Business Context and Reporting Period
Company: Buenaventura Mining Co Inc (Compañia de Minas Buenaventura S.A.A.)
Filing Type: Form 6-K (Report of Foreign Issuer)
Reporting Period: Second Quarter (2Q) and First Six Months (6M) ended June 30, 2026.
Context: Peru's largest publicly-traded precious metals mining company. Results are reported in U.S. dollars under IFRS on a non-GAAP basis.
Key Financial Metrics
| Metric (US$ Millions) | 2Q26 | 2Q25 | 6M26 | 6M25 |
|---|---|---|---|---|
| Total Revenues | 529.0 | 369.5 | 1,153.6 | 677.2 |
| Operating Income | 222.2 | 87.9 | 551.5 | 181.7 |
| EBITDA (Direct Operations) | 277.1 | 130.1 | 663.4 | 256.4 |
| EBITDA (Including Affiliates) | 492.8 | 240.7 | 1,071.6 | 491.8 |
| Net Income | 237.4 | 91.3 | 514.0 | 231.4 |
| Earnings Per Share (EPS) | 0.93 | 0.36 | 2.02 | 0.91 |
Liquidity and Debt:
- Cash position as of June 30, 2026: US$ 758.9 million.
- Net debt: Negative US$ 66.6 million (Net cash position).
- Leverage ratio: -0.05x.
- Financial lease balance (Huanza): Reduced to US$ 50.0 million.
Material Changes vs. Prior Period
Production Volume Changes (YoY):
- Gold: Increased 12%, driven by the ramp-up at San Gabriel.
- Silver: Increased 2%, primarily due to higher production at Yumpag.
- Copper: Increased 2%, reflecting stable production at El Brocal.
- Lead: Decreased 19% due to lower grades at Tambomayo.
- Zinc: Decreased 5% due to lower grades at Tambomayo.
- 2Q26 Net Income surged 160% to US$ 237.4 million compared to US$ 91.3 million in 2Q25.
- 6M26 Net Income increased 122% to US$ 514.0 million compared to US$ 231.4 million in 6M25.
- EBITDA from direct operations more than doubled in 2Q26 (113% increase) and 6M26 (159% increase).
Outlook, Commentary, and Risks
Operational Updates:
- San Gabriel: Continued ramp-up in 2Q26; sales volumes began reporting in this quarter. Processed tonnage was constrained by tailings-management challenges, specifically at the tailings filtration plant.
- Yumpag: On July 10, 2026, received approval to increase the mining rate from 1,000 to 1,200 tonnes per day.
- Received US$ 117.5 million in dividends from Cerro Verde on July 24, 2026 (subsequent to quarter-end).
- Total dividends received year-to-date in 2026: US$ 274.1 million.
- Forward-looking statements are subject to risks including market price fluctuations for gold, silver, and copper.
- Operational risks include tailings management challenges and political, economic, and legal developments in Peru.
- Success of joint ventures and exploration results.
Investor Verification Checklist
- San Gabriel Constraints: Verify the resolution timeline for tailings filtration plant challenges and their impact on future gold production ramp-up.
- Yumpag Expansion: Confirm capital expenditure requirements and timeline for the approved increase in mining rate to 1,200 tonnes per day.
- Cerro Verde Dividends: Assess the sustainability of dividend flows from the 19.58% ownership stake in Cerro Verde.
- Grade Variability: Review long-term grade profiles for Tambomayo to understand the trajectory of lead and zinc production declines.
- Non-GAAP Reconciliation: Review the full earnings release for reconciliations between IFRS GAAP and the non-GAAP figures presented in this summary.