Compania de Minas Buenaventura SAA (BVN) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the Compania de Minas Buenaventura SAA first-quarter 2025 earnings results conference call.

女士們、先生們，早安。歡迎參加米納斯布埃納文圖拉公司 2025 年第一季財報業績電話會議。

At this time, all participants are in listen-only mode, and please note that this call is being recorded.

此時，所有參與者都處於只聽模式，請注意，本次通話正在錄音。

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

現在我想介紹今天電話會議的主持人，投資者關係部門的 Sebastián Valencia。瓦倫西亞先生，您可以開始。

Good morning, and thank you for joining us today to discuss our first-quarter 2025 results. Today's discussion will be led by Mr. Leandro García, 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, Vice President of Geology and Exploration; Mr. Roque Benavides, Chairman; and Mr. Raúl Benavides, Director.

早安，感謝您今天加入我們討論 2025 年第一季的業績。今天的討論將由執行長 Leandro García 先生主持。今天參加我們電話會議並回答您問題的還有首席財務官 Daniel Dominguez 先生；營運副總裁 Juan Carlos Ortiz 先生；業務發展和商務副總裁 Aldo Masa 先生；可持續發展副總裁 Alejandro Hermoza 先生；項目副總裁 Renzo Macher 先生；地質與勘探副總裁 Juan Carlos Salazar 先生；羅克·貝納維德斯先生；

Before I handle the 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 the market closed. Please note that today's remarks include forward-looking statements and they are based on management current views and assumptions. While management believes that these assumptions, expectations, and projections are reasonable in view of the current 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 press release issued on April 30, 2025.

在我接聽電話之前，請允許我先談幾件事。在布埃納文圖拉的網站上，您可以找到我們昨天市場收盤後發布的新聞稿。請注意，今天的評論包括前瞻性陳述，它們基於管理層當前的觀點和假設。儘管管理層認為，根據目前可用的信息，這些假設、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 2025 年 4 月 30 日發布的收益新聞稿中有關前瞻性陳述的完整披露。

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

現在請容許我把電話轉給萊安德羅·加西亞先生。

Thank you, Sebastián. Good morning and thank you for joining us today to discuss the quarterly results of the company.

謝謝你，賽巴斯蒂安。早安，感謝您今天加入我們討論公司的季度業績。

On slide to is our cautionary statement, important information that I encourage you to read.

幻燈片上是我們的警示聲明，這是我鼓勵您閱讀的重要資訊。

Today, we will be discussing our performance for the first quarter of 2025, highlighting key achievements, and strategies moving forward. After the presentation, we will be available for a Q&A session where our team will be happy to answer your questions.

今天，我們將討論 2025 年第一季的業績，重點介紹主要成就和未來策略。演示結束後，我們將安排問答環節，我們的團隊將很樂意回答您的問題。

Next slide please. I would like to highlight a few key areas that contribute to our strong first-quarter 2025 results. Our first-quarter 2025 EBITDA from direct operations was $126 million, compared to $95 million reported in the first quarter of 2024. This performance is also reflected in a higher EBITDA margin of 41% compared to 38% in the previous year. First-quarter 2025 net income was $140 million, compared to $61 million in net income for the first quarter of last year.

請看下一張投影片。我想強調促成我們 2025 年第一季業績強勁的幾個關鍵領域。我們 2025 年第一季的直接經營 EBITDA 為 1.26 億美元，而 2024 年第一季報告的 EBITDA 為 9,500 萬美元。這一業績也反映在 EBITDA 利潤率從上年的 38% 上升至 41%。2025 年第一季淨收入為 1.4 億美元，而去年第一季淨收入為 6,100 萬美元。

The year ended with a cash position of $648 million and a total debt of $862 million, resulting in a leverage ratio of 0.46 times. This debt level increased against the previous quarter as it includes Buenaventura 2032 notes. It also considers only the outstanding amount of our 2026 notes. The total CapEx for the quarters amounted to $36 million with $22 million allocated to the San Gabriel project. On April 23, 2025, Buenaventura received $49 million in dividends related to its stake in Cerro Verde.

年底時現金狀況為 6.48 億美元，總負債為 8.62 億美元，槓桿率為 0.46 倍。由於包括了布埃納文圖拉 2032 年票據，這一債務水準較上一季有所上升。它還僅考慮了我們 2026 年票據的未償還金額。本季的總資本支出為 3,600 萬美元，其中 2,200 萬美元分配給聖蓋博計畫。2025 年 4 月 23 日，Buenaventura 獲得了與其在 Cerro Verde 的股份相關的 4,900 萬美元股息。

In the first quarter of 2025, silver production reached 3.7 million ounces, 20% higher compared to the 3.1 million ounces producing during the same period of last year. Of this total, 2.2 million ounces came from Yumpag due to full scale operation. Copper production decreased 21% year over year, primarily due to the remaining El Brocal open pit inventories which were processed in the first quarter of 2024.

2025年第一季度，白銀產量達370萬盎司，比去年同期的310萬盎司成長20%。其中，220 萬盎司來自 Yumpag，得益於全面投產。銅產量年減 21%，主要原因是 2024 年第一季處理了剩餘的 El Brocal 露天礦庫存。

Gold production was 20,000 -- 27,988 ounces compared to 36,593 ounces produced in the first quarter of 2024, primarily due to the decreased production at Tambomayo and Orcopampa, partially offset by increased production at [La Zanja].

黃金產量為 20,000 - 27,988 盎司，而 2024 年第一季的產量為 36,593 盎司，這主要是由於 Tambomayo 和 Orcopampa 的產量下降，但被[拉贊賈]。

Finally, consolidated reserves have been updated as of the end of 2024. Gold reserves have increased by 482,000 ounces. Silver reserves have increased by 61 million ounces and copper reserves have increased by 253,000 tons.

最後，截至 2024 年底，合併儲備已更新。黃金儲備增加48.2萬盎司。白銀儲量增加6,100萬盎司，銅儲量增加25.3萬噸。

Moving on to our cost structure in slide 4. The all-in sustaining cost for the first quarter of 2025 decreased by 83% compared to the same period in the previous year. It is important to highlight that the year-over-year decrease in all-in sustaining costs was primarily driven by lower commercial deductions and higher byproduct credits.

繼續討論投影片 4 中的成本結構。2025年第一季總維持成本與去年同期相比下降了83%。值得強調的是，總維持成本的年減主要是由於商業扣除額降低和副產品抵免額增加。

Moving on the cost applicable to sales trend. As you can see, copper cash cost applicable to sale, increased year over year, mainly due to lower byproduct credit contributions at El Brocal. Silver cash has increased year over year but was consistent with the expectations for this quarter. Gold cash has increased year over year, primarily driven by lower volumes in grades at Tambomayo and Orcopampa.

按照適用於銷售趨勢的成本進行移動。如您所見，適用於銷售的銅現金成本較去年同期成長，主要原因是 El Brocal 的副產品信用貢獻較低。白銀現金年增，但與本季的預期一致。黃金現金逐年增加，主要原因是坦博馬約和奧爾科潘帕金礦的黃金品位較低。

On the next slide, we will present free cash flow generation. The first quarter of 2025 cash position increased during the quarter, mainly driven by net cash inflows from financial activities. An additional $100 million was raised through the bond issued in February '25, and the remaining amount of the 2026 bond.

在下一張投影片中，我們將展示自由現金流的產生。2025年第一季現金狀況增加，主要受財務活動淨現金流入所推動。透過 2025 年 2 月發行的債券又籌集了 1 億美元，並籌集了 2026 年債券的剩餘金額。

In addition to these drivers, the EBITDA to free cash flow reconciliation reflects when Buenaventura's significant CapEx investment related to San Gabriel.

除了這些驅動因素之外，EBITDA 與自由現金流的調節也反映了布埃納文圖拉與聖蓋博相關的重大資本支出投資。

Moving on to slide 6, this slide shows San Gabriel's cumulative progress, reaching 79% overall completion by the first quarter 2025, primarily driven by finishing the engineering and procurement as well as the construction as it 75% of advance. As March 2025, San Gabriel's total CapEx has reached $505 million. The guidance for the full-year 2025 has been revised to the range of $220 million to [$150 million] (sic - see slide 6, "$250 million").

繼續看投影片 6，這張投影片展示了聖蓋博的累積進度，到 2025 年第一季整體完成度將達到 79%，主要得益於工程和採購以及施工的完成，其預付款已達到 75%。截至 2025 年 3 月，聖蓋博的總資本支出已達 5.05 億美元。2025 年全年指引已修訂為 2.2 億美元至[1.5 億美元]（原文如此 - 參見投影片 6，「2.5 億美元」）。

The construction timeline remains on schedule. We anticipate commencing the ramp up phase in the third quarter of 2025, followed by the production of the first gold bar in the fourth quarter of 2025. However, this milestone remains subject to the timely approval to the necessary permits.

施工進度仍按計畫進行。我們預計將於 2025 年第三季開始產能提升階段，並於 2025 年第四季生產第一塊金條。然而，這一里程碑仍取決於必要許可證的及時批准。

On the next slide, we are showing the processing plants programs that will operate at 3,000 tons per day. Currently, the primary crush of mechanical works are at 100%. The SAG and Ball mechanical works are at 98%, and finally the CIL tanks mechanical works are at 97%.

在下一張投影片中，我們展示了每天產量為 3,000 噸的加工廠計畫。目前，機械工程一級破碎率已達100%。SAG 和 Ball 機械工程達 98%，最後 CIL 罐機械工程達 97%。

Moving on, we can see the progress of the main components of the plant. Moving on to slide 9, we are showing the progress at the Filtered Tailings plant that currently is at 74%.

繼續前進，我們可以看到工廠主要部件的進展。轉到投影片 9，我們展示了過濾尾礦廠的進度，目前進度為 74%。

To conclude the presentation, I would like to share a few final thoughts. San Gabriel continues to advance steadily, with 79% overall progress and on track to produce its first gold bar in the fourth quarter of 2025. Yumpag is proving to be a key growth driver, delivering 2.3 million ounces of silver in the first quarter and generating a strong cash flow. We are also driving growth by increasing our gold, silver, and copper reserves, led by the strength of our flagship operations.

為了結束本次演講，我想分享幾點最後的想法。聖蓋博金礦持續穩定推進，整體進度已達 79%，預計 2025 年第四季產出第一塊金條。事實證明，Yumpag 是一個關鍵的成長動力，第一季交付了 230 萬盎司白銀，並產生了強勁的現金流。我們也透過增加黃金、白銀和銅的儲量來推動成長，這主要得益於我們旗艦業務的強勁成長。

And finally, our focused strategy remains unchanged. We are committed to our corporate guidelines, prioritizing reserve growth, EBITDA maximization and cost efficiency at our flagship mines and in our strong pipeline of projects.

最後，我們的重點策略保持不變。我們致力於遵守公司準則，優先考慮旗艦礦場和強大專案儲備的成長、EBITDA 最大化和成本效率。

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

感謝您的關注。我會將電話交回給接線員，以便接聽電話並解答疑問。接線員，請繼續。

(Operator Instructions)

（操作員指示）

Carlos De Alba, Morgan Stanley.

卡洛斯·德阿爾巴，摩根士丹利。

So on San Gabriel, maybe I'll group some together. So the CapEx increase in 2025, is this -- does this represent an increase on the overall CapEx of the project or just a shift in maybe from what you would expect to invest in 2026 and maybe you're investing it now in 2025. If you could clarify that would be great.

因此在聖蓋博，也許我會將一些人聚集在一起。那麼 2025 年的資本支出增加是 - 這是否代表專案整體資本支出的增加，或者只是從您預期的 2026 年投資轉變而來，也許您現在正在 2025 年進行投資。如果你能澄清一下那就太好了。

And given the CapEx that we're discussing now going up, what is the new expected return on this investment that you see as you get closer to completion? And what permits are pending that may prevent you from starting production this year? But assuming that you get those permits, what would be the range of production that you see for 2025 and maybe 2026 out of San Gabriel?

考慮到我們現在討論的資本支出不斷增加，隨著專案接近完成，您認為這項投資的新預期回報是多少？還有哪些許可證尚未審批，可能會阻止您今年開始生產？但假設您獲得這些許可證，您認為 2025 年甚至 2026 年聖蓋博的產量範圍會是多少？

And my second question is if you could maybe give us a reminder of the exploration budget, the exploration expense that you spend to run through your P&L and both for operating unit and non-operating unit in 2025 and you can also comment on the general and administrative expenses, they came a little bit higher in the first quarter. How do you see that line also for the year as well as SG&A?

我的第二個問題是，您是否可以提醒我們一下勘探預算，即您在 2025 年損益表中花費的勘探費用，以及用於營運單位和非營運單位的勘探費用，您還可以評論一下一般和行政費用，它們在第一季度略高一些。您如何看待今年的該支出以及銷售、一般及行政費用？

Thank you, Carlos, for your question.

謝謝卡洛斯的提問。

Regarding San Gabriel, is the CapEx to be executed in 2025. There are some geotechnical and hydraulic issues that Renzo will explain you further. In terms of the return, remember that this project was decided to go on with prices of [1,600], so it will maintain the same profitability for the company.

關於聖蓋博，這是將於 2025 年執行的資本支出。有一些岩土和水力學問題，Renzo 將進一步向您解釋。就回報而言，請記住，該專案決定以 [1,600] 的價格繼續進行，因此它將為公司保持相同的盈利能力。

In terms of the permits, we are referring to the construction authorization that -- the operation authorization that will be granted once we finish the construction.

就許可證而言，我們指的是建設授權——建設完成後授予的營運授權。

Renzo, I don't know if you want to (multiple speakers)--

Renzo，我不知道你是否想（多位發言者）——

Maybe Leandro (multiple speakers) can you remind us -- what exactly is the return or the profitability that you are seeing for San Gabriel? And just to clarify, what is now the total CapEx for the project that you see after the increase in 2025?

也許 Leandro（多位發言者）您能提醒我們一下—您看到的聖蓋博的回報或獲利能力到底是多少？需要澄清的是，您認為 2025 年增加後該專案的總資本支出是多少？

The total CapEx should be between $720 million and $750 million.

總資本支出應在 7.2 億美元至 7.5 億美元之間。

Okay. Thank you.

好的。謝謝。

And the IRR of the project or the net present value of the project?

專案的 IRR 或專案的淨現值是多少？

It's around 12%, 13%.

大約是12%、13%。

Great, thank you, Leandro.

太好了，謝謝你，Leandro。

(Operator Instructions) (multiple speakers)--

（操作員指示）（多位發言者）--

Yes, there are a couple of questions and the answer from Renzo and also there are a couple of questions exploration expenses, and the G&A. We can begin with Renzo.

是的，有幾個問題和 Renzo 的回答，還有幾個關於勘探費用和 G&A 的問題。我們可以從 Renzo 開始。

Yes. So in regards to the problems we have with geotech and hydrogeology as well as some excess inadequate material beyond our confidence level, those problems has been resolved, but we require some additional work in the form of self-reinforcement, additional layers of crowding in the water dam.

是的。因此，關於我們在岩土技術和水文地質方面遇到的問題以及一些超出我們置信水平的多餘不足的材料，這些問題已經得到解決，但我們需要以自我加固的形式進行一些額外的工作，在水壩中增加額外的擁擠層。

To find a place to temporarily place these excess inadequate inventory and add some excess -- reproduction to compensate, so all those things have been already done or are in the process of being completed.

找個地方暫時放置這些多餘不足的庫存，增加一些多餘的——再生產來補償，所以所有這些事情都已經完成或正在完成的過程中。

And that was the -- where are we going to be spending all this money besides this excess works? We have like $45 million in finishing the electrical and mechanical and commissioning of the plan. The [tailings] storage facility, another $25 million. The mine development, another $35 million and the power line, another $50 million. We are maintaining our -- now we're committed date for the 1st [ballguard] in the fourth quarter at this point.

那就是──除了這些多餘的工程之外，我們還要把這些錢花在哪裡？我們投入了大約 4500 萬美元來完成該計劃的電氣、機械和調試。尾礦儲存設施，又耗資 2500 萬美元。礦場開發又投入了 3,500 萬美元，電力線又投入了 5,000 萬美元。我們正在維持我們的——現在我們已經確定了第四節第一個[控球後衛]的日期。

No, we can -- thank you, Renzo. We can continue with the exploration expenses and investment.

不，我們可以──謝謝你，倫佐。我們可以繼續進行勘探費用和投資。

Yes, Leandro. This is Daniel. Thank you, Carlos, for your question.

是的，萊安德羅。這是丹尼爾。謝謝卡洛斯的提問。

In terms of exploration, we can divide it two kinds of explorations. The first one is the explorations in the operating units. This is basically for infill drilling to convert the resources into reserves. The normalized amount for the quarters -- the next quarters is in the order of $10 million to $12 million. For the overall year 2025, we are in the order of $40 million to $45 million.

從探索的角度來說，我們可以分成兩種探索。一是經營單位的探索。這基本上是透過加密鑽井將資源轉化為儲量。下一季的正常金額約為 1000 萬美元至 1200 萬美元。就 2025 年全年而言，我們的投資額約為 4,000 萬至 4,500 萬美元。

In addition to this, we have the non-operating areas of exploration which will be in the order of $4 million to $5 million each quarter. For the entire 2025, we should be in the order of $20 million. One of the most important activities here is the exploration in El Brocal within the areas of (inaudible).

除此之外，我們還有非經營性勘探領域，每季的投資額約為 400 萬至 500 萬美元。就整個 2025 年而言，我們的投資金額應該在 2,000 萬美元左右。這裡最重要的活動之一是在 El Brocal 進行以下區域的探索：（聽不清楚）。

Regarding the administrative expenses, yes, as you mentioned, it is -- they are a little bit higher than we were expecting, but this is basically due to the higher workers participation that we are registering because of the higher profits that we report from our direct operations. The amount of administrative expenses for each quarter this year will be in the order of $15 million to $17 million. For the entire year, we expect around $60 million to $65 million.

關於管理費用，是的，正如您所說，它們比我們預期的要高一點，但這主要是因為我們報告的直接營運利潤更高，導致工人參與率更高。今年每季的管理費用將在1500萬美元至1700萬美元左右。我們預計全年收入約 6,000 萬至 6,500 萬美元。

(Operator Instructions)

（操作員指示）

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

Maybe Daniel, I'm just going to finish off with you just on some of the forecasting. Can you remind me now what your capital expenditure is going to be for this year? Previously, we had $330 million to $355 million. I'm just wondering if that is still valid with this movement in the San Gabriel Capital.

也許丹尼爾，我只是想和你一起完成一些預測。您能提醒我一下您今年的資本支出是多少嗎？在此之前，我們有 3.3 億至 3.55 億美元。我只是想知道這對聖蓋博首府的這場運動是否仍然有效。

Tanya, we expect an increase in the CapEx. As Renzo mentioned, San Gabriel will add some additional CapEx for the construction of San Gabriel. We expect for this year in total around $400 million to $420 million. From this, we have already spent more than $80 million.

塔妮婭，我們預期資本支出會增加。正如 Renzo 所提到的，San Gabriel 將為 San Gabriel 的建設增加一些額外的資本支出。我們預計今年的總收入約為 4 億至 4.2 億美元。其中，我們已經花了8000多萬美元。

Okay, and maybe just so I understand the delta, I think it's coming in $50 million more San Gabriel, $50 million or thereabout more than we expected from the original budget of Q4. Can you just remind me that $50 million, what was the overrun?

好的，也許只是為了讓我理解差異，我認為聖蓋博的預算將增加 5000 萬美元，比我們預期的第四季度原始預算多約 5000 萬美元。可以提醒我一下，5000 萬美元超支了多少嗎？

All right, okay, so the overall run of -- it was based on this inadequate material and the hydrogeological underneath the water dam basically. So we have to move a lot more inadequate material to a new storage area. We need to do several additional layers of grouting. And obviously, this scramble a little bit the coordination between the contractors. So we're in that process of accelerating certain activities to maintain the date of the first gold bar. That's kind of what was out of the scope.

好的，好的，所以整體運作——基本上是基於這種不充分的材料和大壩下面的水文地質情況。因此，我們必須將更多不合格的材料轉移到新的儲存區域。我們需要進行幾層額外的灌漿。顯然，這會稍微擾亂承包商之間的協調。因此，我們正在加速某些活動以維持第一根金條的日期。這有點超出範圍了。

Okay, so maybe just for myself to understand when you talk about inadequate material, are you talking about waste rock?

好的，也許只是為了讓我明白，當您談到材料不足時，您是在談論廢石嗎？

No, I'm talking about like [quarries], quarries that were supposed to have like good filling material and we found some layers of inadequate material.

不，我說的是像採石場這樣的採石場，本來應該有良好的填充材料，但我們發現了一些不合格的材料層。

Okay, and so you have to move this -- the facility to another place. Is that a correct understanding?

好的，所以你必須將這個設施移到另一個地方。這個理解正確嗎？

No, we need to remove all that inadequate material in order to reach the foundation level, and we need to expand our existing inadequate material deposit to hold these additional quantities.

不，我們需要移除所有不合格的材料才能達到地基水平，並且我們需要擴大現有的不合格材料礦床來容納這些額外的數量。

Okay, and is this a water storage facility? I'm just trying to understand what's going to be placed on top of that.

好的，這是儲水設施嗎？我只是想知道在那上面會放些什麼。

Oh no, this is where the filtration plan is. The water storage (multiple speakers) facility is a different issue. Yes -- no, the water storage facility have some infiltration problems, so I mean -- we initially we expected to kind of a couple of layers of grouting, but we ended up putting like seven layers of grouting that took some time and we're going to be reinforcing the size of the water dam as well. At this point, the dam is kind of 35% of its total height so far. We already finished the rainy season, so we're starting to see some increased speed in that.

喔不，這就是過濾計畫所在的地方。儲水（多個揚聲器）設施是另一個問題。是的——不，儲水設施存在一些滲透問題，所以我的意思是——我們最初預計要灌漿幾層，但最終我們灌漿了七層，這花了一些時間，我們還將加固水壩的規模。目前，大壩已達到其總高度的 35％。我們已經結束了雨季，因此我們開始看到速度加快。

Okay, so it's two different things, the filtration plant and the water dam. Okay, got it. Okay, thank you -- explanation on that.

好的，所以這是兩種不同的東西，過濾廠和水壩。好的，明白了。好的，謝謝——對此進行解釋。

Can I then ask what we are going to -- you talked a lot about the open -- what's happening on surface at San Gabriel, so I've talked a lot about the mill. Can we go to the underground? So where are we now on the underground with respect to number one, the training of the underground miners?

那麼我可以問一下我們要做什麼嗎——您談了很多關於公開賽的事情——聖蓋博地面上發生了什麼，所以我談了很多關於工廠的事情。我們可以去地下嗎？那麼，就第一點而言，地下礦工的訓練目前進展到什麼程度了？

Number 2, where are we with respect to [soap] development, i.e., getting them ready for production, and number 3, where are we on the stockpile on surface? And are we still on target to be at that 300,000 ton by October? So just those three on San Gabriel.

第二，我們在[肥皂]開發方面處於什麼位置，即為生產做好準備？第三，我們在地面上的庫存處於什麼位置？我們是否仍能達成十月份達到 30 萬噸的目標？所以聖蓋博只有這三個人。

Thank you (inaudible) maybe Juan Carlos can help us with the answers.

謝謝（聽不清楚）也許胡安卡洛斯可以幫我們找到答案。

Sure, Leandro.

當然，萊安德羅。

Well, regarding training, we are hiring the new crews for Buenaventura in order to be ready by the end of July that we were -- our first delivery of equipment -- underground equipment. So April is going to deliver our first crew on a schedule July, August, September, and the last crew, the last fleet, October. So we have a hire, the first crew and the second is on the process of being hired and we're training them. We have the Tambomayo mine using these mining methods right now, so we are bringing the executives, the engineers, the supervisors to Tambomayo. They are being trained there in order to know all the details about the mining method under (inaudible), so it's part of the process. We are on track of knowing that.

嗯，關於培訓，我們正在為布埃納文圖拉招募新的工作人員，以便在七月底之前準備好我們的第一批設備——地下設備。因此，我們將在四月按計劃在七月、八月、九月交付第一批船員，並在十月交付最後一批船員、最後一支艦隊。我們已經僱用了第一批工作人員，第二批工作人員也正在招募過程中，我們正在培訓他們。我們的 Tambomayo 礦場目前正在使用這些採礦方法，因此我們將管理人員、工程師和主管帶到 Tambomayo。他們在那裡接受培訓，以便了解（聽不清楚）採礦方法的所有細節，所以這是流程的一部分。我們正逐步了解這一點。

Regarding the [staff] development, we are opening, according to the plan, the galleries across the ore body. We have right now in order of 60,000 tons of material ore on the surface. So it's according to the plan. Right now, we have the contractor that's (inaudible) with three fleets on site with the capabilities of doing between 600 meters to 800 meters per month. It depends what kind of ground we need to cross each month, so we need to put like a steel reinforcements, probably more close to the 600 meters per month, and we have another month where we only can advance with shotcrete, probably closer to the 800 meter per month. So depending on the schedule of each month, we are in that range with the contractor and in July, we will have our first crew of Buenaventura on site.

關於[員工]發展，我們正在按照計畫開放貫穿礦體的巷道。目前，我們地面上有大約 60,000 噸原料礦石。所以一切都按照計劃進行。目前，我們的承包商（聽不清楚）在現場擁有三支施工隊，每月可完成 600 公尺至 800 公尺的施工任務。這取決於我們每個月需要穿越什麼樣的地面，所以我們需要放置鋼筋，可能接近每月 600 米，另一個月我們只能用噴射混凝土前進，可能接近每月 800 米。因此，根據每個月的計劃，我們與承包商的合作範圍是一致的，7 月份，我們的第一批 Buenaventura 工作人員將抵達現場。

Okay, so it looks like everything's going to plan, and I know we talked about the ground conditions in your previous conference call that you were requiring concrete cement required and obviously reinforcement is and little water, so you didn't have water underground. Are you still seeing similar ground conditions, nothing worse?

好的，看起來一切都在按計劃進行，我知道我們在您之前的電話會議中討論了地面條件，您需要混凝土水泥，顯然還需要加固，而且水很少，所以地下沒有水。您是否仍看到類似的地面狀況，沒有更糟糕的情況？

Yes, it's well expected. It's what we call rock mass category 4. It's program. It needs to be supported with steel arches and in some cases we have a little bit better rock. It's called category 3B that can be developed only with short [ridden] bolts.

是的，這是意料之中的事。這就是我們所說的岩體類別 4。這是程序。它需要用鋼拱支撐，在某些情況下，我們會有更好的岩石。它被稱為 3B 類，只能使用短螺栓進行開發。

Okay. Well, thank you so much for that. And then just my final question, if I can ask on the Coimolache. I know we were expecting permits in Q1, so we could start construction in Q2, and resume fresh ore leaching in Q3. Do we know where we are, have we gotten the permits, and have we started construction?

好的。嗯，非常感謝。然後是我的最後一個問題，我是否可以詢問有關 Coimolache 的問題。我知道我們預計在第一季會獲得許可證，因此我們可以在第二季開始施工，並在第三季恢復新鮮礦石的浸出。我們知道我們在哪裡嗎？我們是否已經獲得許可？我們是否已經開始施工？

Yes, Juan Carloz.

是的，胡安·卡洛茲。

Yeah, we were granted the construction permit in March. We started construction in April. We are starting construction right now of the expansion of the path while at the same time we are asking for stockpiling fresh ore on top of the existing stock -- of the existing pad. So we have two permits running in parallel. One for the lateral expansion of the pad and one for the piling more ore on top of the existing one. So we are according to the plan. We expect to pile fresh ore on top of the pad by August this year.

是的，我們在三月獲得了施工許可證。我們從四月開始施工。我們現在就開始建造這條道路的擴建工程，同時我們要求在現有礦石庫存之上——現有礦場之上——儲存新礦石。因此我們有兩個許可證同時運行。一個用於墊塊的橫向擴展，另一個用於在現有墊塊上堆疊更多礦石。所以我們正在按照計劃進行。我們預計今年八月前將新鮮礦石堆放在礦台上。

So after we put the ore in there, probably you need to wait 60 days in order to allow the solution to [cave] all the way down to the (inaudible) and report to the structure facility. So we start placing ore in the August with be September, October, late October, early November that we will start seeing an increase in coal production in Coimolache.

因此，我們將礦石放入其中後，可能需要等待 60 天，以便溶液能夠一直滲入（聽不清楚）並報告給結構設施。因此，我們從 8 月開始放置礦石，到 9 月、10 月、10 月底、11 月初，我們將開始看到科伊莫拉切的煤炭產量增加。

Okay, thank you so much for that and good luck on both Coimolache and San Gabriel.

好的，非常感謝您，祝您在科伊莫拉切和聖加布里埃爾一切順利。

Alex Hacking, Citi.

花旗銀行的亞歷克斯‧哈金 (Alex Hacking)。

I just wanted to clarify on San Gabriel. I apologize when you talk about the water dam, are you -- is that the TSS? Is that where the tailings are being deposited?

我只是想澄清一下聖蓋博的情況。當您談到水壩時，我深感抱歉，那是 TSS 嗎？尾礦就堆放在那裡嗎？

No, the water dam is where we're going to be storing fresh water to use in the plant. The tailing storage facility, it's a different component and it's going to be dry stack tailing.

不，水壩是我們儲存工廠使用的淡水的地方。尾礦儲存設施是一個不同的組成部分，它將是乾堆尾礦。

Okay, thank you. So I just want to clarify that. And so when you talk about the geotechnical and hydraulic issues, those are exclusively in the CapEx overrun, is it exclusively related to that water dam or there are other issues as well.

好的，謝謝。所以我只是想澄清這一點。因此，當您談論岩土和水力問題時，這些問題完全屬於資本支出超支，是否完全與水壩有關，還是有其他問題。

Yes, the water dam had some -- the infiltration that we found underneath the foundation was not according to the -- to what our original study may have, so we have to do a lot more of grouting, yes, we thought that two to three layers of grouting will be enough. We ended up with seven layers of grouting and we reached the infiltration rate -- the design infiltration rate. That's one problem.

是的，水壩有一些 - 我們在基礎下面發現的滲透與我們最初的研究結果不符，所以我們必須進行更多的灌漿，是的，我們認為兩到三層灌漿就足夠了。我們最終進行了七層灌漿，達到了滲透率——設計滲透率。這是一個問題。

The other problem, it's a quarry that was supposed to have enough material for filling, didn't have enough material. It was inadequate material. So we need to move it to reach the foundation level of that query and then replace it with another quarry. So that causes some scrambling of the contractor -- of the construction sequence that we are currently aligning again.

另一個問題是，採石場本應有足夠的材料來填充，但卻沒有足夠的材料。這是不充分的材料。因此我們需要將其移動到該查詢的基礎級別，然後用另一個採石場替換它。因此，這會導致承包商的施工順序出現一些混亂，而我們目前正在重新調整施工順序。

Okay, thank you. Thanks for the clarification. It's helpful.

好的，謝謝。感謝您的澄清。這很有幫助。

And then I guess the follow-up question I guess around the transition to operating yourself at Uchucchacua, Yumpag, Brocal -- I guess any update on how that process is going.

然後我想問後續問題，關於您自己在 Uchucchacua、Yumpag、Brocal 的營運過渡，我想問一下這個過程的進展。

Leandro, allow me to answer that part of the question.

萊安德羅，請容許我回答這個問題的這一部分。

Yes, sure.

是的，當然。

Yes, we already have signed the contract. The (inaudible) order for Uchucchacua, Yumpag, Brocal (inaudible) we have a schedule for bringing all the equipment on board. In the case of Uchucchacua, Yumpag because our mid-size equipment, they are going to be delivered earlier basically in the third and fourth quarter of the year, only small parts -- fraction of the equipment will be delivered early in 2026. We will replace all equipment and we will return any rental equipment that we have on the ground, so to give a more continuity of operations on the ground. We will have also full service of (inaudible) on site from day zero.

是的，我們已經簽了合約。(聽不清楚) Uchucchacua、Yumpag、Brocal 的訂單（聽不清楚）我們有一個將所有設備帶上船的時間表。就 Uchucchacua 和 Yumpag 而言，由於它們是我們的中型設備，因此基本上會在今年第三季和第四季提前交付，只有小工具——部分設備將在 2026 年初交付。我們將更換所有設備，並歸還地面上的所有租賃設備，以確保地面運作的連續性。從第一天起，我們還將在現場提供全方位的（聽不清楚）服務。

In the case of El Brocal, most of the equipment will be delivered in 2026 because this is a very large size of equipment, large loaders and large production drills. So most of the crew will be delivered by early 2026 in the first and second quarter. Again, the strategy there is to save costs by doing the work by ourselves at a larger size. We have right now with the contractor loaders that are only 10 tons capacity and we're moving into different sizes of equipment more close to between 14 for development -- 14 tons loader for development, and 17 tons for production to extract the ore from the stopes. So that's the reason we're doing that in El Brocal and again it's going to be with the same strategy with the full maintenance from day zero on site.

就 El Brocal 而言，大部分設備將於 2026 年交付，因為這是規模非常大的設備，包括大型裝載機和大型生產鑽孔機。因此大部分船員將在2026年初第一和第二季度交付。再次，他們的策略是透過我們自己完成更大規模的工作來節省成本。我們目前擁有的承包商裝載機的容量只有 10 噸，我們正在轉向不同大小的設備，更接近 14 噸的裝載機用於開發 - 14 噸的裝載機用於開發，17 噸的裝載機用於從礦房中提取礦石的生產。這就是我們在 El Brocal 這樣做的原因，並且我們將採用相同的策略，從現場零日開始進行全面維護。

Thank you. That concludes the question-and-answer session of today's conference call. I would now like to turn it back over to Leandro García for closing remarks.

謝謝。今天的電話會議問答環節到此結束。現在我想把發言權交還給萊安德羅·加西亞，請他作最後發言。

Thank you, operator.

謝謝您，接線生。

Before we conclude today's conference call, I will like to thank you for the time and effort to dedicate to joining us. Your participation and input are greatly appreciated.

在我們結束今天的電話會議之前，我要感謝您花費時間和精力參加我們的電話會議。非常感謝您的參與與投入。

Thank you very much and have a wonderful day.

非常感謝您，祝您有美好的一天。

Ladies and gentlemen, that concludes Buenaventura's first-quarter 2025 earnings results conference call. We would like to thank you again for your participation. You may now disconnect.

女士們，先生們，布埃納文圖拉 2025 年第一季收益結果電話會議到此結束。我們再次感謝您的參與。您現在可以斷開連線。