What was Buenaventura's production in 2023, and what were the latest developments in El Brocal and San Gabriel?

The production of our units was within the estimated range for the year 2023, in line with what we announced to the market.
At El Brocal unit, located in the Pasco region, at the end of 2023, we suspended operations at the open-pit mine for two years due to delays in approving permits to expand our environmental footprint. However, we continue to process the previously accumulated ore. On the other hand, we had a significant achievement at the El Brocal underground mine, reaching a historical production record of 10,000 t/d. This also allowed us to achieve the production record of 58,000 t/y of fine copper. We plan to gradually increase production from the underground mine to 12,000 t/d over the next two years.

At our San Gabriel project in Moquegua, we ended 2023 with 90% engineering progress, 89% procurement, and 14% construction, representing an overall progress of 28% by the end of the year. Additionally, we reached a capex of nearly US$140 million, and for 2024 we estimate investing close to US$200 million. We expect to complete construction in 2025 and obtain the first gold bar by the end of that year.

What is the status of Uchucchacua, and what plans does Buenaventura have regarding this project?

At Uchucchacua, located in the Oyón province, northern Sierra of Lima, by the end of 2023 we resumed operations after two years of being in Care & Maintenance. Additionally, we continue to explore and develop the mine. Furthermore, it should be noted that Uchucchacua is transitioning from being a 100% silver mine to a polymetallic operation, as it has a balance between silver, lead and zinc. We are producing close to 800 t/d, and the plan is to increase production above 1,500 t/d gradually.

What is the importance of receiving the Environmental Impact Assessment (EIA) for Yumpag, and what are the next steps?

The approval of the EIA for our Yumpag project in Pasco is a significant milestone as it allows us to put this high-grade silver deposit into production. This deposit and the restart of Uchucchacua will allow us to produce over 10 million oz/y of silver. We are awaiting approval of the operational permit, which we estimate will be ready by the end of the second quarter 2024. The potential of Yumpag is enormous, and we continue our explorations with very positive results. The Camila, Tomasa, and Cóndor veins have a potential of over 150 million ounces of silver.

What does Antofagasta's investment mean for the company, and what synergies do they expect to leverage?

Antofagasta's purchase of shares is a positive sign that reflects the market's strong confidence in our company. We are confident that Antofagasta will bring its experience in the development and operation of copper projects, which will undoubtedly increase the value of our businesses.