Peruvian mining: A competitive and attractive investment. ING. Victor Gobitz, CEO Buenaventura
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1 Peruvian mining: A competitive and attractive investment ING. Victor Gobitz, CEO Buenaventura
2 INDEX Megatrend I. Location (World Context) II. Natural Resources - Mining potential of Peru - Value and structure of global mine production - Value of mine production by countries III. Macroeconomic Environment - Peru, s economy still leads LATAM growth - Peruvian, s GDP IV. Strenghts V. Challenges VI. Buenaventura 2
3 MEGATREND: URBAN AND RURAL CHINA NEXT COMING: INDIA(?) Urban chinese population: 56.1 % Rural chinese population: 43.9 % Income (yuan) average population urban: 31,1195 / rural: 11,422. Per capita consumption Kg copper/year India 0.5 China 7.5 USA Source: Estudio CRU, Oracle Mining Corp
4 INDEX Megatrend I. Location (World Context) II. Natural Resources - Mining potential of Peru - Value and structure of global mine production - Value of mine production by countries III. Macroeconomic Environment - Peru, s economy still leads LATAM growth - Peruvian, s GDP IV. Strenghts V. Challenges VI. Buenaventura 4
5 World Bank 2017, Countrymeters I. LOCATION PERU - WORLD CONTEXT 3. United States 325M % 2. India From Peru Pacific Ocean 1. China 1,381M % GDP: 18,037 BN 24% WORLD GDP GDP: 11,008 BN 15% WORLD GDP 5. Brazil 207M % 1,332M % 4. Indonesia 260M- 3.47% To China Pacific Ocean WORLD PERU % PERU POPULATION 7,347 MM 31 MM 0.42% GDP (US$) 74,152 BN 189 BN 0.26% 5
6 INDEX Megatrend I. Location (World Context) II. Natural Resources - Mining potential of Peru - Value and structure of global mine production - Value of mine production by countries III. Macroeconomic Environment - Peru, s economy still leads LATAM growth - Peruvian, s GDP IV. Strenghts V. Challenges VI. Buenaventura 6
7 II. NATURAL RESOURCES MINING POTENTIAL OF PERU WITHIN THE 7 PRODUCERS OF THE WORLD POSITION AS A PRODUCER WORLD LATAM % WORLD RESERVES AND RESOURCES COPPER % GOLD % SILVER % ZINC % LEAD % TIN % Mining Radiography Gold Silver Copper Iron Zinc Molybdenum Phosphate Polymethalic Source: USGS (datos estimados al 2015) 7 Source: MINEM (datos a julio del 2016)
8 II. NATURAL RESOURCES VALUE AND STRUCTURE OF GLOBAL MINE PRODUCTION: 2015 Value of mine production 2015: us$ 411b 7.30% 8.30% 2.60% 5.40% 27.50% 23.70% 25.20% Others include tin (1%), silver (3.4%), molybdenum (1%). Gold Copper Iron Lead/Zinc Nickel PGMs Others* Iron, copper and gold are the most important products in determining the total value of mine production. In 2015 represented 76% of the total value of production. 8
9 II. NATURAL RESOURCES VALUE OF MINE PRODUCTION BY COUNTRIES 2015 (US$ MILLIONS) Ranking Country Total % Value of mine production China 86, % 2 Australia 49, % 3 Chile 32, % 4 Russia 22, % 5 Peru 20, % 6 USA 20, % 7 Brazil 17, % 8 Canada 15, % 9 South Africa 14, % 10 Mexico 12, % Source: Gerens, the performance of the world mining industry Peru is a mayor player in the global mining industry. The great growth potential of the industry must be taken advantage of. As the history shows, sooner or later the location of mining operations will migrate to other regions. 9
10 INDEX Megatrend I. Location (World Context) II. Natural Resources - Mining potential of Peru - Value and structure of global mine production - Value of mine production by countries III. Macroeconomic Environment - Peru, s economy still leads LATAM growth - Peruvian, s GDP IV. Strenghts V. Challenges VI. Buenaventura 10
11 III. MACROECONOMIC ENVIRONMENT PERU, S ECONOMY STILL LEADS LATAM GROWTH Investment grade REAL GDP- FORECAST FOR LATAM (AV. ANNUAL CHANGE) Venezuela Brasil Argentina Chile Mexico Colombia Peru -6.3 Aa3 A3 Baa2 A REAL GDP GROWTH (ANNUAL CHANGE BASE = 100) Peru Chile Colombia Brasil Source: Proinversion, BCRP, IMF, Moddy, s 11
12 * III. MACROECONOMIC ENVIRONMENT IN THE LAST DECADE, THE PERUVIAN GDP HAS TRIPLED GDP PER CAPITA AND IMF FORECAST (IN US$) REAL GDP, * (CHANGE %) 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 6, Source: Proinversion, BCRP, IMF
13 INDEX Megatrend I. Location (World Context) II. Natural Resources - Mining potential of Peru - Value and structure of global mine production - Value of mine production by countries III. Macroeconomic Environment - Peru, s economy still leads LATAM growth - Peruvian, s GDP IV. Strenghts V. Challenges VI. Buenaventura 13
14 IV. STRENGHTS Diversification of supply is the main source of competitive advantage over other countries in the region (Cu/Au/ Pb-Zn-Ag). Large reserves and resources in the metals most demanded worldwide: copper, gold, zinc-lead, silver. Low energy cost, easy availability of hydroenergetic and thermal resources (Camisea gas). Peru, country with investment grade. Modern and simple system of cadastre and granting of mining concessions. Human capital: Technical schools / Universities / Centers. Suppliers/ Contractors, Peru is a country with mining experience. Source: Doing Business in Peru Mining Chapter PWC 14
15 INDEX Megatrend I. Location (World Context) II. Natural Resources - Mining potential of Peru - Value and structure of global mine production - Value of mine production by countries III. Macroeconomic Environment - Peru, s economy still leads LATAM growth - Peruvian, s GDP IV. Strenghts V. Challenges VI. Buenaventura 15
16 V. CHALLENGES SOCIAL - LOW SOCIAL ORGANIZATION (HIGHLANDS) - SOCIAL DISCONTENT (HIGH EXPECTATIONS) HDI (HUMAN DEVELOPMENT INDEX) - INDEX IS 0.734, QUALIFICATION IS HIGH. BUT IT IS STILL BELOW THE GLOBAL AVERAGE (0.744) AND THE REGION (0.748) - BIG GAP URBAN AREAS / RURAL AREAS POLITICAL - POLITICAL SYSTEM STILL IN PROGRESS - GOVERMENT GAPS (CENTRAL / REGIONAL / LOCAL) TECHNOLOGICAL - LACK OF R & D RESOURCES - IMPROVEMENT OF PUBLIC EDUCATION (IN PROGRESS) - REACTIVE DEVELOPMENT, LACK OF VISION TOWARDS THE FUTURE (ADOPTION / NO GENERATION) INFRAESTRUCTURE - PENDING INVESTMENTS TO INCREASE EXPORT COMPETITIVENESS PORTS AIRPORTS ROADS - PENDING INVESTMENTS TO REDUCE GAP (URBAN/RURAL) WATER/ SEWAGES WASTE MANAGEMENT ENVIRONMENTAL - PRESENCE OF INFORMAL MINING (Au) - CONFUSED ENVIRONMENTAL REGULATION (WATER / AIR) - DELAY IN THE DELIVERY OF PERMITS AND LICENSES 16
17 INDEX Megatrend I. Location (World Context) II. Natural Resources - Mining potential of Peru - Value and structure of global mine production - Value of mine production by countries III. Macroeconomic Environment - Peru, s economy still leads LATAM growth - Peruvian, s GDP IV. Strenghts V. Challenges VI. Buenaventura 17
18 BUENAVENTURA IS BASED IN ONE OF THE HIGHEST POTENTIAL POLYMETALLIC BELTS OF THE WORLD Current Operations BVN listed in New York Stock Exchange since 1996 and in Lima Stock Exchange since 1971 BVN is the major holder of mining rights in Peru 64 years of mining expertise in Peru Partner of choice for major world-class operations in Peru 18
19 ANNUAL RESULTS (PRODUCTION) 19 *Sales mix: 65% precious metals and 35% base metals
20 Peruvian mining: A competitive and attractive investment ING. Victor Gobitz, CEO Buenaventura
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