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Peru's Buenaventura cuts full-year production guidance as Q3 gold, silver, zinc output falls

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Peru's Buenaventura cuts full-year production guidance as Q3 gold, silver, zinc output falls

Lima, Peru — Peruvian precious metals producer Buenaventura reduced its full-year gold, silver and zinc guidance after production of the metals dropped in the third quarter, the company said Thursday.

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The company trimmed guidance for the full year to 835,000-890,000 oz of gold, 19.2 million-22.5 million oz of silver and 78,000-87,000 mt of zinc from earlier estimates of 837,000-900,000 oz of gold, 20.7 million-23.5 million of of silver and 90,000-105,000 mt of zinc. Copper and lead guidance were little changed at 47,000-52,000 mt and 49,400-55,500 mt, respectively.

Gold output totaled 236,694 oz in Q3, Lima-based Buenaventura said in a statement. Production was 290,159 oz a year earlier, according to an earlier release. The Yanacocha mine, a joint venture with Newmont, produced 142,654 oz of gold, compared with 153,523 oz a year ago. Yanacocha is expected to produce 510,000 oz of gold overall this year.

Silver production fell to 5 million oz in Q3 from 6.75 million oz a year earlier due to lower output from its Uchucchacua and Tambomayo mines.

Copper production at Buenaventura's El Brocal unit was 12,707 mt in the quarter, down from 12,483 mt a year ago. The company did not report production from Freeport McMoRan's Cerro Verde mine, in which Buenaventura holds a 19.58% stake, but said Cerro Verde should produce 460,000-500,000 mt of copper this year.

Buenaventura's zinc output in the quarter fell to 16,547 mt from 19,248 mt a year earlier, while lead output dropped to 10,879 mt from 13,711 mt.

-- Alex Emery,

-- Edited by Derek Sands,

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