Buenaventura Mining Co Inc (NYSE: BVN)

Compañía de Minas Buenaventura S. A. A. is Peru's largest publicly traded precious metals company by market capitalization as of December 31, 2025, engaged in the exploration, mining, and processing of gold, silver, copper, and other metals in Peru. The company operates mines including El Brocal (Colquijirca-Marcapunta), Uchucchacua/Yumpag, Orcopampa, Tambomayo, Julcani, and La Zanja, and has operational control of the Coimolache mine in which it holds a 40.094% equity interest.

The company generates revenue primarily from the sale of gold and silver as concentrates or doré bars, and from the sale of copper, zinc, and lead as concentrates. Its revenue mix consists of approximately 59% precious metals and 41% base metals, with sales made to smelters and traders locally and internationally under contracts tied to London Bullion Market Association and London Metals Exchange prices.

The company operates through the following segments: Uchucchacua/Yumpag, El Brocal Polymetallic Pb-Zn, El Brocal Marcapunta, Coimolache, Tantahuatay Sulfides, San Gabriel, Trapiche, and Cerro Verde.

• Uchucchacua/Yumpag: This segment involves the Uchucchacua and Yumpag mines, which are wholly owned and operated by the company. Uchucchacua is the company's largest single source of silver production. The segment produces silver, lead, and zinc concentrates using an underground mining method with mechanized bench-and-fill technique and a processing plant that employs differential flotation to create lead-silver and zinc concentrates. As of December 31, 2025, the segment had attributable mineral reserves of 99.56 million ounces of silver, 146,380 tonnes of zinc, and 82,630 tonnes of lead.

• El Brocal Polymetallic Pb-Zn: This segment represents the Polymetallic Zinc-Lead-Silver zone of the Tajo Norte mine within the El Brocal operation, in which the company holds a 61.43% interest. It produces silver, lead, and zinc concentrates through flotation processing. The segment's attributable mineral reserves as of December 31, 2025, were 3.90 million ounces of silver, 24,250 tonnes of zinc, and 11,920 tonnes of lead.

• El Brocal Marcapunta: This segment represents the Marcapunta mine within the El Brocal operation, also with a 61.43% company interest. It produces gold, silver, and copper concentrates using sublevel mining with continuous pillars and cemented hydraulic backfill for extraction, followed by flotation processing. Attributable mineral reserves as of December 31, 2025, amounted to 870,640 ounces of gold, 37.06 million ounces of silver, and 570,430 tonnes of copper.

• Coimolache: The company operates this gold and silver mine in which it holds a 40.094% equity interest. The segment produces gold and silver doré bars via a heap leach process, with ore processed through a Merril-Crowe and carbon adsorption-desorption-recovery system. The processing plant has a capacity of 60,000 tonnes of ore per day. As of December 31, 2025, attributable mineral reserves were 186,280 ounces of gold and 8.63 million ounces of silver.

• Tantahuatay Sulfides: This segment is a copper-focused project located in the Cajamarca department, in which the company holds a 40.094% interest. It consists of a flotation plant designed for the treatment of copper sulfides underlying the Tantahuatay gold-silver mineralization. The project is currently in the development stage, with significant copper mineral resources identified.

• San Gabriel: This segment is a gold and silver project in which the company holds a 100% interest. The San Gabriel project reached full engineering completion in 2025, with the first gold bar produced on December 23, 2025, and commercial production scheduled to begin in the second quarter of 2026. It will operate as an underground mine producing doré bars, with attributable mineral reserves of 1,826,910 ounces of gold and 3.11 million ounces of silver.

• Trapiche: This segment is a copper and molybdenum project in which the company holds a 100% interest. The Trapiche project involves a porphyry deposit with copper and molybdenum mineralization located in the Apurimac region. It is currently in the development stage, with substantial copper mineral resources outlined in the company's resource estimates.

• Cerro Verde: In this segment, the company holds a 19.58% non-controlling interest in the Cerro Verde mine, which is operated by Freeport-McMoRan Inc. The segment produces copper, molybdenum, and silver from an open pit mining complex located southwest of Arequipa, Peru. The operation includes two concentrator facilities and solution extraction and electrowinning plants. As of December 31, 2025, the company's attributable share of mineral reserves was 2,569.82 thousand tonnes of copper, 106.40 thousand tonnes of molybdenum, and 43.04 million ounces of silver.

The company holds a leading position in Peru's precious metals mining sector, being the largest publicly traded precious metals company by market capitalization in the country. It competes with other major mining firms such as Southern Copper Corporation and Freeport-McMoRan Inc., while maintaining competitive advantages through its diversified portfolio of gold, silver, copper, zinc, and lead operations, its focus on low-cost production, and its strategic partnerships for exploration and development.

The company sells its metal production to smelters and traders both domestically and internationally. Key customers include Asahi Refining Canada Ltd, Glencore International AG, Trafigura PTE, and various Peruvian trading companies such as Trafigura Peru and IXM Trading Peru S. A. C., with a significant portion of sales exported to international markets.