Dallas, Texas 02/28/2014 (FINANCIALSTRENDS) – Compania de Minas Buenaventura SAA (NYSE:BVN) has announced results for the fourth quarter as well as 2013s full year results. One of the largest metal mining companies in Brazil, BVN reported that the operating income stands at $13.8 million, a figure falling short of the fourth quarter income of 2012 by over 84.
Compania de Minas Buenaventura SAA(NYSE:BVN) also reported EBITDA at US $163.6 million. This was 42 % lower than the fourth quarter of 2012.
Compania de Minas Buenaventura SAA(NYSE:BVN) in its press release noted that the net sales are $292.0 million, while the decrease is at 29%, which is $411.6 million lesser than the previous quarter in comparison. The reason for the fall in net sales was due to the low metal prices and significant drop in the silver as well as copper volumes which were being sold.
Again, the company also reported that the Royalty Income also decreased to 43%. There was a lowering of revenues at the Yanacocha, which was 42% lower at QoQ.
Compania de Minas Buenaventura SAA(NYSE:BVN)also indicated that the equity production for the fourth quarter of 2013 was reported to be 103,868 ounces of gold. Besides, the drop 4% in gold production below 1088,489 ounces for the fourth quarter of 2012, was due to the drop in production at the Orocpampa site. Similarly, Silver production too saw a drop in production as the affiliated companies for the fourth quarter 2012, failed to meet the target.
Compania de Minas Buenaventura SAA(NYSE:BVN) also reported that at its Uchucchacua site, which it holds complete ownership, the silver production in the fourth quarter was 2.9 million ounces. In fourth quarter of 2012, the production was at 3.0 million ounces. Zinc production increased by over 4 quarters in 2013, reporting 2,154 metric tonnes. It also reported 27% lower rates in further quarter of 2012 in lead production.