Business Context and Reporting Period
Company: Compañía de Minas Buenaventura S.A.A. (NYSE: BVN)
Filing Type: Form 6-K (Report of Foreign Issuer)
Reporting Period: Third Quarter 2025 (ended September 30, 2025) and Nine Months ended September 30, 2025.
Date of Filing: October 16, 2025
Buenaventura is Peru's largest publicly-traded precious metals mining company, operating wholly-owned mines and joint ventures. The filing details production volumes, volumes sold, and updated 2025 guidance for gold, silver, lead, zinc, and copper.
Key Financial and Operational Metrics
Note: This filing focuses on operational volumes and realized prices. It does not contain revenue, profit, cash flow, debt, or liquidity figures.
Production Volumes (Three Months Ended Sept 30, 2025)
| Metal | Unit | Total Direct Operations | Total incl. Associated |
|---|---|---|---|
| Gold | Ounces | 30,894 | 34,950 |
| Silver | Ounces | 4,278,658 | 4,068,860 |
| Lead | Metric Tons | 4,874 | N/A |
| Zinc | Metric Tons | 6,989 | N/A |
| Copper | Metric Tons | 12,770 | N/A |
Average Realized Prices (Three Months Ended Sept 30, 2025)
| Metal | Price (USD) |
|---|---|
| Gold | $3,594 / Oz |
| Silver | $40.81 / Oz |
| Lead | $1,903 / MT |
| Zinc | $2,811 / MT |
| Copper | $9,989 / MT |
Material Changes and Operational Updates
- Coimolache: Gold and silver production exceeded expectations in 3Q25 due to earlier-than-expected permit approval, allowing full capacity mine and leach pad production to begin in early September.
- Tambomayo: High-grade oxide ore processing began as planned. However, the 2025 production plan was updated to shift some high-grade ore processing to 2026, resulting in higher lead and zinc volumes for 2025.
- Uchucchacua: Silver production was in line with expectations. Mining focused on polymetallic stopes to support water pumping and ancillary works, delaying access to higher silver-grade bottom-level stopes until 2026.
- El Brocal: Gold and silver production outperformed expectations by prioritizing high-grade stockpiles and re-evaluating low-grade lead-silver ore. This strategy reduced copper ore throughput, causing a slight decrease in copper production.
- Yumpag: Silver production exceeded projections due to higher grades mined, driven by the continued application of the Over-Drift-Fill (ODF) mining method.
Guidance, Outlook, and Risks
2025 Updated Guidance (Full Year):
- Gold: 112.0k - 128.0k oz (Direct); 126.3k - 143.6k oz (Total incl. Associated). Guidance revised upward for Orcopampa and Coimolache; unchanged for Tambomayo.
- Silver: 14.2M - 15.5M oz (Direct); 13.6M - 14.9M oz (Total incl. Associated). Guidance updated for Tambomayo, Julcani, Uchucchacua, and Yumpag.
- Lead: 17.2k - 19.8k MT (Direct). Guidance updated for Tambomayo and Uchucchacua.
- Zinc: 25.7k - 29.3k MT (Direct). Guidance updated for Tambomayo.
- Copper: 53.0k - 55.0k MT (Direct). Guidance updated for El Brocal.
Risks and Contingencies:
- Forward-looking statements are subject to risks including market price fluctuations, exploration results, joint venture success, and Peruvian political, economic, and legal developments.
- San Gabriel mine production initiation is targeted for 4Q25, subject to final permitting and approvals.
- Uchucchacua structural stability works (backfilling) are expected to conclude by 2Q26, impacting short-term silver access.
Investor Verification Checklist
- Verify the impact of the revised 2025 production guidance on full-year revenue projections, given the lack of financial data in this filing.
- Confirm the timeline for San Gabriel's permitting and production start in 4Q25.
- Monitor the execution of the Uchucchacua backfilling project and its effect on 2026 silver grade recovery.
- Assess the sustainability of the high realized gold price ($3,594/oz) in 3Q25 versus the nine-month average ($3,287/oz).
- Review the specific volume shifts between 2025 and 2026 for Tambomayo's high-grade oxide ore.