...Low Cost Producer: Compa±fa de Minas Buenaventura S.A.A.'s (Buenaventura) cash cost of production is in the first quartile of the cost curve and has been reinforced over a period of cost optimization and decreased operating expenditure combined with the divestment of higher cost units. The company's all-in sustaining cost (AISC) for gold was among the lowest globally at $843 per ounce (oz.) in 2014, indicating a significant improvement on $1,100/oz. in 2013. The global average AISC was $1,314/oz. during 2014 according to the GFMS Gold Survey 2015. Conservative Approach to Debt: Buenaventura has a 60-year record of mining operations across Peru. As of March 31, 2015, the company had a net debt/LTM EBITDA ratio of 1.3x, compared with 1.5x for the same period in 2014. The company has maintained low leverage levels through various stages in the gold cycle and exhibits a conservative management philosophy. Projected leverage levels indicate modest debt ratios, peaking at around 1.8x net adjusted...
