Mina Justa Project Is 99% Complete,5.7 and EVOLUTION It Is Expected of STOCK Start Operationsprice in the Rst Quarter of 2021
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ANNUAL REPORT ANNUAL 2020 REPORT 2020 CONTENT PAG 5. GENERAL INFORMATION 57 5.1 CORPORATE NAME 57 5.2 CORPORATE PURPOSE AND TERM 57 5.3 INCORPORATION AND REGISTRATION 57 5.4 ECONOMIC GROUP 57 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 5.7 EVOLUTION OF STOCK PRICE 60 5.8 TAX TREATMENT 60 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 6. CORPORATE GOVERNANCE 63 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 World-class 4 1 Peruvian mining ANNUAL REPORT 2020 CONTENT PAG 5. GENERAL INFORMATION 57 5.1 CORPORATE NAME 57 5.2 CORPORATE PURPOSE AND TERM 57 5.3 INCORPORATION AND REGISTRATION 57 5.4 ECONOMIC GROUP 57 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 5.6 TYPES OF SHARES AND SHAREHOLDINGANNUAL STRUCTURE 58 5.7 EVOLUTION OF STOCK PRICE 60 5.8 TAX TREATMENT REPORT 60 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 6. CORPORATE GOVERNANCE 63 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 6.2 OTHER ASPECTS RELATED TO THE BOARD2020 OF DIRECTORS 66 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 42 2 ANNUAL REPORT 2020 >CONTENTTABLE OF CONTENTS PAG 5. GENERAL INFORMATION 57 CONTENT PAG CONTENT5.1 CORPORATE NAME P57AG 1. OUR COMPANY 9 1. OUR COMPANY5.2 CORPORATE PURPOSE AND TERM 957 1.1 VISION, MISSION AND VALUES 17 5.31.1 VISION,INCORPORATION MISSION AND REGISTRATIONVALUES 1757 1.2 BOARD OF DIRECTORS AND MANAGEMENT STRUCTURE 18 5.41.2 BOARDECONOMIC OF DIRECTORS GROUP AND MANAGEMENT STRUCTURE 1857 1.2.1 Minsur Board of Directors 18 5.51.2.1 SOCIAL Minsur CAPITAL, Board of NUMBER Directors AND NOMINAL VALUE OF SHARES 1858 1.2.2 Managers 19 5.61.2.2 TYPES Managers OF SHARES AND SHAREHOLDING STRUCTURE 1958 2. ECONOMIC AND SECTORAL CONTEXT 20 2. ECONOMIC5.7 EVOLUTIONAND SECTORAL OF STOCK CONTEXT PRICE 2060 2.1 ECONOMIC ENVIRONMENT 20 5.82.1 TAXECONOMIC TREATMENT ENVIRONMENT 2060 2.2 SECTORAL ENVIRONMENT 22 5.92.2 SECTORALJUDICIAL, ADMINISTRATIVE ENVIRONMENT OR ARBITRATION PROCEEDINGS 2261 2.3 MARKET PERFORMANCE 23 6. CORPORATE2.3 MARKET GOVERNANCE PERFORMANCE 2363 3. OPERATIONAL PERFORMANCE 25 3. OPERATIONAL6.1 PROFESSIONAL PERFORMANCE TRAJECTORY OF DIRECTORS 2563 3.1 MINING UNITS AND PROJECTS 25 6.23.1 MININGOTHER ASPECTS UNITS AND RELATED PROJECTS TO THE BOARD OF DIRECTORS 2566 3.1.1 San Rafael MU 25 6.33.1.1 PROFESSIONAL San Rafael MU TRAJECTORY OF MANAGERS 2566 3.1.2 SPR of Pisco 27 3.1.2 SPR of Pisco 27 3.1.3 Pucamarca MU 28 3.1.3 Pucamarca MU 28 3.1.4 Minera Taboca 29 3.1.4 Minera Taboca 29 3.2 EXPLORATIONS 31 3.2 EXPLORATIONS 31 3.3 HUMAN RESOURCES 35 3.3 HUMAN RESOURCES 35 3.4 SOCIAL MANAGEMENT 38 3.4 SOCIAL MANAGEMENT 38 3.5 ENVIRONMENTAL MANAGEMENT 43 3.5 ENVIRONMENTAL MANAGEMENT 43 3.6 OCCUPATIONAL HEALTH AND SAFETY 48 3.6 OCCUPATIONAL HEALTH AND SAFETY 48 3.7 COMMERCIALIZATION 51 3.7 COMMERCIALIZATION 51 4. RESULTS 52 4. RESULTS 52 4.1 FINANCIAL RESULTS 52 4.1 FINANCIAL RESULTS 52 4.2 LIQUIDITY 55 4.2 LIQUIDITY 55 4.3 CAPITAL AND FUNDING 55 4.3 CAPITAL AND FUNDING 55 4.4 STAFF RESPONSIBLE FOR PREPARING THE FINANCIAL STATEMENTS 56 4.4 STAFF RESPONSIBLE FOR PREPARING THE FINANCIAL STATEMENTS 56 34 3 ANNUAL REPORT 2020 CONTENT PAG 5.C GENERALONTENT INFORMATION 57PAG 5. GENERAL5.1 CORPORATEINFORMATION NAME 5757 5.25.1 CORPORATE CORPORATE PURPOSE NAME AND TERM 5757 5.35.2 INCORPORATION CORPORATE PURPOSE AND REGISTRATION AND TERM 5757 5.45.3 ECONOMIC INCORPORATION GROUP AND REGISTRATION 5757 5.55.4 SOCIAL ECONOMIC CAPITAL, GROUP NUMBER AND NOMINAL VALUE OF SHARES 5857 5.65.5 TYPES SOCIAL OF CAPITAL, SHARES AND NUMBER SHAREHOLDING AND NOMINAL STRUCTURE VALUE OF SHARES 5858 5.75.6 EVOLUTION TYPES OF SHARES OF STOCK AND PRICE SHAREHOLDING STRUCTURE 6058 5.85.7 TAX EVOLUTION TREATMENT OF STOCK PRICE 6060 5.95.8 JUDICIAL, TAX TREATMENT ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 6160 6. CORPORATE5.9 JUDICIAL, GOVERNANCE ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 6361 6. CORPORATE6.1 PROFESSIONAL GOVERNANCE TRAJECTORY OF DIRECTORS 6363 6.26.1 OTHER PROFESSIONAL ASPECTS RELATED TRAJECTORY TO THE OF BOARD DIRECTORS OF DIRECTORS 6663 6.36.2 PROFESSIONAL OTHER ASPECTS TRAJECTORY RELATED TO OF THE MANAGERS BOARD OF DIRECTORS 6666 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 4 4 STATEMENT OF RESPONSIBILITY ANNUAL REPORT 2020 CONTENT PAG 5. GENERAL INFORMATION 57 5.1 CORPORATE NAME 57 5.2 CORPORATE PURPOSE AND TERM 57 The document5.3 INCORPORATION hereof ANDprovides REGISTRATION truthful and sucient information on the 57development of businesses of5.4 Minsur ECONOMIC S.A. in GROUP 2020. Notwithstanding the responsibility of the issuer, the57 signatories are liable for its content5.5 SOCIAL pursuant CAPITAL, to NUMBER applicable AND statutory NOMINAL provisions. VALUE OF SHARES 58 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 5.7 EVOLUTION OF STOCK PRICE 60 5.8 TAX TREATMENT 60 5.9 JUDICIAL, ADMINISTRATIVE OR ARBITRATION PROCEEDINGS 61 Lima,6. CORPORATE March 24 of GOVERNANCE2021. 63 6.1 PROFESSIONAL TRAJECTORY OF DIRECTORS 63 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 General Manager President of the Board of Directors 4 5 LETTER FROM THE PRESIDENT OF THE BOARD OF DIRECTORS ANNUAL REPORT 2020 Dear shareholders: On behalf of the Board of Directors of Minsur S.A., I share with you our Annual Report and Financial Statements for Fiscal Year 2020, which show our activities, performance, challenges and the most relevant CONTENT PAG achievements of our operations. 5. GENERAL INFORMATION 57 2020 has been5.1 a challenging CORPORATE year,NAME marked by the Covid-19 health crisis. Due to the pandemic57 we had to take strict measures5.2 CORPORATE to restart PURPOSE our operations AND TERM and mitigate health risks to our collaborators,57 suppliers and community. We5.3 implemented INCORPORATION innovation AND REGISTRATION processes that were developed in former periods57 to address this new reality,5.4 and ECONOMIC because GROUP of them a large number of our collaborators were able to perform57 their tasks remotely. Changes to the shift schedules of our operations’ sta allowed us to resume activities in our 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 units under strict health controls, both for our own employees and our contractors. Our investments and 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 eorts allowed us to close the year with auspicious results: at the end of 2020 our Mina Justa Project is 99% complete,5.7 and EVOLUTION it is expected OF STOCK start operationsPRICE in the rst quarter of 2021. 60 5.8 TAX TREATMENT 60 We continued 5.9working JUDICIAL, with ADMINISTRATIVE our sustainability, OR ARBITRATION innovation andPROCEEDINGS excellence approach, hand61 in hand with new 6.work CORPORATE tools. Furthermore, GOVERNANCE we have strengthened our relationship with our neighboring63 communities by focusing our6.1 social PROFESSIONAL investment TRAJECTORY on strengthening OF DIRECTORS their capacity to respond to the pandemic,63 without neglecting our previous commitments to them. 6.2 OTHER ASPECTS RELATED TO THE BOARD OF DIRECTORS 66 6.3 PROFESSIONAL TRAJECTORY OF MANAGERS 66 In the midst of a context that impacts all of us personally, the results achieved are mainly due to the responsible and coordinated work of collaborators, suppliers, customers, shareholders and members of the Board of Directors. Thanks to them, we keep making Minsur S.A. a world-class Peruvian mining company. I now invite you to read our 2020 Annual Report. Fortunato Brescia Moreyra PresidentePresident del ofD itherec Boardtorio of Directors 4 6 LETTERLETTER FROM OF THE PRESIDENTGENERAL MANAGER OF THE BOARD OF DIRECTORS ANNUAL REPORT 2020 DearDear shareholders: Shareholders: OnI am behalf pleased of the to Boardpresent of hereby Directors our of 2020 Minsur Annual S.A., ReportI share andwith Audited you our Financial Annual ReportStatements. and Financial In this Statementsdocument forand Fiscal its Yearannexes, 2020, you which will show nd our relevant activities, information performance, of lastchallenges scal year’s and the management, most relevant CONTENT PAG achievementspursuant to the of ourrequirements operations. set forth by the Peruvian securities authority (SMV). 5. GENERAL INFORMATION 57 2020In 2020 has webeen focused5.1 a challenging CORPORATE our eorts year,NAME and marked activities by the mainly Covid-19 on our health collaborators’ crisis. Due health, to the both pandemic 57those wewho had are to takepart strict of Minsur measures5.2 and CORPORATE tothose restart who PURPOSE our work operations with AND us. TERM andWe alignedmitigate ourselves health risks to allto ourthe collaborators,measures imposed57 suppliers by the and community.government We 5.3to implemented counterINCORPORATION the global innovation AND COVID-19 REGISTRATION processes pandemic, that andwere this developed led to suspend in former operations periods57 forto aaddress little thismore new than reality, two5.4 and ECONOMICmonths, because until GROUP of them we werea large able number to safely of our restart collaborators our activities, were able mitigating to perform57 the their risk tasks of remotely.transmission Changes in our to operating the shift unitsschedules and projects. of our operations’ sta allowed us to resume activities in our 5.5 SOCIAL CAPITAL, NUMBER AND NOMINAL VALUE OF SHARES 58 units under strict health controls, both for our own employees and our contractors. Our investments and 5.6 TYPES OF SHARES AND SHAREHOLDING STRUCTURE 58 eortsWhen allowed the health us toemergency close the yearwas withdeclared, auspicious our rst results: priority at thewas end working of 2020 on ourthe Minadevelopment Justa Project and is 99%implementation complete,5.7 and EVOLUTION of it strict is expected protocols OF STOCK start to operationsPRICEensure the ingood the rsthealth quarter of our of sta 2021.