Buenaventura profit more than doubles as San Gabriel Gold ramp-up accelerates

Compañia de Minas Buenaventura (NYSE:BVN), Peru’s largest publicly traded precious metals producer, posted a surge in first-quarter earnings as new project contributions and higher throughput across its portfolio offset a temporary dip in copper volumes.

The Lima-based miner reported net income of $355.2 million for the quarter ended March 31, 2026, a 142% increase compared to the $147 million recorded in the same period last year.

EBITDA from direct operations followed a similar trajectory, nearly tripling to $386.3 million.

The robust financial performance was underpinned by an 8% year-over-year increase in gold production, largely attributed to the successful ramp-up of the San Gabriel mine.

Production across the company’s diversified portfolio showed strong momentum, with silver output rising 6% and industrial metals seeing double-digit gains; lead and zinc production climbed 20% and 27%, respectively, following higher throughput at the Uchucchacua mine.

Conversely, copper production fell 11% at the El Brocal site.

Management noted this was a strategic shift in the mine plan to prioritize the processing of lead-silver ore that had previously been classified as low-grade.

The company’s balance sheet reached a milestone during the quarter, transitioning to a net cash position of $51.9 million.

With a total cash pile of $759.9 million as of March 31, Buenaventura’s leverage ratio stood at -0.05x, providing significant flexibility for further capital allocation.

This liquidity was further bolstered after the quarter’s end by a $58.7 million dividend payment from its stake in the Cerro Verde mine, bringing total year-to-date dividends from that asset to $156.6 million.

Capital expenditures for the quarter totaled $49.2 million, almost exclusively focused on finalizing the processing plant at San Gabriel.