Compañía de Minas Buenaventura

Description

Compañía de Minas Buenaventura S.A.A. is Peru's largest publicly traded precious metals miner, listed on the NYSE (BVN), with operating mines, hydropower assets and a 19.58% interest in the Cerro Verde copper mine. Direct operations include San Gabriel and Orcopampa (gold), Yumpag and Uchucchacua (silver), Tambomayo (gold-silver) and El Brocal (copper, zinc, silver). Updated 2026 guidance for direct operations is 120,000 to 139,000 oz of gold, 14.7 to 16.1 million oz of silver and 48,000 to 53,000 tonnes of copper.

In the first half of 2026, revenue was US$1,153.6 million, EBITDA from direct operations was US$663.4 million and net income was US$514.0 million, with US$758.9 million of cash and a small net cash position at June 30. Second-quarter realized prices were US$4,342/oz for gold and US$89.52/oz for silver, and Cerro Verde dividends totalled US$274.1 million year to date. San Gabriel is ramping up despite tailings-management constraints, and Yumpag received approval on July 10, 2026 to lift throughput to 1,200 tonnes per day.

Weakness

List of projects

Project 1: San Gabriel Gold Mine, Peru — operating, in ramp-up with 2026 guidance of 25,000 to 30,000 oz; metals: Gold.
Project 2: Yumpag Silver Mine, Peru — operating, approved to increase to 1,200 tonnes per day; metals: Silver.
Project 3: Orcopampa Gold Mine, Peru — operating, 2026 guidance of 48,000 to 53,000 oz; metals: Gold.
Project 4: Tambomayo Mine, Peru — operating; metals: Gold, Silver, Lead, Zinc.
Project 5: Uchucchacua Mine, Peru — operating; metals: Silver, Lead, Zinc.
Project 6: El Brocal Mine, Peru — operating copper-zinc mine; metals: Copper, Zinc, Silver, Gold.
Project 7: Cerro Verde Copper Mine, Peru — 19.58% interest, dividend-paying; metals: Copper.
Project 8: Trapiche Copper Project, Peru — development-stage copper asset with no timeline disclosed; metals: Copper.

Deep dive series

Track progress timeline

Forecast share price