|Over a month ago|
Buenaventura reports Q3 EPS 10c, consensus 12c » 20:1010/2910/29/20
Reports Q3 revenue…
Reports Q3 revenue $228.2M, consensus $214.77M. Reports Q3 adj. EBITDA $183.9M vs. $168.2M last year.
Buenaventura names Daniel Dominguez as CFO » 18:2909/0809/08/20
Compania de Minas…
Compania de Minas Buenaventura announced that Buenaventura's Board has elected Daniel Dominguez as Buenaventura's CFO, effective September 8, 2020. Mr. Dominguez will succeed Leandro Garcia, who was appointed as Buenaventura's Chief Executive Officer on July 30, 2020, effective September 1, 2020.
|Over a quarter ago|
Gold miners glitter amid spike in gold prices as Covid, dollar create haven » 14:4808/0408/04/20
ABX, GOLD, AU, AEM, NEM, KGC, AUY, BVN, MUX, GFI, GAU
Shares of gold mining…
Shares of gold mining stocks have rallied along with gold itself since the beginning of the year. The move up in gold prices initially was attributed to the degradation of the U.S. dollar at the beginning of 2020, but the move accelerated amid concern and some would panic over the coronavirus pandemic. DROP IN YIELDS AMID STIMULUS: Economies and governments across the globe have responded to COVID-19 with massive stimulus packages to keep businesses and citizens afloat. Investors are fleeing to gold as a safe-haven trade as governments debt loads mount as they spend more. In an article out earlier, Joe Wallace of the Wall Street Journal attributed the recent gold move to "this year's precipitous drop in yields on U.S. Treasury to levels below the expected pace of inflation." SHARP RISE TODAY: Gold is rallying with October gold futures last up approximately $29.10 an ounce at $2,003. RECENT ANALYST CALLS: Scotiabank analyst Tanya Jakusconek upgraded Agnico Eagle Mines (AEM) to Outperform from Sector Perform with a price target of $72, up from $65 last week, while BMO Capital analyst Raj Ray downgraded AngloGold (AU) to Market Perform from Outperform with an unchanged price target of $34. PRICE ACTION: Shares of companies in the precious metals space are all higher in late day trading, including Agnico Eagle Mines, AngloGold, Newmont (NEM), Kinross Gold (KGC), Yamana Gold (AUY), Buenaventura (BVN), McEwen Mining (MUX), Gold Fields (GFI), and Galiano Gold (GAU).
Buenaventura reports Q2 EPS (10c), consensus (18c) » 19:2607/3007/30/20
Reports Q2 revenue…
Reports Q2 revenue $97.8M, consensus $71.67M. Reports Q2 adj. EBITDA $86.1M vs. $137.3M last year. The company states: "Q2 results were adversely impacted by the State of Emergency and related mandated lockdown instituted by the Peruvian Government in order to contain the spread of the COVID-19. As part of the Buenaventura's two-phased plan, on May 16, 2020 Tambomayo, Uchucchacua, El Brocal and Coimolache began the process to restart operations. The second phase began on June 16, 2020. As of the date of this press release, the Company expects to reach full capacity at all operations by the end of August."
Buenaventura CEO Gobitz resigns, Garcia named next CEO » 17:0607/3007/30/20
Buenaventura announced that Victor Gobitz has resigned as the Company's Chief Executive Officer, effective August 31, 2020, to pursue another professional opportunity. Buenaventura's Board of Directors has appointed Leandro Garcia, Buenaventura's Chief Financial Officer, to assume the role of Chief Executive Officer, effective September 1, 2020. Roque Benavides, Buenaventura's Chairman, stated: "Mr. Gobitz has made many important contributions to Buenaventura during his tenure with the Company, including our successful De-bottlenecking Program and related upgraded methodology to evaluate greenfield projects, as well as various improvements to our cost structure and associated capital efficiencies- all of which are clearly resonating. These core competencies will continue to serve the Company well moving into the future. On behalf of the Board, I thank Victor for his leadership, commitment and contributions to Buenaventura over the last four years."
Buenaventura upgraded to Buy from Sell at Goldman Sachs » 07:1306/2206/22/20
Goldman Sachs analyst…
Goldman Sachs analyst Thiago Ojea upgraded Buenaventura to Buy from Sell with a $11.50 price target after the firm's global commodities team reiterated its bullish stance on gold and has raised its prices forecast. Ojea has been cautious on Latin American precious miners for the past year, but for Buenaventura he believes that investors' expectations on lower volumes have already been reset and that higher gold prices could be an important catalyst.
Buenaventura reports Q1 EPS (30c), consensus (5c) » 19:0105/1805/18/20
Reports Q1 revenue…
Reports Q1 revenue $114.5M, one estimate $243.4M. 1Q20 results were adversely impacted by the State of Emergency and related mandated lockdown instituted by the Peruvian Government in order to contain the spread of the Coronavirus. Due to the outbreak of COVID-19 in Peru and the related restrictions imposed, Buenaventura was unable to produce for 17% of the first quarter 2020.
Buenaventura withdraws FY19 final dividend payment » 20:2304/1504/15/20
Compania de Minas…
Compania de Minas Buenaventura announced that, due to uncertainties related to suspended mining activities in Peru and with the aim to preserve the company's cash position, Buenaventura's board has unanimously voted to withdraw to the company's year-end 2019 dividend payment from the upcoming Annual General Meeting agenda.
Buenaventura announces 13 day extension to COVID-19 restrictions » 16:3403/3003/30/20
Buenaventura y advised…
Buenaventura y advised that the Peruvian Government has extended the current state of emergency by an additional 13 days to curb the COVID-19 pandemic. The quarantine period has therefore currently been extended until April 12, 2020. Production at Buenaventura's direct operations remains on care and maintenance during the state of emergency, but Buenaventura continues to process ore on the leach pads at its Coimolache and La Zanja mines. Mining activities will be limited to those critical activities which ensure functionality of mine pumping systems, water treatment plants, energy supply, hydroelectric substations, health services as well as to ensure essential plant maintenance, managerial oversight, security and safety conditions, including backfill and general support, among others. Buenaventura is prepared to immediately resume normal operations once it has received notice from the authorities that restrictions have been lifted.
Buenaventura to limit activities of operations amid COVID-19 pandemic » 16:5503/1703/17/20
Buenaventura announced that the Peruvian Government has issued a Supreme Decree and has declared a National Emergency in order to contain the COVID-19 outbreak. Said restrictions currently remain in place for a 15-day period, commencing March 16, 2020. In accordance with these restrictions and within the framework of the Company's Pandemic Response Plan, as well as local and national health authority requirements and recommendations, Buenaventura will limit the activities of its operations to those which ensure functionality of its mine pumping systems, water treatment plants, energy supply, hydroelectric substations, health services as well as safety conditions including backfill and general support, among others. Buenaventura is prepared to immediately restart operations once it has received notice from Federal and local authorities that it is appropriate to do so. Buenaventura remains focused on guaranteeing the safety of its employees, communities and contractors, as well as the surrounding environment. The company has been actively monitoring COVID-19 since early January 2020. All operations and offices have implemented the appropriate travel restrictions, surveillance, monitoring and response plans to reduce the risk of COVID-19 exposure and outbreak, including health screening of contractors, visitors and employees when appropriate. In addition, individual operations continually assess the situation as it evolves and have limited external visitors to only those who are considered to be business critical. Each of its operations also continue to monitor and implement business continuity measures to mitigate and minimize any potential impacts of the global outbreak that might emerge on its operations, supply chain, commercial and financial activities. There has been no material impact to production or shipment of concentrate from any of the company's operations to date as a result of COVID-19. Additionally, there has been no significant disruption to the supply chain of the company's operations.