Buenaventura Mining Company Inc. (NYSE:BVN) Q1 2020 Earnings Conference Call - Final Transcript

May 19, 2020 • 11:00 am ET


Buenaventura Mining Company Inc. (NYSE:BVN) Q1 2020 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen. Welcome to Compania de Minas Buenaventura First Quarter 2020 Earnings 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. Rodrigo Echecopar, Investor Relations. Mr. Echecopar, you may begin.

Rodrigo Echecopar

Good morning and welcome everyone. Presenting on the call today is Mr. Victor Gobitz, CEO. Also present and available for your questions are Mr. Leandro Garcia, Vice President and CFO; Mr. Juan Carlos Ortiz, Vice President of Operations; Raul Benavides, Vice President of Business Development; Alejandro Hermoza, Vice President of Sustainability. In addition, joining us today is Mr. Roque Benavides, our Chairman. Before we get started during today's call, we will make forward-looking statements that reflect the company's current expectations about future plans and performance.

These statements rely on assumptions and estimates and actual results may differ materially due to risks and uncertainties. I encourage you to read the full disclosure concerning forward-looking statements within the press release we filed on May 18th, 2020. It is important to note that these statements include expectations and assumptions which will be shared related to the impact of the COVID-19 pandemic.

As seen on the slide two, our forward-looking statement also provides information on risk factors including the facts related to COVID-19 that could affect our financial results. In particular, there is significant uncertainty about the duration and complete impact of the COVID pandemic. This means Buenaventura's results could change at any time and the impact of COVID-19 on the company's results and outlook is a best estimate based on information available as of today's date.

Please note, in the interest of safety, we're utilizing a more digital approach in exercising social distancing. While conducting this goal, we would ask you to please bear that in mind in light of any potential technological difficulties which could occur. At this time, let me turn the call over to Victor. Victor, please go ahead.

Victor Gobitz

Thank you, Rodrigo. Good morning to all and thank you for attending this conference calls. Before we start this presentation, we would like to wish you, your family and friends health and well-being at this difficult time. We are pleased to present the results of the first quarter of 2020 from Compania 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 statements shown on slide two.

Please consider the new disclosures related to COVID-19 pandemic. Moving on to Slide 3, highlights were as follows. In this first quarter of 2020, results were adversely impacted by the state of emergency and related mandated lockdown instituted by the Brazilian government in order to contain spread of coronavirus. Due to the outbreak of COVID-19 in Peru and related restrictions imposed, Buenaventura lost 17% of its production for the first quarter of 2020.

In this first quarter of 2020, EBITDA