Compañía de Minas Buenaventura S.A.A. Q3 2024 Earnings Call Transcript

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Provided by Quartr
October 31, 2024

There are 9 speakers on the call.

Operator

Good day, ladies and gentlemen. Welcome to the Compania Dominguez Buenaventura Third Quarter 2024 Earnings Results 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.

Operator

Gabriel Salas, Investor Relations Officer. Mr. Salas, you may begin.

Speaker 1

Good morning, everyone, and thank you for joining us today to discuss our Q3 2024 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.

Speaker 1

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 Maher, Vice President of Projects Mr. Juan Carlos Arazar, Vice President of Geology and Exploration Mr.

Speaker 1

Roger Enaes, Chairman and Mr. Raul Enaes, Director. Before I hand 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 the market closed. Please note that today's remarks include forward looking statements that are based on management's current views and assumptions.

Speaker 1

While management believes that its assumptions, expectations and projections are reasonable in view of the currently available information, we 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 October 30, 2024. Let me now turn the call to Mr. Orlando Garcia.

Speaker 2

Orlando Garcia. Thank you, Gabriel. Good morning to all and thank you for joining us today to discuss the quarterly results of our company, Aetna, Buenaventura. On Slide 2 is our cautionary statement, important information that I encourage you to read. Today, we will be discussing our performance for the Q3 of 2024, highlighting key achievements and strategies moving forward.

Speaker 2

After the presentation, we will be available for our question and answer session, where our team will be happy to answer your questions. The next slide please. This slide, I would like to highlight a few key areas that contributed to our strong Q3 2024 results. Our EBITDA from direct operations for the Q3 has increased to $132,000,000 compared to the previous year, primarily driven by strong results from Jumpac and El Brocal. This performance is also reflected in a higher EBITDA margin of 40% compared to 25% in the previous year.

Speaker 2

3rd quarter 2024 net income, including the sale of Ciorpi Loma Euro, a healthy company, reached $237,000,000 compared to $28,000,000 net loss for the same period in 2023. Copper production decreased 9% year over year. In Q3 2023, copper production at El Brocal had increased due to higher estimated copper content mines from the open pit transitional ore. In the Q3 of 2024, silver production reached 4,400,000 ounces, a significant increase compared to the 1,900,000 ounces produced during the same period last year. On this total of this total, 3,200,000 ounces came from Uchucchacua and Yumpa.

Speaker 2

Oil production increased 7% year over year, mainly explained due to increased output at Julkani and La Zanja. We are pleased to share that Buenaventura completed the sale of its Chaul Piloma royalty company to Franco Nevada for $210,000,000 during Q3 2024. Buenaventura's CapEx in Q3 2024 totaled $98,000,000 which includes $77,000,000 allocated to the San Gabriel project, primarily allocated to the mines water dam and to power line construction. Buenaventura's credit rating was upgraded by Moody's to B1 with a positive outlook. Moody's cited Buenaventura's operational improvement, driven by increased production from its Brocal, Yumpac and Uchucchacua mines, as well as efficiency and cost reduction, cash flow generation and conservative liquidity management as key factors.

Speaker 2

Our cash position reached $458,000,000 with a total debt of $675,000,000 We continue deleveraging the company, reaching a net debt to EBITDA ratio of 0.5 times, lowest in years and within our target range. Moving on to our cost structure in Slide 4. The Q3 2024 all in sustaining costs have been reduced by 69% year over year. This reduction is primarily attributed to the increased silver contribution from Uchucchacua and Yumpa. Moving on to cost applicable to sales strength.

Speaker 2

As you can see, corporate cash decreased in the quarter, mainly due to an increase in volume processed during the quarter, resulting from a stockpile ore processed. The cash is in line with the Q3 2023 figure. Silver cash has decreased year over year, primarily driven by the higher contribution of silver ounces from Uchucchacua and Yumpa. However, this has increased quarter over quarter due to higher exploration expenses and increased costs at Uchucchacua and Yumpa related to ground support works. Gold cash increased year over year, primarily driven by lower grades at Tambomayo and Orcopampa.

Speaker 2

On the next slide, we represent our free cash flow generation. The Q3 2024 cash position increased during the quarter, driven mainly by the strong performance of El Brocal, Ochuchacua and Yumpa, the sales of the sale of Chiappiloma for $220,000,000 and dividends received from Cerro Verde. In addition to these drivers, the EBITDA to cash through the free cash flow reconciliation reflects Buenaventura current growth phase with significant CapEx investment related to San Gabriel. Moving on to the Slide 6. This slide shows the San Gabriel project's cumulative progress, reaching 65% overall completion by the Q3 2024, primarily driven by the advancements in the water dam and the power line construction.

Speaker 2

A key milestone we are closely monitoring for the next quarter is the completion of the pipeline works. Out of the 650,000,000 dollars total CapEx, we have already executed 350,000,000 and committed close to 230,000,000 allowing us to derisk the project completion at any cost and any cost increase. 100% of the structural steel is now on-site and major contracts for plant and infrastructure have been awarded. On the next slide, we are showing the processing plant's progress that will operate at 3,000 tons per day. Currently, the Sac and Bowls mechanical works are at 60%, the primary crusher mechanical works are at 90% and finally, the shield tanks mechanical works are at 65%.

Speaker 2

Moving on to Slide 8, we present the progress at various facilities essential for the underground mine development, including the North Ramp portal, fine installations and the short grid plant. Moving on to Slide 9, We are showing the progress at various infrastructure of the project. We will discuss the filter tailing plant, the water dam, the power line and the campsite 100% completed. Finally, to our closing remarks, I would like to finish with the presentation with these comments. First, Uchucchacua exceeded expectations, reaching an average throughput of 1500 tons per day earlier than expected, while Yumpac maintained a steady production on 1,000 tons per day, delivering 3,200,000 ounces of silver in the Q3.

Speaker 2

2nd, at El Brocal, we successfully processed 100% of the stockpile ore, enabled us to meet our production target for the 1st 9 months, 2024. The underground mine reached a record average throughput of approximately 12,000 tons per day during the quarter. 3rd, the San Gabriel project achieved a 65% overall progress, meeting our planned targets, Buenaventura continues de risking the project by completing engineering and procurement. And lastly, I am pleased to report a record low leverage ratio of 0.5 times for the quarter, driven by a strong EBITDA growth, the sale of non core assets and effective debt management. Thank you for your attention, and I will hand the call back to the operator to open the line for questions.

Speaker 2

Operator, please go ahead.

Operator

We will now begin the question and answer The first question is from Cesar Pereznovoa from BTG Pactual. Please go ahead.

Speaker 3

Thank you. Good morning, everyone, and congratulations for your Q3. Really outstanding results and a lot of progress. If I may, I have three questions. The first one relates to El Brocalio.

Speaker 3

I believe the company is on track to achieve average mining rates of around 11,000 metric tons in 2024. However, during the Q3, copper production fell around 10%, even though your average rates for the quarter stood at 12,000 metric tons per day. Can you please comment on why the volume fell and when will Ibrocal reach the targeted rate of 12,500 per day, if I recall correctly? My second question relates to San Gabriel. Alejandro mentioned the completion is already at 68%.

Speaker 3

Could you please comment on project economics now that you have a fully revised CapEx? And in addition, any new update on Trapica would be also greatly appreciated. And finally, if I may, again, if you could indicate where your sources of inflows and outflows of cash will be in the next year, including your dividends from Cerro Verde. I asked a lot of questions, but thank you very much for taking them.

Speaker 2

Thank you, Cesar, of course. Regarding Brocal, we already reached the objective to treat 12,000 tons per day. This objective was planned to be reached on December this year, but we reached it before. Maybe Juan Carlos or Pete can give more explanation to the production of copper, please. [SPEAKER DANIEL

Speaker 4

MARTINEZ VALLE:] Thank you, Leandro, and thank you, Souda, for the question. Yes, we reached 12,000 tons per day average rate production in the mine. We are planning to keep ramping up this rate up to 12,500 tons per day, probably by the 1st or second quarter of 2025. So we're on track to reach full capacity of the Alamo mine as we plan it. The difference in between Q3 2023 and Q3 2024 in copper production, that 10% lower production compared between quarters is because in the last year, we have production, an exceptional production of daily shipping ore from the open pit.

Speaker 4

We have like 12,000 tons straight from the open pit, crush it and sell it directly to the market with an average of 12% copper. So you have almost 1,400,000 of fine coppers as a spot sale on Q3 2023. That's the main difference between the Q3 2023 when we have this spot production and Q3 2024 when where 100% of the production copper production came from the underground mine. That's the main difference of copper production between quarters. [SPEAKER RODRIGO GUZMAN

Speaker 2

PERERA:] And continue with the second question, you were asking about the economics of San Gabriel. San Gabriel, we are planning to have an EBITDA around $100,000,000 per year. Our cash costs should be around $1300 and with our sustaining CapEx yearly about $5,000,000 between $5,000,000 $7,000,000 And more important, the production will be around 130 1,000 ounces per year. And in terms of inflow and cash flow, Daniel, please can you give more color to the question?

Speaker 5

Yes, of course. Thank you, Cesar, for your question. For 2025, we expect to start the year with a cash position of around $370,000,000 And considering the prices for gold of $2,100 for silver $27 and for copper $9,000 per ton, we estimate an EBITDA for the following year of around $350,000,000 to $380,000,000 In addition to this, we expect to receive $150,000,000 of dividends from Cerro Verde. This is regarding the inflows. And regarding the outflows, we expect to spend at San Gabriel close to $240,000,000 to $250,000,000 plus our sustaining CapEx, which is in the order of $100,000,000 to $120,000,000 And finally, we are going to pay the taxes for the chiappiloma sale, which we received $210,000,000 this year, but we are going to pay the corporate tax of 29.5 percent, which is $45,000,000 and will be paid in the Q1 of next year.

Speaker 3

All right. Very good. Thank you very much for the detailed explanation. Thank you all.

Speaker 2

No, Cesar. I left, Adi, for the end, your question about Trapiche. Any news about Trapiche. We continue with the feasibility study. And Renzo, please, if you can give more information to Zetta.

Speaker 2

[SPEAKER RODRIGO GUZMAN

Speaker 4

PERERA:] Sure. So

Speaker 6

exactly we're in the middle of the feasibility study and we are starting to receive the test results from our second set of column testing on-site confirming the business case. We keep working to consolidate the right of path for the power line. We are probably 60% advancing that one. And in the environmental impact assessment process, we finished the public assemblies. Those are great news.

Speaker 6

We're in the process of absorbing the authority questions. So hopefully, within the next 6 months, we should have an environmental impact assessment approval.

Speaker 3

Okay. Very clear. Thank you very much.

Operator

The next question is from Carlos De Alba with Morgan Stanley. Please go ahead. Carlos, your line is open on our end, perhaps you have it muted on yours.

Speaker 7

Yes. Thanks. Good morning. Sorry about that. So I have several questions.

Speaker 7

The first one is on San Gabriel, just continuing the discussion there. Any expectations and any guidance on how do you see the mine ramping up to full normalized production run rate of 130,000 ounces per year? It seems that the first ore is in the second quarter of next year. So how do you see the ramp up?

Speaker 2

Thank you, Carlos. Well, Renzo Juan Carlos, please. [SPEAKER DANIEL MARTINEZ VALLE:]

Speaker 6

So the start up plan, we're expecting to reach 65% of our production capacity by the Q3 of 2025. With commissioning activities on the mill and Russia starting in the Q1 of next year. And then we're going to start the ramp up process up to 3,000.

Speaker 2

I don't

Speaker 6

know if Montalos can you can comment on that one. [SPEAKER DANIEL

Speaker 4

MARTINEZ VALLE:] Sure. We have right now the contractor running the tunnels underground. We have 2 crews, 2 fleets working for the north and the south ramp at the same pace. We are reaching an average development rate of about 500 to 600 meters per month. We are getting into the ore body right now.

Speaker 4

So we will have we're scheduled to have access to the pilot test, the initial pilot test by December this year in order to start training our people on the mining method that we're using San Gabriel and continue with this training along the first half of twenty twenty five. We have been reaching the we're close to the decision to purchase all the mining equipment. That's for the mining operation. We have good delivery time, so even for rented equipment and new equipment according to the plan that we have for ramping up the whole production. So we are well in track for the mine development side along as a resolution with the construction and commissioning of the processing plant.

Speaker 7

Thank you. Just to clarify, the 65% of capacity by the Q3 of 2025, is that throughput or is this your final production? [SPEAKER DANIEL MARTINEZ

Speaker 6

VALLE:] No, no, no. That's 65%, 65%, which equals 2,000 tons per day. That's we're going to that's when the project will end with a constant production of 2,000 tons per day for 3 weeks without major stops and with a commercial product at the end. That's kind of it. That's kind of where we finish the project and we start operation.

Speaker 7

Okay. Then the next question on Cerro Verde. Any expectations for dividends in the Q4?

Speaker 2

Well, you may see the financials of Roberto, and there is some cash that we expect to maybe we will discuss it in the next board meeting.

Speaker 7

How much would it be, if your expectations? [SPEAKER DANIEL MARTINEZ VALLE:]

Speaker 2

We expect an additional $50,000,000 or $60,000,000 for us for Buenaventura.

Speaker 7

$50,000,000 to $60,000,000 for Buenaventura in the 4th quarter potentially?

Speaker 2

Potentially, yes.

Speaker 4

Yes.

Speaker 7

All right, great. And then on a couple of operations, what can we expect on Coimolache profitability in the coming quarters given that despite the good prices, it is struggling in the Q3?

Speaker 2

[SPEAKER DANIEL MARTINEZ VALLE:] Well, the current situation in L'Oreal, we are expecting a permit for continue our operations. Once we have the permit, the production will come as we were used to around 70,000 ounces per year. We expect to put more mineral, more ore in the leach pad that has been constructed and we are expecting that permit. We will begin production in the Q3 of between the Q3 and the Q4 and the next year. Maybe more detail when Carlos can give us.

Speaker 4

Thank you, Leandro. Yes, the ready profitability, we are for this quarter and maybe the incoming quarters, close to a breakeven situation in Carmolache. We are extracting gold from the inventories that we hold on the pad. As Leandro mentioned, we already have the environmental license to do the expansion of the pad. We will hold the land.

Speaker 4

We are currently fighting for the construction permit. So we're quick to have the construction permit ready by the end of the year, early 2025. And there are some other detail of the permits. But on that sequence of ideas, we will have the chance to start putting fresh ore on top of the pad by the Q3 2025. So the idea is that we hold the situation kind of close to breakeven, cash breakeven until we reach the permit for construction, permit for placing fresh ore on top of the pad by the Q3 2025.

Speaker 4

And at that time, we will resume profitability as we had in the past.

Speaker 7

[SPEAKER DANIEL MARTINEZ VALLE:] But so basically, if you're going to resume leaking in the Q3, probably you only see production until the Q4 2025 or Q1 2026

Speaker 2

Increase in

Speaker 4

the quarter? [SPEAKER DANIEL MARTINEZ VALLE:] Yes, it will be ramping up. As you know, they use that placing the ore and you have a leaching period total leaching period of total loss, 60 days. So usually, you need to start waiting, but Q3 of next year will be a pivotal moment for cumulatively getting back into profitability because there will be some gold ounces coming from the pad, the existing inventory that we have and we are taking it out right now, plus the additional fresh ore in the Q3. So it will be a combination of both of them.

Speaker 4

So probably the fresh ore will add a lot of fuel for the profitability of Comolacci by the Q3. [SPEAKER DANIEL MARTINEZ

Speaker 7

VALLE:] All right. Excellent. And then lastly, sorry for all these questions, but just to get them out of the way. On Culcani, what is the rationale to sustain to keep this operation in Barrancunores portfolio given the elevated cost?

Speaker 2

Yes. Well, we are trying to make more efficient Tucani. We have to make some to take some decisions there. But we are moving from the to the copper and gold areas that give us more production of gold in order to be more efficient with that mine. As I told you, Carlos, we are evaluating the situation and continuity of that mine in our portfolio.

Speaker 4

Okay.

Speaker 7

Thank you very much, everyone. Good quarter.

Speaker 4

Thank you. Thank you.

Operator

The next question is from Tanya Jakusconek with Scotiabank. Please go ahead.

Speaker 8

Great. Good morning or good afternoon everybody. Thank you so much for taking my question. Sorry, I just got on a bit late. There was another call ahead of you.

Speaker 8

Just wanted to come back to San Gabriel. Can I just ask, I think I heard an EBITDA of $110,000,000 Was that a San Gabriel EBITDA?

Speaker 2

Yes, between $9,000,000 $110,000,000 yes. Dollars 90,000,000 between $90,000,000 $110,000,000 yes.

Speaker 8

Okay. And sorry, what gold price was that based on?

Speaker 2

$2,000

Speaker 8

$2,000 Okay. All right. Thank you so much for that. Can I just ask, I heard you mentioned the total cash cost went to $1300 And I think originally the feasibility study or your plan was $800 so that's like a 60% increase? Can someone explain to me what has happened to these total cash costs?

Speaker 8

It's not just inflation, Has something changed in the mine plan? [SPEAKER DANIEL MARTINEZ VALLE:]

Speaker 2

Yes, yes. The mining metal has been changed. Juan Carlos, I don't know if you can give more information to Tanger.

Speaker 4

[SPEAKER RODRIGO GUZMAN PERERA:] Yes, sure, Alejandro. Well, if we split the operation of San Gabriel into the mine, the processing plant and the overhead pretty much are aligned with the pre feasibility study, feasibility studies operating cost. The main difference is on the underground mine. Right now that we get our hands on the mine, as I mentioned before, we are running tunnels and assessing the quality of the rock and where the safe way to proceed to mine the deposit, the quality of the rock is very poor. We require a lot of reinforcement and we need to change the volume of ore that will be extracted with underhand mining methods compared to the original study.

Speaker 4

So it's a combination of more expensive tons to be driven in this poor quality rock, more expensive openings to be made due to the quality of the rock and a larger percentage of ore extracted by the underhand mining method instead of the overhand. So the underhand is more expensive. We're required to use more cemented backfill with 7% cement. So the combination of all these factors is the one that make significant change on the operating cost of San Gabriel.

Speaker 8

So can I ask what is the operating cost per ton like of this operation? Like if you take the mining, plus the milling, plus the G and A processing, so what would it be? Is it like $200 a ton, like I don't know anymore $2.50?

Speaker 4

In the initial years, we'll be in the order of $150 per ton. And then gradually, when we start doing less of the expensive openings, the first cut that we need to make for the underhut, we will start coming down to $140, dollars 1 $135 per ton. That's a combination of processing, overhead and the underground mine.

Speaker 8

Okay. And that's U. S. Dollars?

Speaker 4

U. S. Dollars.

Speaker 8

Yes. Okay. And can I ask, like when did you understand that the mining costs had to change? Was this a recent thing that you once you started to put the decline in and you started to see the rock conditions or when did you kind of note that you have to change?

Speaker 4

Yes. I think recently once we start driving the tunnels along the ore body in the last two quarters, we're starting May with a contractor driving tunnels in the ore body. So we have the chance to reassess the quality of the rock. We redo the all the geomechanics, the selection of the mining method, and then we need to rerun the mining planning or the mine plan. There was an opportunity where we reduced a lot of tunneling in the new design, almost in the area of $100,000,000 of less expenses on tunneling to be made in the new arrangement.

Speaker 4

That is offset by the larger expenses on cemented backfill. So it was in the last 5 months to 6 months that we have more thorough access to the ore body or assessment not by drilling holes, by openings, galleries, which we know better than the quality of the rock, and we are on that conservative side of the equation. So we are now putting more shotcrete and reinforcement. And probably during the operation, we will be test if that is necessary or there are some opportunities that we foresee right now to reduce expenses and do something more efficient in incoming months.

Speaker 8

And just on the sustaining capital, which you mentioned would be $5,000,000 to $7,000,000 Most of the companies that we follow with underground mines and that sort of range would have like maybe $200 an ounce of sustaining capital, which brings it to $25,000,000 a year. Can you explain to me why you're sustaining capital is so low?

Speaker 4

[SPEAKER DANIEL MARTINEZ VALLE:] Well, our decision to sustain capital is just to keep all the assets in good shape, keep maintaining all the equipment that we have. So we have experience in Tambomayo, Orcopampa, Sandor, mature pollution, we know pretty much what we need. So everything that we need for the construction and the spare parts, any auxiliary service is being taken down or taken considered inside the CapEx. So that's the reason that in the coming years after completion of the project, we don't expect to be in the range of less than $10,000,000 sustaining CapEx as we see for maintenance of all the facilities. It's a very compact footprint and it's a brand new operation.

Speaker 4

So we expect to be in that range based on our experience and the dynamics of the project itself.

Speaker 8

Okay. Maybe if I can leave San Gabriel and go to just talking about just your costs as you go into 2025. Can someone just share with me as you think about your budgeting of your costs what sort of labor inflation are you forecasting or overall inflation for 2025 estimates over 2024?

Speaker 2

Yes, Tanya. During the COVID time, there was an increase in the labor cost due to the cost of inflation. The inflation rate, we reached around 9%. But the last year, we expect to have this year, we expect to have 2.4%, 2.5% of inflation. So in that range should be the increase in labor costs.

Speaker 2

We normally are at those levels with inflation.

Speaker 8

And what about other items within your cost structure? So when you think when I think about your 2025 costs, should I just think that they're only 2.5% higher than 2024 or are there other things within your cost structure that will move those costs more than 2.5 percent?

Speaker 2

In our business, 60% of our cost comes from the contractors and the manpower, right? So it's a key component of our operations. Remember, we are trying to replace the contractor for in the most important mines, we are trying to replace the contractors with our own people and our own equipment. So we should expect in the long run, not necessarily in the 2025, but we are it's a tragedy that we are beginning this 2025 year. So we expect to reduce the cost of tunneling or all the labors we need in our mines.

Speaker 2

So we shouldn't expect any important increase in our cost.

Speaker 8

Okay. And of the 60% of your cost, which is labor, what percentage of that is just contractors? Is it half, 3rd?

Speaker 2

Yes. Exactly, it can be half, right? Daniel, I don't know if

Speaker 5

If I can give you a little bit more detail of this, Tanja. The labor is between 16% 20% of our total costs. Total contractors are 56%. From this 56%, 25% is labor from contractors. So the 16% plus the 14% are labor.

Speaker 5

This will be affected by the 2% to 4% inflation that Leandro mentioned.

Speaker 8

So if I 16% is your own people and then 14% is contractors? Correct. So 16 plus 14 gets me to 30%. 30% is late.

Speaker 5

That will

Speaker 4

be a thing. Okay.

Speaker 2

Yes. Yes.

Speaker 8

Okay. Perfect. Thank you so much. And then Daniel, while I have you on, I saw obviously you've got your Sierra Verde dividend, which you got about, I think was it $60,000,000 and then we got the $210,000,000 from the sale of the royalty to Franco. So now you have more cash than debt on your balance sheet.

Speaker 8

Can you just review with me your capital allocation for that additional cash? Obviously, you've got $280,000,000 or whatever the number was to pay for San Gabriel still, right? We have to finish San Gabriel, but what maybe your capital allocation on the all this cash on the balance sheet?

Speaker 5

Yes, At this point in time, we will use all the profits from the shareholders' dividends and the asset sale to fund San Gabriel. Remember that we have $200,000,000 in the Rebollo facilities, RCF, that we have in use. So that will those facilities will remain ungrown because we have we count with these proceeds. So at this point in time, the funds will be devoted to San Gabriel.

Speaker 8

Okay. And we just continue to pay the dividend as per formula. So cash goes to fund the San Gabriel. And is there any money going to Trapiche that I should know about this feasibility study? How much is this costing?

Speaker 5

We are spending at Trapiche around $20,000,000 per year until we reach the pre feasibility study. So that is the average. And regarding the dividends, we continue paying dividends as every year. Next year, we should evaluate what would be the amount of dividend paid considering the good performance of the company this year.

Speaker 8

Okay. So if I understand all of the cash and Sierra Verde dividend go to San Gabriel and then your debt outstanding will just be paid over time with your cash flow. Okay. So $50,000,000 of El Brocal loan. We have we're doing this, this quarter.

Speaker 5

So maybe you will see at the end of the year $50,000,000 less in cash.

Speaker 8

Okay. Okay, got it. Thank you so much. And I look forward to hopefully seeing San Gabriel when it's up and running.

Speaker 3

Thank you.

Operator

Ladies and gentlemen, that concludes the question and answer session of today's conference call. I would like to turn it back over to management for closing remarks.

Speaker 4

Thank you,

Speaker 2

Roberto. Before we finish today's conference call, We are excited to announce that Buenaventura San Juan Investor Day will be held. This event is an excellent opportunity for us to connect with you. This Buenaventura's Day will be held on December 10 in New York. There we will share our latest update and discuss our strategic vision and key projects for the coming year.

Speaker 2

We hope you all join to gain deeper insight toward Aventura's growth plans and operational progress. Please save the day and keep an eye for our more details coming soon. We look forward to see you in New York. And again, thank you very much and have a wonderful day. Thank you.

Operator

Conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

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Compañía de Minas Buenaventura S.A.A. Q3 2024
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