Compania de Minas Buenaventura SAA (BVN) 2023 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Compañía de Minas Buenaventura First Quarter 2023 Earnings Results Conference Call. (Operator Instructions) And please note that this event 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.

女士們、先生們，美好的一天，歡迎參加 Compañía de Minas Buenaventura 2023 年第一季度盈利結果電話會議。 （操作員說明）請注意，該事件正在被記錄。現在我想介紹今天電話會議的主持人，投資者關係部門的加布里埃爾·薩拉斯 (Gabriel Salas) 先生。薩拉斯先生，您可以開始了。

Good morning, everyone, and thank you for joining us today to discuss our first 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. Aldo Masa, Vice President of Business Development and Commercial; Mr. Alejandro Hermoza, Vice President of Sustainability; Mr. Renzo Macher, Vice President of Projects; Mr. Juan Carlos Salazar, Geology and Explorations Manager; Mr. Roque Benavides, Chairman; and Mr. Raul Benavides, Director.

大家早上好，感謝您今天加入我們討論我們 2023 年第一季度的業績。今天的討論將由首席執行官 Leandro Garcia 先生主持。今天也加入我們的電話會議並回答您的問題的還有首席財務官 Daniel Dominguez 先生； Juan Carlos Ortiz 先生，運營副總裁； Aldo Masa 先生，業務發展和商務副總裁； Alejandro Hermoza 先生，可持續發展副總裁； Renzo Macher 先生，項目副總裁； Juan Carlos Salazar 先生，地質與勘探經理；主席羅克·貝納維德斯先生；以及董事 Raul Benavides 先生。

Before I hand out 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 April 27, 2023.

在發出我們的電話之前，讓我先談談一些事項。在布埃納文圖拉的網站上，您可以找到我們昨天收盤後發布的新聞稿。請注意，今天的言論包括基於管理層當前觀點和假設的前瞻性陳述。雖然管理層認為，根據當前可用信息，其假設、預期和預測是合理的，但請注意不要過度依賴這些前瞻性陳述。我鼓勵您閱讀 2023 年 4 月 27 日發布的盈利結果新聞稿中有關前瞻性陳述的完整披露內容。

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

現在讓我把電話轉給萊安德羅·加西亞先生。

Thank you, Gabriel. Good morning to all, and thank you for attending this conference call. We are pleased to present the results for the first quarter 2023 from Compañía de Minas Buenaventura. We have prepared a PowerPoint presentation, which is available on our web page. Before we go further, please take a moment to review the cautionary statement shown on Slide #2.

謝謝你，加布里埃爾。大家早上好，感謝您參加本次電話會議。我們很高興地公佈 Compañía de Minas Buenaventura 2023 年第一季度的業績。我們準備了一份 PowerPoint 演示文稿，可在我們的網頁上獲取。在我們進一步討論之前，請花點時間查看幻燈片 #2 中顯示的警告聲明。

Moving on to Slide 3. Highlights were as follows: First quarter '23 EBITDA from direct operations was $51.6 million compared to the $86.9 million reported in the first quarter of '22. EBITDA results do not include $300 million from the sale of Buenaventura's stake in Yanacocha. First quarter '23 EBITDA, including associated company reached $181.9 million compared to the $233.7 million in the first quarter of '22. Again, EBITDA results do not include the $300 million from the sale of Buenaventura's stake in Yanacocha.

轉到幻燈片 3。要點如下：23 年第一季度來自直接運營的 EBITDA 為 5160 萬美元，而 22 年第一季度報告的 EBITDA 為 8690 萬美元。 EBITDA 業績不包括因出售 Buenaventura 所持 Yanacocha 股份而產生的 3 億美元。 23 年第一季度 EBITDA（包括聯營公司）達到 1.819 億美元，而 22 年第一季度為 2.337 億美元。同樣，EBITDA 業績不包括布埃納文圖拉出售亞納科查股份所得的 3 億美元。

First quarter '23 net income from continuing operations reached $72.2 million compared to USD 134.7 million net income from continuing operations for the same period in 2022.

2023 年第一季度持續運營淨利潤達到 7220 萬美元，而 2022 年同期持續運營淨利潤為 1.347 億美元。

El Brocal ore mine from its open pit was stockpiled during the first quarter of 2023 and was not treated during the quarter. Underground mine production increased to 9,350 tons per day during the first quarter '23, compared to the 7,100 tons per day in the first quarter 2022, as part of the ramp-up to reach 10,000 tons per day during 2023. This stockpiled lead and zinc ore will be treated at El Brocal's processing plant in the second quarter of 2023.

El Brocal 露天礦礦在 2023 年第一季度被儲存，並且在該季度沒有得到處理。地下礦山產量在 2023 年第一季度增至每天 9,350 噸，而 2022 年第一季度為每天 7,100 噸，這是 2023 年達到每天 10,000 噸目標的一部分。這儲存了鉛和鋅礦石將於 2023 年第二季度在 El Brocal 的加工廠進行處理。

Buenaventura's cash position reached $173.5 million as of March 31, 2023. Net debt increased to $556.8 million with an average maturity of 3.1 years. First quarter '23 capital expenditures were $36.2 million compared to $19.9 million for the same period in 2022. First quarter 2023 CapEx includes $9.7 million related to the San Gabriel project and $8.8 million related to Yumpag project.

截至 2023 年 3 月 31 日，布埃納文圖拉的現金頭寸達到 1.735 億美元。淨債務增加至 5.568 億美元，平均期限為 3.1 年。 23 年第一季度的資本支出為 3620 萬美元，而 2022 年同期為 1990 萬美元。2023 年第一季度的資本支出包括與聖蓋博項目相關的 970 萬美元和與 Yumpag 項目相關的 880 萬美元。

On March 24, 2023, Cerro Verde announced a total dividend distribution of $250 million. Buenaventura will receive $49 million relative to its stake in Cerro Verde on April 28, 2023. During the first quarter of this year, operations at Julcani were suspended for 10 days in February 2023 related to antigovernment protests, which adversely impacted production and mine development. Operations were fully reestablished on February 16, 2023. The company plans to recover this production in subsequent quarters and expect to meet 2023 production guidance.

2023年3月24日，Cerro Verde宣布股息分配總額為2.5億美元。布埃納文圖拉將於 2023 年 4 月 28 日獲得其 Cerro Verde 股份的 4900 萬美元。今年第一季度，Julcani 的運營因反政府抗議活動於 2023 年 2 月暫停了 10 天，對生產和礦山開發造成了不利影響。運營已於 2023 年 2 月 16 日完全恢復。該公司計劃在隨後的幾個季度恢復生產，並預計達到 2023 年的生產指導目標。

Moving on to Slide 4, our financial highlights. Total revenues during the first quarter were $186 million, which is 20% lower in the comparison to the first quarter of 2022. As we mentioned before, our EBITDA from direct operations for first quarter 2023 was $52 million in comparison to $87 million during the first quarter of 2022. Again, these figures exclude the Yanacocha transaction effect.

轉到幻燈片 4，我們的財務亮點。第一季度的總收入為 1.86 億美元，比 2022 年第一季度下降 20%。正如我們之前提到的，我們 2023 年第一季度直接運營的 EBITDA 為 5200 萬美元，而第一季度為 8700 萬美元。 2022 年第四季度。同樣，這些數字不包括 Yanacocha 交易的影響。

Also, our net income from continuing operations for the first quarter of 2022 (sic) [2023] was $73 million in comparison to a net income from continuing operations of $135 million during the same period in 2022. The CapEx increased to $36 million in the first quarter of 2023 compared to the $20 million in the first quarter of 2022.

此外，我們 2022 年第一季度（原文如此）[2023] 的持續經營淨利潤為 7,300 萬美元，而 2022 年同期持續經營淨利潤為 1.35 億美元。2022 年資本支出增加至 3,600 萬美元。 2023 年第一季度的銷售額為 2000 萬美元，而 2022 年第一季度的銷售額為 2000 萬美元。

Moving on to Slide 5, attributable production. Total gold attributable production in the first quarter of 2023 was 39,000 ounces, 21% lower than the figure reported in the same quarter of the previous year. This decrease is mainly explained by La Zanja mining operation suspension since the fourth quarter of '22, and lower production at Coimolache, as mining and ore, stockpiling were temporarily suspended in the fourth quarter 2022.

轉到幻燈片 5，可歸因的製作。 2023年第一季度黃金權益總產量為39,000盎司，比上年同期報告的數字下降21%。這一下降的主要原因是 La Zanja 採礦作業自 22 年第四季度以來暫停，以及 Coimolache 產量下降，因為採礦和礦石、庫存在 2022 年第四季度暫時停止。

Silver attributable production for this quarter was 1.1 million ounces, which shows a decrease of 38% compared to the figure reported on the first quarter of 2022. This decrease in production was primarily due to the El Brocal underground mine being the sole producing mine during the first quarter of 2023, as with the adverse impact of the 10-day suspension of activities at Julcani due protest, as described.

本季度白銀權益產量為 110 萬盎司，與 2022 年第一季度報告的數字相比下降了 38%。產量下降的主要原因是 El Brocal 地下礦是本季度唯一的生產礦。 2023 年第一季度，正如所述，由於抗議而導致朱爾卡尼活動暫停 10 天的不利影響。

Finally, our copper attributable production for the first quarter of the year was close to 29,000 metric tonnes, a 7% increase compared to the same period in 2022.

最後，我們今年第一季度的銅權益產量接近 29,000 噸，比 2022 年同期增長 7%。

Moving on to Slide 6, all-in sustaining cost and cost applicable to sales. The all-in sustaining cost from our direct operations in the first quarter of 2022 -- 2023, sorry, increased by 44% to USD 1,924 per ounce of gold. The cost applicable to sales for the first quarter of 2023 were as follows: For gold, USD 1,124 per ounce, which is almost equal to a year ago; for silver, USD 21.5 per ounce, which is 41% higher than a year ago; for lead, USD 1,394 per metric tonne, which is 1% higher than a year ago; for copper, USD 6,738 per metric tonne, which is 2% higher in comparison to a year ago. Finally, in the case of zinc, the cost applicable to sales was USD 1,966 per metric tonne, which is 31% lower than a year ago.

轉到幻燈片 6，所有維持成本和適用於銷售的成本。抱歉，2022 年至 2023 年第一季度我們直接運營的總體維持成本增加了 44%，達到每盎司黃金 1,924 美元。 2023 年第一季度適用的銷售成本如下： 黃金為每盎司 1,124 美元，幾乎與一年前持平；白銀價格為每盎司21.5美元，比去年同期上漲41%；鉛價格為每噸 1,394 美元，比去年同期上漲 1%；銅價格為每噸 6,738 美元，比一年前上漲 2%。最後，就鋅而言，適用於銷售的成本為每噸 1,966 美元，比一年前下降了 31%。

Moving on to Slide 7, our pipeline of projects update. Here, we are presenting in one snapshot the current development level for each of our projects.

轉到幻燈片 7，我們的項目流程已更新。在這裡，我們在一張快照中展示了每個項目的當前開發水平。

Moving on to Slide 8, our projects. In the case of Yumpag, our Brownfield project, we are focused on development of main ramps and exploration tunnels. Updated geological model suggests the opportunity to increase minable grade with less mining development. Environmental permit for underground exploration granted in February 2023. The environmental permit for mining expected on May 2023.

轉到幻燈片 8，我們的項目。就我們的棕地項目 Yumpag 而言，我們專注於主坡道和勘探隧道的開發。更新的地質模型表明，有機會通過減少採礦開發來提高可開採品位。 2023 年 2 月獲得地下勘探環境許可證。預計 2023 年 5 月獲得採礦環境許可證。

In the case of San Gabriel, our greenfield project, we have finished the organic contract. The beta is to start in May, and definite campsite to start in July. Authority admitted the power line Environmental Impact Assessment, currently programming the third workshop by the third quarter of 2023. Working with the regional government on road maintenance and right-of-way, which we have reached an agreement with Corire community on oil transport fees.

就我們的綠地項目聖蓋博而言，我們已經完成了有機合同。測試版將於五月開始，具體的露營地將於七月開始。當局承認了電力線環境影響評估，目前計劃在 2023 年第三季度舉行第三次研討會。與地方政府就道路維護和通行權進行合作，我們已與 Corire 社區就石油運輸費用達成協議。

Thank you for your attention, and I will hand the call back to the operator to open the line for the questions. Operator, please go ahead.

感謝您的關注，我會將電話轉給接線員以開通提問線路。接線員，請繼續。

(Operator Instructions) Our first question today comes from Carlos De Alba from Morgan Stanley.

（操作員說明）今天我們的第一個問題來自摩根士丹利的Carlos De Alba。

First question is at El Brocal, the stockpiles that you accumulated in Q1, how much under your process this quarter -- you are processing this quarter? Can you offer some color as to how much volumes of lead and zinc will be sold during the second quarter from these stockpiles? Or would you really expect to see the volumes really coming only in the third quarter, given that the processing will take place during the second quarter?

第一個問題是在 El Brocal，您在第一季度積累的庫存，本季度您正在處理多少庫存？您能否透露第二季度這些庫存中將出售多少鉛和鋅？或者，考慮到處理將在第二季度進行，您真的希望在第三季度才能真正看到數量嗎？

And my second question has to do with the balance sheet and the free cash flow. The free cash flow in the last several quarters has been, for the most part, negative, and your debt has increased. Net debt has increased and the maturity is only 3.1 years. And so how do you -- how are you going to address this situation? We're getting more and more questions from investors that are concerned about the balance sheet. And Cerro Verde is paying dividends, but probably not as much as we would have thought. So yes, just any comments maybe, Daniel, on how you're going to address the situation. What are the plans that the company has in order to improve the balance sheet, that would be great.

我的第二個問題與資產負債表和自由現金流有關。過去幾個季度的自由現金流在很大程度上為負值，並且您的債務增加了。淨債務增加，期限僅為3.1年。那麼你將如何解決這種情況呢？我們收到越來越多投資者關心資產負債表的問題。 Cerro Verde 正在支付股息，但可能沒有我們想像的那麼多。所以，是的，丹尼爾，可能只是關於你將如何解決這種情況的任何評論。公司有什麼計劃來改善資產負債表，那就太好了。

Thank you, Carlos, for your questions. First, in terms of El Brocal, maybe Juan Carlos will give more color to the answer. But the thing is, the order that we have the stockpile there, we have a plan to pass through the plant during the year. In terms of the free cash flow, we have some strategies of how to pass this negative quarter in terms of free cash flow. However, this third quarter has been characterized because of the using of working capital. We have used more working capital. We have not treated the ore, for example, in El Brocal. And that -- Daniel will give you, for sure, more information about how -- which are our -- the strategies for this coming year and all the projects we have in a row.

卡洛斯，謝謝你的提問。首先，就埃爾布羅卡爾而言，也許胡安·卡洛斯會給答案更多的色彩。但問題是，根據我們在那裡有庫存的命令，我們計劃在年內通過該工廠。在自由現金流方面，我們有一些策略來度過這個自由現金流負增長的季度。然而，第三季度的特點是流動資金的使用。我們使用了更多的營運資金。例如，我們沒有對 El Brocal 的礦石進行處理。丹尼爾肯定會向您提供更多關於我們來年的戰略以及我們連續進行的所有項目的信息。

And finally, the dividend of Cerro Verde, we already have received the first part of the dividend. We expect, for sure, during the year, normally, Freeport declare dividends one in March and the second as an advance in October. So we should expect an additional dividend during the year. Please, Juan Carlos, if you can give more color to Carlos.

最後是Cerro Verde的股息，我們已經收到了第一部分股息。我們肯定預計，在這一年中，自由港通常會在 3 月份宣布股息，第二次在 10 月份作為預付款。因此，我們應該預計年內會有額外股息。胡安·卡洛斯，請給卡洛斯更多的色彩。

Sure. Sure. We end up the first quarter of 2023 in El Brocal with an average of 200,000 tons of ore in a stockpile. The focus was on stripping the properties of this phase that we are mining in the open pit. In the coming quarters, we will increase that volume [loss] of stockpile up to around 1 million tons in the third quarter, and then coming down by the end of the year to finalize this year with around 400,000 tons of ore in a stockpile. By the first quarter of 2024, we will complete the processing of this material. The material is mainly polymetallic with some areas that contain copper. Because we're getting closer and closer to the underground mine that is mainly copper. This is pretty much the same transition that we see in the open pit.

當然。當然。到 2023 年第一季度，埃爾布羅卡爾的礦石平均庫存量為 20 萬噸。重點是剝離我們在露天開采的這一階段的特性。未來幾個季度，我們將在第三季度將庫存量增加到100萬噸左右，然後在年底前下降，最終實現今年庫存量在40萬噸左右。到2024年第一季度，我們將完成這種材料的加工。該材料主要是多金屬，某些區域含有銅。因為我們距離以銅為主的地下礦越來越近了。這與我們在露天礦中看到的轉變幾乎相同。

The volumes of zinc and lead that we are going to be producing are in line with our guidance for the year. So it's only the sequence of mining up to September and the sequence of processing, all the way down to the last quarter of this year and first quarter of 2024. So at the first quarter of 2024, we will finalize the processing of the outstanding stockpiles all from the open pit in El Brocal.

我們將生產的鋅和鉛的產量符合我們今年的指導。所以這只是到9月份的開採順序和處理順序，一直到今年最後一個季度和2024年第一季度。所以在2024年第一季度，我們將完成對未償還庫存的處理全部來自埃爾布羅卡爾 (El Brocal) 的露天礦坑。

The second part of the -- answer of the question from Carlos. Thank you, Carlos, for your question. Yes, temporarily, we are having a deterioration of our leverage ratio. It's over 3x right now. But we believe this will be reducing in the following quarters when we have a better EBITDA. During last year, the second EBITDA of 2022, which is counted within the period of this ratio, we had a very low EBITDA. And we believe in the second half -- second quarter and the third quarter, with El Brocal improving operation with -- after treating the stockpile that Juan Carlos mentioned, we are going to recover the EBITDA.

第二部分——卡洛斯問題的回答。謝謝你，卡洛斯，你的問題。是的，暫時我們的槓桿率正在惡化。現在已經超過3倍了。但我們相信，當我們有更好的 EBITDA 時，這一數字在接下來的幾個季度將會減少。去年，即2022年第二個EBITDA，也就是在這個比率期間計算的，我們的EBITDA非常低。我們相信，在下半年——第二季度和第三季度，隨著 El Brocal 改善運營——在處理了胡安·卡洛斯提到的庫存之後，我們將恢復 EBITDA。

Meanwhile, to be able to fund Yumpag and San Gabriel, we are going to use our own cash. But also, we are going to raise a temporary facility that we have already committed with local banks. This could be up to between $50 million and $100 million. This will permit us to fund temporarily our obligations in Yumpag and San Gabriel. And we will see if we need to extend this -- the maturity of this loan. However, we believe that with the dividends from Cerro Verde, that we will receive at the end of the year, after starting Uchucchacua and Yumpag in the third and fourth quarter, we will be able to finish the year with a leverage ratio of below 3.5x. For next year, we're having Uchucchacua and Yumpag working full capacity and a better -- and having a better EBITDA, we think that the leverage ratio should go down to levels of 3x.

與此同時，為了能夠為 Yumpag 和 San Gabriel 提供資金，我們將使用自己的現金。而且，我們還將籌集一項我們已經與當地銀行承諾的臨時貸款。這可能高達 5000 萬至 1 億美元。這將使我們能夠暫時為我們在揚帕格和聖蓋博的債務提供資金。我們將看看是否需要延長這筆貸款的期限。然而，我們相信，憑藉我們將在年底收到的 Cerro Verde 股息，在第三季度和第四季度啟動 Uchucchacua 和 Yumpag 後，我們將能夠以低於 3.5 的槓桿率結束今年X。明年，我們將讓 Uchucchacua 和 Yumpag 滿負荷運轉，並且擁有更好的 EBITDA，我們認為槓桿率應降至 3 倍的水平。

And just one question on the working capital in the quarter. Leandro alluded to that. But actually, the biggest negative impact that we can see is not on inventories. It is on trade and other accounts payables, almost $80 million negative impact. Any particular reason why such a big delta in that line?

還有一個關於本季度營運資金的問題。萊安德羅提到了這一點。但實際上，我們能看到的最大負面影響並不是庫存。它對貿易和其他應付賬款造成近8000萬美元的負面影響。這條線上有這麼大的三角洲有什麼特殊原因嗎？

Yes, Carlos. As you remember, last year, we experienced the same situation. In December, we registered a big amount of bills from contractors, basically at El Brocal and Tambomayo. These were registered at the end of the year and were paid during the first quarter of the year. So this is a temporary effect as well.

是的，卡洛斯。正如你所記得的，去年我們也經歷過同樣的情況。 12 月份，我們收到了大量承包商的賬單，主要是在 El Brocal 和 Tambomayo。這些費用在年底登記，並在當年第一季度支付。所以這也是暫時的影響。

And our next question comes from Tanya Jakusconek from Scotiabank.

我們的下一個問題來自豐業銀行的 Tanya Jakusconek。

I actually have 3. Just for Daniel, can -- Daniel, I know at your Investor Day and your materials, you gave guidance for Cerro Verde dividend to be about $120 million per annum for you for the next sort of 3 years. Is that still a good number for us to use?

我實際上有 3. 就丹尼爾而言，可以 - 丹尼爾，我知道在您的投資者日和您的材料上，您為您提供了未來 3 年 Cerro Verde 股息每年約 1.2 億美元的指導。這個數字仍然適合我們使用嗎？

Yes, Tanya. We think that with the levels of the copper price right now, Cerro Verde is generating a very important cash flow. We believe that the amount of dividend should be between $100 million and $120 million per year.

是的，塔尼婭。我們認為，鑑於目前的銅價水平，Cerro Verde 正在產生非常重要的現金流。我們認為每年股息金額應在1億至1.2億美元之間。

Okay. And then, Daniel, there's been no change to your capital cost guidance that you provided earlier this year?

好的。那麼，丹尼爾，您今年早些時候提供的資本成本指導沒有變化嗎？

Not at this point in time. We are still evaluating any effect at San Gabriel. But at this point in time, we maintain the same level of CapEx for this year.

目前還沒有。我們仍在評估對聖蓋博的影響。但目前，我們維持今年相同的資本支出水平。

Okay. So can I just come back to San Gabriel? And then my final question is actually back to El Brocal. But just on San Gabriel, you mentioned that we have -- so you've done the camps. You're doing the power line EIA. And then we have the third workshop. I thought we were totally permitted on this project. Can you remind me what the third workshop is? And am I getting a permit with this third workshop? I'm just very confused.

好的。那麼我可以回到聖蓋博嗎？然後我的最後一個問題實際上又回到了埃爾布羅卡爾。但就在聖蓋博，你提到我們已經——所以你已經完成了訓練營。您正在進行電力線環評。然後我們舉行了第三次研討會。我以為我們完全被允許參與這個項目。你能提醒我第三次研討會是什麼嗎？我可以獲得第三次研討會的許可嗎？我只是很困惑。

Thank you, Tanya, for your question. The permit we mentioned last year was the construction permit. But well, here with us is Renzo Macher, our Vice President of Projects, so he can explain in detail the following part.

謝謝你，塔尼婭，你的問題。我們去年提到的許可證就是施工許可證。不過，和我們在一起的是我們的項目副總裁 Renzo Macher，所以他可以詳細解釋以下部分。

Yes. So as Leandro were saying, we do have the construction permits and environmental permits for the mine. What we are talking here is about the permit for the power line. We do have -- the process of this is, first, we get all the land. We already have all that. We have the design ready done, and now it's about the environmental impact assessment of the line, which is different than the environmental impact assessment for a mine. So it's a different regulation. So it's 2 different permits.

是的。正如萊安德羅所說，我們確實擁有該礦的施工許可證和環境許可證。我們這裡討論的是電力線的許可證。我們確實有——這個過程是，首先，我們獲得所有土地。我們已經擁有了這一切。我們已經設計好了，現在是關於生產線的環境影響評估，這與礦山的環境影響評估不同。所以這是一個不同的規定。所以這是兩個不同的許可證。

Okay. Sorry, I misunderstood. I had assumed we had all of the permits to go. So this is just a power line permit and that you're doing the consultation with the communities, is how I'm understanding it. And that's going to be happening in Q3 '23. When are you expecting the power permit then?

好的。抱歉，我誤會了。我以為我們已經獲得了所有的許可。所以這只是一個電力線許可證，你正在與社區進行協商，這就是我的理解。這將在 23 年第三季度發生。那你什麼時候能拿到電力許可證？

All right. [After that] -- that's a different regulation, yes. Towards the end of the year, we're going to have the construction permit for the power line.

好的。 [在那之後]——是的，這是一個不同的規定。到今年年底，我們將獲得輸電線路的施工許可證。

Okay. All right. Is that the last permit I need? Because you have the construction, you have the environmental. This power permit, is that pretty much it in terms of the big permits?

好的。好的。這是我需要的最後一個許可證嗎？因為有了建築，就有了環境。這個權力許可證，就大許可證而言，差不多了吧？

Yes. There's a lot of operation permits, small permits and -- yes, but the biggest one, yes.

是的。有很多經營許可證、小許可證，還有——是的，但最大的許可證，是的。

Yes. No, I understand the permits here and there, but the bigger ones. Okay. And is the power line permit on the -- a critical on the time line to get into production by mid-2025?

是的。不，我了解這里和那裡的許可證，但更大的許可證。好的。電力線路許可證對於 2025 年中期投產的時間線至關重要嗎？

No, it is not.

不它不是。

No?

不？

No. No, we do have like a 6-month lead in there, free time.

不，不，我們確實有大約 6 個月的空閒時間。

Okay. So you could start up with generators as sort of what I understand?

好的。那麼你可以按照我的理解從發電機開始嗎？

Yes. It is always optimal to do it with the power line, but yes.

是的。使用電源線始終是最佳選擇，但是是的。

Yes. Okay. for sure, for sure. Okay. And then maybe for Daniel, again. Sorry, Daniel. Just my understanding on El Brocal and how we should model it in our model, so I get the right cash flow coming out of this asset for you. Should I just be thinking this year like until Q3, we are mining like the copper from the underground? And then the lead and zinc stockpile, which you're increasing the stockpile from 200,000 tons to 1 million, should I be thinking that, that then starts to -- majority of it gets -- come off in Q4? So that get processed, and revenue comes in Q4 and Q1 of next year. Is that the majority of the revenue coming out from that stockpile, and the copper just comes and goes through this year? So 2 things. Copper's revenue coming through the entire year, where the lead and the zinc is coming in Q3 -- sorry, Q3, Q4 and Q1 of next year. Is that how I should think about it?

是的。好的。肯定，肯定。好的。也許對丹尼爾來說，又是一次。對不起，丹尼爾。這只是我對 El Brocal 的理解以及我們應該如何在我們的模型中對其進行建模，因此我可以為您從該資產中獲得正確的現金流。我是否應該像今年第三季度一樣思考，我們正在像地下銅一樣開採？然後是鉛和鋅庫存，您將庫存從 20 萬噸增加到 100 萬噸，我是否應該認為，然後開始 - 大部分 - 在第四季度減少？這樣就可以得到處理，收入將在明年第四季度和第一季度出現。大部分收入是否來自該庫存，而銅今年才剛剛進出？所以有兩件事。銅的收入貫穿全年，而鉛和鋅的收入則在第三季度——對不起，明年的第三季度、第四季度和第一季度。我應該這樣想嗎？

Yes. Maybe Juan Carlos can explain the process of how we are going to explore work with El Brocal. Please, Juan Carlos.

是的。也許胡安·卡洛斯可以解釋一下我們將如何探索與埃爾·布羅卡爾合作的過程。拜託，胡安·卡洛斯。

Just so I know the revenues and the cash flow is coming through quarterly.

據我所知，收入和現金流是按季度進行的。

How can you apply that, Tanya? The processing of the polymetallic core is starting now in April. The speed at which we are mining is higher than the processing rate. That's the reason that we are start building up some additional stockpile. But at the same time, we are processing the ore. In that situation, we will reach a peak of about 1 million tons of stockpile by the third quarter, then we stopped the mining of the open pit, and we start processing the outstanding stockpile. And as I mentioned, that the stockpile will be completely processed by the first quarter of 2024. But we started now in April. We started the processing of the polymetallic ore. So the revenue coming from the zinc and lead concentrates is starting now in April, and it will continue up to the first quarter of next year.

你如何應用它，Tanya？多金屬芯的加工現已於四月份開始。我們挖礦的速度高於處理速度。這就是我們開始建立一些額外庫存的原因。但與此同時，我們正在加工礦石。在這種情況下，我們將在第三季度達到約100萬噸庫存的峰值，然後我們停止露天開採，並開始處理剩餘的庫存。正如我提到的，庫存將在 2024 年第一季度完全處理完畢。但我們從 4 月份就開始了。我們開始加工多金屬礦石。因此，來自鋅和鉛精礦的收入從四月份開始，並將持續到明年第一季度。

Okay. Okay. And that's -- if the lead and zinc is already in your 2023 guidance you gave us in your prerelease, so I should think about that lead and zinc, whatever the guidance is, to be now sold from Q2 to year-end.

好的。好的。也就是說，如果鉛和鋅已經包含在您在預發布中向我們提供的 2023 年指導中，那麼我應該考慮鉛和鋅，無論指導是什麼，現在從第二季度到年底出售。

That's correct. That's correct.

這是正確的。這是正確的。

Okay. That makes sense to me. I really appreciate you taking my questions.

好的。這對我來說很有意義。我真的很感謝你回答我的問題。

(Operator Instructions) Our next question is a follow-up from Carlos De Alba from Morgan Stanley.

（操作員說明）我們的下一個問題是摩根士丹利的 Carlos De Alba 提出的後續問題。

Just on Yumpag, if I may ask. Where do you guys stand in terms of the permits? And what is sort of the deadline that you internally have to receive these permits and still be able to ramp up the operations in the fourth quarter or start ramping up the operations in the fourth quarter or later this year?

可以問一下，就在 Yumpag 上嗎？就許可證而言，你們的立場如何？你們內部必須在什麼期限內獲得這些許可證，並且仍然能夠在第四季度擴大運營，或者在第四季度或今年晚些時候開始擴大運營？

Carlos, let me ask you which permits do you refer? Yumpag? Uchucchacua?

卡洛斯，我想問一下您指的是哪些許可證？尤姆帕格？烏楚查庫亞？

Uchucchacua, really, Uchucchacua.

烏楚查庫亞，真的，烏楚查庫亞。

Okay. Okay. Well, maybe Alejandro -- we are in line what we have talked -- explained to the market. We are in line with our times. But however, Alejandro can give you the details of which will be the time frame of -- in order to restart Uchucchacua and begin Yumpag. Please Go ahead, Alejandro.

好的。好的。好吧，也許亞歷杭德羅——我們所說的與我們所說的一致——向市場解釋道。我們與時俱進。但是，亞歷杭德羅可以向您提供詳細的時間範圍，以便重新啟動 Uchucchacua 並開始 Yumpag。請繼續，亞歷杭德羅。

Yes. Thank you, Carlos. Okay, we have 2 different situations. Uchucchacua has no major issues in terms of permits. We just have to, on due time, do the procedures to restart the operations. So that's not a major issue.

是的。謝謝你，卡洛斯。好吧，我們有兩種不同的情況。烏楚查誇在許可證方面沒有重大問題。我們只需要在適當的時候辦理重新啟動運營的手續即可。所以這不是一個主要問題。

On the Yumpag side, what we have -- we're on the final stage of getting the approval for the environment assessment study that the main environmental permit that we have. And we should be able to get that approval. We should have gotten already, but we should get it by May. Within May, we should get that approval. After that, we need to go into the Ministry of Mines to get the construction permit. And it should take us a few months, a few months more. It's just an issue of bringing all the facts together, and we should have a permit for the first phase of the project that would be by the -- on time as it was scheduled.

在Yumpag方面，我們所擁有的——我們正處於獲得環境評估研究批准的最後階段，這是我們擁有的主要環境許可證。我們應該能夠獲得批准。我們應該已經得到了，但我們應該在五月之前得到它。五月份之內，我們應該會得到批准。之後，我們需要去礦業部領取施工許可證。我們應該需要幾個月，甚至更多的時間。這只是一個將所有事實匯總在一起的問題，我們應該按計劃按時獲得該項目第一階段的許可。

Okay. And sorry, just, when would you expect to get the construction permit for Yumpag?

好的。抱歉，您預計什麼時候可以獲得 Yumpag 的施工許可證？

Juan Carlos?

胡安卡洛斯？

Yes. We expect to have the -- we already are developing the mine, Carlos. We are running the ramps, running the accesses. With the license that we expect to have in May, in 4 or 6 weeks down the road, we will start to develop the ore body. In May, we will start hitting the ore body and start making gallery through the ore bodies. They are very high-grade areas, about 20 to 25 ounces of silver. So we will start developing that.

是的。我們希望——我們已經在開發這個礦了，卡洛斯。我們正在運行坡道，運行通道。預計在 5 月份獲得許可證後，四到六週後，我們將開始開發礦體。 5月，我們將開始擊打礦體，並開始在礦體中開鑿廊道。它們是非常高品位的區域，大約有 20 到 25 盎司的白銀。所以我們將開始開發它。

In order to transport the ore from the Yumpag area, first kilometers to the processing plant of Uchucchacua, we'll need an additional permit. And we expected to have it by the end of this year, 2023, or the first quarter of 2024. Of course, we are doing our best to try to speed it up and try to get the permit by the last quarter of the year 2023. So to put this 23, 25 ounces of silver into our balance sheet by the end of the year. That's Yumpag.

為了將礦石從 Yumpag 地區（第一公​​里）運輸到 Uchucchacua 加工廠，我們需要額外的許可證。我們預計在今年年底，2023年，或者2024年第一季度獲得許可。當然，我們正在盡最大努力加快速度，爭取在2023年最後一個季度之前獲得許可.所以要在年底前將這23、25盎司的白銀納入我們的資產負債表中。那是尤姆帕格。

And in parallel, we are doing some development -- new developments underground in Uchucchacua mine to access new areas that we have discovered in the last 12 months, 18 months. And there are a different blend of silver, lead and zinc, more now into the -- probably seeing lead than silver. So more polymetallic ore, good value. And probably, we will start -- we are doing now the developing of these stocks. We are producing some small stockpiles of ore so far. And we expect to start the production of the processing plant in Uchucchacua by October. So pretty much the 2 operations, Yumpag and Uchucchacua, by the end of the year, we start turning into production.

與此同時，我們正在進行一些開發——在 Uchucchacua 礦井的地下進行新的開發，以進入我們在過去 12 個月、18 個月中發現的新區域。還有一種不同的銀、鉛和鋅的混合物，現在更多的是——可能看到的是鉛而不是銀。所以多金屬礦較多，價值較好。也許我們會開始——我們現在正在開發這些股票。到目前為止，我們正在生產一些少量的礦石庫存。我們預計烏楚查誇的加工廠將於 10 月份開始生產。因此，到今年年底，Yumpag 和 Uchucchacua 兩個工廠將開始投入生產。

And just one, just to clarify, the construction permit in Yumpag that you still need is really just for the transportation of the ore to the Uchucchacua plant?

還有一點，需要澄清的是，您仍然需要的 Yumpag 施工許可證真的只是為了將礦石運輸到 Uchucchacua 工廠嗎？

Yes. It's a permit actually for -- because of the -- we have all the permits for the mine development, for the camps, for the power line for the access road is ongoing, is mostly done. But for transportation between the Yumpag site to the processing plant of Uchucchacua, 12 kilometers along the highway, we need to get an additional permit and also for processing and commercialization of the concentrate that we'll be producing. So that's the final permit that we will require to put them officially into production.

是的。這實際上是一個許可證——因為——我們擁有礦山開發、營地、通道的電力線的所有許可證，正在進行中，大部分已經完成。但是，對於從 Yumpag 工廠到沿高速公路 12 公里的 Uchucchacua 加工廠之間的運輸，我們需要獲得額外的許可證，並且對於我們將生產的精礦的加工和商業化也需要獲得額外的許可證。這就是我們將其正式投入生產所需的最終許可。

Carlos, let me add that we are somehow more positive with the government attitude for the permitting. We think they have identified the bureaucracy and the difficulties the mining industry is facing these days. And they are somehow involved and very worried, and they're trying to do their best to accelerate all the permitting. So we are very optimistic that we are going to be granted of all the permitting we need to continue the operations and restart operations and start the Yumpag, okay?

卡洛斯，讓我補充一點，我們對政府對許可的態度更加積極。我們認為他們已經認識到了官僚主義和採礦業目前面臨的困難。他們以某種方式參與其中並且非常擔心，他們正在盡最大努力加快所有許可的進程。因此，我們非常樂觀地認為，我們將獲得繼續運營、重新啟動運營和啟動 Yumpag 所需的所有許可，好嗎？

And ladies and gentlemen, that will conclude today's question-and-answer session. I'd now like to turn the floor back over to Mr. Garcia for closing remarks.

女士們、先生們，今天的問答環節到此結束。現在我想請加西亞先生致閉幕詞。

Thank you. Thank you for attending this conference call. I have to mention that yesterday we have our seventh anniversary as Compañía de Minas Buenaventura. And we are very proud to be part of this family. And we have to go further with our efforts to getting all our projects and all our work for our company, for our collaborators, for our contract. Thank you very much, and have a good day.

謝謝。感謝您參加本次電話會議。我不得不提的是，昨天我們迎來了 Compañía de Minas Buenaventura 成立七週年紀念日。我們非常自豪能夠成為這個家庭的一員。我們必須進一步努力，為我們的公司、我們的合作者、我們的合同獲得我們所有的項目和工作。非常感謝，祝您有美好的一天。

Ladies and gentlemen, that will conclude Buenaventura's First Quarter 2023 Earnings Results Conference Call. We would like to thank you again for your participation. You may now disconnect your lines.

女士們先生們，布埃納文圖拉 2023 年第一季度盈利結果電話會議到此結束。我們再次感謝您的參與。您現在可以斷開線路。