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: First Quarter 2025 (Three months ended March 31, 2025)
Date of Filing: April 16, 2025
Overview: Peru's largest publicly-traded precious metals mining company, reporting production and volume sold for gold, silver, copper, lead, and zinc across its direct operations and associated joint ventures.
Key Financial and Operational Metrics
Note: This filing reports operational volumes and realized prices. It does not contain revenue, profit, cash flow, debt, or liquidity figures.
Production Volumes (Q1 2025)
| Metal | Unit | Total Direct Operations | Total incl. Associated |
|---|---|---|---|
| Gold | Ounces | 27,918 | 31,483 |
| Silver | Ounces | 3,678,636 | 3,545,714 |
| Copper | Metric Tons | 12,198 | 12,198 |
| Lead | Metric Tons | 3,757 | 3,757 |
| Zinc | Metric Tons | 5,799 | 5,799 |
Volumes Sold (Q1 2025)
| Metal | Unit | Total Direct Operations | Total incl. Associated |
|---|---|---|---|
| Gold | Ounces | 26,412 | 29,965 |
| Silver | Ounces | 3,541,403 | 3,434,146 |
| Copper | Metric Tons | 11,400 | 11,400 |
| Lead | Metric Tons | 3,470 | 3,470 |
| Zinc | Metric Tons | 4,794 | 4,794 |
Average Realized Prices (Q1 2025)
- Gold: $2,943 per ounce
- Silver: $32.22 per ounce
- Copper: $9,292 per metric ton
- Lead: $1,893 per metric ton
- Zinc: $2,812 per metric ton
Material Changes and Operational Commentary
Performance varied by asset compared to 2025 guidance:
- Outperformance:
- Tambomayo: Gold, silver, zinc, and lead exceeded projections due to higher ore volumes and grades.
- La Zanja: Silver production exceeded projections due to higher solubility.
- Coimolache: Silver production exceeded projections due to higher grades.
- Yumpag: Silver production exceeded projections driven by early access to high-grade stopes.
- El Brocal: Silver production outperformed guidance due to a short-term plan prioritizing high-silver blocks.
- Underperformance:
- Julcani: Silver output was below estimates due to lower processed volumes (Achilla area) and reduced grades/dilution (Estela area).
- Uchucchacua: Lead and zinc output missed guidance due to lower-than-expected grades from mining sequence changes and dilution.
- In Line: Orcopampa (gold/silver), La Zanja (gold), Coimolache (gold), Julcani (gold), Uchucchacua (silver), and El Brocal (copper/gold) met expectations.
Guidance, Outlook, and Risks
2025 Full-Year Production Guidance
Management provided the following ranges for 2025 (in thousands unless noted):
- Gold: 122.6k - 144.4k ounces (Total incl. Associated)
- Silver: 13.5M - 15.3M ounces (Total incl. Associated)
- Copper: 55.0k - 60.0k metric tons
- Lead: 16.8k - 19.0k metric tons
- Zinc: 24.0k - 27.3k metric tons
Project Updates: San Gabriel targeted production initiation remains unchanged for Q4 2025, subject to final permitting and approvals.
Risks and Contingencies
Forward-looking statements are subject to risks including:
- Market price volatility for gold, silver, copper, and other metals.
- Operational efficiency and exploration results.
- Costs and expenses related to joint ventures (specifically Cerro Verde).
- Peruvian political, economic, social, and legal developments.
- Reserve estimates and capital expenditure plans.
Investor Verification Checklist
- Financial Statements: Verify Q1 2025 revenue, net income, and cash flow in the upcoming Form 20-F or quarterly earnings release, as this 6-K only covers production volumes.
- San Gabriel Timeline: Monitor regulatory approvals for the San Gabriel project to confirm the Q4 2025 start date.
- Grade Dilution: Review technical reports on Julcani and Uchucchacua to assess the sustainability of the dilution issues affecting silver, lead, and zinc grades.
- Realized Prices: Compare the reported realized prices ($2,943/oz Gold, $32.22/oz Silver) against spot market averages to evaluate hedging strategies or timing of sales.
- Joint Venture Impact: Confirm the specific contribution of Coimolache (40.094% interest) and El Brocal (61.43% interest) to consolidated financial results.