental performance that must be duly identified
and addressed by the company’s operational leaders, with the
support of their respective environmental teams.
In 2023, the IDA aimed for
90%, and we achieved a level
of 92.1%.
WATER MANAGEMENT
Buenaventura has prioritized the sustainable use of water in its operations, both in its corporate
environmental management policy and in the sustainability materiality analysis. We recognize the
importance of water for sustainable development and consider it a strategic resource, which is
why we make efficient use of this resource in the metallurgical mining process, committing to its
responsible management in all our processes. In this way, we seek to reduce the consumption of fresh
water, promoting its recirculation and storing it to increase its availability in times of shortage so the
population can use it our areas of influence.
1 We use less
water
2 We recirculate
water
3 We store water
in reservoirs
4 We invest in
forestation
5 We promote
participatory
monitoring
6 We contribute
water to improve
agriculture
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In 2023, the efficient use of water in our operations
was reflected in the following indicators:
Likewise, we present the water consumption indicators for 100% of our operations:
Process recirculation rates in 2023 (%)
90
79
99
84
Goal 2023
Result 2023
Units with flotation processes (underground)
Units with a leaching process (open pit)
Water consumption rate by quantity of ore
processed 2023 (m3/TM)
0.38
0.01
Units with
a leaching
process (open
pit)1
WATER CONSUMPTION
2023 (MILLIONS OF CUBIC
METERS)
Withdrawal: total municipal water
supplies or other utility sources
Withdrawal: fresh surface water
(lakes, rivers or others)
2019
2020
2021
2022
2023
1.14
1.48
5.87
4.68
1.4
5.77
0.09
1.57
7.18
1.46
5.10
0.10
0.09
Withdrawal: fresh underground water
0.09
0.08
Discharge: water returned to the original
source of extraction with a quality similar
or better than that of the water withdrawn
(applicable only to B and C)
Total Net Consumption of Fresh
Water (A+B+C-D)
-
-
24.38
22.57
14.00
7.1
6.24
16.22
-13.72
-7.35 4
It should be noted that due to the hydrographic location of our operations and the availability of water in the
basins where we are located, we are not exposed to areas of water stress.
Also, in 2023, we obtained 15 operating permits, of which six were discharge authorizations, three water use
authorizations, two authorizations for the execution of minimum works, and four sanitary authorizations for
drinking water treatment plants (PTAP, in Spanish).
In water resource management, the involvement and participation of the communities in the area of
influence is extremely important.
Units with
flotation processes
(underground)2
Therefore, we continued the participatory monitoring of water quality under the initiative of local actors in
the areas surrounding the operating units or driven by the operation itself, with the participation of local
authorities and community representatives. This strategy has allowed for the strengthening of transparency
and trust to build water governance around the operations and at the local level.
² Only the Tantahuatay operating unit is considered, since La Zanja had no new ore processing in 2023.
3 The Uchucchacua operating unit is not considered, since it was on a standstill for most of 2023.
4 Since the discharge volume is greater because it contains volumes of precipitation water included in the effluent, the net to-
tal consumption is negative.
85
Participatory monitoring involved the
following activities:
Organization of a monitoring committee
made up of representatives of the mining
unit, communities and local authorities in
the area of influence or watershed where
the operation is located.
Training of Committee members with
the technical and regulatory support of
the decentralized bodies of the National
Water Authority.
Preparation of the monitoring plan,
which includes the definition of the
monitoring network and the selection of
the laboratory accredited by the National
Quality Institute (INACAL).
Water sampling in accordance with
current protocol.
Laboratory analysis of water samples.
Analysis of the results compared
to current regulations and their
dissemination among the participants
and the competent environmental
authorities at the local or regional level.
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Implementation Process of
Water Quality Participatory
Monitoring
Monitoring Committee
Organization
Monitoring Committee
Training
Preparation of monitoring
plan
Sample collection based on
protocol
Sample analysis by accredited
laboratory
Dissemination of monitoring
results
In 2023, nine participatory monitoring activities
were carried out considering the dry and wet
seasons and involving the participation of the
local authorities, community authorities and
operating units. In the Trapiche and Yumpag
exploration projects, four participatory
monitoring activities were carried out. It is
important to highlight that some Committee
leaders have been exercising responsibilities
at the local or regional management level,
which contributes to consolidate not only their
own experiences but also the role played by
the participatory monitoring Committees in
their respective localities. In addition, several
Committee representatives participated in the IV
National Meeting of Participatory Environmental
Monitoring and Surveillance Committees
organized by the United Nations Development
Program in the city of Arequipa this year.
4 PARTICIPATORY
MONITORING EXERCISES
WERE CONDUCTED IN
TRAPICHE AND YUMPAG
EXPLORATION PROJECTS.
BLUE CERTIFICATE
For the fourth time, the Tantahuatay
operating unit obtained the Blue
Certificate, which is the recognition
granted by the National Water Authority
to users that participate in the “Water
Footprint Program” and successfully
implement the commitments undertaken
for the measurement of their water
footprint, its reduction and their shared
value plan.
Therefore, the Tantahuatay Unit was
recognized as a water responsible
company for its practices of efficient
water use in the operation and shared
value with the communities in the area of
influence through the implementation of
family micro-reservoirs for the storage of
water for agricultural activities, being the
first mining-metallic company in Peru to
obtain this type of recognition.
The units that have initiated this process
are Tambomayo, El Brocal, and Julcani,
which, in addition to measuring their
water footprint, aspire to obtain the Blue
Certificate in recognition of their efficient
water use practices.
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CLIMATE GOVERNANCE
AND EMISSIONS
Buenaventura has included climate change in its corporate
environmental management policy, considering adaptation
actions through integrated water management and mitigation
of greenhouse gas emissions in its operations through the use
of renewable energy. These aspects have been identified in the
materiality assessment carried out two years ago.
In terms of governance, it is important to note that the Board
of Directors, in its organizational structure, has a Sustainability
and Innovation Committee made up of four (04) members,
constituting the pillar of sustainability, innovation and
environmental governance in particular. This Committee is
responsible for monitoring our innovation and sustainability
practices, as well as making proposals for improvement in
environmental, water and climate management.
During 2023, the Board of Directors met eight (08) times, during
which it reviewed and approved the corporate environmental,
water and climate adaptation objectives for their corresponding
disclosure. In addition, there is a strategic body in charge of the
implementation and monitoring of climate change interventions
under the responsibility of the Environmental Management
Department, which reports permanently to the organization’s
Vice-Presidency of Sustainability.
Among the objectives to face the climate change challenges,
integrated water management has been prioritized as an
adaptation strategy, through the efficient use of water
resources and the contribution to increase water availability
in the area of influence of our operations, in favor of other
uses such as population and agriculture. Also, we have been
prioritizing investments in energy for the use of renewable
sources that ensure a reduced emissions footprint in our
operations.
As part of the effort to systematize and measure these
initiatives, a first step in this process has been the measurement
of carbon footprint in the 7 mining units for the 2021 and 2022
periods in Scopes 1, 2, and 3 related to fossil fuel consumption,
energy consumption, and indirect emissions. The methodology
applied to calculate the carbon footprint of the operational
units has been based on ISO 14064-1:2018 standard. The total
results corresponding to these scopes are as follows:
Greenhouse Gas Emissions 2021 (tCO2e)
93,536.32
24,593.60
244,712.58
Greenhouse Gas Emissions 2022 (tCO2e)
109,499.01
32,380.40
291,957.07
A1
A2
A3
A1
A2
A3
Buenaventura has included
climate change within its
corporate environmental
management policy.
Scopes 1 and 2 for both years have been verified by SGS Peru.
Currently, the measurement of GHG emissions from operational
units for the 2023 period is in process for Scopes 1, 2, and 3.
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In 2023, our policy to reduce and control greenhouse
gas emissions from mining operations was
strengthened through the use of renewable energy
from the Huanza Hydroelectric Power Plant, in the
order of 63%. This provision of renewable energy
from Huanza considered the following criteria in
order to gain greater energy efficiency:
To have a greater impact in the reduction and
control of the carbon footprint.
To supply most of the mining operations.
To have the largest number of certified units.
To have the largest amount of certified energy.
Finally, in 2023, Buenaventura initiated a gap
assessment process to establish a roadmap for
implementing a gradual process of alignment with
the recommendations of the Task Force on Climate-
Related Financial Disclosures (TCFD), identifying
corporate strengths with respect to climate
governance and greenhouse gas measurements.
Likewise, improvement processes have been
identified in terms of risk analysis under long-
term climate scenarios and the respective financial
impacts and opportunities.
BIODIVERSITY
Buenaventura manages all its activities through prior assessment of
risks and potential consequences on biodiversity and is committed not
to carry out mining activities in protected natural areas; also, it applies
mitigation hierarchy with the objective of avoiding net biodiversity losses.
In 2023, our objectives were aimed at managing biodiversity in
the prioritized areas towards zero net loss, in accordance with the
commitments assumed in the environmental management instruments
and in our Biodiversity Protection and Non-Deforestation Commitment.
The activities developed followed the AR3T action framework. This
action framework is based on the mitigation hierarchy established in the
International Finance Corporation (IFC) Performance Standard 6 oriented
to plan and address impacts on biodiversity and include proactive and
positive steps for nature.
In 2023, we also conducted a study to identify risks to biodiversity. The study
covered its own operations. The process that was carried out was framed
in IFC directives Guidance Note 1 (IFC, 2021) and in the Guide to assess and
manage impacts and risks to biodiversity in projects supported by the Inter-
American Development Bank (IDB, 2015); the first was oriented under the
environmental and social approach that is developed in the EIAs, and the
second under a more specific approach aimed at biodiversity. Thanks to
this study we have been able to identify the following potential impacts on
and risks to biodiversity: changes in vegetation cover, alteration of wildlife
habitats, wildlife displacement, modification of diversity and abundance,
among others.
Total
Total number of sites and total area used for operating activities.
Assessment
Biodiversity impact assessments conducted at sites used for operational activities during the last
five years.
Exposure
Of the sites assessed in the last five years, those sites that are very close to critical biodiversity and
total area are listed.
Management Plans
Of those sites that are very close to critical biodiversity, the sites with a biodiversity management
plan and the area covered by these biodiversity management plans are listed.
Number of sites
Hectares
7
7
1
1
14,731.3
14,731.3
413.789
413.789
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In line with our commitment to biodiversity, throughout 2023 we undertook various mitigation measures activities to reduce our impact on biodiversity.
ACTION
DESCRIPTION OF ACTION
DESCRIPTION OF IMPLEMENTED MEASURES
Avoid
Reduce
Regenerate
Restore
Transform
Preventive measures that stop impact or
dependence from occurring in the first place.
Eliminate impact altogether
Information and dissemination tools were implemented referring to prohibition to the introduction of foreign or exotic species, logging, extraction or
burning of vegetation, hunting, fishing or other disturbance to wildlife. Also, BirdXPeller equipment was implemented to restrict access of birds and/or
wildlife species to the ponds with cyanide solutions (Tantahuatay and La Zanja P.U.), and an Internal Traffic Regulation (RIT) was implemented to
regulate speed limits to prevent trucks from ramming or overtaking wild and/or domestic animals at high speed (Colquijirca P.U.).
Mitigation measures that minimize impacts, but do
not necessarily eliminate them
Bridges were built instead of speed bumps to avoid isolation of low-mobility terrestrial fauna, in order to preserve aquatic flora and fauna (Tambomayo
P.U.). Rescue activities have been carried out for low mobility flora and fauna in construction areas (Tambomayo P.U.). The most hazardous areas in the
mining operations were fenced off to prevent the entry of wild animals, and silencers were installed in the exhaust pipes of vehicles (La Zanja PPU) and
fans (Orcopampa PPU) to minimize noise; also, check dams were built to ensure the ecological connectivity of fauna (Tantahuatay P.U).
Regeneration measures that improve the biophysical
function of existing processes and the productivity of
an ecosystem or its components.
The closure of mining component DME No. 2 (Tantahuatay P.U.) and the conceptual design for the closure of the Tailings Deposit 8 (R8) component (La
Zanja P.U.) were completed, both with improved soils.
A diagnostic study of the environmental quality of the Añilcocha and Colquicocha lagoons (Uchucchacua P.U.) was carried out in order to define the
rehabilitation and recovery activities for the aquatic habitat. The study includes biological characterization (flora, fauna, hydrobiological), water quality,
sediment analysis.
Restoration measures that start or accelerate the
recovery of an ecosystem with respect to its health,
integrity and sustainability, focusing on permanent
changes in shape.
Compensatory measures were implemented to prevent biodiversity loss, as part of the actions aimed at restoring the ecosystems, among which we
can mention the implementation of the environmental compensation plan for the BO-19 wetland located on the construction footprint of the reservoir
(Tambomayo P.U.), the compensation of La Huaca lagoon, the compensation of Pajonal (marginal strips) in the riparian area adjacent to the “Tres
Amigos” and “Hueco Dos” streams, and the second stage of the compensation of hydromorphic vegetation in the Los Gentiles area (Tantahuatay P.U.).
Environmental follow-up or surveillance (monitoring) activities have been implemented in all of them.
Transformation measures that take actions that
contribute to system-wide change, in particular to
alter the driving factors of nature loss, e.g., through
technological, economic, institutional, and social
factors and changes in underlying values and
behaviors.
Training programs on the importance and protection of biodiversity were promoted as an action aimed at transforming employees’ awareness. In this
sense, training has been developed about the importance of preserving habitats, ecosystems and the biodiversity of wild fauna species or species of
economic and/or social interest (Orcopampa P.U.). In addition, inter-institutional cooperation agreements have been promoted and developed with
Caritas del Peru and Agrorural Huancavelica to carry out actions that promote and strengthen productive livestock, agricultural and agro-industrial
activities among the populations of direct influence. This is a transformation action that promotes all types of Andean livestock farming in order to
provide the population with protein food resources and reduce or avoid hunting wild animals (Julcani P.U.).
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ENVIRONMENTAL
INNOVATION
In 2023, the pilot of Phase 2 of the biotechnological innovation
project at the La Zanja mining unit was started, seeking to
validate the project in a real environment. Ten types of soils
were designed and produced using mining and agro-industrial
waste in different percentages (sludge, organic waste, topsoil,
ash, limestone, poultry litter and biomass), which were applied
as cover in backfill 3 SPS, located in the San Pedro Sur pit of
MLZ.
Biotechnology
Objective: Enrichment of “top soil” and
“seeds” through consortia of beneficial native
microorganisms, as biofertilizers.
Purpose: To improve soil fertilization and reduce
mine closure cover costs.
Figure 1. Evolution of closure covers (10 types of soils)
As a result, greater plant growth efficiency has been
achieved, as well as compliance with environmental
water quality standards in runoff and percolation, which
translates into cost reductions with respect to the cover
currently used in the closure of La Zanja.
10 types of soils
were designed and
produced using
mining and agro-
industrial waste
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MINE
CLOSURE
OTHER ENVIRONMENTAL
INDICATORS
Our corporate environmental management policy emphasizes
the commitment to a responsible closure of our operations
and projects, seeking to create synergies with the operation
during the progressive closure towards a sustainable,
harmonious design in balance with the ecosystems, promoting
the generation of environmental assets in coordination and
integral participation with the authorities and stakeholders.
As part of the innovation process, the digitalization of
environmental management information began, computerizing
the massive information of different environmental aspects
(water, effluents, air, environmental commitments, etc.) in
various software tools for the analysis and measurement of
the environmental performance of each unit and/or project of
Buenaventura.
The mine closure allowance for mining units, exploration
projects, and environmental liabilities reached of US$ 481.62
million in 2023.
Soil rehabilitation and revegetation works executed during
the year amounted to US$ 15.82 million. In the case of Projects
and Liabilities, 53.35 hectares were rehabilitated and 32.87
hectares were revegetated.
Other closure works, mainly related to physical and
geochemical stability of components, amounted to US$ 7.63
million.
Our corporate Environmental Management Policy emphasizes
our responsibility to protect the environment in all its aspects.
Thus, we express our commitment to the environment by
avoiding, minimizing, restoring and compensating the impact
generated by our operations and activities. This translates
into a set of practices aimed at reducing and reusing waste,
optimizing energy use in our operations, making the necessary
investments to achieve our environmental objectives, and
protecting biodiversity in accordance with the commitments
taken on in our environmental instruments. The indicators
below express these commitments.
MINERAL WASTE (MILLIONS OF
METRIC TONS)
7.42
7.26
9.07
5.18
7.64
5.17
4.54
6.56
5.4
4.53
1.21
11.37
0.42
11.39
1.24
1.06
1.25
14.39
9.52
10.92
Mineral
waste
generated:
waste rock
Mineral
waste
generated:
Tailings
Reused
mineral
waste
Total mineral
waste
disposed of
2019
2020
2021
2022
2023
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NON-HAZARDOUS SOLID
WASTE (METRIC TONS)
HAZARDOUS SOLID
WASTE (METRIC TONS)
ENERGY CONSUMPTION
(MWH)
3,744.03
3,926.15
3332.32
6947.94
2,613.06
2,272.54
2790.99
3698.44
Total recycled/
reused waste
Total waste disposed of
(waste disposed of by
third parties, solid waste
disposal companies
approved by DIGESA)
2020
2021
2022
2023
2,760.91
2,209.66
1021.53
1099.19
493.68
457.52
398.91
478.98
2020
2021
2022
2023
Total waste disposed of
(waste disposed of by third
parties, solid waste disposal
companies approved by
DIGESA)
Total recycled/reused
waste
.
9
9
4
4
3
,
1
7
6
6
1
.
8
0
5
,
1
7
6
7
1
.
3
6
1
8
.
1
0
1
.
7
5
9
4
2
5
1
5
,
7
3
.
1
5
3
5
1
5
,
2
8
.
1
2
2
0
2
6
,
.
6
6
7
0
1
.
8
4
9
2
3
0
2
6
,
.
9
2
2
6
6
5
6
5
,
.
4
8
0
3
9
5
6
5
,
3
1
.
0
1
3
.
4
5
8
6
2
.
8
9
8
1
9
7
4
5
,
1
1
.
9
2
2
8
4
5
,
Total non-renewable energy consumption
Total renewable energy consumption
Total energy consumption
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MANAGEMENT
Environmental infringements:
2019
2020
2021
2022
2023
Number of legal infringements (legal/regulatory
obligation)1
Amount of fines/penalties related to the
number of legal infringements (in US$)2
Environmental liabilities accrued by the end of
the year3
3
2
10
10
10
102,511
159,595
640,814
385,567
1,485,776
0
0
0
0
0
1 Number of fines paid in 2023, exceeding US$ 10,000, PAS matrix reference.
2 Conversion factor: 1USD=S/3.9
3 There are no outstanding debts to OEFA.
The increase in the number of fines is because OEFA has solved a greater
number of cases compared to the previous year, the origin of which dates back
to accumulated supervisions prior to 2020. It should be noted that in several
cases the authority was able to rectify its initial estimate of the fine calculation
because it was proven that it did not match the facts found during the field
supervision. We were even able to achieve significant dismissals because it
was proven that we were not responsible for such cases.
ENVIRONMENTAL
PROFITABILITY
Our environmental management system allows us to
track financial data related to environmental projects and
programs.
3,151,755
16,901,581
369,901,801
9,058,844
321,969,120
262,796,471
315,976,078
261,705,643
191,602,521
53,925,723
60,263,477
71,193,949
4,753,527
3,780,232
207,426,168
166,289,186
126,120,677
81,305,491
118,621,780
47,667,406
2019
2020
2021
2022
2023
Savings, cost reduction, revenues,
tax incentives, others
Total expenses (capital investment
+ operating expenses)
Operating expenses
Capital investment
Conversion factor 1US$=S/3.80
Information as of November 2023.
93
During
the year
2023,
a capital
investment of
262,796,47
was made.
Operating expenses
amounted to
191,602,521.
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RESULTS
HACEMOS MÁS QUE MINERÍA
94
94
STATEMENT
OF LIABILITY
ABOUT THE ANNUAL REPORT
MESSAGE FROM OUR BOARD
OF DIRECTORS
WE ARE BUENAVENTURA
CORPORATE
GOVERNANCE
OPERATIONS, PROJECTS
AND NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL MANAGEMENT
ENVIRONMENTAL MANAGEMENT
FINANCIAL RESULTS
ANNEXES
FINANCIAL
RESULTS
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RESULTS
95
FINANCIAL
RESULTS
Report of Independent Accounting Firm
Basis for opinion
To the Board of Directors and Shareholders of Compañía de Minas Buenaventura S.A.A
Opinion
We have audited the consolidated financial statements of Compañía de Minas Buenaventura
S.A.A.and subsidiaries (the Group), which comprise the consolidated statement of financial
position as of December 31, 2023, and the consolidated statement of profit or loss, the
consolidated statement of other comprehensive income (loss), the consolidated statement
of changes in equity and consolidated statement of cash flows for the year then ended, and
notes to the consolidated financial statements, including a summary of material accounting
policies.
In our opinion, the accompanying consolidated financial statements present fairly, in all
material respects, the consolidated financial position of the Group as of December 31, 2023
and its consolidated financial performance and its consolidated cash flows for the year then
ended in accordance with International Financial Reporting Standards (IFRSs) as issued by
the International Accounting Standard Board (IASB).
We conducted our audit in accordance with International Standards on Auditing (ISAs)
approved for its application in Peru by the Board of Deans of Peruvian Public Accounting
Associations. Our responsibilities under those standards are further described in the
Auditor’s responsibilities for the audit of the consolidated financial statements section of
our report. We are independent of the Group in accordance with the International Ethics
Standards Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards) (IESBA Code) together with the ethical
requirements that are relevant to our audit of the consolidated financial statements in Peru,
and we have fulfilled our other ethical responsibilities in accordance with these requirements
and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the consolidated financial statements of the current period. These
matters were addressed in the context of our audit of the consolidated financial statements
as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. For each matter below, our description of how our audit addressed the
matter is provided in that context.
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We have fulfilled the responsibilities described in the Auditor’s responsibilities for the
audit of the consolidated financial statements section of our report, including in relation to
these matters. Accordingly, our audit included the performance of procedures designed to
respond to our assessment of the risks of material misstatement of the consolidated financial
statements. The results of our audit procedures, including the procedures performed to
address the matters below, provide the basis for our audit opinion on the accompanying
consolidated financial statements
Description of
the Matter
Impairment of Property, plant, equipment and development cost
As of December 31, 2023, the net book value of the Group’s property,
plant, equipment and development costs was US$1,600.29 million. Related
disclosures are included in Note 2.4(m) and Note 11(b) to the consolidated
financial statements. The Group reviews and evaluates its property, plant,
equipment and development costs for impairment, on each reporting date,
or when events or changes in circumstances indicate that the related book
values, at the Cash Generating Unit (CGU) Level, may not be recoverable.
When the Group determines the existence of indicators of significant
impairment, Management performs an evaluation to determine if there is
impairment. There is impairment when the book value of an asset or CGU
exceeds its recoverable amount, the recoverable amount being the higher of
fair value less costs to sell and value in use. On the other hand, a previously
recognized impairment loss is reversed only if there has been a change in the
assumptions used to determine the recoverable amount of the asset or CGU
since the last impairment loss was recognized. The Group has estimated the
value in use at the level of each CGU with indicators to test the impairment
of its property, plant, equipment and development costs.
The audit carried out on the impairment assessment of the Group’s
property, plant, equipment and development costs was complex and
involved judgment due to the importance of this estimate in determining
the value in use of each CGU. In particular, estimates of value in use were
sensitive to significant assumptions such as production volumes, mine
life, market price of metals, residual value of assets and discount rates
reflecting current market assessments of the time value of money, and
the specific risks associated with each CGU, including estimated amounts
of recoverable minerals and residual value.
The Group involved independent consultants and appraisers to validate the
estimated amount of recoverable mineral reserves and the residual value of
long-lived assets that were used as part of the impairment analyses, respectively.
How We
Addressed the
Matter in Our
Audit
We obtained an understanding of the design of the controls executed by
the Management of the Group on the evaluation process of impairment of
property, plant, equipment and development costs, including the process
to identify and evaluate possible indicators of impairment and reversal;
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as well as an understanding of the review carried out by the Group of
the significant assumptions, the projected financial information and the
methodology used to develop said estimates.
To test the estimated value in use of the Group’s CGUs with impairment
indicators, we carried out audit procedures that included, among others,
evaluating estimation methodology and testing the significant assumptions
discussed above, as well as the underlying data used by the Group in its
analysis
Impairment of Property, plant, equipment and development cost
We evaluate projected financial information of CGUs with impairment
indicators by comparing commodity prices with available market
information and internal business plans. We also assess future production
levels used in impairment analyses, which are based on life-of-mine plans,
against historical estimates and actual results. Additionally, we evaluate
the Group’s estimated quantities of recoverable minerals by comparing
them with the historical operating performance of each CGU.
We involved our valuation specialists to help us compare commodity price
assumptions with market data and analyst forecasts. Additionally, our
valuation specialists reviewed the discount rates used, comparing them
to current industry and economic trends, and evaluated the specific risk
premiums applied.
Likewise, we involved independent appraisers to assist us in reviewing
the estimated residual value of long-lived assets for those CGUs with
impairment indicatores in which a significant variation in this assumption
could result in the recognition of an impairment provision.
We also perform a sensitivity analysis on significant assumptions to assess
any changes in the recoverable value of the CGUs that might result from
changes in these assumptions
We assess the competence and objectivity of the independent consultants,
as well as the competence of the Group’s.
In addition, we assess the disclosure of this matter in Note 2.4(m) and
Note 11(b) to the consolidated financial statements.
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Description of
the Matter
Impairment of Property, plant, equipment and development cost
Uncertain tax positions
As disclosed in the Notes 7(c) and Note 31(d) to the consolidated financial
statements, the Group has identified certain contingencies related to
income tax associated with the fiscal years 2007 to 2010, 2013 and 2014,
2017 and 2018. In these years, the tax authorities pertinent parties have
challenged thetax treatment applied by the Group under the Peruvian
income tax law. As ofDecember 31, 2023, the Group has recognized assets
for tax claim for payments made under protest to the tax authority for
an amount of $526.5 million, as a result of payments made to the tax
authorities as part of the tax claim process in Peru, but for which the Group
is disputing the validity of the assessment made by the tax authorities.
As of December 31, 2023, the Group’s Management concluded that the
probabilities of recovering a portion of the payments made under protest
to the Tax Administration related to fiscal years 2009 and 2010 were less
than 50%, for which it was recognized with effect on the results of the year
a Liability due to a claim to the Tax Administration for US$113.2 million.
Uncertainty in a tax position may arise when there is uncertainty as to the
applicability of income tax law, or the applicability of tax law to a particular
transaction, or both. The Group uses significant judgment to determine,
based on technical merits, whether its tax position is more likely to be
upheld in determining the recoverable amount of the payments made
under protest related to income tax.
The audit of the estimate of uncertain tax positions and recoverability
related to assets for claims to SUNAT for payments made under protest,
before the uncertain tax treatment is resolved, requires a high degree of
auditor judgment and a significant audit effort due to the complexity and
judgment used by the Group in the determination, based on interpretations
of the income tax legislation and legal provisions in Peru.
Impairment of Property, plant, equipment and development cost
How We
Addressed the
Matter in Our
Audit
We obtained an understanding of the design of the controls by the Group’s
Management on the accounting process for the determination of income
tax, including uncertain tax positions and tax contingencies, for this we
obtained an understanding of the review carried out by the administration
on the technical merits of uncertain tax positions, disputed tax assessments,
and determination and approval of the recoverable amount of assets for
claims to SUNAT for payments made under protest.
Our audit procedures included, among others, the evaluation of the
assumptions used by the Group to develop its uncertain tax positions based
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on the Peruvian income tax laws, the review of the amounts recognized
as assets and liabilities, including the inspection and analysis of these
matters by internal lawyers. and external to the Group.
In addition, we involve our tax professionals to assess the technical merits
of the Group’s tax position and to assess the application of relevant tax law
and accounting guidance when assessing the recognition and recoverability
of assets for claims to SUNAT for payments made under protest.
In addition, we evaluate the disclosure of this matter in Notes 7(c) and
31(d) to the consolidated financial statements.
Other information included in The Group’s 2023 Annual Report
Other information consists of the information included in the Annual Report, other than the
consolidated financial statements and our auditor’s report thereon. Management is
responsible for the other information.
Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is
to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the consolidated financial statements or our knowledge obtained
in the audit or otherwise appears to be materially misstated.
When we read and consider the Annual Report for December 31, 2022, if we conclude that
it contains a material misstatement, we will communicate the identified matter to those
charged with governance of the Group.
Responsibilities of management for the consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated
financial statements in accordance with IFRSs as issued by the IASB, 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.
In preparing the consolidated financial statements, management is responsible for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless management either
intends to liquidate the Group or to cease operations, or has no realistic alternative but to
do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting
process.
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Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these consolidated financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control
audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Group’s
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor’s report to the related disclosures in
the consolidated financial statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date
of our auditor’s report. However, future events or conditions may cause the Group to
cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial
statements,
including the disclosures, and whether the consolidated financial
statements represent the underlying transactions and events in a manner that achieves
fair presentation.
• Obtain an understanding of internal control relevant to the audit in order to design
• Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within the Group to express an opinion on the consolidated
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financial statements. We are responsible for the direction, supervision and performance
of the group audit. We remain solely responsible for our audit opinion.
our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
Lima, Perú
February 29, 2024
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, actions taken to eliminate threats or safeguards applied.
Refrendado por:
From the matters communicated with those charged with governance, we determine those
mattersthat were of most significance in the audit of the consolidated financial statements of
the current period and are therefore the key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter should not be communicated in
Elizabeth Fontenla
C.P.C.C. Matrícula N° 25063
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2023 US$(000)
2023 US$(000)
2023 US$(000)
2023 US$(000)
EQUITY
Capital stock
Investment shares
Additional paid-in capital
Legal reserve
Other reserves
Other reserves of equity
Retained earnings
Total equity
Total liabilities and equity
750,497
791
218,450
163,372
31,897
(96)
1,841,549
3,006,460
3,933,389
750,497
791
218,450
163,372
31,897
2,184
1,841,761
3,008,850
3,848,898
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Inventories
Income tax credit
Prepaid expenses
NON-CURRENT ASSETS
Trade and other receivables
Investments in associates and joint venture
Property, plant, equipment and development cost
Deferred income tax asset
Assets for current income taxes
Other non-financial assets
Total
Total assets
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade and other payables
Financial obligations
Provisions
NON-CURRENT LIABILITIES
Trade and other payables
Financial obligations
Provisions
Contingent consideration liability
Total
Total liabilities
68,945
134,207
38,331
13,056
15,827
270,366
558,107
2,116,280
845,579
115,651
1,909
25,497
3,663,023
3,933,389
197,315
3,326
60,483
261,124
6,477
553,207
84,507
21,614
665,805
926,929
125,052
84,631
40,554
14,143
9,437
273,817
631,296
2,099,568
722,467
98,530
-
23,220
3,575,081
3,848,898
122,844
4,102
38,832
165,778
3,320
553,692
100,353
16,905
674,270
840,048
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2023
US$(000)
2022
US$(000)
2021
US$(000)
2023
US$(000)
2022
US$(000)
2021
US$(000)
360,248
345,911
406,028
(164,537)
(265,392)
Continuing operations
Operating income
Sales of goods
Cost of sales
Cost of sales of goods, excluding
depreciation and amortization
Unabsorbed cost due to production
stoppage
Depreciation and amortization
Exploration in operating units
Mining royalties
Total cost of sales
Gross profit
Operating income (expenses)
Administrative expenses
Selling expenses
Exploration in non-operating areas
Reversal (provision) of contingencies and others
Other, net
Total operating income (expenses)
Operating Profit (loss)
Share in the results of associates and
joint venture
Foreign currency exchange
difference
Finance income
Finance costs
Profit before income tax
Current income tax
Deferred income tax
Profit from continuing operations
(191,791)
(18,923)
(75,460)
(40,931)
(15,989)
(24,916)
(82,326)
(60,913)
(14,060)
(343,094)
(346,752)
17,154
(841)
(41,491)
(7,011)
(5,452)
3,568
22,413
(27,973)
(10,819)
150,248
17,856
3,619
(104,401)
56,503
(46,921)
17,121
(29,800)
26,703
(38,791)
(9,709)
(5,034)
(1,067)
(5,093)
(59,694)
(60,535)
164,823
25,162
12,249
(40,907)
100,792
(1,917)
25,128
23,211
124,003
Discontinued operations
(Loss) profit from discontinued
operations
Profit (loss)
Basic and diluted profit (loss) per share,
stated in U.S. dollars
Attributable to owners
of parent
Attributable to owners of the parent for
continuing operations
Attributable to owners of the parent
fordiscontinued
operations
(6,848)
19,855
0.08
0.11
(0.03)
478,547
602,550
(387,604)
(264,075)
2.372
(1.040)
0.49
1.88
0.49
(1.53)
Net Profit (loss)
19,855
602,550
(264,075)
2023
US$(000)
2022
US$(000)
2021
US$(000)
Other comprehensive income (loss) to be
reclassified to profit
or loss, net of income tax
Net change in unrealized gain (loss) on
copper and zinc priceshedge, net of income
tax, note 34(a)
Share of other comprehensive income of
associates accounted for using equity
method, net of income tax, note 10(d)
Total comprehensive income (loss), net of
income tax
(3,669)
-
(3,669)
6,207
454
6,661
3,645
1,404
5,049
16,186
609,211
(259,026)
(25,326)
(92,979)
(38,739)
(10,945)
(433,381)
(27,353)
(39,779)
(10,104)
(4,176)
(1,182)
(14,232)
(69,473)
(96,826)
236,593
(12,963)
5,659
(47,626)
84,837
(295)
38,987
38,692
123,529
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STATEMENTS
104
MANAGEMENT DISCUSSION
AND ANALYSIS
HIGHLIGHTS FOR THE QUARTER ENDED
DECEMBER 31, 2023 AND 2022
The net loss for 4Q2023 amounted to US$
9.8 million, compared to the net profit of US$
54.1 million in 4Q2022.
Asset acquisitions during 4Q2023 amounted
to US$ 69.5 million, compared to the US$
31.0 million in 4Q2022, mainly explained
by US$47.7 million for the development
of the San Gabriel unit, as well as US$19.9
million for the Uchucchacua unit (for the
development of the Yumpag mine) during
4Q2023 (US$15.7 million and US$12.3 million,
respectively in 4Q2022).
The cash position as of December 31, 2023,
amounted to US$68.9 million.
As part of the strategy to sell non-strategic
assets, on November 2, 2023, Buenaventura
reached a definitive agreement to sell 100%
of Contacto Corredores de Seguros S.A.,
the Company’s insurance and risk broker, to
Howden Holdco Peru S.A.C., a subsidiary of
Howden Broking Group Limited, for US$ 33.7
million in cash.
In November of 2023, production commenced
at the Yumpag pilot pit, producing 2.3 MM
oz of silver. Yumpag continued to process ore
from the pilot pit through January 2024, and
then proceeded to suspend ore processing
until the final operating permits were
obtained, which is expected to happen by the
end of 1Q2024. Therefore, Yumpag is expected
to start processing ore by 2Q2024.
In 4Q2023, an assessment was made of the
amounts recognized for tax claims related
to tax loss carryforward and recognition
from 2009 and 2010, and deductions related
to physical delivery contracts and certain
contractual payments made in 2007 and
2008. Said assessment results from the
recommendation of the Company’s legal
advisors based on judicial precedents
published by the Supreme Court in 2023,
which would potentially restrict the amount of
previously recognized claims. Consequently, a
provision of US$ 113.2 million was made and
recorded in the following income statement
items: Others, net (US$ 9.6 million), interest
expense (US$ 58.4 million) and tax expense
(US$45.1 million). For further details, please
refer to notes 7(c) and 29(d) of the separate
financial statements.
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105
This provision did not involve a cash
outflow, since it was paid in full when
the tax claim was filed. Additionally, this
provision does not represent a write-off of
the receivable claims because the process is
ongoing.
On December 14, 2023, Buenaventura
received US$ 49.0 million related to its stake
in Cerro Verde. The total dividend received
by Buenaventura from its subsidiaries and
associates in fiscal year 2023 was US$ 170.9
million.
The Board of Directors of Buenaventura has
proposed to pay a dividend in the amount of
US$ 0.0726 per share/ADS, in line with the
Company’s commitment to its shareholders.
Key financial data (figures expressed in
millions of US dollars, except for earnings
per share figures):
Total current assets
Total non-current assets
Total current liabilities
Total non-current liabilities
Dec-23
Dec-22
Var%
270.4
3,663.0
261.1
665.8
273.8
3,575.1
165.8
674.3
-1%
2%
58%
-1%
Operating income
Operating profit (loss)
EBITDA from direct BVN operations
Net profit (loss) net from continuing
operations
Net profit (loss) for the period
Profit (loss) per share (*)
4Q23
4Q22
Var%
12M23
12M22
Var%
132.5
49.5
88.4
86.7
(22.4)
13.6
53%
321%
550%
360.3
(10.8)
90.9
(2.5)
(9.8)
(0.04)
55.4
54.1
0.21
(104%)
(118%)
N.A.
26.7
19.9
0.08
345.9
(60.5)
48.7
124.0
602.5
2.37
4%
82%
87%
(78%)
(97%)
N.A.
(*) As of December 31, 2023 and 2022, Compañía de Minas Buenaventura S.A.A.
had 253,715,190 shares outstanding.
BUENAVENTURA RECEIVED
US$ 49 MILLION
RELATED TO ITS STAKE IN CERRO
VERDE
Capital expenditures 2024
Capital expenditures for 4Q023
were US$ 93.0 million, compared
to US$ 58.8 million for the same
period in 2022. Capital expenditures
for the 2023 period totaled US$
238.7 million, compared to US$
152.0 million for the 2022 period,
and include US$ 94.2 million related
to the San Gabriel Project and US$
49.5 million related to the Yumpag
Project.
The Company expects total
investments to reach between
US$ 300 million and US$ 320
million during the 2024 period.
This estimate includes a sustained
investment of US$ 65 to US$
75 million, which considers the
investment necessary to have
operational autonomy at El
Brocal, as well as an investment
of approximately US$ 15 million
in Yumpag. Growth investment is
estimated to be between US$ 235
million and US$ 2,245 million related
to San Gabriel (approximately US$
220 million) and Trapiche.
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STATEMENTS
SALES OF GOODS
106
The US$ 45.8 million increase in the sales of goods in 4Q2023 compared to the same
period of the previous year is explained by the combination of the following factors:
SALES BY METAL (IN MILLIONS OF U.S. DOLLARS)
Average realized prices
4Q23
4Q22
Var %
12M23
12M22
Var %
Gold (US$/oz)
Silver (US$/oz)
Lead (US$/FMT)
Zinc (US$/FMT)
2,027.23
24.00
2,117.96
2,466.49
1,731.19
19.45
2,024.56
1,784.74
17%
23%
5%
38%
1,947.97
24.24
2,076.78
2,148.65
1,778.82
20.17
2,059.20
3,662.61
10%
20%
1%
(41%)
Quantities sold
4Q23
4Q22
Var %
12M22
12M21
Var %
Gold (oz)
Silver (oz)
Lead (FMT)
Zinc (FMT)
33,854
2,699,338
2,716
3,282
28,517
1,167,598
2,263
2,038
19%
131%
20%
61%
121,097
5,462,566
5,576
2,149
122,683
4,591,976
9,915
11,054
(1%)
19%
(44%)
(81%)
US$ 45.8 MILLION
INCREASE IN THE SALES OF GOODS IN
4Q2023
Gold
Silver
Lead
Zinc
4Q23
4Q22
Var %
12M23
12M22
Var %
68.6
64.8
5.8
8.1
49.4
22.7
4.6
3.6
39%
185%
26%
122%
235.9
132.4
11.6
13.2
218.2
92.6
20.4
40.5
8%
43%
-43%
-67%
a)
Gold sales: Gold sales in 4Q2023 generated
higher sales of 39%, as a result of average
realized prices going up by 17% and higher
ounces sold by 19%, compared to the
previous quarter.
b)
Silver sales: Silver sales in 4Q2023 generated
higher revenues of 185%, mainly due to
higher ounces sold in the period of 131%
driven by the Uchucchacua mining unit,
which resumed operations in September
of 2023, while in 2022 its operations were
suspended. Likewise, the average prices
showed a significant improvement with an
increase of 23%.
Regarding the annual increase, it mainly
reflects the aforementioned impact of
4Q2023, since up to 4Q2023 a similar trend
to that observed in the 2022 period was
maintained.
c)
Lead sales: Lead sales in 4Q2023 generated
higher revenues of 26%, mainly due to a 20%
increase in average prices, and a moderate
increase in quantities sold of 5%, mainly
related to the Uchucchacua mining unit.
The annual decrease responds to the trend
presented in previous quarters, mainly
related to the lower production of the
Tambomayo mining unit, the suspension in
force of Uchucchacua, and, to a lesser extent,
to the realized prices.
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STATEMENTS
107
PRODUCTION AND OPERATING EXPENSES
In 4Q2023, gold production was 34,981 ounces
of gold, compared to 29,883 ounces of gold
reported in 4Q2022 (17% increase); silver
production increased by 198%, compared to 4Q
2022; and zinc production decreased by 43%,
compared to 4Q2022. These last two events
are mainly explained by the resumption of
operations at Uchucchacua, in September
2023, (suspended in the comparative period
of 2022), and the contraction of production
at Tambomayo. The following section
provides more detail on the production of
each mining unit.
Production
4Q23
4Q22
Var %
12M23
12M22
Var %
Gold (ounces)
Silver (ounces)
Zinc (FMT)
34,981
3,309,740
1,478
29,883
1,110,063
2,601
17%
198%
(43%)
125,151
5,866,664
5,092
128,798
4,504,100
13,511
(3%)
31%
(62%)
d)
Zinc sales: Zinc sales in 4Q2023 generated
higher revenues of 122%, mainly due to a
61% increase in quantities sold, explained by
higher sales of the Uchucchacua mining unit,
and an increase in average prices of 38%.
ADJUSTMENT OF
PROVISIONAL SETTLEMENTS
AND FAIR VALUE OF TRADE
ACCOUNTS RECEIVABLE FOR
SALE OF CONCENTRATES:
The annual decrease responds to the trend
presented in previous quarters, mainly
related to the lower production of the
Tambomayo mining unit, the suspension in
force of Uchucchacua, and, to a lesser extent,
to the realized prices.
COMMERCIAL DEDUCTIONS
In 4Q2023, deductions for maquila and penalties
on concentrate sales amounted to US$ 16.1
million, compared with US$ 5.8 MM in the same
period of 2022. The variation in deductions is
directly related to variations in metal sales.
During the 4Q2023, the provisions
made for the provisional settlement
adjustment and fair value of trade
receivables from sale of concentrates,
as a whole, accounted for an income of
US$ 1.2 million, compared to an income
of US$ 12.1 million in the same period of
2022, amounts that have affected the
total sales balances for goods of each
period.
DURING THE 4Q2023 ACCOUNTED
FOR AN INCOME OF
US$ 1.2 MILLION
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TAMBOMAYO:
Production
ORCOPAMPA:
Production
4Q23
4Q22
Var %
12M23
12M22
Var %
4Q23
4Q22
Var %
12M23
12M22
Var %
Gold
Silver
Oz
Oz
12,052
353,783
12,348
463,938
-2%
-24%
41,675
1,590,784
54,320
1,863,411
-23%
-15%
Gold
Silver
Oz
Oz
22,692
8,136
17,535
8,687
29%
-6%
83,239
30,164
74,478
32,124
12%
-6%
Sales costs
Gold
US$/Oz
4Q23
1,382
4Q22
Var %
12M23
12M22
Var %
4Q23
4Q22
Var %
12M23
12M22
Var %
1,129
22%
1,364
1,008
35%
Gold
US$/Oz
893
919
-3%
951
913
4%
Sales costs
Gold production in Tambomayo during
4Q2023 decreased by 2% compared to
4Q2022, but exceeded expectations, as
the grades obtained in the areas mined
during 4Q2023 were higher than estimated
by 40%. Silver production in 4Q2023
decreased by 24%, compared to 4Q 2022,
in line with the Company’s mining plan
for this unit. The Cost Applied to Sales
(hereinafter CAS) increased to 1,382 US$/
oz in 4Q2023, compared to 1,129 US$/
oz in 4Q2022. This increase was mainly
due to lower by-products obtained in the
production process
THE COST
APPLIED TO SALES
INCREASED TO
1,382 US$/oz
IN 4Q2023
Gold production at Orcopampa increased
by more than 29%, compared to 4Q2022,
relatively exceeding expectations, as ore
mined during 4Q2023 contained higher
grades than estimated.
CAS decreased to US$ 893/oz in 4Q2023,
compared to US$ 919/oz in 4Q2022,
representing an annual decrease of 3% as a
result of the increase in production volume.
GOLD
PRODUCTION
INCREASED
BY MORE THAN
29%
COMPARED TO
4Q2022
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109
UCHUCCHACUA & YUMPAG:
Production
4Q23
4Q22
Var %
12M23
12M22
Var %
Silver - Uchucchacua
Silver - Yumpag
Zinc
Lead
Oz
Oz
MT
MT
278,538
2,316,499
2,763
1,962
0
0
0
0
N.A.
N.A.
N.A.
N.A.
278,538
2,316,499
2,763
1,962
0
0
0
0
N.A.
N.A.
N.A.
N.A.
Sales costs
Silver
US$/Oz
4Q23
12.09
4Q22
Var %
12M23
12M22
Var %
12.09
N.A.
19.92
0
N.A.
THE CAS OF SILVER IN 4Q2023 REACHED
US$ 12.09/oz
BELLOW THE AVERAGE LIFE OF MINE
Buenaventura resumed ore processing at
Uchucchacua and Yumpag in 4Q2023 after
the Uchucchacua processing plant was
placed on care and maintenance (C&M)
since 3Q2021.
In 2023, lead and zinc production at
Uchucchacua exceeded expectations,
while silver production underperformed
expectations due to a short-term
planning adjustment and priority given to
processing higher-value ore extracted at
Yumpag.
Going forward, Uchucchacua will also
primarily treat polymetallic ore, with
a balanced ore content of silver, lead
and zinc, as opposed to the silver-only
ore previously produced. In addition,
Buenaventura has optimized operations
at Uchucchacua, which now operates at
approximately 800 tpd and the plan is to
ramp up to 1,500 tpd by 4Q2024.
It is worth mentioning that processing
of Yumpag ore from the pilot pit started
simultaneously with that of Uchucchacua
in 4Q2023. Production of silver from Yumpag in
2023 exceeded expectations, offsetting lower
production at Uchucchacua. This increase in
silver production is due to the prioritization of
high-grade ore from the Yumpag pilot pit.
During January 2024, Yumpag continued
to process ore, and then suspended ore
processing until the final operating permits are
obtained, which is expected to happen by the
end of 1Q2024. Therefore, Yumpag is expected
to start processing ore in 2Q2024 to achieve
the estimated guide.
The CAS of silver in 4Q2023 reached US$ 12.09/
oz, below the average life of mine (LOM) cost,
because all mining costs incurred for Yumpag pilot
pit under the exploration permit are considered
an investment. This mining cost will be recognized
as part of depreciation and amortization during
the following periods, once the operating permits
are obtained in accordance with IFRS accounting
principles.
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STATEMENTS
110
JULCANI:
Production
4Q23
4Q22
Var %
12M23
12M22
Var %
Silver
US$/Oz
352,784
646,125
-45%
1,670,679
2,640,689
-37%
Sales costs
Silver
US$/Oz
4Q23
29.05
4Q22
Var %
12M23
12M22
Var %
16.05
81%
23.83
14.88
60%
OPERATING INCOME (EXPENSES)
OTHERS, NET
4Q2023 expenses related to this item decreased
to US$ 28.5 million, compared to 4Q2022 (net
income in 4Q2023 of US$24.9 million versus a net
expense of US$ 3.6 million in 4Q2022). This variation
is mainly due to the net profit of US$ 38.6 million
generated by the sale of Contacto Corredores
de Seguros S.A., and higher expenses from the
restatement of environmental liabilities and
expenses from the recognition of tax claims.
Silver production at Julcani decreased
by 45% year-over-year, due to a negative
geological reconciliation that resulted in
a decrease in the ore treated. However,
it is worth mentioning that ore and
copper production from the Rosario
sector started in December 2024. CAS
for 4Q2023 was US$29.05/oz, compared
to US$ 16.05/oz in 4Q2022; representing
a quarterly increase of 81% due to a
decrease in the volume sold.
OTHER INCOME (EXPENSE), NET
A QUARTERLY
INCREASE OF
81%
REPRESENTING THE
CAS FOR 4T 2023
COMPARED TO 4T 2022
NET EQUITY IN RESULTS OF
SUBSIDIARIES AND ASSOCIATES
During 4Q2023, Buenaventura’s equity in
subsidiaries and associates was an income of US$
44.5 million, compared to an income of US$ 55.9
million reported in 4Q2022, which is comprised of:
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111
NET EXCHANGE DIFFERENCES
The net foreign exchange profit for 4Q2023 was US$
14.8 million, compared to a net profit of US$ 25.9
million in 4Q2022, mainly explained by the effect
of the exchange rate on the accounts receivable
from tax claims. The claim by SUNAT was registered
in Soles as part of “Trade accounts and other
receivables”; therefore, exchange rate variations will
directly impact the company’s financial statements.
The profit in 4Q2023 was due to the
variation in the exchange rate at the end
of 4Q2023 (3.712), compared to the end
of 3Q2023 (3.790), while the higher profit
in 4Q2022 was due to the variation in the
exchange rate at the end of 4Q2022 (3.808),
compared to 3Q2022 (3.978).
2023
4Q23
4Q22
Var %
12M23
12M22
Var %
Cerro Verde
Coimolache
La Zanja
Conenhua
Condesa
Molle Verde
El Brocal
Rio Seco
Other minor
TOTAL
30.3
8.8
5.3
3.2
1.3
0.1
(0.3)
(0.8)
(3.3)
44.5
61.2
(2.8)
(29.8)
0.1
3.1
0.3
1.8
17.6
4.4
55.9
(50%)
(420%)
(118%)
2,809%
(59%)
(67%)
(119%)
(104%)
(176%)
152.6
1.1
(15.7)
1.3
4.8
(0.5)
18.8
(6.3)
(5.8)
181.2
(2.5)
(41.4)
5.8
3.2
(0.1)
(0.2)
16.5
2.2
(16%)
(143%)
(62%)
(78%)
48%
860%
(1,2660%)
(138%)
(362%)
(20%)
150.3
164.8
(9%)
CERRO VERDE
Copper production for 4Q2023 was 104,150
MT, of which 20,393 MT are attributable to
Buenaventura, a 10% reduction compared
to 115,131 MT produced in 4Q2022, of
which 22,543 MT were attributable to
Buenaventura.
Cerro Verde reported a net income of US$
165.5 million in 4Q2023, compared to a net
income of US$ 312.2 million in 4Q2022. The
main reason for this decrease is the 19%
annual decline in net sales. This decrease
was mainly due to a 9% drop in the volume of
copper sold, as well as a lower average realized
copper price of US$3.82 per pound in 4Q2023,
compared to US$ 4.04 per pound in 4Q2022.
In addition, lower net molybdenum sales were
recorded in line with lower realized prices.
However, this decrease was partially offset by
lower tax paid during the quarter.
The capital expenditures of Cerro Verde in 4Q
2023 were US$ 99.3 million.
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STATEMENTS
112
INVESTMENTS
Buenaventura holds strategic
investments in subsidiaries
and associated companies.
The results of these companies
are included in the results
for the year through the
accounting practice of adjusting
the equity interest in such
investments. In this sense, the
activities of subsidiaries and
associates, which are aligned
with Buenaventura’s vision
and mission, contribute to
the constant improvement of
Buenaventura’s performance.
San Gabriel Project
During 4Q2023 and the 2023 annual period, the capital
expenditures of the project were US$ 47.7 million
and US$ 94.2 million, respectively, mainly related
to earthworks, underground contractor field work,
and establishment of the San Gabriel mining camp.
The earthworks activities are mainly focused on the
processing plant pad. The Company has also invested
an additional US$ 33.1 million in the project as a down
payment for the manufacturing of equipment, mainly
related to the processing plant. This amount is reported
in Buenaventura’s financial statements as accounts
receivable and will be reclassified as an investment
once the equipment arrives at the project.
STRENGTHS AND RESOURCES NOT
REFLECTED IN THE FINANCIAL STATEMENTS
Our relationship with our shareholders is based
on the transparency of the financial information
presented, supported by the successful application
of Good Corporate Governance. In order to
comply with the best practices of Good Corporate
Governance, Buenaventura complies not only with
the Peruvian legal mandate and regulations of the
Peruvian Securities and Exchange Commission
(SMV, in Spanish), but also with the regulations of
the Securities and Exchange Commission (SEC),
adapting to the rules of the Sarbanes-Oxley Act.
For these purposes, we continuously review our
policies, organization and duties, both in the Board
of Directors and Management, which allows
independent certification of such adequacy and
information systems.
As management, we are convinced that the
creation of long-term sustainable value for our
shareholders must be based on the continuous
improvement of Good Corporate Governance
practices. For this purpose, Buenaventura has
implemented a broad set of standards in order
to ensure Good Corporate Governance in the
organization.
Item
Description
1Q 2023 2Q 2023
3Q 2023 4Q 2023
1
2
3
4
Engineering
Acquisitions:
Construction
Commissioning
TOTAL
66%
85%
3%
0%
15%
81%
85%
7%
0%
23%
90%
89%
14%
0%
28%
92%
89%
27%
0%
38%
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STATEMENTS
113
CALLING OF THE GENERAL
SHAREHOLDERS’ MEETING
OTHER MATTERS
The following items in the agenda were approved at the
Company’s Board Meeting held on February 29, 2023, and will be
reviewed at the Annual General Meeting of Shareholders to be
held on March 27, 2023:
Approval of the Annual Report 2023.
Approval of the Financial Statements
for the year ended December 31,
2023.
Compensation of the Board of
Directors for fiscal year 2023.
Appointment of external auditors for
the year 2024.
Distribution of dividends.
Appointment of two Board members
to complete the number of members
in accordance with the bylaws of the
Company.
ESG report.
Compañía de Minas Buenaventura S.A.A., through the
General Shareholders’ Meeting held on February 22,
2024, includes two additional directors. Thus, the Board
of Directors of the Company will be formed by a total of
nine members.
Compañía de Minas Buenaventura S.A.A. is pleased to
inform that Juan Carlos Salazar has been promoted to
Vice President of Explorations, effective immediately. In
his previous role with the Company, Mr. Salazar served
as Geology and Exploration Manager at Buenaventura.
Mr. Salazar’s career with Buenaventura began in 1999
as an Underground Mine Geologist for the Julcani and
Orcopampa mines.
Mr. Salazar received a professional degree in Geological
Engineering from the Universidad Nacional de Ingeniería,
Lima. He also received a Master’s Degree in Economic
Geology from the University of Western Australia.
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HACEMOS MÁS QUE MINERÍA
114
114
STATEMENT
OF LIABILITY
ABOUT THE ANNUAL REPORT
MESSAGE FROM OUR BOARD
OF DIRECTORS
WE ARE BUENAVENTURA
CORPORATE
GOVERNANCE
OPERATIONS, PROJECTS
AND NEW BUSINESSES
SUSTAINABILITY
PERFORMANCE
HUMAN CAPITAL
SOCIAL MANAGEMENT
ENVIRONMENTAL MANAGEMENT
FINANCIAL RESULTS
ANNEXES
ANNEXES
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115
SUMMARY OF OPERATIONS
TABLE 1 - SUMMARY OF OPERATIONS 2023
DESCRIPTION
TREATED HEAD ORE
HEAD ORE Ag
HEAD ORE Au
HEAD ORE Cu
HEAD ORE Pb
HEAD ORE Zn
GOLD-SILVER CONCENTRATE
LEAD-SILVER-GOLD CONCENTRATE
LEAD-SILVER CONCENTRATE
SILVER CONCENTRATE
COPPER CONCENTRATE
ZINC CONCENTRATE
OUNCES OF SILVER
OUNCES OF GOLD
METALLIC COPPER
METALLIC LEAD
METALLIC ZINC
Ag RECOVERY
Au RECOVERY
Cu RECOVERY
Pb RECOVERY
Zn RECOVERY
COST APPLIED TO SALES Ag oz
COST APPLIED TO SALES Au oz
COST APPLIED TO SALES Zn MT
COST APPLIED TO SALES Cu MT
UNIT
DMT
oz/DMT
g/DMT
%
%
%
DMT
DMT
DMT
DMT
oz
oz
MT
MT
MT
%
%
%
%
%
US $
US $
US $
US $
TAMBOMAYO
ORCOPAMPA
COIMOLACHE
LA ZANJA
584,246
3.14
2.66
-
0.78
1.11
-
14,954
-
-
-
13,409
1,590,784
41,675
-
3,877
5,092
86.7
83.4
-
84.5
78.7
-
1,364
-
-
288,104
0.14
9.34
-
-
-
3,117
-
-
-
-
-
30,164
83,239
-
-
-
73.7
96.2
-
-
-
-
951
-
-
6,939,705
0.33
0.48
-
-
-
-
-
-
-
-
-
264,835
67,140
-
-
-
11.5
63.1
-
-
-
-
1,376
-
-
-
-
-
-
-
-
-
-
-
-
-
-
20,589
9,080
-
-
-
-
-
-
-
-
-
1,772
-
-
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116
TABLE 1 - SUMMARY OF OPERATIONS 2023
DESCRIPTION
TREATED HEAD ORE
HEAD ORE Ag
HEAD ORE Au
HEAD ORE Cu
HEAD ORE Pb
HEAD ORE Zn
GOLD-SILVER CONCENTRATE
LEAD-SILVER-GOLD CONCENTRATE
LEAD-SILVER CONCENTRATE
SILVER CONCENTRATE
COPPER CONCENTRATE
ZINC CONCENTRATE
OUNCES OF SILVER
OUNCES OF GOLD
METALLIC COPPER
METALLIC LEAD
METALLIC ZINC
Ag RECOVERY
Au RECOVERY
Cu RECOVERY
Pb RECOVERY
Zn RECOVERY
COST APPLIED TO SALES Ag oz
COST APPLIED TO SALES Au oz
COST APPLIED TO SALES Zn MT
COST APPLIED TO SALES Cu MT
UNIT
DMT
oz/DMT
g/DMT
%
%
%
DMT
DMT
DMT
DMT
oz
oz
MT
MT
MT
%
%
%
%
%
US $
US $
US $
US $
ACCHILLA
JULCANI
ROSARIO
CONSOLIDATE
UCHUCCHACUA
YUMPAG
CONSOLIDATE
UCHUCCHACUA
108,148
15.70
0.14
0.20
0.56
-
-
-
2,603
-
-
-
1,635,542
-
-
545
-
96.3
-
-
90.1
-
-
-
-
-
4,886
8.10
2.09
0.32
-
-
-
-
-
-
688
-
35,138
237
14
-
-
88.8
72.1
85.8
-
-
-
-
-
-
113,035
15.37
0.23
0.21
0.54
-
-
-
2,603
-
688
-
1,670,679
237
14
545
-
96.2
72.1
85.8
90.1
-
23.8
-
-
-
70,104
4.85
-
-
3.13
5.36
-
-
6,573
-
-
7,310
278,538
-
-
1,962
2,763
81.8
-
-
89.4
73.5
-
-
-
-
101,367
24.87
-
-
0.97
-
-
-
-
28,506
-
-
2,316,499
-
-
945
-
91.9
-
-
96.6
-
-
-
-
-
171,471
16.69
-
-
1.85
2.19
-
-
6,573
14,040
-
7,310
2,595,038
-
-
2,907
2,763
90.8
-
-
91.7
73.5
19.9
-
-
-
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117
TABLE 1 - SUMMARY OF OPERATIONS 2023
DESCRIPTION
TREATED HEAD ORE
HEAD ORE Ag
HEAD ORE Au
HEAD ORE Cu
HEAD ORE Pb
HEAD ORE Zn
GOLD-SILVER CONCENTRATE
LEAD-SILVER-GOLD CONCENTRATE
LEAD-SILVER CONCENTRATE
SILVER CONCENTRATE
COPPER CONCENTRATE
ZINC CONCENTRATE
OUNCES OF SILVER
OUNCES OF GOLD
METALLIC COPPER
METALLIC LEAD
METALLIC ZINC
Ag RECOVERY
Au RECOVERY
Cu RECOVERY
Pb RECOVERY
Zn RECOVERY
COST APPLIED TO SALES Ag oz
COST APPLIED TO SALES Au oz
COST APPLIED TO SALES Zn MT
COST APPLIED TO SALES Cu MT
UNIT
DMT
oz/DMT
g/DMT
%
%
%
DMT
DMT
-
-
DMT
DMT
oz
oz
MT
MT
MT
%
%
%
%
%
US $
US $
US $
US $
MARCAPUNTA
TAJO NORTE CU-AG
TAJO NORTE PB-ZN-AG
TREATED ORE
TOTAL
CU ORE
(HIGH GRADE)
EL BROCAL
3,456,535
0.90
0.70
1.67
-
-
-
-
-
-
208,253
-
1,733,686
20,442
49,472
-
-
55.5
26.1
85.5
-
-
-
-
-
-
478,455
2.24
-
2.49
-
-
-
-
-
-
33,548
-
600,569
-
7,104
-
-
56.0
-
59.6
-
-
-
-
-
-
959,442
1.74
-
-
1.53
3.61
-
-
14,369
-
-
39,056
858,469
-
-
5,026
17,153
51.4
-
-
34.4
49.5
-
-
-
-
4,894,432
1.20
0.50
1.43
0.30
0.71
-
-
14,369
-
241,801
39,056
3,192,724
20,442
56,576
5,026
17,153
54.5
26.1
82.2
34.4
49.5
-
-
1,918
5,962
10,002
7.21
-
11.31
-
-
-
-
-
-
10,002
-
72,135
-
1,131
-
-
100.0
-
100.0
-
-
-
-
-
-
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118
TABLE 2 - RESERVES AS OF DECEMBER 31, 2023
PROVEN AND PROBABLE RESERVES
GOLD
BVN% Participation
DMT (000)
oz/DMT
Ounces (000)
BVN Ounces (000)
Orcopampa
Julcani
Tambomayo
Coimolache
El Brocal Marcapunta
El Brocal (Tajo Norte Smelter - Cu - Ag)
San Gabriel
Total Gold Reserves
100.00
100.00
100.00
40.09
61.43
61.43
100.00
222
219
573
43,692
28,281
22,245
14,934
0.314
0.030
0.073
0.009
0.021
0.008
0.130
70
7
42
396
592
171
1,940
3,218
70
7
42
159
364
105
1,940
2,686
SILVER
BVN% Participation
DMT (000)
oz/DMT
Ounces (000)
BVN Ounces (000)
Uchucchacua/Yumpag(silver-lead-zinc)
Julcani
Orcopampa
Tambomayo
Coimolache
El Brocal (Tajo Norte Smelter-Cu-Ag)
El Brocal (Tajo Norte Smelter-Zn-Pb-Ag)
El Brocal Marcapunta
San Gabriel
Total Silver Reserves
100.00
100.00
100.00
100.00
40.09
61.43
61.43
61.43
100.00
5,322
219
222
573
43,692
22,245
2,077
28,281
14,934
14.32
18.39
0.16
5.72
0.31
0.69
3.61
0.67
0.21
76,239
4,020
36
3,277
13,500
15,398
7,505
19,079
3,087
142,141
76,239
4,020
36
3,277
5,413
9,459
4,610
11,720
3,087
117,861
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 ANNEXES
TABLE 2 - RESERVES AS OF DECEMBER 31, 2023
PROVEN AND PROBABLE RESERVES
ZINC
BVN% Participation
DMT (000)
% Zn
DMT (000)
BVN DMT (000)
Uchucchacua/Yumpag(silver-lead-zinc)
Tambomayo
El Brocal (Tajo Norte Smelter-Zn-Pb-Ag)
Total Zinc Reserves
100.00
100.00
61.43
5,322
573
2,077
2.20
1.04
3.67
117
6
76
199
LEAD
BVN% Participation
DMT (000)
% Pb
DMT (000)
BVN DMT (000)
Uchucchacua/Yumpag(silver-lead-zinc)
Julcani
Tambomayo
El Brocal (Tajo Norte Smelter-Zn-Pb-Ag)
Total Lead Reserves
100.00
100.00
100.00
61.43
5,322
219
573
2,077
1.36
2.43
0.61
1.70
72
5
3
35
116
COPPER
BVN% Participation
DMT (000)
% Cu
DMT (000)
BVN DMT (000)
Julcani
El Brocal Marcapunta
El Brocal (Tajo Norte Smelter - Cu-Ag)
Trapiche
Total Copper Reserves
100.00
61.43
61.43
100.00
219
28,281
22,245
283,200
0.55
1.27
1.82
0.51
1
360
404
1,444
2,210
Prices used for the calculation of reserves: Gold 1,750 US$/oz , Silver 23.00 US$/oz , Lead 2,100 US$/MT, Zinc 2,600 US$/MT and Copper 8,800 US$/MT
119
117
6
47
170
72
5
3
22
103
1
221
248
1,444
1,915
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 ANNEXES
120
TABLE 3 PROVEN AND PROBABLE RESERVES
GOLD
BVN% Participation
DMT (000)
oz/DMT
Ounces (000)
BVN Ounces (000)
Orcopampa
Julcani
Tambomayo
Coimolache
El Brocal Marcapunta
El Brocal (Tajo Norte Smelter - Cu - Ag)
San Gabriel
Total Gold Reserves
100.00
100.00
100.00
40.09
61.43
61.43
100.00
255
303
912
48,536
29,574
25,522
14,934
0.305
0.008
0.087
0.010
0.025
0.007
0.130
78
2
79
499
742
181
1,940
3,521
78
2
79
200
456
111
1,940
2,866
SILVER
BVN% Participation
DMT (000)
oz/DMT
Ounces (000)
BVN Ounces (000)
Uchucchacua/Yumpag (Silver-Lead-Zinc)
Julcani
Orcopampa
Tambomayo
Coimolache
El Brocal (Tajo Norte Smelter - Cu-Ag)
El Brocal (Tajo Norte Smelter - Zn-Pb-Ag)
El Brocal Marcapunta
San Gabriel
Total Silver Reserves
100.00
100.00
100.00
100.00
40.09
61.43
61.43
61.43
100.00
5,716
303
255
912
48,536
25,522
6,119
29,574
14,934
10.42
19.96
0.14
6.33
0.31
0.73
2.81
0.71
0.21
59,577
6,045
36
5,774
14,918
18,542
17,199
21,005
3,087
146,183
59,577
6,045
36
5,774
5,981
11,391
10,565
12,903
3,087
115,359
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 ANNEXES
TABLE 3 PROVEN AND PROBABLE RESERVES
ZINC
BVN% Participation
DMT (000)
% Zn
DMT (000)
BVN DMT (000)
Uchucchacua/Yumpag(silver-lead-zinc)
Tambomayo
El Brocal (Tajo Norte Smelter - Zn-Pb-Ag)
Total Zinc Reserves
100.00
100.00
61.43
4,381
912
6,119
2.30
1.12
2.51
101
10
154
265
LEAD
BVN% Participation
DMT (000)
% Pb
DMT (000)
BVN DMT (000)
Uchucchacua/Yumpag(silver-lead-zinc)
Julcani
Tambomayo
El Brocal (Tajo Norte - Smelter Zn-Pb-Ag)
Total Lead Reserves
100.00
100.00
100.00
61.43
4,381
303
912
6,119
1.36
1.66
0.72
1.17
60
5
7
71
143
COPPER
BVN% Participation
DMT (000)
% Cu
DMT (000)
DMT (000)
Julcani
El Brocal Marcapunta
El Brocal (Tajo Norte Smelter - Cu-Ag)
Trapiche
Total Copper Reserves
100.00
61.43
61.43
100.00
303
29,574
25,522
283,200
0.52
1.28
1.73
0.51
Prices used for the calculation of reserves: Gold 1,800 US$/oz , Silver 22.00 US$/oz , Lead 2,100 US$/MT, Zinc 3,000 US$/MT y Copper 8,000 US$/MT
2
379
442
1,444
2,267
121
101
10
94
205
60
5
7
44
115
2
233
272
1,444
1,950
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 ANNEXES
122
TABLE 4 ORE OUTSIDE RESERVES
Measured + Indicated Resources
GOLD
BVN% Participation
DMT (000)
oz/DMT
Ounces (000)
BVN Ounces (000)
Orcopampa
Julcani
Tambomayo
La Zanja
Alejandra (La Zanja)
Coimolache - Oxides
El Brocal Marcapunta
El Brocal (Tajo Norte Smelter - Cu - Ag)
San Gabriel
Trapiche
Total Gold Resources
100.00
100.00
100.00
100.00
100.00
40.09
61.43
61.43
100.00
100.00
324
143
445
11,267
123
25,513
46,479
1,971
10,891
617,200
0.177
0.023
0.107
0.012
0.699
0.008
0.021
0.005
0.052
0.001
57
3
48
132
86
209
975
10
563
562
2,646
57
3
48
132
86
84
599
6
563
562
2,141
SILVER
BVN% Participation
DMT (000)
oz/DMT
Ounces (000)
BVN Ounces (000)
Orcopampa
Uchucchacua/Yumpag (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
100.00
100.00
100.00
100.00
100.00
100.00
40.09
61.43
61.43
61.43
61.43
100.00
100.00
324
3,606
143
445
11,267
123
25,513
1,971
201
46,479
79,934
10,891
617,200
0.54
9.53
17.12
5.57
0.26
3.73
0.44
0.87
3.19
0.64
0.31
0.23
0.08
176
34,358
2,445
2,474
2,892
459
11,145
1,723
640
29,880
24,620
2,482
47,328
160,621
176
34,358
2,445
2,474
2,892
459
4,468
1,058
393
18,355
15,124
2,482
47,328
132,013
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 ANNEXES
TABLE 4 ORE OUTSIDE RESERVES
Measured + Indicated Resources
ZINC
BVN% Participation
DMT (000)
% Zn
DMT (000)
BVN DMT (000)
Uchucchacua/Yumpag (Silver-Lead-Zinc)
Tambomayo
El Brocal (Tajo Norte Smelter - Zn-Pb-Ag)
El Brocal (San Gregorio)
Total Zinc Resources
100.00
100.00
61.43
61.43
3,606
445
201
79,934
2.30
1.25
3.47
0.05
83
6
6,966
4,175
11,230
123
83
6
4,279
2,565
6,933
LEAD
BVN% Participation
DMT (000)
% Pb
DMT (000)
BVN DMT (000)
Uchucchacua/Yumpag (Silver-Lead-Zinc)
Julcani
Tambomayo
El Brocal (Tajo Norte - Smelter Zn-Pb-Ag)
El Brocal (San Gregorio)
Total Lead Resources
100.00
100.00
100.00
61.43
61.43
3,606
143
445
201
79,934
1.24
0.94
0.73
1.42
0.02
45
1
3
3
1,221
1,274
COPPER
BVN% Participation
DMT (000)
% Cu
DMT (000)
BVN DMT (000)
Julcani
Trapiche
El Brocal Marcapunta
El Brocal (Tajo Norte Smelter - Cu-Ag)
Total Copper Resources
100.00
100.00
61.43
61.43
143
617,200
46,479
1,971
0.61
0.32
1.24
1.82
1
1,971
578
36
2,585
Prices used for the calculation of resources: Gold 1,750 US$/oz , Silver 23.00 US$/oz , Lead 2,100 US$/MT, Zinc 2,600
US$/MT y Copper 8,800 US$/MT
45
1
3
2
750
801
1
1,971
355
22
2,349
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 ANNEXES
TABLE 5 SUMMARY OF PRODUCTION 2023
TOTAL
PRODUCTION
Tambomayo
Orcopampa
Uchucchacua
Yumpag
Julcani
El Brocal
La Zanja
Coimolache
Total content
% Part
Ag Oz
Au Oz
Pb DMT
Zn DMT
Cu DMT
100%
100%
100%
100%
100%
61.43%
100.00%
40.09%
1,590,784
30,164
278,538
2,316,499
1,670,679
3,264,859
20,589
264,835
9,436,948
41,675
83,239
-
-
237
21,103
9,080
67,140
222,475
3,877
-
1,962
-
545
5,026
-
-
11,410
5,092
-
2,763
-
-
17,153
-
-
25,008
PRODUCTION ATTRIBUTABLE
TO BUENAVENTURA
Ag Oz
Au Oz
Pb DMT
Zn DMT
Cu DMT
Tambomayo
Orcopampa
Uchucchacua
Yumpag
Julcani
El Brocal
La Zanja
Coimolache
Total content
1,590,784
30,164
278,538
2,316,499
1,670,679
2,005,603
20,589
106,183
8,019,040
41,675
83,239
-
-
237
12,964
9,080
26,919
174,114
3,877
-
1,962
-
545
3,088
-
-
9,472
5,092
-
2,763
-
-
10,537
-
-
18,392
124
-
-
-
-
14
57,707
-
-
57,721
-
-
-
-
14
35,449
-
-
35,463
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 ANNEXES
SHARE AND ADR BEHAVIOR
ADS QUOTE US$
MONTH
OPENING
CLOSURE
MAXIMUM
MINIMUM
AVERAGE
US$
7.76
8.14
7.99
8.40
7.02
6.81
7.57
7.69
8.60
8.34
8.27
9.49
S/.
US$
S/.
US$
S/.
US$
S/.
US$
29.64
31.35
30.44
31.63
26.11
25.07
27.50
27.79
31.81
31.67
31.77
35.48
8.06
7.53
8.11
7.09
6.77
7.34
7.86
8.43
8.45
8.17
9.47
15.18
31.10
28.73
30.50
26.50
24.89
26.69
28.31
31.16
32.16
31.46
35.39
56.24
8.70
8.29
8.64
8.50
7.42
7.73
8.25
8.68
8.84
8.80
9.63
15.60
33.80
31.92
32.69
32.05
27.52
28.40
29.45
32.08
32.81
34.08
35.99
57.63
7.55
7.08
7.80
7.00
6.49
6.81
7.15
7.59
8.24
7.79
8.27
8.90
28.84
27.34
29.70
26.16
23.88
25.07
25.98
27.58
30.55
30.00
31.77
33.32
8.20
7.53
8.26
7.82
6.92
7.33
7.72
8.13
8.46
8.40
8.98
12.76
TC
OPENING
CLOSURE
MAXIMUM
MINIMUM
AVERAGE
3.82
3.85
3.81
3.77
3.72
3.68
3.63
3.61
3.70
3.80
3.84
3.74
3.86
3.82
3.76
3.74
3.68
3.64
3.60
3.70
3.81
3.85
3.74
3.71
3.89
3.85
3.78
3.77
3.71
3.67
3.57
3.70
3.71
3.87
3.74
3.69
3.82
3.86
3.81
3.74
3.68
3.68
3.63
3.63
3.71
3.85
3.84
3.74
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
125
S/.
31.64
28.73
31.07
29.22
25.44
26.65
27.81
30.05
32.20
32.35
33.56
47.28
3.86
3.82
3.76
3.74
3.68
3.64
3.60
3.70
3.81
3.85
3.74
3.71
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 ANNEXES
126
BUENAVENTURA COMMON (S/)
MONTH
OPENING
CLOSURE
MAXIMUM MINIMUM
AVERAGE
A. ADRS
January
February
March
April
May
June
July
August
September
October
November
December
27.90
29.50
29.50
31.00
26.80
26.70
26.49
28.50
30.00
28.70
--
33.00
30.50
29.50
31.00
29.45
26.80
27.00
26.48
30.00
31.00
31.50
--
54.00
30.50
29.50
32.00
31.10
26.80
27.00
26.49
30.30
32.50
31.50
--
54.90
27.90
29.50
29.50
29.45
26.80
26.00
26.48
28.50
30.00
28.70
--
32.80
28.89
29.50
30.21
30.28
26.80
26.54
26.49
29.93
30.96
29.82
32.00
47.98
NEW YORK ADR PROGRAMS, 2023
During 2023, the ADR program of the New York Stock Exchange (NYSE), achieved a
trading volume of US$ 3,507,936,338 (403,065,257 ADS).
Also, as of December 31 of 2023, there were 221,532,772 ADS outstanding,
representing 80.59% of the company’s total shares outstanding.
Lima, January of 2024
BUENAVENTURA INVESTMENT (S/)
MONTH
OPENING
CLOSURE
MAXIMUM MINIMUM
AVERAGE
B.CORPORATE MATTERS
January
February
March
April
May
June
July
August
September
October
November
December
--
--
14.80
--
--
--
--
--
--
--
--
--
--
--
15.00
--
--
--
--
--
--
--
--
--
--
--
15.00
--
--
--
--
--
--
--
--
--
--
--
14.80
--
--
--
--
--
--
--
--
--
--
--
14.87
--
--
14.00
--
--
--
--
--
14.73
As of December 31 of 2023, we had 948 common shareholders. Of these, 18.132%
correspond to shareholders domiciled in the country and 81.868% to non-domiciled
shareholders.
Likewise, we had 894 shareholders of investment shares.
Lima, January of 2024
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 ANNEXES
127
Background of Board Members
ROQUE BENAVIDES, CHAIRMAN OF
THE BOARD
JORGE FRANCISCO BETZHOLD HENZI,
INDEPENDENT DIRECTOR
RAÚL BENAVIDES,
DIRECTOR
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 served as President of
the National Confederation of Private Business Institutions
(CONFIEP, in Spanish) for two periods, the last of which was
completed in February 2019. He has also been President
of the National Society of Mining, Petroleum and Energy
(SNMPE). He is Dean of the Lima Departmental Council of
the Peruvian Association of Engineers for the period 2022-
2024, and President of the Board of Trustees of Universidad
Nacional de Ingeniería (UNI) since 2020.
Member of the Australasian Institute of Mining and
Metallurgy (AusIMM). Member of the Geostatistical
Association of South Africa (GASA) with solid knowledge of
and experience in the mining business. Mr. Betzhold has 36
years of practical experience in South America (Chile, Brazil,
Venezuela, Peru and Argentina), Southern Africa (South
Africa, Botswana, Namibia, Zambia) and USA (Alaska).
He studied Geology at Universidad de Chile, Geostatistics
at the Fontainebleau Center, Ecole des Mines de Paris,
France, and Business Administration at the Graduate School
of Business, University of Stellenbosch, South Africa. In
recent years, Mr. Betzhold has served as Technical Vice
President at AngloAmerican (base metals), Vice President
of Development at Collahuasi, and Vice President of
Development and Planning at Minera Escondida (BHP). He
also joined the company’s Board of Directors in 2023.
He holds a Bachelor’s Degree in Mining Engineering by the
Missouri-Rolla University. He holds a Master’s Degree in
Mining Administration by the Pennsylvania State University
and completed the Advanced Management Program at
Harvard Business School (AMP-160).
He has been President of the Institute of Mining Engineers
of Peru (IIMP) and of the Mining Convention (Perumin).
Additionally, he is founder and President of the Institute
of Mining Safety (ISEM). He is currently President of
CETEMIN, technical mining school. He has been working
at Buenaventura since 1980 and is Director of 11 related
companies. Also, he joined the Board of Directors of the
company in March, 2024.
He has also been part of the Fullbright Commission in Peru
since 2019. Additionally, he has been a member of the Board
of Directors of Buenaventura since 2004.
WE DO MORE THAN MININGBuenaventuraINTEGRATED ANNUAL REPORT2023 ANNEXES
128
Background of Board Members
DIEGO DE LA TORRE,
INDEPENDENT DIRECTOR
MARCO ANTONIO ZALDÍVAR GARCÍA,
INDEPENDENT DIRECTOR
WILLIAM CHAMPION,
INDEPENDENT DIRECTOR
He holds a Bachelor’s Degree in Business Administration
from Universidad del Pacífico in Lima, and an MBA from
the London Business School, England. He has taken part
of the leadership program at Georgetown University and
the immersion program in Silicon Valley at San Francisco
University. He is co-founder and Chairman of the Board
of Directors of La Viga, Quikrete Perú, Aleteia Capital, and
Bodega RAS. He is a member of the advisory board of the
David Rockefeller Center for Latin American Studies at
Harvard University and the international board of CEAPI in
Madrid.
He has been a professor at Universidad del Pacífico and
director of PPX Mining, Endeavor Perú, IPAE, IPE, CAPECO,
Museum of Art of Lima, and Peru 2021. He was Chairman of
the United Nations Global Compact in Peru, from 2005 to
2021. In 2013, he received the “Integral Entrepreneur” award
from the Latin American Business Council (CEAL). Selected
in the Top 100 Leaders by AACSB International, among other
awards. He has been Director of Buenaventura since 2017.
Chartered Public Accountant from Universidad de Lima,
graduate of the Management Development Program of the
PAD of Universidad de Piura, and MBA from Adolfo Ibáñez
School of Management, United States. He is Independent
Director of Empresa Editora El Comercio, Técnica Avícola,
and Core Capital SAF.
He has been Independent Director at Cementos Pacasmayo,
UCP Backus & Johnston, Banco Santander, among other
companies. He has served as Chairman of the Board of
Directors of the Lima Stock Exchange (BVL) and Second
Vice-Chairman of CONFIEP, among other positions.
Additionally, he has been a member of the Board of
Directors of Buenaventura since 2020.
He holds a degree in Chemical Engineering and Biology
from the University of Arizona. He has been a member of
the Board of Directors since January of 2016. Additionally,
he is a counselor of the U.S. company Peabody Energy,
producer of steam and metallurgical coal. He has 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: Director-
General of Rio Tinto Coal Australia, Director-General of Rio
Tinto Diamonds, and President and Managing Director of
Kennecott Utah Copper.
From 1995 to 2000, he was Senior Vice President and
Executive Vice President of Cyprus Climax Metals Company,
a subsidiary of Cyprus Amax Minerals Company. He also
worked at Phelps Dodge Mining Company from 1984 to
1995, where he held various positions (President of Phelps
Dodge Chile). Additionally, he has been a member of the
Board of Directors of Buenaventura since 2016.
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Background of the members of the
Vice-Presidency and General Management
NICOLE BERNEX,
INDEPENDENT DIRECTOR
LEANDRO GARCIA, CEO – GENERAL
MANAGER
ALDO MASSA, VICE-PRESIDENT
OF BUSINESS DEVELOPMENT
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 del Perú (PUCP) since 1984. She was founder and
academic director of the Center for Research in Applied Geography
(CIGA-PUCP) from 1984 to 2018, and founder and director of the Institute
of Environmental Studies (IDEA-PUCP) from 1994 to 1998. She was a
member of the Technical Committee of Global Water Partnership (2014-
2017).
She has been Emeritus President of Global Water Partnership Peru and
Emeritus President of the Lima Geographical Society since July of 2022.
She was Director for Latin America and the Caribbean of the Scientific
Committee of the United Nations Convention to Combat Desertification,
coordinator of various research programs and consultant to different
international entities (SAP-BM, UNDP, FAO and others).
She is currently a member of the Board of Directors of AGROMIN and of
Asociación Los Andes de Cajamarca – ALAC. She is a full member and past
Vice-President of the National Academy of Sciences - ANC, focal point of
Peru in the Inter-American Network of Academies of Sciences (IANAS), and
has over 170 publications. She is Director of BVN since January of 2018.
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, in the United States, in 2017.
He worked at Buenaventura from 1990 to 1997 as Head of Treasury and served as
Financial 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 of 2020. He is also General Manager of Sociedad Minera El Brocal.
He holds a degree in Business
Administration from Universidad de
Lima and an MBA from Universidad del
Pacífico. He has more than 26 years
of experience in the mining sector. He
was Corporate Commercial Director
for Peru, Mexico, United States, and
Spain at Southern Copper Corporation
(Grupo México).
He was General Manager of Consorcio Energético de 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 de
Huancavelica (Conenhua), CONTACTO Corredores de Seguros, Empresa de
Generación Huanza, Procesadora Industrial Río Seco and Sociedad Minera
El Brocal, as well as Alternate Director of Sociedad Minera Cerro Verde, and
member of the Executive Committee of Yanacocha.
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Background of the members of the
Vice-Presidency and General Management
DANIEL DOMÍNGUEZ,
VICE-PRESIDENT
OF FINANCE AND
ADMINISTRATION
He holds a Bachelor’s Degree in Economics
and a Master’s Degree in Business
Administration by Universidad del Pacífico.
He successfully completed the General
Management Program at the Harvard
Business School in 2015, and the Corporate
Finance Program at the 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 OF
OPERATIONS
ALEJANDRO HERMOZA,
VICE-PRESIDENT OF
SUSTAINABILITY
RENZO MACHER CARMELINO,
VICE-PRESIDENT OF PROJECTS
AND INNOVATION
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.
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 served 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, from 2008 to 2011; Assistant
Manager of Administration and Human
Resources, from 2003 to 2008; and Vice-
President of Sustainability, from 2008 to
date. He has been an alternate member
of the Executive Committee of Yanacocha
since 2014. In 2011 he graduated from
the Advanced Management Program at
Harvard Business School (AMP).
Civil Engineer from the Pontifical Catholic
University of Peru (PUCP) with a Master’s
degree in Construction Engineering and
Project Management from the University
of Berkeley, California. He completed the
Management Development Program at the
University of Piura.
His career at Compañía de Minas
Buenaventura began in 2013 as the Project
Manager for Tambomayo, located in the
Arequipa region, which began operations
in 2016. Since then, he has been in charge
of Buenaventura’s Innovation and Project
Development departments.
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Members of the Management
MANAGEMENT
Leandro García R.
General Manager
Juan Carlos Ortiz Zevallos
Vice-President of Operations
Alejandro Hermoza M.
Vice-President of Sustainability
Daniel Domínguez V.
Vice-President of Finance and Administration
Since 09/01/2020
Since 05/01/2018
Since 05/01/2011
Since 09/01/2020
Aldo Massa Peschiera
Vice-President of Business Development and Commercialization
Since 01/01/2021
Renzo Macher C.
Vice-President of Projects and Innovation
Luz Campodónico A.
Internal Audit Manager
Gulnara La Rosa R.
Gulnara La Rosa R.
Tomas Chaparro D.
Legal Manager
Legal and Compliance Manager
Safety Manager
Juan Carlos Salazar C.
Geology and Exploration Manager
Thiago Nantes T.
Gary Chircca Ayesta
Jorge Bonilla Benito
Manager of Technical Services
Operations Management Manager
Operations Management Manager
José Malca La Fuente
Human Resources Manager
Ana María Rivera C.
Social Matters Manager
Percy Montoya Vargas
Environmental Management Manager
Since 03/01/2023
Since 05/01/2011
Since 05/01/2012
Since 06/01/2022
Since 07/19/2017
Since 03/01/2020
Since 01/01/2021
Since 01/15/2021
Since 10/01/2023
Since 09/01/2018
Since 05/01/2021
Since 03/01/2020
until 05/31/2022
until 08/31/2023 transferred to El Brocal
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Members of the Management
Fernando Ortiz De Zevallos M.
Logistics Manager
Cecilia Puga Buse
Juan Buhytron Q.
Pedro Torres T.
Renzo Macher C.
Percy Ponce B.
LIMA
Financial Manager
IT and Communications Manager
Accounting Manager
Project Manager
Manager of Metallurgy and Business Development
Guillermo Chang Chang
Financial Audit and Process Director
Guillermo Shoof A.
Pedro Navarro Bayona
Fredy Oscategui Salazar
Legal Director
Safety Director
Safety Director
José Gutiérrez Ramírez
Modeling and Resources Director
José Luis Aquino Aquino
Geology Director
Luis Fernández De Paredes Robles
Director of Regional Exploration
Rolando Ligarda C.
Director of Regional Exploration
César Calderón Tipiani
Director of Regional Exploration
Miguel Infantes Quijano
Project Development Director
Miguel Infantes Quijano
Sustainability Projects Director
Since 10/01/2020
Since 09/01/2020
Since 01/01/2020
Since 08/01/2015
Since 09/01/2017
Since 01/01/2021
Since 10/01/2020
Since 01/01/2018
Since 10/15/2018
Since 08/01/2017
Since 08/01/2020
Since 01/01/2020
Since 10/03/2016
Since 07/01/2018
Since 07/01/2021
Since 07/06/2020
Since 01/01/2023
until 02/28/2023
until 12/31/2022
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Members of the Management
LIMA
Dante Gavidia Cannon
Director of Strategic Operational Planning
Kellyn Cristóbal Paredes
Director of Planning
Kellyn Cristóbal Paredes
Director of Mine Operations
Juan Ayala López
Director of Processes
Neil Mendoza Hoyos
Asset Management Reliability Director
Juan Pablo Zoeger La Hoz
Director of Management and Human Development
Since 03/06/2023
Since 12/01/2019
Since 09/01/2023
Since 04/01/2019
Since 02/01/2018
Since 05/01/2014
until 08/31/2023
until 06/30/2023 transferred to Uchucchacua
until 07/31/2023 transferred to Uchucchacua
Juan Carlos Vargas Byrne
Director of Labor Relations and Personnel Administration
Since 05/01/2014
Jorge Falla Cordero
Director of Permits and Obligations
Josue Huere Iparraguirre
Permit Integration Project Director
Rosemarie Boltan Atoche
Director of Environmental Management - Operations
Since 08/01/2017
Since 10/23/2023
Since 04/01/2021
Rosemarie Boltan Atoche
Director of Environmental Management - Projects & Support
Since 03/01/2023
until 02/28/2023
Pablo Valladares Hernández
Director of Environmental Management - Projects & Support
Since 04/01/2022
until 02/28/2023
Pablo Valladares Hernández
Director of Environmental Management - Operations
Ronald Gallardo G.
Carlos Claux Mora
Environment and Mine Closure Technical Director
Social Responsibility and Development Director
Max Meneses Gálvez
Social Management Director
Rossi Marie Montalvo S.
Social Management Director
Since 03/01/2023
Since 07/05/2021
Since 02/01/2017
Since 01/01/2022
Since 10/01/2019
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Members of the Management
LIMA
Juan Martin Chávez L.
Materials and Assets Procurement Director
Rafael Guillen Llerena
Director of Warehousing and General Services
Roger Velasquez Rosales
Costs and Budgets Director
Silvia Vicente León
Director of ICT Information Systems
Gustavo Bazalar Herrera
Director of ICT Safety and Infrastructure
Miguel Diaz Romero
Financial Accounting Director
Augusto Bejarano Vásquez
Tax Accounting Director
Jorge Villanueva Samar
Project Control Director
Jorge Villanueva Samar
Project Director
Rubén Fernández Soto
Project Planning and Control Director
Fernando Zeballos Zeballos
Metallurgical Projects Director
Since 09/01/2018
Since 04/01/2022
Since 06/01/2020
Since 12/01/2016
Since 03/01/2022
Since 10/01/2017
Since 10/01/2017
Since 05/01/2020
Since 01/01/2023
Since 06/11/2021
Since 05/08/2020
until 12/31/2022
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Members of the Management
Uchucchacua
Gilmar Valenzuela Salazar
Unit Manager
Henry Arcos Romucho
Environmental Management Superintendent
Juan Ayala López
Plant Superintendent
Marcial Vasquez Herrera
Maintenance Superintendent
Neil Mendoza Hoyos
General Maintenance Superintendent
Edwin Arias Celis
Geology Superintendent
Antonio Blanco Quiroga
Mine Superintendent
Antony Arana Castro
Marcial Quispe Nina
Mine Superintendent
Planning Superintendent
Vladimir Pinto Choque
Project Superintendent
Juan Pablo Tipacti Gallo
Project Superintendent
Freddy Soto Mori
Safety Superintendent
Danny Valencia Galvan
Superintendent of Social Matters
Héctor Quispe Ramos
Administration Superintendent
Gino Ojeda Moret
Angel Francia Meza
Administration Superintendent
Human Resources Superintendent
Mario Ballardo Cuadros
Human Resources Superintendent
Washington Ccahua Q.
Unit Accountant
Since 03/01/2022
Since 03/01/2022
Since 07/01/2023
Since 07/01/2022
Since 08/01/2023
Since 10/01/2021
Since 05/01/2022
Since 09/01/2023
Since 10/18/2022
Since 01/01/2021
Since 06/22/2022
Since 05/01/2021
Since 05/01/2023
Since 08/01/2019
Since 03/01/2023
Since 12/01/2021
Since 09/01/2023
Since 04/19/2021
until 07/31/2023 – transferred to Tambomayo
until 02/28/2023
until 02/28/2023 – transferred to El Brocal
until 08/31/2023
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Members of the Management
MALLAY
Santos Silvestre Alfaro
Local Coordinator of Social Matters
Since 12/01/2015
SHILA
Rolando Quispe Vilcahuamán
Head of Community Relations
Joel Ccente Alfonzo
Environmental Engineer - Unit
Abner Suárez Chávez
Environmental Engineer - Unit
ORCOPAMPA
Carlos Camacho Delgado
General Superintendent - Unit
Mirko Martínez Neira
Mine Superintendent
Cristian Cerrón Fernández
Mine Superintendent
Pedro Vizcardo Martínez
Administration Superintendent
Percy Quea Díaz
Victor Orihuela Vega
Luis Chang Cavero
Ivan Carhuaz Castro
Human Resources Superintendent
Human Resources Superintendent
Environmental Management Superintendent
Superintendent of Social Matters
Since 12/01/2020
Since 08/17/2022
Since 10/20/2022
Since 03/01/2022
Since 06/01/2022
Since 11/07/2023
Since 08/01/2017
Since 10/16/2017
Since 11/01/2023
Since 03/23/2022
Since 05/01/2023
until 01/31/2023
until 02/28/2023 - transferred to Tambomayo
until 10/31/2023 - transferred to Tantahuatay
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Members of the Management
JULCANI
Heider Montoya Espinoza
General Superintendent - Unit
Carlos Montes Moya
Geology Superintendent
Royer Rodas Sánchez
Plant Superintendent
Pio Carrasco Viza
Mine Superintendent
Jackson Arriola Céspedes
Planning and Projects Superintendent
Eduardo Molinari Arroyo
Superintendent of Social Matters
Marco Molina Rosas
Safety Superintendent
Julio Ugarte L.
Ivan Alva Lino
Environmental Management Superintendent
Head of Environmental Management - Unit
Rommer Mendoza Ramírez
Head of Human Resources
Gerardo Garay Gonzáles
Head of Administration - Unit
TAMBOMAYO
Jaime Jiménez Tuse
Maro Oyanguren Leon
Unit Manager
Unit Manager
Waldir Guillermo Cisneros
Plant Superintendent
Felipe Gonzales Bernal
Maintenance Superintendent
Marcial Vasquez Herrera
General Maintenance Superintendent
Since 03/08/2022
Since 02/01/2016
Since 11/01/2022
Since 04/01/2023
Since 09/01/2019
Since 05/01/2023
Since 06/01/2020
Since 01/01/2021
Since 03/01/2023
Since 02/01/2016
Since 12/15/2022
Since 03/01/2022
Since 09/01/2023
Since 01/01/2021
Since 03/07/2022
Since 08/01/2023
until 02/28/2023 - transferred to Corporativo
until 08/31/2023
until 07/31/2023 - transferred to Rio Seco
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Members of the Management
Mirko Martínez Neira
Mine Superintendent
Fernando Remigio Julián
Geology Superintendent
Pedro Escudero Jaimes
Planning and Engineering Superintendent
Jano Vásquez Santos
Safety Superintendent
Luis Chang Cavero
Percy Quea Díaz
Victor Orihuela Vega
Ivan Carhuaz Castro
Environmental Management Superintendent
Human Resources Superintendent
Human Resources Superintendent
Superintendent of Social Matters
Pedro Vizcardo Martínez
Administration Superintendent
SAN GABRIEL
Ricardo Huancaya Delgado
Project Manager - San Gabriel
Renzo Ricalde Lizarzaburu
Project Manager - San Gabriel
Jaime Jiménez Tuse
Hugo Soto Montes
George Flores Caso
Mine Manager
Engineering and Construction Director
Project Planning and Control Director
Diego Leyton Martinez
Project Sustainability Director
Arturo García Calderon Narvaez
Director of Project Administration
Jaime Diaz Yosa
Process Plant Director - Project
Since 03/01/2023
Since 07/16/2021
Since 03/01/2020
Since 10/01/2022
Since 03/23/2022
Since 10/16/2017
Since 11/01/2023
Since 05/01/2023
Since 08/01/2017
Since 05/01/2019
Since 04/17/2023
Since 09/01/2023
Since 01/01/2022
Since 01/01/2023
Since 01/01/2023
Since 06/01/2023
Since 03/16/2023
until 10/31/2023 - transferred to San Gabriel
until 10/31/2023 - transferred to Tantahuatay
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Members of the Management
SAN GABRIEL
Winston Castañeda Rojas
Maintenance and Automation Director - Project
Alex Bullón Cano
Javier Maguiña Aliaga
Mine Superintendent
Mine Superintendent
Fernando Remigio Julián
Geology Superintendent
José Natividad Alvarado
Construction Superintendent
Sandra Medina Vega
Environmental Management Superintendent
Jorge Escobar Cáceres
Safety Superintendent
Alejandro Sagastegui Wong
Head of Occupational Safety - Unit
Enver Carhuaz Castro
Head of Community Relations
Eduardo Cuellar Bohorquez
Head of District Exploration
Huber Usuriaga Najera
Head of Mine
Victor Camavilca Egoavil
Head of Human Resources
Salvador Salazar Zegarra
Head of Administration - Unit
LA ZANJA
Alex Lobo Guillén
Unit Manager
Manuel Aranda Villar
General Superintendent - Unit
Robinson Paredes Abanto
Plant Superintendent
Since 04/10/2023
Since 12/07/2023
Since 11/01/2023
Since 11/01/2023
Since 06/21/2022
Since 04/21/2022
Since 06/01/2022
Since 09/01/2023
Since 01/01/2022
Since 06/01/2020
Since 04/01/2019
Since 04/01/2022
Since 03/01/2022
Since 01/01/2021
Since 01/16/2021
Since 07/15/2016
until 08/31/2023
until 01/03/2023
until 04/30/2023
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Members of the Management
Angel Fernández Canchos
Environmental Management Superintendent
Roberto Andía Chunga
Head of District Exploration
Javier Rendón López La Torre
Head of Mine Geology
COIMOLACHE
Alex Lobo Guillén
Unit Manager
Juan Calizaya Yufra
Geology Superintendent
Segundo Velasquez Miranda
Plant Superintendent
José Luis Ricaldi Callupe
Mine Superintendent
David Chuquillanqui Molina
Planning Superintendent
Antonio Arango Ataucusi
General Maintenance Superintendent
Josue Vilchez Espejo
Julian Muñoz Ganoza
Wilder Ponce Tejada
Superintendent of Operational Efficiency
Safety Superintendent
Administration Superintendent
Segundo Salazar Silva
Superintendent of Social Matters
Enrique Romero Graus
Human Resources Superintendent
Percy Quea Diaz
Human Resources Superintendent
Since 05/01/2023
Since 08/01/2014
Since 05/01/2022
Since 01/01/2021
Since 10/01/2020
Since 09/01/2018
Since 02/01/2021
Since 10/22/2020
Since 10/22/2020
Since 10/01/2023
Since 06/19/2018
Since 08/01/2021
Since 10/16/2023
Since 12/01/2021
Since 11/01/2023
until 01/03/2023
until 10/31/2023 - transferred to Brocal
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Engineering Superintendent
General Head of Administration, Regulation and Business
Since 10/01/2022
Since 03/01/2019
Since 11/15/2021
Since 04/01/2013
Members of the Management
CONEHUA
Mario Borda Camacho
Operations and Maintenance Superintendent
Christian Fernández Cruz
Operations Superintendent
Fabio Mallqui Ayala
Ana Lengua Jayo
Elsa Carbajal Yanac
Head of Environmental Management – Unit
Cesar Cuyubamba D.
Head of Occupational Health and Safety
MOLLE VERDE
Rubén Valer Cruces
Project Manager
Gustavo Llerena Babilonia
Project Superintendent
Walter Rondinelli Zaga
Superintendent of Social Matters
Ronny Núñez Becerra
Head of Social Matters
Julio Ayquipa Tapia
Process Manager - Project
Daniel Suasnabar Gines
Head of Environmental Management - Unit
Since 10/01/2021
Since 04/13/2015
Since 05/21/2019
Since 06/01/2023
Since 09/15/2020
Since 11/01/2023
Since 10/01/2019
Since 11/14/2022
until 03/18/2023
Eliott Christian Hidalgo Muñoz
Head of Modeling
Since 09/01/2022
until 05/31/2023
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Members of the Management
Río Seco
Jaime Díaz Yosa
Unit Manager
José Luis Lama Manayay
Operations Superintendent - Plant
Felipe Gonzales Bernal
General Maintenance Superintendent
José Vega Gonzales
Head of Processes - Plant
Wilmer Delgado Paredes
Head of Laboratory - Unit
Javier Vasquez Delgado
Human Resources Coordinator - Unit
Gisela Trujillo Echevarría
Environment and Safety Coordinator
El Brocal
Marco Oyanguren Leon
Gary Chircca Ayesta
El Brocal Manager
El Brocal Manager
Héctor Alzamora Benites
Process Manager
Percy Ludeña Untiveros
Maintenance General Superintendent
Jesús Guerra Molina
Mine General Superintendent
Dante Gavidia Cannon
Optimization Project General Superintendent
Roger Ccahuana Figueroa
Geology Superintendent
Jesús Castillo Chavez
Planning Superintendent
Roque Herrada Villarreal
Surface Mine Planning Superintendent
until 03/15/2023 – transferred to San Gabriel
until 08/31/2023 – transferred to Tambomayo
until 03/05/2023 – transferred to Lima
Since 10/16/2015
Since 05/01/2021
Since 08/01/2023
Since 08/01/2023
Since 01/01/2019
Since 09/01/2020
Since 05/17/2022
Since 04/01/2019
Since 09/01/2023
Since 03/05/2019
Since 03/16/2022
Since 06/01/2022
Since 03/10/2021
Since 09/06/2021
Since 10/17/2023
Since 10/03/2022
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Members of the Management
El Brocal
Edgard Atencia Daga
Josué Vílchez Espejo
Underground Mine Operations Superintendent
Operations Superintendent Surface Mine
Moisés Mascco Cotaquispe
Plant Maintenance Superintendent
Since 03/01/2021
Since 06/01/2022
Since 10/01/2018
Carlos De La Calle Peñaloza
Electrical Maintenance and Instrumentation Superintendent
Since 05/01/2022
Edwin Ríos Dávila
Maintenance Planning Superintendent
Sergio Gallesi Guanilo
Plant Processes Superintendent
Cristhian Curo Loro
Metallurgy Superintendent
Wilder Cabrera Terán
Projects Superintendent
Miguel Vasquez Zamora
Projects Superintendent
Fernando Dueñas Aliaga
Safety Superintendent
Gino Ojeda Moret
Héctor Quispe Ramos
Cesar Rondinelli Zaga
Hugo Araoz Zevallos
Victor Orihuela Vega
Administration Superintendent
Administration Superintendent
Superintendent of Social Matters
Environmental Management Superintendent
Human Resources Superintendent
Enrique Romero Graus
Human Resources Superintendent
Since 10/22/2021
Since 10/05/2020
Since 11/02/2023
Since 07/01/2019
Since 02/06/2023
Since 06/01/2022
Since 09/01/2020
Since 03/01/2023
Since 01/06/2022
Since 11/01/2021
Since 10/01/2020
Since 11/01/2023
until 09/30/2023 – transferred to Tantahuatay
until 06/30/2023
until 02/28/2023 – transferred to Uchucchacua
until 10/31/2023 - transferred to Tambomayo
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