Buenaventura profit surges on polymetallic growth and operational strength

Compañia de Minas Buenaventura (NYSE:BVN), Peru’s largest publicly traded precious metals miner, reported a substantial increase in fourth-quarter and full-year 2025 profitability, bolstered by a strategic shift toward polymetallic production and improved margins.

The company’s fourth-quarter net income reached $383.6 million, a nearly twelve-fold increase compared to the $33.6 million reported in the same period of 2024.

For the full year, net income climbed to $782.1 million.

The earnings momentum was mirrored in the company’s EBITDA from direct operations, which rose to $353.5 million in the fourth quarter, up from $93.4 million a year earlier.

Full-year EBITDA reached $811.9 million, nearly doubling the $431.2 million recorded in 2024.

This performance was achieved despite an 11% decline in gold production, as the company successfully offset lower gold output with massive gains in base metals.

Lead production surged 58% and zinc production grew 43% year-over-year, following a concerted effort to target polymetallic stopes at the Uchucchacua mine.

Operational expenditures remained focused on long-term growth, with fourth-quarter capital expenditure totaling $153.4 million for the San Gabriel project.

These funds were primarily directed toward the completion of the processing plant.

Buenaventura maintained a disciplined balance sheet throughout the expansion, ending 2025 with a cash position of $529.8 million and a low leverage ratio of 0.22x.

Shareholder returns are set to increase following the strong results, with the Board of Directors proposing a dividend payment of $0.9904 per share.

The company’s liquidity was further bolstered in early 2026 by the receipt of $97.9 million in dividends from its stake in the Cerro Verde copper mine.

With the San Gabriel construction advancing and base metal production trending upward, the company enters 2026 with significant financial flexibility to fund its development pipeline and continue its deleveraging strategy.