Buenaventura’s Profits Surge in 1Q, but Primarily Due to Metals Other Than Gold
At first glance, Buenaventura’s first quarter shows good progress for shareholders. Adjusted EBITDA including associates rose more than 20% to $178 million. When stripping out associates and the slowing production of aging mine Yanacocha, EBITDA from direct operations looks even more impressive, rising 30% to $81 million.Despite the strong financial results, we’re concerned that the growth is coming from every metal except gold. Year-over-year gold prices rose only 2%, gold production including...
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