Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
|---|
| The ongoing success of Yumpag confirms its status as a world-class asset, marked by constantly high silver grades |
| Our cash position remains strong in the fourth quarter of last year due to a strong performance at El Brocal, resulting in a leverage rate of 2.05 times, the lowest in two years and within our target range |
| We are pleased to share that our dividends received from Cerro Verde during the quarter have contributed up to $49 million, strengthening our overall financial performance |
| The second factor was the stronger production and volume sold from El Brocal and finally the restarting operations at Uchucchacua and Yumpag that contributed with around 2.8 million ounces of silver to our P&L |
| And I think it is a plus for the company |
| Second to add to what Juan Carlos said, in the fourth quarter, Cesar, we had a very strong EBITDA |
| Our consolidated production of copper, silver and gold throughput 2023 has yielded in the following results: 58,000 tons of fine copper attributed to the exceptional production at El Brocal, meeting the upper range of the guidance; 9.2 million ounces of silver achieving the full year guidance, during the fourth quarter of 2023, Uchucchacua and Yumpag contributed with 2.6 million ounces; 155,000 ounces of gold with consistent production of Orcopampa |
| This production enabled us to surpass the upper range of the guidance |
| In the third quarter, we think we're going to be starting with electrical and signal contractor and finally finishing the year with a very good advance with the water dam before the rainy season starts |
| However, we recorded a positive EBITDA for the fourth quarter of 2023, thanks to the resumption of Uchucchacua and the contribution of Yumpag |
| My first one relates to your material operational improvement in the final quarter of the year, which among several operational enhancements and, of course, Yumpag, led to an import rise in operating performance in the EBITDA |
| I look forward to an excellent relationship |
| El Brocal is strategically focusing on the copper underground mine, maximizing margins and gearing up for a robust ramp-up to 12,000 tons per day in the midterm |
| Our EBITDA from direct operations for 2023 has increased 38% compared to the previous year |
| Record 2023 copper production resulted from successful migration to massive underground method, enabling El Brocal to ultimately achieve an average of 10,800 tons per day during the fourth quarter 2023, surpassing its targeted 10,000 tons per day underground mine exploration rate |
| As you can see, prioritization of copper ore at El Brocal and the ramp-up in the underground mine is translating into a 10% cost reduction year-over-year |
| So we hope to work together and in a very constructive way |
| As you can see, our collection of mines offer over 10 years of uninterrupted reserve and resource extraction |
| Silver production will see a 65% year-over-year increase primarily due to the contributions of Uchucchacua and Yumpag silver ounce |
| As evident, the prioritization of copper ore at El Brocal and the ramp-up in the underground mine will enable us to maintain an annual copper production in 2024 between 55,000 tons and 60,000 tons per year |
| Here, you can see that our 2023 all-in sustaining costs have reduced by 8% and 27%, respectively, year-over-year |
| Moving on the cost applicable to sales strength |
| In silver, we have and 128 million ounces of reserves with Yumpag making a significant contribution |
| Good morning to everyone and congratulations for your results, by the way |
| Thanks for the call |
| Congratulations on the results |
| Before we finish today's conference call, I would like to thank you very much for making the time to join us, and have a -- again, you have a great day today |
| Good morning, everyone |
| If this would be the case, what will this specifically involve? And would this imply some expansion at the concentrator? If you could share some views on that and perhaps production guidance for Cerro Verde and CapEx, that would be extremely -- I would be extremely thankful |
| The photograph at the bottom show the progress of the main storage area, where we already have 40% of the equipment on site |
| Statement |
|---|
| El Brocal, Orcopampa and Tambomayo have been the main contributors for the 2023 while La Zanja, Julcani and Uchucchacua had a negative EBITDA due to the lower production for the first two assets and care and maintenance at Uchucchacua for the first nine months |
| Regarding the potential downtime in any of the units, as a potential risk, so with a delay in the permits in Yumpag that we foresee for end of the first quarter but probably could make a week or two later, that's an operational risk, hopefully not |
| Full year 2023 net income was 33 million, negatively impacted by $113 million non-cash provision related to former SUNAT dispute |
| Gold production will decrease by 12% year-over-year, primarily due to the reduced contribution of Tambomayo gold ounces |
| In the case of silver, because now we have a full year with production in Uchucchacua mine and also in Yumpag, we foresee a reduction from what was in 2023 |
| Our guidance also includes the case that we are delaying this construction in Coimolache of the pads |
| The total CapEx estimate for the project are being reviewed due to some delays and escalation costs |
| Gold CAS has remained relatively flat year-over-year despite the reserves depletion at La Zanja and lower production in Tambomayo |
| Silver CAS has decreased 3% year-over-year, primarily driven by lower cost during the fourth quarter of 2023 with the contribution of Uchucchacua and Yumpag silver ores |
| Actually, we have registered this provision because of the -- based on the opinion of our lawyers, the probability to win in the case is lower than 50% |
| Maybe the [indiscernible] of $19 per ounce of silver in 2023 probably coming down closer to $16 per ounce of silver in relative units |
| So that will not be a problem |
| There is nothing more than that |
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