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    César Pérez Novoa • BTG Pactual

    César Pérez Novoa's questions to Sociedad Quimica y Minera de Chile SA (SQM) leadership

    César Pérez Novoa's questions to Sociedad Quimica y Minera de Chile SA (SQM) leadership • Q2 2025

    Question

    César Pérez Novoa of BTG Pactual inquired about the mine economics of Mt. Holland, including its short-term and long-term costs relative to Salar de Atacama, and also requested an update on the Salar Futuro project's implementation status and expected CapEx deployment.

    Answer

    Mark Fones, CEO of the International Lithium Division, stated that while Mt. Holland is currently profitable, its costs are not yet reflective of long-term projections but are expected to be competitive. CEO Ricardo Ramos addressed Salar Futuro, explaining that the environmental study will be submitted in H2 2026, with project approval anticipated around early 2030. Consequently, significant CapEx spending is not expected to begin until H2 2030.

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    César Pérez Novoa's questions to Sociedad Quimica y Minera de Chile SA (SQM) leadership • Q2 2025

    Question

    César Pérez Novoa of BTG Pactual questioned the mine economics of Mt. Holland, including its cost structure relative to Salar de Atacama, and asked for an update on the implementation timeline and CapEx for the Salar Futuro project.

    Answer

    Mark Fones, CEO of the International Lithium Division, stated that while Mt. Holland is currently profitable, long-term costs are projected to be in the top tier for concentrate and mid-tier for the refinery. CEO Ricardo Ramos explained that the Salar Futuro environmental study will be submitted in H2 2026, with major CapEx spending not expected to begin until after project approval around 2030.

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    César Pérez Novoa's questions to COMPANIA DE MINAS BUENAVENTURA SAA (BVN) leadership

    César Pérez Novoa's questions to COMPANIA DE MINAS BUENAVENTURA SAA (BVN) leadership • Q2 2025

    Question

    César Pérez Novoa from BTG Pactual asked about operations at the Uchucchacua and El Brocal mines. He questioned the stabilization of silver grades at Uchucchacua and the outlook for costs, and inquired about the strategy of mining higher-grade ore at El Brocal and its impact on costs, including synergies from commercializing Cerro Verde concentrate.

    Answer

    VP of Operations Juan Carlos Ortiz explained that at Uchucchacua, mining in a high-grade area was paused due to seismic activity, with a potential resumption in Q4. He noted the mine is ramping up to 2,000 tons per day, which should reduce costs by 10% by year-end. For El Brocal, the strategy is to continue mining 1.45% copper ore while prioritizing areas with higher gold and silver content to improve costs through byproduct credits. VP of Business Development Aldo Masa added that selling Cerro Verde concentrate helps secure better commercial terms for Buenaventura's other materials.

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    César Pérez Novoa's questions to COMPANIA DE MINAS BUENAVENTURA SAA (BVN) leadership • Q2 2025

    Question

    César Pérez Novoa of BTG Pactual asked about the Uchucchacua mine's silver grades and potential cost improvements for H2. He also inquired about the strategy at El Brocal regarding higher copper ore grades and its impact on costs, and how the commercialization of Cerro Verde concentrate affects the overall copper business.

    Answer

    VP of Operations Juan Carlos Ortiz explained that at Uchucchacua, mining was shifted due to seismic activity, but they expect to resume mining in the higher-grade bottom part in Q4, with costs expected to decrease by 10% by year-end as throughput ramps up. For El Brocal, he confirmed they will continue prioritizing areas with high gold and silver content alongside copper, which should positively impact costs. VP of Business Development & Marketing Aldo Masa added that selling Cerro Verde's clean concentrate provides leverage to get better terms for Buenaventura's other materials.

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