Compañía de Minas Buenaventura S.A.A. (NYSE:BVN) Q2 2023 Earnings Conference Call July 27, 2023 11:00 AM ET

Company Participants

Gabriel Salas - Investor Relations

Leandro Garcia - Chief Executive Officer

Conference Call Participants

Operator

Good day, ladies and gentlemen. Welcome to the Compañía de Minas Buenaventura Second Quarter 2023 Earnings Results Conference Call. At this time, all participants are in a listen-only mode, and please note that this call is being recorded.

I would now like to introduce your host for today's call, Mr. Gabriel Salas, Investor Relations. Mr. Salas, you may begin.

Gabriel Salas

Good morning, everyone, and thank you for joining us today to discuss our Second Quarter 2023 Results. Today's discussion will be led by Mr. Leandro Garcia, Chief Executive Officer; also joining our call today and available for your questions are Mr. Daniel Dominguez, Chief Financial Officer; Mr. Juan Carlos Ortiz, Vice President of Operations; Mr. Alejandro Hermoza, Vice President of Sustainability, Mr. Renzo Macher, Vice President of Projects; Mr. Juan Carlos Salazar, Geology and Exploration Manager; and Mr. Raul Benavides, Director.

Before I hand our call over, let me first touch on a few items. On Buenaventura's website, you will find our press release that was posted yesterday after market close. Please note that today's remarks include forward-looking statements that are based on management's current views and assumptions. While management believes that its assumptions, expectations and projections are reasonable in the view of the currently available information, you are cautioned not to place undue reliance on these forward-looking statements. I encourage you to read the full disclosure concerning forward-looking statements within the earnings results press release issued on July 26, 2023.

Let me now turn the call to Mr. Leandro Garcia.

Leandro Garcia

Thank you, Gabriel. Good morning to all, and thank you for attending this conference. We are pleased to present the results of the second quarter 2023 from Compañía de Minas Buenaventura. We have prepared a PowerPoint presentation, which is available in our web page.

Before we go further, please take a moment to review the cautionary statement shown on slide number two. Moving on to slide three, highlights were as follows. Second quarter '23 EBITDA from direct operations was $17.1 million, compared to negative US$12.9 million reported in the second quarter 2022. The six month -- the first semester, EBITDA from direct operations reached $68.7 million, compared with US$74 million reported in the first semester of 2022. 2022 EBITDA does not include $300 million resulting from the sale of Buenaventura stake in Yanacocha.