Slightly Raising Buenaventura’s FVE on Lower Capital Spend, but Shares Look Overvalued
Buenaventura saw production fall again during the fourth quarter, with gold ounces from direct operations declining 41% to 57,627 ounces. Large decreases in production at Orcopampa and La Zanja continued to drive the decline. For the full year, production from direct operations declined 12% to 296,620 ounces. As a result, 2018 EBITDA from direct operations was 16% lower than the prior year at $315 million. A return to better profitability from the partially owned Yanacocha helped offset the loss...
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