REG - Antofagasta PLC - Q4 2025 Production Report
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RNS Number : 8053Q Antofagasta PLC 29 January 2026
Q4 2025 PRODUCTION REPORT
strong end to year with 9% increase in quarterly copper production
Net costs decline 27% in FY25 to five-year low
Antofagasta plc CEO, Iván Arriagada said: "We are pleased to deliver a strong
Q4, with consistent safety performance and copper production 9% higher in the
fourth quarter, driven by higher total output at all four operations. Our
continued cash cost discipline and strong by-product revenues helped us to end
the year with a 27% reduction in full year net cash costs to $1.19/lb,
representing a five-year low.
"Our material growth programme remains on track and on budget. We continue to
advance construction at Centinela and Los Pelambres, and in November we were
able to demonstrate the significant progress made to date during a site visit
to the Centinela Second Concentrator Project. These projects will help to
deliver both production growth and lower costs over the medium-term and are
advancing towards construction completing in 2027, adding 30% growth in copper
volumes over time.
"Copper production in 2026 is expected to be 650,000-700,000 tonnes, which
includes an incremental increase in output at Los Pelambres related to higher
copper grades. Net cash costs are expected to be maintained at the current
robust level. Capital investment in 2026 will reflect a balance of decreasing
activity levels at the Centinela Second Concentrator, and a ramp up in
construction work across the Los Pelambres Future Growth Enabling Projects, as
well as increased mine development activity at the Encuentro Sulphides pit at
Centinela.
"Copper's outlook remains compelling - rising demand is being driven by energy
security, electrification and increasing uptake of modern technologies, while
supply growth remains constrained. We enter the new year with confidence in
our ability to deliver safe production alongside the disciplined execution of
our portfolio of growth and development projects."
GROUP PRODUCTION AND CASH COSTS Year to Date Q4 Q3
2025 2024 % 2025 2025 %
Copper production Kt 653.7 664.0 (1.6) 177.0 161.8 9.4
Copper sales Kt 666.3 645.5 3.2 201.0 141.3 42.3
Gold production koz 211.3 186.9 13.1 66.3 53.9 23.0
Molybdenum production Kt 15.8 10.7 47.7 4.4 3.9 12.8
Cash costs before by-product credits ((1)) $/lb 2.38 2.37 0.4 2.44 2.42 0.8
Net cash costs ((1)) $/lb 1.19 1.64 (27.4) 1.05 1.07 (1.9)
(1) Cash cost is a non-GAAP measure used by the mining industry to express
the cost of production in US dollars per pound of copper produced.
HIGHLIGHTS
PRODUCTION
· Copper production in Q4 2025 was 177,000 tonnes, 9% higher
quarter-on-quarter, reflecting higher total copper across all four Group
operations.
· Copper production in full year 2025 was 653,700 tonnes, representing
a result 2% lower year-on-year, principally representing a balance between
increased output at Centinela Concentrates and a lower contribution from
Centinela Cathodes and Los Pelambres.
· Gold production in Q4 2025 was 66,300 ounces, 23% higher on a
quarter-on-quarter basis, following a higher contribution from Centinela
Concentrates. Full year 2025 gold production was 13% higher year-on-year at
211,300 ounces, with higher gold production at both Centinela Concentrates and
Los Pelambres.
· Molybdenum production in Q4 2025 was 4,400 tonnes, 13% higher on a
quarter-on-quarter basis, principally related to a higher contribution from
Los Pelambres. Molybdenum production in the full year was 48% higher
year-on-year, with an increase in production at both Los Pelambres and
Centinela Concentrates.
CASH COSTS
· Cash costs before by-product credits in Q4 2025 were $2.44/lb, 1%
above the prior quarter, with similar quarter-on-quarter performances across
Los Pelambres, Centinela and Antucoya. Cash costs before by-product credits in
full year 2025 were $2.38/lb, which is also in line year-on-year.
· By-product credits in Q4 2025 were $1.39/lb, a 3% increase
quarter-on-quarter, following higher by-product output and stronger gold
prices. Full year by-product credits rose by 63% to $1.19/lb, representing a
record level.
· Net cash costs in Q4 2025 were $1.05/lb, 2% lower on a
quarter-on-quarter basis, with an increase in by-product volumes and
underlining cash costs remaining broadly in line. Net cash costs for the full
year were $1.19/lb, representing a 27% decrease year-on-year, following an
increase in the production of gold and molybdenum by-products and stronger
gold prices.
GUIDANCE
· As previously announced in the Group's Q3 2025 Production Report,
total full year copper production in 2026 1 is expected to be between 650,000
and 700,000 tonnes, with an incremental gain in production at Los Pelambres.
Output of by-products is expected to be 215,000-235,000 ounces of gold and
12.5-14.0 tonnes of molybdenum.
· Group cash costs in 2026 before by-product credits are expected to be
between $2.30/lb and $2.50/lb.
· Group net cash costs in 2026 are expected to be between $1.15/lb and
$1.35/lb, with by-product credits expected to be maintained at the current
robust level.
· In 2026, consolidated Group capital expenditure, which excludes
Zaldívar, is expected to be $3.4 billion, as development expenditures
decrease on the Centinela Second Concentrator Project, construction activities
ramp up at Los Pelambres' Future Growth Enabling Projects and mine development
activities increase at the expansion of the Encuentro Sulphides pit at
Centinela.
SAFETY AND SUSTAINABILITY
· The Group concluded 2025 as another fatality-free year (2024: zero),
and with the Group-level lost time injury frequency rate remaining below 1.0x.
PROJECT DEVELOPMENT UPDATE
· All major projects remain on track and on budget.
· Centinela Second Concentrator: The project continues to progress in
line with expectations; activities during the quarter included early work by
pre-commissioning teams to consider the project's integration following the
completion of construction in 2027, and the completion of civil works in the
primary crusher area. Work in the coming period will focus on completing
construction across several areas of the project and on the energisation of
the main substation.
· Los Pelambres' Growth Enabling Projects:
o Concentrate pipeline: During Q4, activities continued along both the lower
and upper sections of the pipeline route. Tunnel works in the upper section
continue. Work in the coming period will include the completion of tunnel
sections and the commencement of tie-in work for electrical systems.
o Desalination plant expansion: Civil works continue to progress at the
desalination plant and its associated pumping stations. Work in the coming
period will include the installation of additional pumps and the completion of
electrical rooms.
· Zaldívar Water Supply: Preparation work for the commencement of
construction of the long-term water supply system beyond 2028 continues, and
includes the required studies and engineering work for the investment
decision, which is expected during 2026.
· Cachorro Exploration Project: In November 2025, the Chilean
Environmental Authority approved the Group's application for a Declaration of
Environmental Impact (Spanish acronym: "DIA") for additional exploration work,
which covers the next 7 years of exploration activities, including drill holes
and the construction of an exploration adit.
CORPORATE
· During Q4 2025, the Group successfully concluded three separate
three-year labour agreements with the supervisors' union at Los Pelambres, the
workers' union at Antucoya and the supervisors' union at Antucoya.
· In 2026, the Mining Division has four labour agreements scheduled to
expire, comprising of three agreements at Centinela and one at Zaldívar. The
Transport Division has six labour agreements due to expire during the course
of the year.
· The Group hosted an investor site visit to the Centinela Second
Concentrator Project in November 2025, with the associated presentations
available on the Group's website (www.antofagasta.co.uk
(http://www.antofagasta.co.uk) ).
Investors -
London
Media - London
Rosario Orchard
rorchard@antofagasta.co.uk (mailto:rorchard@antofagasta.co.uk)
Sara Powell antofagasta@fticonsulting.com
(mailto:antofagasta@fticonsulting.com)
Robert Simmons
rsimmons@antofagasta.co.uk (mailto:rsimmons@antofagasta.co.uk)
Ben Brewerton
Telephone +44 20
7808
0988 Nick
Hennis
Telephone +44 20 3727 1000
Media - Santiago
Pablo Orozco porozco@aminerals.cl
(mailto:porozco@aminerals.cl)
Carolina Pica cpica@aminerals.cl
(mailto:cpica@aminerals.cl)
Telephone +56 2 2798 7000
Register on our website to receive our email alerts at the following address:
https://www.antofagasta.co.uk/investors/news/email-alerts/
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MINING OPERATIONS
Los Pelambres
Copper production totalled 79,200 tonnes in Q4 2025, 8% higher than the
previous quarter, reflecting the higher ore throughput rate following
maintenance in Q3 2025. On a year-on-year basis, copper production of 295,300
tonnes was 8% below the prior year, reflecting reduced ore throughput due to
higher maintenance activity, harder ore types and lower copper grades during
the year.
By-product output of molybdenum and gold increased by 23% and 9% respectively
in Q4 2025, reflecting higher ore processing rates and improved molybdenum
grades.
Copper sales of 95,100 tonnes in Q4 2025 were 66% higher
quarter‑on‑quarter, following the temporary disruption to shipments caused
by adverse weather at the end of Q3. Full year copper sales of 298,000 tonnes
were 5% lower year-on-year, broadly in line with the decrease in copper
production.
Cash costs before by‑product credits were $2.17/lb in Q4 2025, 1% lower than
the previous quarter, as higher copper production and lower treatment charges
were offset by the costs associated with the settlement of a three‑year
labour agreement during Q4 2025. Full year cash costs of $2.21/lb were 6%
higher year‑on‑year, reflecting lower copper production, increased
maintenance activities, settlement of a three-year labour agreement and
increased hauling distances, partially offset by lower treatment charges.
Net cash costs, which include credits from molybdenum and gold by‑product
sales, were $0.66/lb in Q4 2025, a 12% increase quarter‑on‑quarter, driven
by lower molybdenum prices, partly offset by higher by‑product volumes and
stronger gold prices. Full year net cash costs of $0.82/lb were 35% lower than
in 2024, primarily reflecting stronger gold prices and increased by‑product
output of both molybdenum and gold.
Major maintenance is scheduled to take place in Q1 and Q3 2026, which has been
factored into full year guidance.
LOS PELAMBRES Year to Date Q4 Q3
2025 2024 % 2025 2025 %
Daily ore throughput kt 172.5 185.6 (7.1) 181.1 164.1 10.4
Copper grade % 0.54 0.55 (1.8) 0.53 0.56 (5.4)
Copper recovery % 90.0 88.8 1.4 91.1 90.9 0.2
Copper production kt 295.3 319.6 (7.6) 79.2 73.0 8.5
Copper sales kt 298.0 315.3 (5.5) 95.1 57.2 66.3
Molybdenum grade % 0.024 0.015 60.0 0.026 0.025 4.0
Molybdenum recovery % 81.9 83.0 (1.3) 84.4 81.9 3.1
Molybdenum production kt 12.4 8.4 47.6 3.7 3.0 23.3
Molybdenum sales kt 11.8 8.6 37.2 3.1 3.1 -
Gold grade g/t 0.041 0.033 24.2 0.042 0.043 (2.3)
Gold recovery % 71.2 70.0 1.7 72.5 70.9 2.3
Gold production koz 54.8 46.6 17.6 15.0 13.8 8.7
Gold sales koz 52.4 43.8 19.6 17.6 9.8 79.6
Cash costs before by-product credits((1)) $/lb 2.21 2.09 5.7 2.17 2.20 (1.4)
Net cash costs ((1)) $/lb 0.82 1.27 (35.4) 0.66 0.59 11.9
(1) Includes tolling charges of -$0.04/lb in Q4 2025, $0.11/lb in Q3 2025,
$0.07/lb in YTD 2025 and $0.22/lb in YTD 2024.
Centinela
Total copper production across the Centinela District was 63,100 tonnes in Q4
2025, 3% higher quarter-on-quarter following an increase in output at
Centinela Concentrates. Total copper production in full year 2025 of 240,400
tonnes was 7% higher on a year-on-year basis, reflecting a material increase
in production of copper in concentrate, partly offset by a decline in cathode
output.
Copper in concentrate production was 48,800 tonnes in Q4 2025, 8% higher on a
quarter-on-quarter basis, which was the result of higher ore throughput rates
and copper grades. Copper in concentrate production in full year 2025 was
174,300 tonnes, 43% higher on a year-on-year, primarily corresponding to
higher copper grades and supported by increased ore throughput rates and
recoveries.
Total production at Centinela Cathodes was 11% lower in Q4 2025, with 14,300
tonnes produced during the period, following a reduced level of ore throughput
and lower recoveries. Total full year production at Centinela Cathodes was
66,100 tonnes, 35% lower year-on-year, following a combination of lower
grades, ore throughput and recoveries.
In respect of by-products, Centinela Concentrates produced 51,200 ounces of
gold in Q4 2025, representing a 28% increase quarter-on-quarter, following
higher gold grades. Production of molybdenum during the quarter was 22% lower,
with this movement corresponding to lower molybdenum grades.
Copper sales of copper in concentrate and copper cathodes in Q4 2025 were 19%
and 13% higher respectively, following a drawdown of inventories that had
accumulated due to adverse weather in earlier periods. Full year copper sales
for copper in concentrate were 56% higher and copper cathodes were 27% lower
year-on-year, with the movements broadly mirroring full year production, with
a drawdown of inventories that accumulated following adverse weather
conditions at the end of 2024.
Cash costs before by-product credits were $2.35/lb in Q4 2025, 3% higher on a
quarter-on-quarter basis, principally as a result of higher unit prices for
diesel, energy and sulphuric acid. Cash costs before by-product credits during
full year were $2.27/lb, 13% lower on a year-on-year basis, following higher
copper in concentrate production, partially offset by higher costs associated
with maintenance activities.
Net cash costs were $0.36/lb in Q4 2025, representing a 45% decrease
quarter-on-quarter, reflecting an increase in gold production and stronger
gold prices. Net cash costs for full year 2025 were 53% lower year-on-year at
$0.75/lb, primarily reflecting lower cash costs before by‑product credits,
higher by‑product volumes and stronger gold prices.
Major maintenance is scheduled to take place in Q1 and Q3 2026, which has been
factored into full year guidance.
CENTINELA Year to Date Q4 Q3
2025 2024 2025 2025 %
%
CONCENTRATES
Daily ore throughput kt 107.0 103.6 3.3 113.8 107.7 5.7
Copper grade % 0.56 0.41 36.6 0.58 0.56 3.6
Copper recovery % 83.4 80.4 3.7 83.4 84.9 (1.8)
Copper production kt 174.3 121.8 43.1 48.8 45.1 8.2
Copper sales kt 178.7 114.7 55.8 53.0 44.4 19.4
Molybdenum grade % 0.016 0.012 33.3 0.013 0.016 (18.8)
Molybdenum recovery % 60.6 65.2 (7.1) 52.3 57.0 (8.2)
Molybdenum production kt 3.4 2.4 41.7 0.7 0.9 (22.2)
Molybdenum sales kt 3.5 2.3 52.2 0.7 1.1 (36.4)
Gold grade g/t 0.19 0.18 5.6 0.23 0.19 21.1
Gold recovery % 67.4 66.6 1.2 67.2 67.5 (0.4)
Gold production koz 156.5 140.3 11.5 51.2 40.0 28.0
Gold sales koz 159.0 133.2 19.4 54.7 35.9 52.4
CATHODES
Daily ore throughput kt 53.7 60.1 (10.6) 50.1 54.8 (8.6)
Copper grade % 0.46 0.64 (28.1) 0.44 0.43 2.3
Copper recovery % 68.2 71.5 (4.6) 62.4 67.2 (7.1)
Copper production - heap leach kt 63.4 99.9 (36.5) 13.6 15.3 (11.1)
Copper production - total ((1)) kt 66.1 102.0 (35.2) 14.3 16.0 (10.6)
Copper sales kt 71.7 97.8 (26.7) 16.5 14.6 13.0
Total copper production kt 240.4 223.8 7.4 63.1 61.1 3.3
Cash costs before by-product credits((2)) $/lb 2.27 2.60 (12.7) 2.35 2.29 2.6
Net cash costs((2)) $/lb 0.75 1.60 (53.1) 0.36 0.66 (45.5)
(1) Includes production from ROM material
(2) Includes tolling charges of $0.02/lb in Q4 2025, $0.05/lb in Q3 2025,
$0.06/lb in YTD 2025 and $0.14/lb in YTD 2024.
Antucoya
Copper production in Q4 2025 was 23,000 tonnes, 24% higher on a
quarter-on-quarter basis, following higher ore throughput rates and copper
grades during the period. Copper production in full year 2025 was 81,200
tonnes, 1% higher than the same period in 2024, with an improvement in ore
throughput rates and recoveries during the year.
Cash costs in Q4 2025 were in line quarter-on-quarter, with higher copper
production offset by the settlement of two separate three-year labour
agreements during the period and an increase in the consumption rate for
sulphuric acid. Full year 2025 costs were $2.82/lb, 11% higher
year‑on‑year, reflecting labour agreement settlement costs and increased
stripping activities.
Major maintenance is scheduled to take place in Q1 and Q3 2026, which has been
factored into full year guidance.
ANTUCOYA Year to Date Q4 Q3
2025 2024 2025 2025
%
%
Daily ore throughput kt 94.6 92.7 2.0 100.9 91.9 9.8
Copper grade % 0.32 0.32 - 0.35 0.30 16.7
Copper recovery % 70.6 69.4 1.7 69.8 70.2 (0.6)
Copper production kt 81.2 80.4 1.0 23.0 18.6 23.7
Copper sales kt 80.6 79.2 1.8 23.8 17.4 36.8
Cash costs $/lb 2.82 2.53 11.5 3.04 3.05 (0.3)
Zaldívar
Total attributable copper production in Q4 2025 was 11,700 tonnes, 30% higher
quarter-on-quarter, following an increase in ore throughput rates and higher
copper grades. Total attributable copper production in full year 2025 was
36,700 tonnes, 8% lower year-on-year, following a decrease in ore throughput
rates and lower recoveries.
Cash costs were $3.53/lb in Q4 2025, 6% lower on a quarter-on-quarter basis,
following the settlement of a three-year collective bargaining agreement in
the prior period and an increase in costs associated with the utilisation of
inventory from prior periods, partially offset by higher production during the
period. Full year 2025 cash costs were $3.44/lb, 14% higher than 2024,
following lower copper production, an increase in the unit cost for key
consumables, such as sulphuric acid, and the settlement of a three-year
collective bargaining agreement.
Major maintenance is scheduled to take place in Q1 and Q2 2026, which has been
factored into full year guidance.
ZALDÍVAR Year to Date Q4 Q3
2025 2024 2025 2025
% %
Daily ore throughput kt 39.7 42.1 (5.7) 46.9 39.3 19.3
Copper grade % 0.68 0.67 1.5 0.81 0.62 30.6
Copper recovery % 54.2 57.3 (5.4) 53.5 55.4 (3.4)
Copper production - heap leach ((1)) kt 25.7 27.8 (7.6) 8.9 6.5 36.9
Copper production - total ((1,2)) kt 36.7 40.1 (8.5) 11.7 9.0 30.0
Copper sales ((1)) kt 37.4 38.5 (2.9) 12.6 7.6 65.8
Cash costs $/lb 3.44 3.02 13.9 3.53 3.74 (5.6)
(1) Group's 50% share.
(2) Includes production from secondary leaching.
Transport Division
The total transported volume by the Transport Division was higher on a
quarter-on-quarter basis in Q4 2025, with
1.7 million tonnes transported, following increased demand for the
transportation of concentrates and sulphuric acid. Total volumes transported
during the full year were 10% lower at 6.4 million tonnes, reflecting reduced
levels of overall demand for the transportation of concentrates and sulphuric
acid.
TRANSPORT Year to Date Q4 Q3
2025 2024 2025 2025
% %
Rail kt 5,012 5,613 (10.7) 1,333 1,261 5.7
Road kt 1,395 1,494 (6.6) 346 329 5.2
Total tonnage transported kt 6,407 7,107 (9.8) 1,679 1,590 5.6
Commodity prices and exchange rates
Year to Date Q4
Q3
2025 2024 2025 2025 %
%
Copper
Market price $/lb 4.51 4.15 8.7 5.03 4.44 13.3
Realised price $/lb 4.93 4.18 17.9 5.78 4.60 25.7
Gold
Market price $/oz 3,436 2,387 43.9 4,145 3,454 20.0
Realised price $/oz 3,735 2,528 47.7 4,363 3,705 17.8
Molybdenum
Market price $/lb 22.2 21.3 4.2 22.9 24.4 (6.1)
Realised price $/lb 22.2 21.8 1.8 18.3 28.0 (34.6)
Exchange rates
Chilean peso per $ 951 944 0.7 935 960 (2.6)
Spot commodity prices for copper, gold and molybdenum as at 31 December 2025
were $5.67/lb, $4,308/oz and $22.7/lb respectively, compared with $4.67/lb,
$3,816/oz and $25.0/lb as at 30 September 2025 and $3.95/lb, $2,610/oz and
$21.1/lb as at 31 December 2024.
The provisional pricing adjustments for copper, gold and molybdenum for the
quarter were positive $319.1 million, positive $12.9 million and negative
$48.0 million respectively.
The provisional pricing adjustments for copper, gold and molybdenum for the
year to date were positive $550.8 million, positive $45.4 million and negative
$0.8 million respectively.
Depreciation, amortisation and loss on disposals
For the full year 2025, depreciation, amortisation and loss on disposals will
be approximately $1.65 billion.
Tax
The full year effective tax rate in 2025 is expected to be approximately
36.5%.
Other finance items
The Group expects to register a net expense of approximately $80 million in
respect of 2025, principally in relation to foreign exchange movements.
Cash flow from operations
The Group expects to have a negative working capital movement of $770 million,
mainly due to the increase in receivables in relation to the high year-end
copper price.
2026 Guidance
Los Pelambres Centinela Antucoya Zaldívar Group
Production
Copper kt 340-360 195-215 85-90 30-35 650-700
Gold koz 60-70 155-165 - - 215-235
Molybdenum kt 9.5-10.5 3.0-3.5 - - 12.5-14.0
Grade
Copper % 0.60 0.46 0.35 0.54
Cash costs
Cash costs before $/lb 2.00-2.20 2.45-2.65 2.40-2.60 3.70-3.90 2.30-2.50
by-product credits((1))
Net cash costs ((1, 2)) $/lb 0.90-1.10 0.50-0.70 2.40-2.60 3.70-3.90 1.15-1.35
(1) Assumed CLP/USD exchange rate of 910.
(2) Includes by-product credits at a gold price of $3,800/oz and a molybdenum
price of $21/lb.
As previously announced, Group production in 2026 is expected to be
650,000-700,000 tonnes of copper, with an incremental year-on-year gain in
production expected at Los Pelambres, as this operation returns towards copper
grades consistent with historic levels. Output of by-products is expected to
be 215,000-235,000 ounces of gold and 12.5-14.0 tonnes of molybdenum.
Copper production is expected to increase on a quarter-on-quarter basis during
the year.
Group cash costs before by-product credits in 2026 are expected to be between
$2.30/lb and $2.50/lb.
Group net cash costs in 2026 are expected to be between $1.15/lb and $1.35/lb,
with by-product credits expected to be maintained at the current robust level
.
In 2026, consolidated Group capital expenditure, which excludes Zaldívar, is
expected to be $3.4 billion. This includes approximately $1.5 billion of
development capital expenditure, which is principally related to the Centinela
Second Concentrator Project. Group capital expenditure is expected to decline
in 2027 as projects are successfully delivered at Centinela and Los Pelambres.
_________________________________________________________________________________________
Cautionary Statement
This announcement may contain certain forward-looking statements. All
statements other than statements of historical fact are, or may be deemed to
be, forward-looking statements.
These forward-looking statements are based upon current expectations and
assumptions regarding anticipated developments and other factors affecting the
Group. They are not historical facts, nor are they guarantees of future
performance or outcomes. Readers should not place undue reliance on
forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties,
assumptions and other factors that are beyond the Group's control. Given these
risks, uncertainties and assumptions, actual results could differ materially
from any future results expressed or implied by these forward-looking
statements.
These forward-looking statements speak only as of the date of this document.
Except as required by any applicable law or regulation, the Group expressly
disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in the Group's expectations with regard thereto or any change in
events, conditions, or circumstances on which any such statement is based.
No assurance can be given that the forward-looking statements in this document
will be realised. Past performance cannot be relied on as a guide to future
performance.
This document does not contain or comprise profit forecasts, investment,
accounting, legal, regulatory or tax advice nor is it an invitation for you to
enter into any transaction. You are advised to exercise your own independent
judgement (with the advice of your professional advisers as necessary) with
respect to the risks and consequences of any matter contained herein.
1 Range based on 12 months of copper production from Los Pelambres,
Centinela, Antucoya and Zaldívar. Production range provided does not include
copper production attributable from the Company's 19% holding in Compañía de
Minas Buenaventura S.A.A. (Buenaventura).
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