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Buenaventura (BVN) Reports Q2 Production & Sales Volume
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Buenaventura Mining (BVN - Free Report) reported second-quarter 2024 production and volume sold from its operating mines.
Gold production at the Orcopampa and Coimolache mines, and silver production at the Julcani mine were in line with the company’s expectations. Tambomayo’s gold, silver, lead and zinc production exceeded the company’s latest quarterly guidance. Meanwhile, copper and silver production at El Brocal mine fell short of expectations. At the Uchucchacua mine, silver production was in line, whereas lead and zinc production were better than expected.
Let us dig deeper.
Orcopampa Meets Guidance
In second-quarter 2024, gold production at Orcopampa was 17,569 ounces, down 12% from the year-ago quarter. BVN sold 17,365 ounces of gold from the mine in the quarter.
The second-quarter gold production was in line with the company’s expectations. BVN maintained the production guidance for the mine at 70000-85,000 ounces of gold for 2024.
El Brocal Lags Copper & Silver Output Expectations
El Brocal produced 13,213 MT of copper, which marked a 23.4% year-over-year decrease. Copper output was lower than expected due to a decline in the volume processed. The 2024 copper production guidance is unchanged at 55,000-60,000 MT.
Buenaventura produced 3,981 ounces of gold from the El Brocal mine in the second quarter, which was down 9% year over year. Silver production plunged 50.8% in the quarter under review to 312,440 ounces.
In the second quarter, Buenaventura sold 2,192 ounces of gold, 249,032 ounces of silver and 9,571 MT of copper.
The company expects gold production from El Brocal in 2024 between 17,000 ounces and 20,000 ounces. Silver production is expected at 1.4-1.7 million ounces.
Tambomayo Ahead of Guidance
Gold production at Tambomayo decreased 18% year over year in the second quarter to 8,934 ounces, whereas silver production fell 29.7% to 380,370 ounces. The lead and zinc production at Tambomayo totaled 1,085 MT and 1,477 MT, respectively. Lead and zinc output were 17.4% and 28.4% higher than the year-ago quarter levels, respectively. The production numbers were higher than the company’s guidance.
Buenaventura sold 8,317 ounces of gold in the second quarter and 343,677 ounces of silver from Tambomayo. The volume of lead and zinc sold totaled 928 MT and 1,195 MT.
BVN maintained the 2024 production expectations for gold at 28,000-32,000 ounces and for silver at 1.7-1.9 million ounces. Lead outlook is updated at 3.5-4 MT and zinc at 5.4-5.8 MT.
Coimolache & Julcani Output Meets Guidance
Second-quarter 2024 gold production at the mine slumped 23.3% to 7,390 ounces. In the three months ended Jun 30, 2024, the mine sold 8,375 ounces of gold.
The production numbers in the quarter were in line with the guidance. The company maintained its production guidance for 2024 at 38,000-43,000 ounces of gold.
Julcani’s second-quarter silver production decreased 6.4% year over year to 442,400 ounces. The figure came in line with the projection. Buenaventura sold 420,236 ounces of silver from Julcani in the second quarter.
BVN expects 2024 silver production to be 1.7-1.9 million ounces from the Julcani mine.
Other Updates
Buenaventura produced 2,303 ounces of gold in the second quarter and 3,692 ounces of silver at the La Zanja mine. Silver, lead and zinc production at the Uchucchacua mine was 409,481 ounces, 3,037 and 4,874, respectively.
Price Performance
Shares of Buenaventura have gained 117.1% in the past year compared with the industry's 39% growth.
Fortuna Mining Corp. (FSM - Free Report) reported gold equivalent production of 116,570 ounces in the second quarter of 2024. This reflects a 4% increase from the first quarter of 2024. Gold production was 92,716 ounces and silver production was 990,574 ounces, marking a 44% year-over-year increase and a 22% decrease, respectively.
FSM produced 13 million pounds of Zinc, down 7% from the second quarter of 2023. Lead production increased 3% year over year to 10.5 million pounds.
Endeavour Silver Corp. (EXK - Free Report) reported silver equivalent production of 2,156,453 ounces in the second quarter of 2024, down 5% year over year. EKX produced 1,312,572 ounces of silver in the quarter, down 12% from the second quarter of 2023. Gold production increased 7% year over year to 10,549 ounces.
Hecla Mining (HL - Free Report) reported 4.5 million ounces of silver production in the second quarter of 2024. This marked a 16% year-over-year improvement, reflecting a solid performance at Keno Hill. HL’s gold production was up 6% at 37,324 ounces from the year-ago quarter, as improved results at Casa Berardi offset lower output at Greens Creek.
Hecla Mining produced 7.9 million ounces of silver in the first half of 2024. It believes that it is on track to produce 17 million ounces of silver in 2024.
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Buenaventura (BVN) Reports Q2 Production & Sales Volume
Buenaventura Mining (BVN - Free Report) reported second-quarter 2024 production and volume sold from its operating mines.
Gold production at the Orcopampa and Coimolache mines, and silver production at the Julcani mine were in line with the company’s expectations. Tambomayo’s gold, silver, lead and zinc production exceeded the company’s latest quarterly guidance. Meanwhile, copper and silver production at El Brocal mine fell short of expectations. At the Uchucchacua mine, silver production was in line, whereas lead and zinc production were better than expected.
Let us dig deeper.
Orcopampa Meets Guidance
In second-quarter 2024, gold production at Orcopampa was 17,569 ounces, down 12% from the year-ago quarter. BVN sold 17,365 ounces of gold from the mine in the quarter.
The second-quarter gold production was in line with the company’s expectations. BVN maintained the production guidance for the mine at 70000-85,000 ounces of gold for 2024.
El Brocal Lags Copper & Silver Output Expectations
El Brocal produced 13,213 MT of copper, which marked a 23.4% year-over-year decrease. Copper output was lower than expected due to a decline in the volume processed. The 2024 copper production guidance is unchanged at 55,000-60,000 MT.
Buenaventura produced 3,981 ounces of gold from the El Brocal mine in the second quarter, which was down 9% year over year. Silver production plunged 50.8% in the quarter under review to 312,440 ounces.
In the second quarter, Buenaventura sold 2,192 ounces of gold, 249,032 ounces of silver and 9,571 MT of copper.
The company expects gold production from El Brocal in 2024 between 17,000 ounces and 20,000 ounces. Silver production is expected at 1.4-1.7 million ounces.
Tambomayo Ahead of Guidance
Gold production at Tambomayo decreased 18% year over year in the second quarter to 8,934 ounces, whereas silver production fell 29.7% to 380,370 ounces. The lead and zinc production at Tambomayo totaled 1,085 MT and 1,477 MT, respectively. Lead and zinc output were 17.4% and 28.4% higher than the year-ago quarter levels, respectively. The production numbers were higher than the company’s guidance.
Buenaventura sold 8,317 ounces of gold in the second quarter and 343,677 ounces of silver from Tambomayo. The volume of lead and zinc sold totaled 928 MT and 1,195 MT.
BVN maintained the 2024 production expectations for gold at 28,000-32,000 ounces and for silver at 1.7-1.9 million ounces. Lead outlook is updated at 3.5-4 MT and zinc at 5.4-5.8 MT.
Coimolache & Julcani Output Meets Guidance
Second-quarter 2024 gold production at the mine slumped 23.3% to 7,390 ounces. In the three months ended Jun 30, 2024, the mine sold 8,375 ounces of gold.
The production numbers in the quarter were in line with the guidance. The company maintained its production guidance for 2024 at 38,000-43,000 ounces of gold.
Julcani’s second-quarter silver production decreased 6.4% year over year to 442,400 ounces. The figure came in line with the projection. Buenaventura sold 420,236 ounces of silver from Julcani in the second quarter.
BVN expects 2024 silver production to be 1.7-1.9 million ounces from the Julcani mine.
Other Updates
Buenaventura produced 2,303 ounces of gold in the second quarter and 3,692 ounces of silver at the La Zanja mine.
Silver, lead and zinc production at the Uchucchacua mine was 409,481 ounces, 3,037 and 4,874, respectively.
Price Performance
Shares of Buenaventura have gained 117.1% in the past year compared with the industry's 39% growth.
Image Source: Zacks Investment Research
Zacks Rank
Buenaventura currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Peer Performances
Fortuna Mining Corp. (FSM - Free Report) reported gold equivalent production of 116,570 ounces in the second quarter of 2024. This reflects a 4% increase from the first quarter of 2024. Gold production was 92,716 ounces and silver production was 990,574 ounces, marking a 44% year-over-year increase and a 22% decrease, respectively.
FSM produced 13 million pounds of Zinc, down 7% from the second quarter of 2023. Lead production increased 3% year over year to 10.5 million pounds.
Endeavour Silver Corp. (EXK - Free Report) reported silver equivalent production of 2,156,453 ounces in the second quarter of 2024, down 5% year over year. EKX produced 1,312,572 ounces of silver in the quarter, down 12% from the second quarter of 2023. Gold production increased 7% year over year to 10,549 ounces.
Hecla Mining (HL - Free Report) reported 4.5 million ounces of silver production in the second quarter of 2024. This marked a 16% year-over-year improvement, reflecting a solid performance at Keno Hill. HL’s gold production was up 6% at 37,324 ounces from the year-ago quarter, as improved results at Casa Berardi offset lower output at Greens Creek.
Hecla Mining produced 7.9 million ounces of silver in the first half of 2024. It believes that it is on track to produce 17 million ounces of silver in 2024.