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Globe and Mail
21-07-2025
- Business
- Globe and Mail
Buenaventura Reports Q2 Production Results & Updated Mine Outlook
Buenaventura Mining BVN reported second-quarter 2025 production and volume sold from its operating mines. 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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Business Wire
16-07-2025
- Business
- Business Wire
Buenaventura Announces Second Quarter 2025 Results for Production and Volume Sold per Metal
LIMA, Peru--(BUSINESS WIRE)-- Compañía de Minas Buenaventura S.A.A. ('Buenaventura' or 'the Company') (NYSE: BVN; Lima Stock Exchange: Peru's largest publicly-traded precious metals mining company, today announced 2Q25 results for production and volume sold. Production per Metal Six Months Ended June 30, 2025 2025 Updated Guidance (1) Gold ounces produced El Brocal 61.43% 5,581 10,208 18.0k - 20.0k Orcopampa 100% 12,270 26,565 48.0k - 52.0k Tambomayo 100% 2,985 6,019 12.5k - 15.5k Julcani 100% 2,084 3,964 7.5k - 9.5k La Zanja 100% 4,423 8,505 18.0k - 21.0k San Gabriel (4) 100% 0 0 10.0k - 15.0k Total Direct Operations (2) 27,344 55,261 114.0k - 133.0k Coimolache 40.094% 13,149 26,492 50.0k - 55.0k Total incl. Associated Companies (3) 30,463 61,946 127.1k - 147.3k Silver ounces produced El Brocal 61.43% 390,486 828,219 1.4M - 1.6M Uchucchacua 100% 511,615 963,791 2.7M - 3.2M Yumpag 100% 2,154,792 4,430,591 8.0M - 8.2M Orcopampa 100% 6,526 11,635 - Tambomayo 100% 191,181 352,574 1.2M - 1.5M Julcani 100% 299,697 639,442 1.5M - 1.8M La Zanja 100% 9,198 15,880 - Total Direct Operations (2) 3,563,496 7,242,132 14.8M - 16.3M Coimolache 40.094% 78,921 168,489 0.2M - 0.3M Total incl. Associated Companies (3) 3,444,528 6,990,242 14.3M - 15.8M Lead metric tons produced Uchucchacua 100% 3,569 6,696 16.0k - 18.0k Tambomayo 100% 767 1,270 1.7k - 2.2k Julcani 100% 154 281 0.8k - 1.0k Total Direct Operations (2) 4,490 8,247 18.5k - 21.2k Zinc metric tons produced Uchucchacua 100% 6,872 12,144 23.0k - 26.0k Tambomayo 100% 878 1,405 2.0k - 2.5k Total Direct Operations (2) 7,750 13,549 25.0k - 28.5k Copper metric tons produced El Brocal 61.43% 13,079 25,142 55.0k - 60.0k Julcani 100% 102 222 - Tambomayo 100% 12 29 - Total Direct Operations (2) 13,194 25,392 55.0k - 60.0k Expand 2025 projections are considered to be forward-looking statements and represent management's good faith estimates or expectations of future production results as of July 2025. Considers 100% of Buenaventura's operating units, 100% of La Zanja and 100% of El Brocal. Considers 100% of Buenaventura's operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache. 4Q25 targeted production initiation remains unchanged, subject to final permitting and required approvals. Volume Sold per Metal Considers 100% of Buenaventura's operating units, 100% of La Zanja, 100% of El Brocal and 100% of Buenaventura Trading. Considers 100% of Buenaventura's operating units, 100% of La Zanja, 100% of Buenaventura Trading, 61.43% of El Brocal and 40.094% of Coimolache. Buenaventura Trading is the vehicle through which Buenaventura purchases copper concentrate from Freeport, produced at Cerro Verde — a company in which Buenaventura holds a 19.58% stake. The concentrate is then sold by Buenaventura Trading on the spot market. Average realized prices (1)(2) Considers Buenaventura consolidated figures. Realized prices include both provisional sales and final adjustments for price changes. Commentary on Operations Tambomayo: 2Q25 gold and silver production was below expectations due to delayed processing of high-grade oxide ore from the mine's upper zones. High-grade oxide ore processing began in late June after flowsheet revisions were completed to optimize the mine processing plant, enabling an increase metallurgical gold and silver recovery. 2025 gold and silver guidance remains unchanged. Zinc and lead guidance has been revised. Orcopampa: Gold production was below projections, as slower than anticipated mine development due to poor ground conditions during the quarter required high-grade stope mining planned for 2Q25 to be deferred to 2H25. This was partially offset by increased gold grades mined during 2Q25. 2025 guidance has been revised to reflect increased grade and tonnage for those areas under development. 2Q25 silver production was in line with expectations. 2025 guidance therefore remains unchanged. Coimolache: 2Q25 gold and silver were in line with expectations. Coimolache's leach pad expansion construction permit was granted in 2Q25. The operating permit to resume mine and pad production at full capacity is expected to be issued in late 3Q25. 2025 guidance remains unchanged. Julcani: Gold and silver production was in line with expectations. 2025 guidance remains unchanged. Uchucchacua: 2Q25 silver production was below expectations due to a decrease in silver grades mined during the quarter. This was primarily attributable to modifications made to the initial mining plan as was required to accommodate additional water pumping and ancillary works, which shifted targeted mining to polymetallic stopes during the quarter, from the prior target of mining bottom-level stopes with higher silver content. 2025 guidance remains unchanged. Uchucchacua daily throughput increased to an average of 1,800 TPD during 2Q25, aligned with the Company's targeted 2,000 TPD by year end 2025. Yumpag: Silver production exceeded 2Q25 projections due to higher grades mined during the quarter. This resulted from the Company implementing the Over-Drift-Fill (ODF) mining method, a more selective mining method, rather than the sublevel stoping approach used previously. ODF has proven to be more suitable for the highly irregular Camila orebody, with improved ore extraction with a decreased waste. 2025 guidance has been updated accordingly. El Brocal: Silver and gold outperformed expectations due to higher than anticipated ore grades, reflecting the Company's short-term plan of prioritizing those mining blocks with high precious metals content. Copper production was slightly below expectations for 2Q25. 2025 copper guidance remains unchanged; gold and silver guidance has been revised. Company Description Compañía de Minas Buenaventura S.A.A. is Peru's largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache). The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation). (*) Operations wholly owned by Buenaventura. Note on Forward-Looking Statements This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning Cerro Verde's costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries' plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company's view with respect to Cerro Verde's future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.
