Business Context and Reporting Period
Company: Buenaventura Mining Co Inc (Compañía de Minas Buenaventura S.A.A.)
Filing Type: Form 6-K (Report of Foreign Issuer)
Reporting Period: Second Quarter 2025 (Three and Six Months Ended June 30, 2025)
Announcement Date: July 16, 2025
Overview: Peru's largest publicly-traded precious metals mining company reporting production and volume sold for gold, silver, lead, zinc, and copper across direct operations and associated companies.
Key Financial and Operational Metrics
Note: This filing provides operational production and sales volumes and average realized prices. It does not contain revenue, profit, cash flow, debt, or liquidity figures.
Production (Three Months Ended June 30, 2025)
| Metal | Unit | Total Direct Operations | Total Incl. Associated Companies |
|---|---|---|---|
| Gold | Ounces | 27,344 | 30,463 |
| Silver | Ounces | 3,563,496 | 3,444,528 |
| Lead | Metric Tons | 4,490 | N/A |
| Zinc | Metric Tons | 7,750 | N/A |
| Copper | Metric Tons | 13,194 | N/A |
Volume Sold (Three Months Ended June 30, 2025)
| Metal | Unit | Total Direct Operations | Total Incl. Associated Companies |
|---|---|---|---|
| Gold | Ounces | 24,212 | 28,349 |
| Silver | Ounces | 3,447,233 | 3,361,270 |
| Lead | Metric Tons | 4,284 | N/A |
| Zinc | Metric Tons | 6,499 | N/A |
| Copper | Metric Tons | 16,859 | N/A |
Average Realized Prices (Three Months Ended June 30, 2024)
Note: The filing provides realized prices for the prior year period (2024) but does not explicitly list 2025 realized prices in the summary table.
- Gold: $3,306 / Oz
- Silver: $34.39 / Oz
- Lead: $1,880 / MT
- Zinc: $2,541 / MT
- Copper: $9,560 / MT
Material Changes and Operational Commentary
- Tambomayo: Gold and silver production were below expectations due to delayed processing of high-grade oxide ore. Processing resumed in late June following flowsheet revisions. Zinc and lead guidance for 2025 has been revised.
- Orcopampa: Gold production missed projections due to poor ground conditions deferring high-grade stope mining to 2H25. 2025 gold guidance was revised to reflect increased grade and tonnage. Silver production was in line with expectations.
- Uchucchacua: Silver production was below expectations due to lower grades mined while accommodating water pumping works. Daily throughput increased to 1,800 TPD, targeting 2,000 TPD by year-end.
- Yumpag: Silver production exceeded projections due to higher grades achieved via the new Over-Drift-Fill (ODF) mining method. 2025 guidance was updated accordingly.
- El Brocal: Gold and silver outperformed expectations due to higher ore grades. Copper production was slightly below expectations. Gold and silver guidance revised; copper guidance unchanged.
- Coimolache: Production in line with expectations. Leach pad expansion permit granted; full capacity operating permit expected late 3Q25.
- San Gabriel: No production reported in 2Q25; targeted initiation remains 4Q25 subject to permitting.
Guidance and Outlook
2025 Updated Production Guidance (Full Year):
- Gold: 114.0k - 133.0k oz (Direct); 127.1k - 147.3k oz (Incl. Associated)
- Silver: 14.8M - 16.3M oz (Direct); 14.3M - 15.8M oz (Incl. Associated)
- Lead: 18.5k - 21.2k MT (Direct)
- Zinc: 25.0k - 28.5k MT (Direct)
- Copper: 55.0k - 60.0k MT (Direct)
Management Commentary: Management notes that 2025 projections are forward-looking statements. Several mines have revised guidance based on Q2 operational realities, specifically Tambomayo (Zn/Pb), Orcopampa (Au), Yumpag (Ag), and El Brocal (Au/Ag).
Investor Verification Checklist
- Financial Statements: Verify full revenue, net income, and cash flow figures in the upcoming Form 20-F or quarterly financial report, as this 6-K only covers production volumes.
- San Gabriel Timeline: Confirm the status of permitting for the San Gabriel mine, as 4Q25 production initiation is contingent on final approvals.
- Coimolache Permits: Monitor the issuance of the operating permit for the leach pad expansion expected in late 3Q25 to ensure full capacity resumption.
- Realized Prices: Cross-reference current spot metal prices against the company's hedging or sales contracts to estimate actual revenue impact, as 2025 realized prices are not explicitly detailed in this summary.
- Operational Recovery: Track Tambomayo and Orcopampa production in 3Q25 to confirm if the deferred high-grade mining and processing optimizations yield expected recovery rates.