Compañía de Minas Buenaventura (BVN) Mining Forum Americas 2026 summary

Strategic transformation and vision

• Completed a significant transformation, aiming to be among the top 50 most valuable mining companies globally within 15 years.

• Focused on scale, profitability, sustainability, and resilience, with a balanced revenue mix between base and precious metals.

• Diversified exposure to gold, silver, and copper, with core assets offering further upside potential.

• Consistent value creation through organic growth, extending mine life and improving performance.

• Ownership in Cerro Verde provides stable cash generation and dividends.

Operational updates and project pipeline

• San Gabriel mine transitioning from construction to operational ramp-up, targeting 3,000 tons per day throughput in the next quarter.

• Brocal throughput planned to increase from 13,000 to 17,000 tons per day; Uchucchacua-Yumpag from 3,000 to 4,500 tons per day.

• Flagship mines have increased reserves, with Brocal and San Gabriel each at 15 years of reserves, and Uchucchacua-Yumpag at 7 years.

• Revenue mix maintained near 50% base metals and 50% precious metals to leverage commodity cycles.

• EBITDA rose from $173 million in 2022 to nearly $1.2 billion in the last 12 months; leverage reduced to near net cash.

Cost management and future projects

• San Gabriel's gold production cost expected at $1,900–$2,000/oz after ramp-up; temporary silver cost increases due to contract escalators, with new terms set for 2027.

• San Gabriel's processing plant to stabilize at 1,700 tons/day by year-end, with filter optimization ongoing into 2027.

• Tailing facility expansion underway to support increased throughput.

• Next projects include Trapiche (in feasibility) and Coimolache (pre-feasibility), both expected to add 50,000–60,000 tons of copper annually.