Buenaventura Announces Fourth Quarter 2025 Results for Production and Volume Sold per Metal
LIMA, Peru--( BUSINESS WIRE)--Compañía de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced 4Q25 results for production and volume sold.
Production per Metal
Three Months
Ended December 31,
2025
Year Ended
December 31,
2025
Year Ended
December 31,
2026 Guidance (1)
Gold ounces produced
El Brocal
61.43%
5,862
21,102
15.0k - 17.0k
Orcopampa
100%
15,754
55,632
42.0k - 47.0k
Tambomayo
100%
4,870
15,842
5.0k - 6.0k
Julcani
100%
2,253
8,669
9.0k - 11.0k
La Zanja
100%
6,413
20,061
14.0k - 17.0k
San Gabriel
100%
0
0
48.0k - 55.0k
Total Direct Operations (2)
35,151
121,306
133.0k - 153.0k
Coimolache
40.094%
22,779
64,229
90.0k - 100.0k
Total incl. Associated (3)
42,023
138,919
163.3k - 186.5k
Silver ounces produced
El Brocal
61.43%
452,331
1,895,554
1.5M - 1.7M
Uchucchacua
100%
725,513
2,274,399
2.5M - 2.8M
Yumpag
100%
2,109,019
8,851,709
7.9M - 8.7M
Orcopampa
100%
2,897
18,358
-
Tambomayo
100%
386,429
1,119,821
0.2M - 0.3M
Julcani
100%
364,194
1,369,756
1.3M - 1.5M
La Zanja
100%
16,507
48,081
-
San Gabriel
100%
0
0
-
Total Direct Operations (2)
4,056,888
15,577,679
13.4M - 15.0M
Coimolache
40.094%
94,550
331,401
0.3M - 0.4M
Total incl. Associated (3)
3,920,333
14,979,436
12.9M - 14.5M
Lead metric tons produced
Uchucchacua
100%
5,299
16,050
17.0k - 19.0k
Tambomayo
100%
839
2,734
0.5k - 0.6k
Julcani
100%
205
679
-
Total Direct Operations (2)
6,343
19,464
17.5k - 19.6k
Zinc metric tons produced
Uchucchacua
100%
7,700
26,239
27.0k - 30.0k
Tambomayo
100%
781
2,781
0.8k - 1.0k
Total Direct Operations (2)
8,481
29,020
27.8k - 31.0k
Copper metric tons produced
El Brocal
61.43%
14,139
51,902
48.0k - 53.0k
Julcani
100%
111
459
-
Tambomayo
100%
33
84
-
Total Direct Operations (2)
14,283
52,445
48.0k - 53.0k
Volume Sold per Metal
Three Months Ended
December 31, 2025
Year Ended
December 31, 2025
Gold ounces sold
El Brocal
3,031
11,499
Orcopampa
15,705
56,385
Tambomayo
4,390
14,238
Julcani
1,985
7,773
La Zanja
5,615
19,492
Total Direct Operations (1)
30,725
109,387
Coimolache
24,907
63,209
Total incl. Associated (2)
39,542
130,295
Silver ounces sold
El Brocal
372,326
1,554,536
Uchucchacua
800,994
2,588,824
Yumpag
1,944,366
8,318,696
Orcopampa
2,418
20,029
Tambomayo
352,285
1,015,694
Julcani
343,479
1,300,621
La Zanja
21,133
89,310
Buenaventura Trading (3)
22,106
81,665
Total Direct Operations (1)
3,859,107
14,969,375
Coimolache
102,611
326,084
Total incl. Associated (2)
3,756,642
14,500,531
Lead metric tons sold
Uchucchacua
4,693
14,987
Yumpag
97
231
Tambomayo
632
2,121
Julcani
178
603
Total Direct Operations (1)
5,600
17,941
Zinc metric tons sold
Uchucchacua
6,081
21,835
Tambomayo
630
2,143
Julcani
2
2
Total Direct Operations (1)
6,713
23,980
Copper metric tons sold
El Brocal
13,547
49,124
Tambomayo
121
404
Julcani
21
58
Buenaventura Trading (3)
2,259
8,843
Total Direct Operations (1)
15,949
58,429
Average realized prices (1)(2)
Three Months Ended
December 31, 2025
Year Ended
December 31, 2025
Gold (US$/Oz)
4,214
3,547
Silver (US$/Oz)
58.55
41.87
Lead (US$/MT)
1,956
1,912
Zinc (US$/MT)
3,188
2,844
Copper (US$/MT)
11,241
10,071
Commentary on Operations
Tambomayo: 2025 gold, silver, lead and zinc production were in line with the Company’s full year guidance.
2026 Guidance: Buenaventura expects gold, silver, lead, and zinc production at its Tambomayo operations to decrease relative to 2025. The Company expects an approximately 65% decrease in throughput for the year, as well as lower gold, silver, lead, and zinc grades as the mining sequence progresses into lower-grade areas at this asset.
Orcopampa: 2025 gold production exceeded revised guidance, driven primarily by higher-than-expected grades. The increase primarily reflects the Company’s success in reassessing areas previously classified as non‑mineable, which have since been safely brought into production through the application of Under Cut‑and‑Fill (UCF) and Over Cut‑and‑Fill (OCF) mining methods. 2025 silver production was in line with guidance.
2026 Guidance: In 2026, the Company will continue applying Under Cut‑and‑Fill (UCF) and Over Cut‑and‑Fill (OCF) mining methods, supporting the extension of mine life into 2026. Production guidance reflects an anticipated 20% year-over-year decrease in gold output, primarily due to lower gold grades expected in the mining areas scheduled for this year.
Coimolache: 2025 gold production exceeded full year 2025 guidance, primarily driven by higher volumes of processed ore and an accelerated percolation rate at the leach pad.
2026 Guidance: The Company expects a year‑over‑year increase in gold production, as 2026 will mark Coimolache’s first full 12 months of operations at full capacity following the receipt of all required permits.
Julcani: 2025 gold and silver production was in line with 2025 guidance.
2026 Guidance: The Company expects a year‑over‑year increase in gold production, while silver production is expected to remain consistent with 2025 levels. Throughput is projected to increase by approximately 10%, driven by a greater contribution of ore from the Achilla sector. In the Socorro sector, gold grades are expected to improve as the mining sequence advances into higher‑grade areas; however, silver grades in this sector are expected to decline.
Uchucchacua: 2025 silver, lead, and zinc production was in line with guidance for 2025.
2026 Guidance: Buenaventura anticipates a year-over-year increase in silver, lead, and zinc production, supported by an expected approximately 20% increase in throughput for 2026. The increase reflects ongoing operational optimization at Uchucchacua, where processing capacity is projected to increase to 2,500 tonnes per day (tpd) by year-end 2026, an increase from the current 2,000 tpd.
Yumpag: 2025 silver production exceeded guidance, reflecting higher than expected grades.
2026 Guidance: Buenaventura expects higher year‑over‑year ore volumes to be processed, supported by the mining extraction rate expansion requested in 2025, which would enable operations to reach 1,200 tonnes per day, subject to approval expected in the third quarter of 2026. This increase in volumes is anticipated to be partially offset by lower silver grades, resulting in a year‑over‑year decrease in silver production.
El Brocal: 2025 gold and silver production was in line with guidance for the year. 2025 copper production was below revised guidance, primarily due to delays in mine development. As a result, certain high‑grade stopes are now expected to be mined in the first quarter of 2026.
2026 Guidance: Buenaventura expects copper production to remain broadly consistent with 2025 levels as the underground mine ramp-up continues, partially offset by lower copper grades. The Company aims to maintain a stable average underground mining rate of 13,000 tonnes per day throughout the year. Gold and silver production at El Brocal is expected to decrease in 2026 due to lower grades.
La Zanja: 2025 gold and silver production was in line with guidance for the full year 2025.
2026 Guidance: Guidance reflects an anticipated 25% year‑over‑year decrease in gold production, primarily driven by the planned re-leaching sequence at the leach pad.
San Gabriel: 2025 gold production was below revised full year guidance, primarily due to delays in obtaining the required permits. While the first doré bar was produced during the year, the operation did not achieve commercial production in 2025.
2026 Guidance: Construction and mine development activities enabling the start of commercial production at San Gabriel have been completed. During 1Q26, Buenaventura will focus on completing the commissioning of the remaining components, primarily related to the filtered tailings plant, and on enhancing the ventilation system with additional equipment.
Regarding permitting and required approvals, San Gabriel received the initial operating permit. The Company expects to receive the definitive operating permit and water license in the coming weeks.
1Q26 production will primarily be sourced from existing stockpiles, while mining activities will progressively start in areas closer to the surface. These timing and mining area adjustments have impacted prior production estimates.
Company Description
Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache).
The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).
(*) Operations wholly owned by Buenaventura.
Note on Forward-Looking Statements
This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.