Few Surprises in Buenaventura’s Third Quarter; Shares Remain Overvalued
Buenaventura reported third-quarter results that were largely in line with our expectations. Gold production from direct operations grew 4% over the prior year quarter to more than 92,000 ounces. Including associated companies, gold production fell nearly 20% to roughly 157,000 ounces due to continued falling production at the aging Yanacocha. Adjusted EBITDA including associates nearly doubled over the prior year quarter to roughly $135 million, as the 20% increase in realized gold prices were ...
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