Business Context and Reporting Period
Company: Compañia de Minas Buenaventura S.A.A. (NYSE: BVN), Peru's largest publicly-traded precious metals mining company.
Reporting Period: Third Quarter (3Q25) and Nine-Month period (9M25) ended September 30, 2025.
Filing Date: October 30, 2025.
Operations: Wholly-owned mines include Orcopampa, Uchucchacua, Julcani, Tambomayo, La Zanja, El Brocal, and Coimolache. The company also holds a 19.58% stake in Sociedad Minera Cerro Verde.
Key Financial Metrics
| Metric (US$ Millions) | 3Q25 | 3Q24 | 9M25 | 9M24 |
|---|---|---|---|---|
| Total Revenues | 431.0 | 331.1 | 1,108.2 | 855.0 |
| Operating Income | 154.3 | 286.4 | 336.1 | 399.9 |
| EBITDA (Direct Ops) | 202.1 | 136.5 | 458.5 | 338.2 |
| Net Income | 167.1 | 236.9 | 398.5 | 369.1 |
| EPS | 0.66 | 0.93 | 1.57 | 1.45 |
| Cash Position | 485.7 | N/A | N/A | N/A |
| Net Debt | 224.9 | N/A | N/A | N/A |
| Leverage Ratio | 0.41x | N/A | N/A | N/A |
Note: 3Q24 and 9M24 figures for EBITDA and Net Income in the text highlights included a one-time gain from the sale of Chaupiloma Royalty Company, whereas the table above reflects the reported figures which may vary based on the specific comparison basis noted in footnotes.
Material Changes vs. Prior Period
- Production Volume:
- Silver production decreased 3% YoY in 3Q25 (lower output at Uchucchacua and Yumpag; offset by gains at El Brocal and Julcani).
- Gold production decreased 21% YoY (lower output at Orcopampa and Tambomayo).
- Copper production decreased 24% YoY.
- Revenue vs. Profitability: Total revenues increased 30% YoY in both 3Q25 and 9M25, driven by higher metal prices or volume mix, despite lower production volumes in key metals. However, Operating Income declined 46% in 3Q25 and 16% in 9M25 compared to the prior year.
- One-Time Items: 3Q24 results included a significant gain from the sale of Chaupiloma Royalty Company (US$ 208.9 million), which inflated prior-year EBITDA and Net Income comparisons. Adjusted EBITDA from direct operations grew 48% in 3Q25 and 36% in 9M25.
Outlook, Guidance, and Risks
- CAPEX and Projects: US$ 92.3 million was spent on the San Gabriel project in 3Q25 to complete the processing plant, targeting commercial production commencement in 4Q25.
- Operational Milestone: On September 5, 2025, the Peruvian Ministry of Energy and Mines granted Coimolache a new operating permit for Tantahuatay, enabling full-capacity production at the mine and leach pad.
- Dividends: The Board approved a dividend payment of US$ 0.1446 per share/ADS.
- Risks and Contingencies: Forward-looking statements highlight risks related to metal price volatility, operational efficiency, joint venture success, reserve estimates, and Peruvian political, economic, and legal developments.
Investor Verification Checklist
- Verify the impact of the 21% drop in gold production and 24% drop in copper production on future revenue guidance.
- Confirm the timeline and capital requirements for the San Gabriel project's commercial production start in 4Q25.
- Review the reconciliation of GAAP vs. Non-GAAP figures, specifically regarding the exclusion of the Chaupiloma Royalty Company sale in current period comparisons.
- Assess the sustainability of the 30% revenue increase given the decline in physical production volumes.
- Monitor the execution of the new Coimolache permit to ensure full-capacity production is achieved as stated.