Buenaventura Reports Q2 Production Results & Updated Mine Outlook
Gold production at the Coimolache mine, and gold and silver production at the Julcani mine were in line with the company's expectations. Tambomayo's gold and silver productions were below the company's quarterly expectations. The Orcopampa mine's gold and Uchucchacua silver production also missed the company's guidance. Meanwhile, silver production at the El Brocal and Yumpag mines exceeded BVN's expectations.
Let us dig deeper.
Buenaventura's Mine Performances in Q2
In second-quarter 2025, gold production at Orcopampa was 12,270 ounces, down 30.2% from the year-ago quarter. BVN sold 12,158 ounces of gold from the mine in the quarter. BVN expects 2025 production of 48,000-52,000 ounces of gold for the mine.
El Brocal produced 13,079 MT of copper, which marked a 1% year-over-year decrease. The 2025 copper production guidance is unchanged at 55,000-60,000 MT. Buenaventura produced 5,581 ounces of gold from the El Brocal mine in the second quarter, which jumped 40.2% year over year. Silver production rose 25% in the quarter under review to 390,486 ounces.
In the second quarter, Buenaventura sold 3,244 ounces of gold, 309,222 ounces of silver and 12,439 MT of copper from the El Brocal mine. The company expects 2025 gold production from El Brocal between 18,000 ounces and 20,000 ounces. Silver production is expected at 1.4-1.6 million ounces.
Gold production at Tambomayo decreased 66.6% year over year in the second quarter to 2,985 ounces, whereas silver production fell 49.7% to 191,181 ounces. The lead and zinc production at Tambomayo totaled 767 MT and 1,477 MT, respectively. Lead and zinc output were 29.3% and 40.6% lower than the year-ago quarter's reported levels, respectively. The downside was due to delayed processing of high-grade oxide ore from the mine's upper zones.
Buenaventura sold 2,594 ounces of gold in the second quarter and 170,144 ounces of silver from Tambomayo. The volume of lead and zinc sold totaled 634 MT and 671 MT. BVN maintained the 2025 production expectations for gold at 12,000-15,500 ounces and for silver at 1.2-1.5 million ounces. Lead outlook is updated at 1.7-2.2 MT and zinc at 2-2.5 MT.
The second-quarter 2025 gold production at the Coimolache mine increased 77.9% to 13,149 ounces. In the three months ended June 30, 2025, the mine sold 13,440 ounces. The company maintained its production guidance for 2025 at 50,000-55,000 ounces of gold.
Julcani's second-quarter silver production decreased 32.3% year over year to 299,697 ounces. Buenaventura sold 282,420 ounces of silver from Julcani in the second quarter. BVN expects the 2025 silver production to be 1.5-1.8 million ounces from the Julcani mine.
BVN Stock Price Performance
Shares of Buenaventura have gained 5% in the past year compared with the industry 's 10.7% growth.
Buenaventura's Zacks Rank
BVN currently has a Zacks Rank #3 (Hold).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Mining Stocks
Fortuna Mining Corp. FSM produced 71,229 gold-equivalent ounces from ongoing operations in the second quarter of 2025, a 0.2% decrease from the year-ago quarter. However, the reported figure marked an increase of 1.2% from the first quarter of 2025. This includes a gold production of 61,736 ounces, which increased 10.2% year over year.
Post the sale of the Yaramoko mine in May 2025, the company updated its 2025 outlook. The company expects gold-equivalent production of 309,000-339,000 ounces for 2025, down from the prior stated 380,000-422,000 ounces.
First Majestic Silver Corp. AG announced that its total production reached 7.9 million AgEq ounces in the second quarter of 2025. The figure includes 3.7 million silver ounces and 33,865 gold ounces. The AgEq ounces produced marked a solid 48% year-over-year increase, attributed to a 76% surge in silver production.
In January 2025, First Majestic completed the acquisition of Gatos Silver, Inc., gaining a 70% interest in the high-quality and long-life Cerro Los Gatos Silver underground mine. This deal solidified AG's position as an intermediate primary silver producer. Total silver production in the second quarter included a contribution of 1.5 million ounces from Cerro Los Gatos.
Endeavour Silver Corporation EXK produced 2.5 million silver-equivalent ounces (AgEq) in the second quarter of 2025. This reflected a 17% increase from the year-ago quarter, driven by the addition of the Kolpa operation in May 2025.
Consolidated silver production was up 13% year over year to 1,483,736 ounces. Excluding production from Kolpa, consolidated silver production in the second quarter was down 16% year over year.
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