Higher Production Drives Improvement at Buenaventura, but Shares Look Overvalued
Buenaventura’s momentum continued during the fourth quarter, as new production from Tambomayo drove a 43% increase in gold production from direct operations. Including Buenaventura’s investments, gold production rose 16% to 198,205 ounces during the fourth quarter. In addition to the spike in production, gold prices were 11% higher than the prior year quarter, driving adjusted EBITDA including investments to rise by nearly 40% to $245 million.The company provided 2018 production guidance, which...
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