Buenaventura -11% as Q1 shows $0.04/share loss vs. expected gain


Miner Buenaventura (BVN -11.2%) shares sink after reporting disappointing Q1 results, showing a loss of $0.04/share vs. analyst consensus for a gain of $0.22/share.

Gold equity production totaled 191,448 ox., down 21% Y/Y, mainly due to lower production at Orcopampa and Yanacocha; silver equity production was 4.1M oz., 12% lower than the prior-year quarter.

But J.P. Morgan analysts think BVN will begin to turn around this year: The Brocal expansion should result in higher throughput starting in Q2, the Tambomayo project is progressing on track for production in 2016, and the Cerro Verde expansion - turning the mine into one of the world’s largest copper mines - is on time and on budget.

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